The ministry now expects the economy to grow 3.0 per cent this year, instead of the 3.7 per cent seen three months ago. (Photo: EPA)
Thailand's Finance Ministry has officially lowered this year’s economic growth estimate as a result of the global economic slowdown.
Director-General of the Ministry’s Fiscal Policy Office (FPO) Krisda Chinavicharana on July 28 chaired a news conference on Thailand’s economic conditions in the second quarter of 2015.
According to Krisda, the GDP estimate has been revised to 3.0 percent from 3.7 percent although the tourism sector and public spending have brought help to the economic recovery, with growth rates of 36.6 percent and 10.7 percent in the first half of this year.
Meanwhile, the industrial sector, the agricultural sector and exports have been contracting and consumers remain worried about many problems including the drought crisis, he added.
The FPO also expects the country's exports to contract 4 percent this year, compared with the 0.2 percent growth rate it earlier projected, mainly because of the slowing growth in China.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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The ministry now expects the economy to grow 3.0 per cent this year, instead of the 3.7 per cent seen three months ago. (Photo: EPA)
