Bangkok – The World Bank has forecast Thailand’s economic growth to slightly slow down this year to 3.8% while the general economy of East Asia and the Pacific is expected to rise 6% both this year and next.
According to the World Bank’s economic analysis report for April 2019, Thailand’s forecast is set to mirror that of Vietnam, the Philippines, Laos, Mongolia, Cambodia and Myanmar, whose economic growth largely depends on major infrastructural investment projects.
Due to high inflation and slowdowns in its export sector, China’s growth is forecast to remain stable at 6% during 2019 and 2020, compared to 6.3% last year.
Kiatiphong Ariyapratchaya, a senior economist attached to the World Bank’s Thailand branch, said the kingdom’s economic growth will be considerably affected by slowdowns in the export sector while domestic consumption and investment will be major forces driving the economy forward.
Kiatiphong cautioned however that the forecasts do not take risks in the political sector into account. He said the delayed formation of a post-election government will affect new investment projects of the public sector and also the confidence of the private sector.