FTI to reevaluate its 2015 GDP projection next month

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BANGKOK, 25 Mar 2015,  The Federation of Thai Industries President has indicated that the Joint Standing Commission on Commerce, Industry and Banking (JSCCIB) would reevaluate its 2015 GDP projection next month if the economy remains sluggish.

President of the federation Supan Mongkolsuthee yesterday admitted that the local economy has yet to recover as he expected. Despite the poor performance in the export sector, the economy has been performing better in the first quarter of 2015 than it did in the last quarter of 2014, .

Although the majority of the products in the export sector have been affected by the slowdown in the global economy, auto exports continue to show positive signs, according to the FTI president.

Mr. Supan said the JSCCIB would wait and observe the situation for another month before revising its GDP growth rate. It had earlier projected that the GDP growth would reach 3.5% and the export sector would expand by 2-2.5%.

Another factor that has a direct bearing on the projection is the government’s budget disbursement progress, Mr. Supan said, adding that administration should have been able to disburse up to 40 % of the budget in the past six months but managed to disburse only 20% of it.