Thailand’s leading supplier of consumer products remains confident of the country’s economic growth this year with improving farm prices as main driver.
This was voiced by the chairman of Sahapat Group, Mr Boonyasit Chokewattana yesterday.
Sahapat is a major consumer products supplier, with its major products include Mama instant noodles.
Mr Boonyasit said the general outlook for the national economy for the remainder of the year is promising with positive growth a real possibility.
He attributed the improvement to the appreciation of agricultural prices as the main driving force.
This has allowed a significant improvement in farmers’ purchasing power.
He said overall the climate this year has directly contributed to agricultural production with adequate water supplies helping to increase farmers yields.
Consumer spending for the first five months of the year however is slow for clothing, fashionable goods and cosmetics. This is attributable to the general state of mourning still being felt by the Thai people for the passing of His Majesty King Bhumibol Adulyadej.
However he revealed that sales for foods has increased significantly growing by 10% overall. This is especially so for sales of Mama instant noodles which grew by 6 -7%.
But he advised the government to look after the value of the baht which has appreciated to 34 Baht to the USD in order to help the economy recover.
Personally he saw the appropriate value of the Thai currency to be at between 35 to 36 baht to the USD which will allow exports to grow thereby allowing an increase in national income.
He also said the recent terrorism in many countries would not drastically affect consumer spending in the country.
He said that Thailand is fortunate in having a good record with regards to terrorism and furthermore major investments in national infrastructure projects by the government although beset by some delays; has greatly helped the economy recover.
He advise the people to be patient as politically, the country is doing well and everyone should look ahead to the forthcoming general elections.
Source: Thai Public Broadcasting Service (Thai PBS)