BANGKOK, Oct 28 (TNA) – The Fiscal Policy Office revised its prediction on the economic growth rate for this year from 3% to 2.8% as it expected exports to drop by 2.5%.
FPO director-general Lavaron Sangsanit said the economies of trading partners and the global economy were slowing down due to the trade war between China and the United States. That led to the assumption that exports would fall by 2.5% this year, instead of 0.9% as earlier anticipated, he said.
For next year, FPO predicted that the Thai economy would grow by 3.3%. Last year the pace was 4.1% year on year. FPO expected exports to increase by 2.6% next year.
Despite its slower pace, the Thai economy would continue to grow, Mr Lavaron said. He expected it would expand by 3.1% in the second half of 2019, compared with 2.6% in the first half, thanks to economic stimulus measures by the government that injected more than 60 billion baht into the economy. (TNA)
