Thailand has lowered their GDP growth rate to 3.7 percent from 3.9
percent because of export decline and slow recovery of the world
economy.
The country’s economic growth projection should be
between 3.2 percent and 4.2 percent whilst export growth has been
revised down just over one percent due to weak demands and uncertain
recovery of the world economy, according to the Fiscal Policy Office.
However,
the economic outlook remains upbeat due to factors like the upward
trend of tourist arrivals for this year and the increased public
spending by the government and state enterprises, FPO predicted.
Tourism
would play a greater role in driving economic growth for the country,
with a forecast of 29.4 million tourist arrivals this year, generating
1.389 trillion THB in revenue, the organisation said.
Public
spending is also expected to drive economic growth. The FPO estimated
state investment will expand 9.5 percent this year and government
expenditures increase 4.3 percent because of expedited budget
disbursement.
Earlier, the Central Bank of Thailand also revised
down its forecasts for GDP and exports to 3.8 percent and 0.8 percent,
then surprisingly cut the benchmark rate by a quarter point for the
second straight meeting.-VNA