WB, ESCAP pessimistic about Thailand’s 2016 economic prospect
The World Bank (WB) and the Economic and Social Commission for Asia and the Pacific (ESCAP) have shown concerns about Thailand’s economic prospects forecast for 2016.
Bangkok (VNA) ▨– The World Bank (WB) and the Economic and Social Commission for Asia and the Pacific (ESCAP) have shown concerns about Thailand’s economic prospects forecast for 2016.
ESCAP’s study has indicated that the country’s economic growth rate will be a lacklustre 3.5 percent; while worryingly, World Bank experts anticipate only 2 percent growth for the Kingdom, compared to the 3.5 percent rate declared by the Thai government.
The family debt ratio is considered a major element affecting the country’s economic growth prospect.
In the third quarter of 2015, Thailand’s family debt ratio increased to 10.8 trillion Thai baht (297 billion USD) which was equivalent to 81.1 percent of the gross domestic product (GDP).
Alongside this, concerns about economic recession from other economies, including China and other markets, will have negative influences to the country’s exports and finance in 2016.
According to the World Bank, overall economic growth in East Asia and the Pacific region will be reduced to 6.7 percent from 6.9 percent.-VNA
Thailand’s National Economic and Social Development Board (NESDB) has lowered the country’s predicted economic growth rate for this year to 2.7-3.2 percent from the previous 3-4 percent.
The Standard and Poor’s Rating Services (S&P) warned that Thailand’s sovereign credit rating is facing a downturn, due to gloomy long-term economic prospects, on September 29.
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