'Thai economy could pick up after referendum'

---

BANGKOK, Aug 21 (AFP): Thailand's economy could grow faster than the 4.0 per cent projected for this year, if consumer confidence rises after voters approved a new constitution last weekend, the industry minister said today.
The army-backed constitution was approved in a referendum Sunday, although by a lower margin and with lower turnout than the junta had expected.
Its approval has raised expectations among voters that the army-installed government will follow through on promises to hold elections and restore democracy by the end of the year.
Industry minister Kosit Panpiemras, who is also a deputy prime minister, said the approval of the constitution would improve confidence and consumption in the private sector.
"The charter's endorsement in the referendum could benefit the overall economy, especially in terms of confidence and consumption," Kosit said.
"Once consumers are put at ease and ready to start spending again, it could help to drive the economy to grow by more than our projection of 4.0 per cent this year," he told reporters.
The projected growth rate is among the lowest in Southeast Asia, as more than a year of political turmoil, including the military coup last year, has sapped confidence among both consumers and investors.