Thai economy experiences further slowdown

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BANGKOK, 31 October 2013 Thailand has experienced continuous economic slowdown with no sign of recovery in sight, according to the Ministry of Finance. 

Kulaya Tantitemit, Executive Director of the Macroeconomic Policy Bureau, said that in September Thai economy had been further sluggish in many key sectors. Consumption and export growth had further slowed down when compared to August.

The only sector experiencing expansion in September was tourism which has become the pillar of growth for Thai economy.

Consumption in the private sector has fallen further. Value added tax collected by the Finance Ministry decreased by 19.4% while the car sale dropped 30.7% in September. Exports also recorded a negative growth of 7.1%

Kullaya said in December the ministry would adjust its economic growth forecast for 2013 again because of the further sign of sluggishness. The ministry has forecast the country’s economic growth at 3.7% this year.