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Thai ministry lowers 2015 growth forecast to 2.8 pct

Xinhua, October 28, 2015 Adjust font size:

Thailand's Fiscal Policy Office (FPO) under the Finance Ministry on Wednesday announced to revise down its projection of the country's economic growth in 2015 from 3 percent to 2.8 percent.

The revision was based on signs of slowdown in private consumption and investment in the third quarter, as well as a 5.3-percent contraction in exports, executive director of the FPO's Macroeconomic Policy Bureau Kulaya Tantitemit was quoted by the National News Bureau of Thailand as saying.

Thailand's exports to China, Japan, the European Union and some ASEAN countries were sluggish while those to such countries as the United States, Australia, Cambodia, Laos, Myanmar and Vietnam were picking up, according to the FPO.

The FPO expected this year's export growth to be no less than minus 5.4 percent.

The Commerce Ministry said earlier that its projection for export growth in 2015 was maintained at a 3-percent contraction.

In addition, the FPO predicted that economic growth in 2016 would be around 3.8 percent, or within the range of 3.3-4.3 percent, with driving factors including acceleration of state investment projects, improved economic performances of trade partners and possible weakening of the Thai baht. Enditem