BANGKOK, Aug 20 (TNA) — The Bank of Thailand (BoT) will revise its economic growth projection next month as the economy slowed down at a greater extent than earlier expected.
BoT governor Veerathai Santiprabhob said the BOT’s Monetary Policy Committee (MPC) would revise the economic growth projection downward because the prolonged trade war between China and the United States affected exports. Earlier the committee predicted the economy would expand by 3.3% this year.
Don Nakornthab, senior director of BOT’s Economic and Policy Department, said the economy grew by only 2.3% in the second quarter of this year, lower than 2.8% that BOT earlier anticipated, because of declines in product and service exports and investments by the government and the private sector.
That was the reason why the MPC cut the policy rate from 1.75% to 1.50%, he said.
The Thai economy would depend on local expenditure, Mr Don said. (TNA)
