UTCC revises down growth target to 3 percent

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BANGKOK, 17 December 2013 The University of the Thai Chamber of Commerce has revised down its forecast of Thailand’s gross domestic product growth for 2014 to 3 percent, down from the 3.5 percent previously expected, as political tension is set to linger.

The university’s Centre for Economic and Business Forecasting said it marked the first time that internal factors had adverse effects in the Thai economy. The continued political protests has so far resulted in around 30-70 billion baht loss of revenue.

Domestic consumption rate dropped to 1.9 percent and domestic investment expanded by only 3.7 percent due to delays in the government’s infrastructure development projects and the confidence-eroding occupation of key government offices.

However, the center noted that Thailand’s gross domestic product growth for 2014 should be around 4.5%. Exports were projected to grow about 6.5%, with a total value of US 245.35 billion next year. Inflation would stay between 2.8% and 3.3% in 2014.