Briefs

The Asian Development Bank has lowered its 2015 economic growth forecast for Thailand in light of a slowdown in the Chinese economy and disappointing rebounds in major economies.

The bank has cut the 2015 and 2016 forecasts for Thailand to 2.7 and 3.8 per cent.

It previously projected that gross domestic product would grow by 3.6 and 4.1 per cent respectively.

In the updated version of “Asian Development Outlook” released yesterday, the bank said the direct spillover impacts from China’s economic slowdown could cut Thailand’s GDP growth rate by 0.2 percentage point.

The ADB’s growth projections for China in 2015 and 2016 have also been slashed to 6.8 and 6.7 per cent respectively, against previous forecasts of 7.2 and 7 per cent.

Thailand could also witness further sluggishness in demand for its exports, as major economies are struggling to rebound, it said.

‘No extension’ of EU

Despite claims to the contrary, the European Commission says it has not given Thailand more time to tackle illegal, unreported and unregulated (IUU) fishing practices. The EC was quick to react to reports that the Kingdom would be allowed to go beyond the initial deadline of October in taking the necessary corrective measures.

In April, the European Union yellow-carded the country’s fishing industry, giving it six months to improve its IUU situation or face a potentially crippling ban on seafood imports into the EU.

Government Spokesman Sansern Kaewkamnerd claimed last weekend that the EU had extended the deadline, adding, “The prime minister is glad that the EU understands the Thai government’s intentions and is allowing it to continue to solve the problem.”

But on Monday, an EC spokeswoman said such claims were “without foundation”.

“No decision has been taken to date by the commission on whether or not to give an extension to Thailand,” said Iris Petsa, press officer for the Environment, Maritime Affairs and Fisheries Directorate in the EC.