Thailand has lowered their GDP growth rate to 3.7 percent from 3.9 percent because of export decline and slow recovery of the world economy.
The country's economic growth projection should be between 3.2 percent and 4.2 percent whilst export growth has been revised down just over one percent due to weak demands and uncertain recovery of the world economy, according to the Fiscal Policy Office.
However, the economic outlook remains upbeat due to factors like the upward trend of tourist arrivals for this year and the increased public spending by the government and state enterprises, FPO predicted.
Tourism would play a greater role in driving economic growth for the country, with a forecast of 29.4 million tourist arrivals this year, generating 1.389 trillion THB in revenue, the organisation said.
Public spending is also expected to drive economic growth. The FPO estimated state investment will expand 9.5 percent this year and government expenditures increase 4.3 percent because of expedited budget disbursement.
Earlier, the Central Bank of Thailand also revised down its forecasts for GDP and exports to 3.8 percent and 0.8 percent, then surprisingly cut the benchmark rate by a quarter point for the second straight meeting.-VNA
The country's economic growth projection should be between 3.2 percent and 4.2 percent whilst export growth has been revised down just over one percent due to weak demands and uncertain recovery of the world economy, according to the Fiscal Policy Office.
However, the economic outlook remains upbeat due to factors like the upward trend of tourist arrivals for this year and the increased public spending by the government and state enterprises, FPO predicted.
Tourism would play a greater role in driving economic growth for the country, with a forecast of 29.4 million tourist arrivals this year, generating 1.389 trillion THB in revenue, the organisation said.
Public spending is also expected to drive economic growth. The FPO estimated state investment will expand 9.5 percent this year and government expenditures increase 4.3 percent because of expedited budget disbursement.
Earlier, the Central Bank of Thailand also revised down its forecasts for GDP and exports to 3.8 percent and 0.8 percent, then surprisingly cut the benchmark rate by a quarter point for the second straight meeting.-VNA
