Finance Ministry lowers Thai GDP growth estimate to 2% this year

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BANGKOK, July 30 — The Ministry of Finance has revised its projected growth rate for the Thai economy this year from 2.6 per cent to 2 per cent due to political problems.

Krissana Jinawijarana, director of the Fiscal Policy Office and ministry spokesman, said the prediction replaced the earlier forecast of 2.6 per cent issued in March.

He explained that political problems shrank the gross domestic product of Thailand by 0.6 per cent in the first quarter of this year and affected the confidence of consumers and operators in the first half of this year.

In the second half, clear political directions, economic stimulation measures and solutions to people’s problems should improve the confidence of people and investors.

Investment promotion policies, accelerated spending in the government sector and budget plans for the 2015 fiscal year would be important factors to increase domestic demands continually, Mr Krissana said.