K-Research revises down Thailand’s GDP growth to 2.5 percent
The Kasikorn Research Centre (K-Research) has revised down Thailand’s economic growth this year to 2.5 percent from the initial projection of 2.8 percent and projected the next year’s growth at 2.7 percent.
Bangkok (VNA) – The Kasikorn Research Centre (K-Research)has revised down Thailand’s economic growth this year to 2.5 percent from theinitial projection of 2.8 percent and projected the next year’s growth at 2.7percent.
K-Research’s economists said they lowered thegrowth projections due to lackluster export performance, less-than-expectedoverall investment and delay in the enactment of budget expenditure bill forthe fiscal year 2020.
Nattaporn Triratanasirikul, K-ResearchAssistant Managing Director, said the economic growth next year is projected togrow 2.7 percent or within a projection range of 2.5-3.0 percent.
Meanwhile, exports may continue to shrink dueto poor economic performance of Thailand’s major export markets, the US-Chinatrade war which is unlikely to be resolved anytime soon as well as the strongerThai baht, amid the expectation of more Fed’s rate cuts which will put greaterpressure on the US dollar.
Last month, the NationalEconomic and Social Development Council (NESDC) reported the Thai economy grew2.4 percent year-on-year in the third quarter, driven mainly by increases inprivate and government consumption and investment, slightly improving from the2.3 percent year-on-year in the second quarter but lower than the 2.8 percentin the first quarter.
The NESDC also cut its2019 GDP forecast to 2.6 percent, from an earlier view of 2.7 percent to 3.2percent./.
The Fiscal Policy Office (FPO) under the Thai Ministry of Finance has raised its growth forecast for the country in 2017 to 4 percent as economic conditions have been improved.
The economic cabinet of Thailand remains optimistic that the country’s economic growth will exceed 3 percent this year despite the sluggish global outlook.
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Illustrative photo (Source: //www.thaipbsworld.com/) 
