BOT to revise downward GDP forecast
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Thailand's economic growth forecast will be revised down by more than 1 percentage point, said Bank of Thailand Governor Prasarn Trairatvorakul.
Speaking on the sidelines of the BOT Symposium today, he attributed the downward revision to the nation’s worst floods in recent history and problems in the US and European economies.
The Thai central bank in July projected 4.1 per cent growth in Thailand’s gross domestic product for this year.
It will announce the revised forecast on October 28.
Damage caused by the floods is estimated at more than Bt100 billion. The Finance Ministry has prepared Bt130 billion for reconstruction.
The ministry expects that the GDP growth forecast this year would be cut 1-1.7 percentage points.
