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Thailand expects best economic performance since 2012

Staff Writer |
Thailand’s economy is expected to grow by 4.1 percent in 2018, the fastest pace since 2012, says the latest edition of the World Bank’s Thailand Economic Monitor.

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Thailand’s economic recovery is broadening in 2018. While rapid export growth continues fueling the economy, an increase in capacity utilization and acceleration in capital goods imports suggest a nascent domestic demand recovery as well.

Regulatory reforms and overall policy stability are contributing to continuing improvements in business sentiment.

The new report highlights the importance of innovation for productivity and long-term growth.

Thailand ranked 52 out of 128 in the Global Innovation Index in 2017 has the opportunity, with innovation friendly policies, to attract and foster high-quality entrepreneurs and innovative investments, both within Thailand and from abroad.

To create an environment promoting innovation, the report highlights priority areas for action for Thailand, including strengthening competition policy, opening and liberalizing services, establishing a national data strategy, and improving intellectual property rights, all while continuing pursuing skills reforms.

As Thailand seeks to attain high-income status as set out in the 20-year National Strategy, research and development for both technological catch-up and innovation will play important roles.

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