BANGKOK, 7 July 2015 – The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has adjusted its forecast for the annual GDP down to 3 percent as a result of the continued slowdown in the world economy.
According to Chairman of the JSCCIB Boontuck Wangcharoen, the Thai economy is feeling the pinch from the world economic slowdown and delayed recovery, especially in major trade partner countries like China. As a consequence, the committee agreed at its latest meeting to reduce its growth estimate for Thai exports this year to minus 2 percent, as opposed to the previous 1-percent target.
As for the 2015 GDP, the committee revised the growth figure to 3 percent, a drop from 3.5 percent projected earlier. Private investment is also expected to remain weak in line with the dwindling confidence among consumers and industrial operators.
On a positive note, Mr Boontuck pointed out that the tourism sector will continue to be lively while state budget disbursement will pick up the pace, allowing more funds to reach every corner of the country from the third quarter onwards.
