Thailand's growth forecast trimmed to 4.3%: UTCC
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The University of the Thai Chamber of Commerce trimmed gross domestic product forecast this year to 4.3 per cent, due mainly to sluggish export.
In May, it forecast a 5 per cent growth rate.
In this scenario, the UTCC's export growth projection is much lower from the Commerce Minister’s target of 7-7.5 per cent, based on the average exchange rate of 30.3 per dollar.
Export is expected to grow by 4.1 per cent at the value of US$235.42 billion, while import will surge by 7.1 per cent to $233.28 billion. This will result in trade deficit of $975.8 billion. .
Thanavath Phonvichai, director of the UTCC's Economic and Business Forecasting Centre, said that the sluggish global economy, particularly slowdown in China and Europe, has sent tremendous negative impacts on the Kingdom's economic outlook.
The Chinese economy is expected to grow at the rate of 7 - 7.5 per cent, against normal growth of 8 per cent, while the euro-zone economy will contract by 0.3 per cent.
