The Bank of Thailand (BoT) has projected the growth of the gross
domestic product (GDP) this year at around 1.5 percent despite export
and tourism sectors still not yet recovering.
The central bank
lowered its export-growth forecast for this year to zero from an earlier
projection of 3 percent, citing weak global demand, Thai manufacturers’
limited production capability and low agricultural prices. However, the
weak export outlook did not discourage their economic growth target at
1.5 percent due to assistances from private consumption and government
spending to the economy.
The bank also lowered its forecast for
next year’s growth in GDP from 5.5 percent to 4.8 percent because the
slow recoveries of exports and tourism were projected to continue into
2015. GDP forecast cut next year is due to this year’s export that is
likely missing its 3 percent growth target and next year it may expand
to only 4 percent from the initial target of 6 percent, a PBS television
bulletin reported.
Thailand may have only 27 million tourist
arrivals next year, plunging from initial target of 28.5 million, as a
result of slow tourism recovery since travel warnings and advisories are
still in place. However, positive recovery is predicted next year,
thanks to rising domestic consumption, private investments and
government spending.-VNA