BANGKOK, 27 June 2013 The Thai Military Bank expects to see only a 4.6 percent economic expansion during the rest of 2013, saying the Commerce Ministry announcing of a decline of 5.2 percent in May export figure is worse than the bank’s earlier anticipation of minus 4.1 percent.
Following the Commerce Ministry’s announcement on May’s export growth figure of a minus 5.2 percent year-on-year, the Thai Military Bank expects to see only a 4.6 percent growth in Thailand’s overall economy, resulting in the growth of 3.5 percent in the export sector. It is very unlikely that the expansion will reach 5-7 percent as earlier projected.
The main reason behind the slight growth, according to theTMB, is the impact of the world economic slump, especially in Europe and China, of which the economies have been slowing down since the beginning of the second quarter, with no signs of recovery.
The products that saw a major drop in May included Agricultural products, electronic equipment, and electric appliances, all of which accounted for 40 percent of all Thai exports.
