Gloomy outlook for Thailand’s economy hinh anh 1Workers at Toyota factory in Thailand (Source: AFP)
Thailand’s National Economic and Social Development Board (NESDB) has lowered the country’s predicted economic growth rate for this year to 2.7-3.2 percent from the previous 3-4 percent. 

The board attributed the adjustment to weak domestic demand and exports and increased product competitiveness caused by China’s yuan devaluation. 

London-based macro-economic research company Capital Economics also predicted that Thailand’s economy would face a gloomy outlook this year with government spending and tourism the only two engines driving growth. 

Statistics released on August 17 showed that the gross domestic product increased by 2.8 percent year-on-year in the second quarter, lower than the 3 percent growth rate in the first quarter.-VNA