Sommai's gloomy forecast: negative export growth, GDP at 3%
Finance Minister Sommai Phasi has painted a bleak economic outlook for the second half of 2015, citing the sputtering export sector as a major cause for concern.
Exports, which account for over 70 per cent of Thailand's GDP, are projected to contract 1.7 per cent, Sommai said, adding that as a result this year's economic growth rate would likely drop to below three per cent.
Sommai said: “Let me tell you the truth - we will not be able to expand by more than 3 per cent this year since the second half will likely be worse than the first half,” he said at an investment seminar held by Nation Radio 102 FM Wednesday.
