The Thai National Economic and Social Development Board (NESDB) has revised the country’s GDP growth forecast in 2013 down to 3.8-4.3 percent from 4.2-5.2 percent due to sluggish exports and decreasing household spending.
NESDB Secretary-General Arkhom Termpittayapaisith said the economic growth of Thailand in the second quarter of 2013 was only at 2.8 percent, lower than the first quarter’s figure of 5.4 percent.
The first half of the year saw a 4.1 percent growth with exports expanding just 1 percent. Domestic consumption grew 3.4 percent while investment in the private sector increased only 5.1 percent in the same period.
Such gloomy economic situation has prompted the NESDB to cut this year’s GDP growth forecast, he said.
According to the NESDB, exports in the second half of the year will need to expand 8.7 percent or have a total value of 21 billion USD per month from the current 18.9 billion USD in order to achieve the yearly target of 5 percent.
The board is closely monitoring the recovery of the European, US, and Japanese economies as well as the slowdown of the Chinese economy.
It is also keeping a cautious eye on impacts from the expiration of the government’s stimulus measures, domestic political problems and delays in the two-trillion-THB infrastructure investment, all of which are considered risk factors to the Thai economic expansion.-VNA
NESDB Secretary-General Arkhom Termpittayapaisith said the economic growth of Thailand in the second quarter of 2013 was only at 2.8 percent, lower than the first quarter’s figure of 5.4 percent.
The first half of the year saw a 4.1 percent growth with exports expanding just 1 percent. Domestic consumption grew 3.4 percent while investment in the private sector increased only 5.1 percent in the same period.
Such gloomy economic situation has prompted the NESDB to cut this year’s GDP growth forecast, he said.
According to the NESDB, exports in the second half of the year will need to expand 8.7 percent or have a total value of 21 billion USD per month from the current 18.9 billion USD in order to achieve the yearly target of 5 percent.
The board is closely monitoring the recovery of the European, US, and Japanese economies as well as the slowdown of the Chinese economy.
It is also keeping a cautious eye on impacts from the expiration of the government’s stimulus measures, domestic political problems and delays in the two-trillion-THB infrastructure investment, all of which are considered risk factors to the Thai economic expansion.-VNA
