Commerce Min may cut export growth target to 0%

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BANGKOK, 4 August 2015 – The Ministry of Commerce is considering a reduction of the export growth estimate to zero percent for this year due largely to the continued slowdown in the world economy.

Commerce Minister Gen Chatchai Sarikalya made known that the ministry’s executives are scheduled to convene tomorrow in order to assess the overall export situation in the country and revise their projection for the annual export growth as seen fit. Initially, he hinted a possibility for the growth estimate to be adjusted down to zero percent or even lower, depending on the reports from commercial attaches. The growth was projected at 2 percent earlier this year.

The minister attributed the export decline to the yet-to-recover global economy and the low prices of oil in the global market. Nonetheless, despite the impediment, he noted that Thailand has seen less export contraction than many other countries and has also managed to maintain its market share. As a result of the government’s export stimulus measures, Gen Chatchai said positive changes can be expected in the beginning of next year.

As of now, the Cabinet has injected a budget of 6 billion baht through the Interior Ministry into a program designed to spur employment and purchasing power. The program will continue through September and is expected to benefit the Thai economy in general for the remainder of this year.