The Bank of Thailand (BoT) has projected the growth of the gross domestic product (GDP) this year at around 1.5 percent despite export and tourism sectors still not yet recovering.
The central bank lowered its export-growth forecast for this year to zero from an earlier projection of 3 percent, citing weak global demand, Thai manufacturers' limited production capability and low agricultural prices. However, the weak export outlook did not discourage their economic growth target at 1.5 percent due to assistances from private consumption and government spending to the economy.
The bank also lowered its forecast for next year's growth in GDP from 5.5 percent to 4.8 percent because the slow recoveries of exports and tourism were projected to continue into 2015. GDP forecast cut next year is due to this year’s export that is likely missing its 3 percent growth target and next year it may expand to only 4 percent from the initial target of 6 percent, a PBS television bulletin reported.
Thailand may have only 27 million tourist arrivals next year, plunging from initial target of 28.5 million, as a result of slow tourism recovery since travel warnings and advisories are still in place. However, positive recovery is predicted next year, thanks to rising domestic consumption, private investments and government spending.-VNA
The central bank lowered its export-growth forecast for this year to zero from an earlier projection of 3 percent, citing weak global demand, Thai manufacturers' limited production capability and low agricultural prices. However, the weak export outlook did not discourage their economic growth target at 1.5 percent due to assistances from private consumption and government spending to the economy.
The bank also lowered its forecast for next year's growth in GDP from 5.5 percent to 4.8 percent because the slow recoveries of exports and tourism were projected to continue into 2015. GDP forecast cut next year is due to this year’s export that is likely missing its 3 percent growth target and next year it may expand to only 4 percent from the initial target of 6 percent, a PBS television bulletin reported.
Thailand may have only 27 million tourist arrivals next year, plunging from initial target of 28.5 million, as a result of slow tourism recovery since travel warnings and advisories are still in place. However, positive recovery is predicted next year, thanks to rising domestic consumption, private investments and government spending.-VNA
