Thailand's fourth quarter economic growth is forecast to be within a range of 2.5 and 3 percent, resulting in the full year figure of less than 1 percent, according to a Thai newspaper.

The Thai economy contracted by 0.5 percent year on year in the three months through March before bounding back to rise by 0.4 percent and 0.6 percent in the second and third quarters, respectively, Bangkok Post said.

The slow pickup of the economy due to many obstacles from the political to social factors has compelled policymakers and think-tanks to cut the country's Gross Domestic Product (GDP) forecasts repeatedly.

The National Economic and Social Development Board last month slashed its growth forecast for Thailand in 2014 to 1 percent from a range of 1.5 percent to 2 percent previously. The central bank earlier trimmed its full year economic growth projection to 1.5 percent and a further cut is likely on the cards.

Phatra Securities Managing Director Supavud Saicheua predicted a GDP growth of 0.8 percent this year before a recovery to 3.7 percent next year.-VNA