BoT cuts this year’s economic expansion down to 3%

0
688

BANGKOK, 8 February 2014  The Central Bank has lowered its forecast on the country’s economic expansion, expecting only a 3 percent growth this year. 

The Bank of Thailand (BoT) has adjusted this year’s economic expansion down to only 3 percent from the previous anticipation of 4 percent. The adjustment came after signs of economic slowdown emerging in many sectors.

The Central Bank however stated that the slowdown in household spending would not cause a deflation as the inflation rate had yet to decline, thanks to the increasing prices of fuel.

The bank also disclosed that the inflation rate in the next 12 months is expected to be in the range of 3-4 percent, in line with the rising production costs in many industries.