Thailand's growth rate projection for the whole year was readjusted down to 1.5-2 percent from 1.5-2 percent as earlier predicted due to slow export recovery, an official from the National Economic and Social Development Board (NESDB) said.

NESDB Secretary General Arkhom Termpattayapaisit said that the lower growth rate projection was due to external factors, particularly exports which are expected to expand by only 2 percent instead of 3.7 percent as earlier forecasted.

Inflation rate has been lowered to 1.9-2.4 percent instead of 1,9-2.9 percent. However, the growth rate in the second quarter increased by 0.4 percent from minus 0.5 percent in the first quarter mainly due to gradual global economic recovery and the stabilisation of political situation, he said.

NESDB projected that next year, the economy will grow 3.5-4 percent, which is still below the 4-5 percent growth rate that Thailand can achieve. Exports are expected to increase 5-7 percent, much lower than the required rate of at least 10 percent.-VNA