The University of the Thai Chamber of Commerce has raised its 2018 economic growth projection to 4.6% from 4.5% on consumer confidence, exports, tourism and rising farm prices, as well as private and public investment.
Consumer confidence peaked in 64 months, indicating consumers' spending would gradually pick up after the past three months of decline, Thanavath Phonvichai, UTCC's director for economic and business forecasting, said on Thursday.
Meanwhile, Thai exports and tourism were expanding in accordance with the global economic growth and the prices of many farm products, including paddy, sugarcane and corn, were rising, he said.
Investment in the private sector started to pick up and the government might increase its spending and investment in the second half of 2018, he said.
However, UTCC saw as risk factors trade situations between China and the United States, potentially higher interest rates, possible currency crises in emerging markets and flooding.
