BANGKOK, 24 Mar 2015, Kasikorn Research Center yesterday cut its nation’s economic growth projection from 4% to 2.8%, thanks to the slow economic recovery rate and shrinking exports.
According to the center, the less-than-expected global economic growth and dropping commodity products prices are the main factors behind the sluggish performance in the export sector. The center anticipated exports to decline 3.9% growth in the first quarter.
Other reasons affecting the first quarter’s economic growth included weak consumer spending, and slowdown in investment from the private sector.
However, KResearch predicted that tourism, the government’s economic stimulus policies, and low inflation would likely help the nation’s economy to recover sooner than expected.
The center predicted no growth for exports this year, down from 3.5 % projected earlier. Imports would also be down from 5% to 3.5 %, and inflation down to 0.5% from 1.5% predicted earlier.