A view of Bangkok, the capital city of Thailand (Source: oneyoungworld.com) Hanoi (VNA) – Thailand’s economy saw a slower growth than expectedin the first quarter of 2019, reaching the lowest level in the last four years.
Localmedia cited a report showing that the second largest economy in Southeast Asiagrew by just 2.8 percent, lower than the 3 percent forecasted by the newsagency Reuters.
InNovember and December 2018, the country’s annual economic growth prediction wasadjusted to 3.6 percent from the previous estimate of 3.7 percent. On aquarterly basis, the growth was seasonally adjusted by 1 percent, weaker thanpoll’s 1.4 percent forecast.
TheThai government has also adjusted GDP growth prediction for 2019 from 3.5-4.5percent given in February to between 3.3-3.8 percent. The export revenue forecastwas also down from 4.1 percent to 2.2 percent.
TheBangkok Post website posted a story stating that Thailand’s exports may be atthe lowest growth in the past four years as a result of the EU-Vietnam FreeTrade Agreement (EVFTA) and the renewed Sino-US trade war.
AatPisanwanich, Director of the Centre for International Trade Studies at theUniversity of the Thai Chamber of Commerce, said the latest study puts exportgrowth this year at 0.5-1 percent, compared with a 3 percent growth forecastmade in February.
TheBank of Thailand (BoT) has decided to keep its policy rate unchanged at 1.75percent for the rest of 2019. The bank affirmed that it will continuemaintaining measures to promote growth amidst the existing risks to thefinancial stability.–VNA
VNA
