Thailand’s GDP growth to fall to 5-5.%: UTCC

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BANGKOK, Aug 2 – The University of Thai Chamber of Commerce (UTCC) will lower its Gross Domestic Product (GDP) growth prediction for Thailand to 5-5.5 per cent next week, Economic and Business Forecasting Center director Dr Thanawat Polwichai said.

The official announcement will be made on Aug 9, he noted.

The adjustment is lower than previously expected at 5.6 per cent due to the world economic slowdown as a result of Europe’s debt crisis and the downward US economy that has affected world trade and exports.

Dr Thanawat said the UTCC will also lower its prediction for Thailand’s export growth rate from 10-15 per cent to only 5.8 per cent.

There is a 30 per cent possibility the country’s economic growth will expand less than 5 per cent, he warned, due to the government’s unclear investment plans, particularly regarding flood prevention measures resulting in unexpected capital flow, slower-than-expected rehabilitation of the industrial sector after last year’s flood, and the worsened eurozone debt crisis.