ADB revises down Thailand's growth forecast
Asian Development Bank revises down its economic projection for Thailand this year to 4 per cent from 4.5 per cent projected in April.
"We have already taken into account the first-time car buyer and other fiscal expansionary schemes designed to boost consumption," said Luxmon Attapich, senior country economist of ADB, at the press conference today.
Despite consumption-boosting schemes, Thailand's growth would be affected by floods, meagre growth in developed economies and inflationary pressure. All these will weigh down Thailand's economic growth, she added.
The bank also revises down its 2012 growth forecast for Thailand to 4.5 per cent from 4.8 per cent.
This is in light of the downward revision in economic growth for developing Asia to 7.5 per cent this year from the previous projection at 7.8 per cent. Next year's projection is also brought down to 7.5 per cent from 7.7 per cent.
"The growth in Asia remains strong, though," she says.
