OIE: Thai economy still faced with many risk factors

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BANGKOK, 4 June 2015 – The Office of Industrial Economics (OIE) has unveiled its outlook on the Thai economy and industrial sector for this year while warning that close attention should be paid to several negative factors.

OIE Director Udom Wongviwatchai stated that the office is currently placing its 2015 growth estimates for the Thai industrial sector at 2.3 percent and the manufacturing production index at 3-4 percent. Nonetheless, he noted that there remain many obstacles facing Thailand this year, including fluctuations in fuel prices, export contraction and economic slowdown in trade partner countries.

The food and beverage industry is expected to achieve growth of 0.86-1.61 percent. However, Mr Udom expressed grave concerns over the outbreak of early mortality syndrome (EMS) in shrimp which is affecting the country’s shrimp production while Thai fishery products in general have been put in a bad light due to the problem of illegal fishing.

In terms of the economy, the OIE Director admitted recovery is still uncertain, considering lackluster growth figures seen in foreign economies. He also cautioned that an expansion of household debt could impact consumption and investment while a decline in the consumer price index could put the country at risk of deflation.