The Thai economy is projected to grow only 4.7 percent with an inflation rate of 4.6 percent this year, dampened by a decline in exports and tourism due to a stronger baht and a slowdown in lending, consumption and investment, according to Thailand Research Development Institute's Chairman Chalongphop Susungkarn.

He projected the exports for the whole of this year would rise 10.7 percent and imports would grow 2 percent, resulting in a trade surplus of 26.81 billion baht (about 744.7 million U.S. dollars) and a current account surplus of 53.4 billion baht (about 1.48 billion U.S. dollars).

Currency revenue would continue to become a key driving force for the country's economic growth, Chalongphop was quoted on Thursday by the Thai News Agency as saying, adding he believed fuel prices next year would stay at the same level.

He said the gross domestic product (GDP) for next year is forecast to grow 4.9 percent with an inflation rate of 2.8 percent and the baht is likely to hover around 37 to the U.S. dollar unless there is a heavy fluctuation of foreign exchange rates.

Meanwhile, the exports are anticipated to grow 9.9 percent and the imports to expand 10 percent. But the trade and current account balances would remain in surplus of 24.5 billion baht ( about 680.5 million U.S. dollars) and 58.5 billion baht (about 1.6 billion U.S. dollars.)

Source: Xinhua