Mr Santi said his projection was based on the country's ability to expand its export markets in member countries of the Asean and in other countries who are Thailand's trade partners under the free trade agreement (FTA) such as China and India.

He added that economic recovery in the US, European Union and Japan, Thailand's major export markets, is still fragile.

FTI chairman pointed out that oil price fluctuation and foreign currency devaluation are key risk factors for the export sector.

"If other countries devalue their respective currencies, Thailand should also consider devaluing the baht to maintain its competitiveness", Mr Santi suggested.

According to him, the production capacity utilisation in the industrial sector is now standing at 60 per cent on average. The figure is expected to increase to about 65 to 70 per cent next year due to the improvement in several industries, including automobiles, electronics and food industries.

The construction industry is also expected to substantially grow, thanks to the government's Thai Khem Kaeng (Strong Thailand) stimulus scheme.