Thailand 2016 growth up but below junta target

AFP, BANGKOK: Thailand’s economy grew 3.2 percent in 2016, a slight increase on the previous year but below the junta’s target as the generals struggle to revive what was once one of the region’s strongest economies.
After two decades of roaring growth that saw the middle class boom, the nation has seen its financial fortunes stutter in recent years.
Political instability, including two army coups in a decade, coupled with high household debt and falling export competitiveness has dulled Thailand Inc.
If growth does not pick up the military, which seized power in 2014 vowing to kickstart the economy, risks losing the support of sections of the middle class and business community.
Junta chief Prayut Chan-O-Cha says Thailand will be a developed country by 2036. Nearly three years into his coup the results are mixed.
Figures released by the National Economic and Social Development Board on Monday showed the economy expanded by 3.2 percent last year, up from 2.9 percent in 2015.
The junta had previously set a goal of 3.7 percent growth for the year.
Fourth-quarter annualised growth was 3.0 percent, the slowest quarterly rate growth in a year.
The period coincided with the October death of widely revered King Bhumibol Adulyadej, who had reigned for seven decades.

Thailand 2016 growth up but below junta target

AFP, BANGKOK: Thailands economy grew 3.2 percent in 2016, a slight increase on the previous year but below the juntas target as the generals struggle to revive what was once one of the regions strongest economies. After two decades of roaring growth that saw the middle class boom, the nation has seen its financial fortunes stutter in recent years. Political instability, including two army coups in a decade, coupled with high household debt and falling export competitiveness has dulled Thailand Inc. If growth does not pick up the military, which seized power in 2014 vowing to kickstart the economy, risks losing the support of sections of the middle class and business community. Junta chief Prayut Chan-O-Cha says Thailand will be a developed country by 2036. Nearly three years into his coup the results are mixed. Figures released by the National Economic and Social Development Board on Monday showed the economy expanded by 3.2 percent last year, up from 2.9 percent in 2015. The junta had previously set a goal of 3.7 percent growth for the year. Fourth-quarter annualised growth was 3.0 percent, the slowest quarterly rate growth in a year. The period coincided with the October death of widely revered King Bhumibol Adulyadej, who had reigned for seven decades.