The University of the Thai Chamber of Commerce (UTCC) has revised down its forecast of Thailand’s gross domestic product growth for 2014 to below 3 percent as political tension is set to linger.

Exports are projected to grow about 6.5 percent, with a total value of 245.35 billion USD next year. Meanwhile, imports are expected at 272.37 billion USD, an increase of about 8 percent, resulting in a trade deficit of 27 billion USD.

Inflation would stay between 2.8 percent and 3.3percent in 2014, UTCC said.

If the political climate stabilises, Thailand’s gross domestic product growth for 2014 should be around 4.5 percent, lower than the previous forecast of 5.1 percent.

UTCC said a positive factor that will boost the economy in 2014 is an improving global economy while negative factors are the ongoing political turmoil, the fluctuation in foreign exchange rates and uncertainty in global economic recovery.-VNA