BANGKOK (TNA) – World Bank slashes Thailand’s economic growth forecast this year to 2.7% due to weaker demand for exports and the disruptions of global value chains.
Kiatipong Ariyapruchya, the World Bank’s senior economist for Thailand, said World Bank estimated Thailand’s 2019 growth at 2.5 percent, a five-year low. Declining exports and weaknesses in domestic demand weighed on Thai economic growth, he said.
World Bank in October predicted that Thai economic growth at 2.9% in 2020.
The World Bank’s Thailand Economic Monitor report released on Friday suggests private consumption and investment on large public infrastructure projects will be the main economic growth driver for 2020.
Kiatipong said World Bank recommended Thailand to boosting productivity as part its long-term structural reform.
Trade tensions and uncertainties would continue to pose risks for Thailand and other emerging-market and developing economies, he said. (TNA)