HSBC sharply lowers forecast to 2.8%
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HSBC becomes the latest institution to revise downward the Thai economic growth forecast, in light of poorer-than-expected export revenue and domestic consumption.
It lowers the Thai economic growth forecast this year from 5 per cent to 2.8 per cent. The new forecast is even lower than the Bank of Thailand’s 3.7 per cent.
HSBC has forecast growth of Thai GDP next year at 4.4 per cent, against the central bank’s 4.8 per cent figure.
Ekniti Nitithanprapas, deputy director-general of the Fiscal Policy Office, said on November 13 that the unit plans to review the 2014 growth forecast - which now stays at 5.1 per cent - in December. Political chaos would be taken into account, he said.
The Finance Ministry's arm forecast a 3.7 per cent growth rate for this year.
"Three main factors to be considered are: key economic indicators to be released by the National Economic and Social Development Board on November 18, export forecast for the fourth quarter, and political chaos," he said.
