BANGKOK, Oct 10 (TNA) – The World Bank has cut Thai economic projection this year to 2.7%, weighed by export contraction.
The bank downgraded Thailand’s 2019 Gross Domestic Product (GDP) growth outlook to 2.7% from the 3.5% , the lowest among ASEAN’s developing country in its latest report on the “East Asia and Pacific Economic Update” for October.
The Washington-based institution also cut Thailand’s GDP for 2020 to 2.9% from 3.6%.
Export slump in the first half of the year, global economic slowdown and impacts from the trade tension between China and the US contributed to lowering of the GDP growth outlook, said the report.
Thailand’s drought, worst in 10 years affected farmers’ income, weakening domestic consumption.
The government’s economic stimulus measures were rolled out just in time when the domestic economy has weakened and exports contracted 5.3%, a larger-than-expected decline, said Kiatipong Ariyapruchya, the senior country economist of the World Bank for Thailand.
He suggested that the government can issue more stimulus measures, focusing on low income earners because Thailand’s public debt remains low. (TNA)
