Thailand’s Central Bank Predicts Gloomy Economic Situation for 2015

Thailand’s Central Bank Predicts Gloomy Economic Situation for 2015
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BANGKOK – Thailand’s Cental Bank has slashed it’s projected economic growth for 2014 to 0.8 percent from one percent and projected that the GDP for next year was likely to be 4 percent instead of 4.8 percent.

 

The downward adjustments for this year’s GDP and next year’s growth forecast were attributable to slower economic recovery due to lower export growth as a result of lower economic expansion especially in Europe and Japan, said Mr Methee Supapong, assistant governor for monetary policy of the central bank.

He noted that expenditure of the government sector was lower than projection resulting to the private sector to slow down their investment accordingly.

Consumption of the private sector or expenditure of the private sector expanded at a lower rate because of lower income of the agriculture sector and increasing household debts.

The central bank also predicted that next year’s inflation would be 1.2 percent compared to this year’s 1.6 percent and exports for next year were expected to grow just one percent instead of 4 percent as earlier projected.

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