Thailand lowers 2016 GDP growth projection

BANGKOK: Thailand has lowered this year’s Gross Domestic Product growth projection to between 2.8 and 3.8 per cent from an earlier forecast of between 3.0 and 4.0 percent made in November last year.

The National Economic and Social Development Board Secretary-General Porametee Vimolsiri said Thailand’s economy grew 2.8 per cent in 2015.

“The lower 2016 growth is mainly due to a slowdown in the global economy, especially China while low crude oil prices also add pres- sures on the country’s growth,” he told a press conference after releasing a quarterly economic report here yesterday.

Exports for this year was expected to expand 1.2 per cent, year-on-year, to US$214.7 billion (1US$=RM4.1545), while imports were expected to grow 1.3 per cent to US$179 billion with trade surplus projected at 34.8 billion baht (RM4 billion).

He said Thailand’s major trading partners, the United States was expected to grow by 2.6 per cent this year, the European Union (1.7 per cent), Japan (1.0 per cent) and China (6.5 per cent).

“The global economy is expected to expand by 3.3 per cent this year, lower by 0.1 per cent from the growth of 3.4 per cent projected earlier,” he said, adding that crude oil prices were expected to hover between US$32 and US$42 per-barrel this year. — Bernama

Porameetee said income from tourist arrivals was expected to increase 9.8 per cent this year from 1.52 trillion baht (1,000 baht = RM115.90) last year. — Bernama