Thai economic growth forecast to reach 1.4 percent this year
Thailand 's gross domestic product (GDP) growth is projected to reach 1.4 percent compared to the earlier forecast of 2 percent due to slow export recovery, according to the Fiscal Policy Office (FPO) of this country.
Thailand 's grossdomestic product (GDP) growth is projected to reach 1.4 percent comparedto the earlier forecast of 2 percent due to slow export recovery,according to the Fiscal Policy Office (FPO) of this country.
FPO Director General Kritsada Jinavijarana was quoted by Thai media assaying that projections for GDP growth in 2014 will range between 1.2percent and 1.7 percent, down from the earlier predicted range of 1.5percent and 2.5 percent.
The prediction is in line with the Bank of Thailand, which expected the economy to grow only 1.5 percent this year.
FPO also anticipated an economic growth of 2.9 percent in the secondhalf of the year thanks to a more stable political environment and theimplementation of economic stimulus measures during the last quarter ofthis year.
The office remained optimistic about next year’sgrowth with a projection of 4.1 percent, with the range of 3.6 percentand 4.6 percent, thanks to the government’s investment in infrastructureand increasing tourist arrivals.
The Thai export in2014 is expected to fall by 0.4 percent after reaching a value of 170billion THB in the first nine months, a decrease of 0.85 percent fromthe same period last year, Thai National Shippers Council said.
However, the council also predicted that the country's exp♕ort will grow by 2.5 percent next yeꦦar.-VNA
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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