Despite muted sentiment in the fourth quarter, the government is highly confident the economy could end this year with an estimated growth of 3.2-3.3%.
Deputy Prime Minister Somkid Jatusripitak said accelerated state spending on infrastructure projects and growing tourism will shore up economic growth in the fourth quarter and help offset weak sentiment as people mourned the passing of the King.
Mr Somkid said the government is estimated to spend a combined 293 billion baht in 2016 and 2017 on infrastructure development, of which some projects have begun construction and some are scheduled to start next year.
Projects that have commenced include road expansion and motorways linking Pattaya and Map Ta Phut, together worth 28.2 billion baht.
Projects due to be built next year include the high-speed train linking Bangkok and Rayong worth 153 billion baht, which will be developed under the public-private partnership (PPP) scheme that is now pending State Enterprise Policy Office's consideration.
Other key development projects include the first phase of the Thai Airways International Plc maintenance and repair centre worth 15.4 billion baht and the third phase of Laem Chabang deep-sea port worth 88.1 billion.
The cabinet early this month approved three double-track rail routes worth 55 billion baht spanning a total of 403 kilometres.
The three rail lines comprise the 165km Nakhon Pathom-Hua Hin route, worth 20.5 billion baht; the 90km Hua Hin-Prachuap Khiri Khan route, worth 10.2 billion baht; and the 148km Lop Buri-Pak Nam Pho (Nakhon Sawan) route, worth 247 billion baht.
The three lines are among the seven rail development projects slated for the first stage of the government's double-track rail route development plan, covering 990km at a combined cost of 136 billion baht.
The others are the 106km Chachoengsao-Kaeng Khoi route; the route from Jira in Nakhon Ratchasima to Khon Kaen (187km); the Prachuap Khiri Khan to Chumphon route (167km); and the route from Map Ka Bao in Saraburi to Jira in Nakhon Ratchasima (132km).
The Chachoengsao-Kaeng Khoi route and the route from Jira in Nakhon Ratchasima to Khon Kaen are already under construction. The Prachuap Khiri Khan to Chumphon route and the route from Map Ka Bao in Saraburi to Jira in Nakhon Ratchasima, meanwhile, have already been approved by the cabinet.
The government also plans to develop a second phase of the double-track projects to cover seven routes running a combined 1,439 km with an investment cost of 292 billion baht.
They are the routes from Pak Nam Pho in Nakhon Sawan to Den Chai in Phrae; Jira in Nakhon Ratchasima to Ubon Ratchathani; Khon Kaen-Nong Khai, Chumphon-Surat Thani; Surat Thani-Songkhla; Hat Yai-Padang Besar; and Den Chai-Chiang Mai.
The Transport Ministry is set to propose the projects for cabinet approval within this year, with construction scheduled next year.
According to Mr Somkid, the government is pushing the construction of two Bangkok electric rail routes -- the Pink Line (Khae Rai-Chaengwattana-Min Buri section) and the Yellow Line (Lat Phrao-Samrong section) under a PPP. The cabinet has already approved the two projects.
Mr Somkid, who also oversees economic affairs, recently called a meeting with potential bidders, Bangkok Expressway and Metro Plc, and the Bangkok Mass Transit System Plc.
Mr Somkid said the government will expedite the bidding to seek a winner in the next month for construction to begin next year.
According to Mass Rapid Transit Authority of Thailand governor Peerayudh Singpatanakul, the MRTA will also open bidding on six electric rail projects next year.
The six are the Purple Line extension (Tao Pun-Rat Burana); the extended Blue Line (Bang Khae-Phutthamonthon Sai 4); the Orange Line's eastern section (Thailand Cultural Centre-Min Buri); the Orange Line's western section (Thailand Cultural Centre-Taling Chan); and the two Dark Green Line extensions from Samut Prakan to Bang Pu and from Khu Kot-Lam Luk Ka.
The MRTA will forward plans for the six projects to the cabinet soon and bidding is expected to take place next year.
The National Economic and Social Development Board (NESDB) is scheduled to announce the gross domestic product figures for the third quarter today (Nov 21).
The Bank of Thailand predicted the third quarter could see expansion at a level close to the previous quarter, thanks to recovering exports.
The NESDB revealed in August that the country's GDP fared better than expected, growing by 3.5% year-on-year in the second quarter, up from 3.2% in the first.
The economy in the first half grew by 3.4%, up from 2.8% growth in the previous year.
NESDB expects the economy in the second half to grow at the same pace as the first.
Its economic growth forecast is in a range of 3-3.5% this year, up from 2.8% growth last year and 0.8% in 2014.