Thailand's gross domestic product (GDP) this year is adjusted upward slightly from 5.5 percent to 5.7 percent mainly due to the government stimulus actions in various projects, according to the Finance Ministry, Thai News Agency reported.
Somchai Sujjapongse, director general of the Fiscal Policy Office under the Finance Ministry, said domestic consumption is at its highest in eight years given the government policy on the 300 baht (about 10 U.S. dollars) daily minimum wage, a salary increase for civil servants, the rice pledging scheme, tax exemption for first time car buyers and first time homeowners, and the gradual reduction of corporate income taxes.
He said Thailand's growing export volume in the last three months will contribute to an export expansion to 4.5 percent from an earlier estimation of 3.9 percent.
Consumption in the private sector rose by 5.6 percent from the original prediction of 3-4 percent while private investment has increased from 14.1 percent to 16.1 percent.
The unemployment rate is 0.6 percent and public debt 43.9 percent -- lower than the fiscal consolidation of 60 percent.
He projected next year's economic growth at 5 per cent thanks to the reduction of corporate income tax to 20 percent and personal income tax, and the government's massive investment.