ADB eyes revision in Thai GDP forecast

business June 12, 2014 00:00

By The Nation

The Asian Development Bank in October will review the economic growth forecast for Thailand in October, to take into account economic measures to be introduced by the National Council for Peace and Order (NCPO).

ADB chief economist Thailand Luxamon Attapich said today that it remains to be seen how the economic measures would affect the economy. She noted that the rice deb t repayment as well as the commitment to protect foreign interests has somewhat maintained confidence.
At present, the development bank expects the Thai economy to expand by 2.9 per cent this year.  The Thai economy contracted by 0.6 per cent in the first quarter. 
Luxamon noted that the forecast could be revised downward or upward. Yet, she added that the first quarter performance could put pressure on the annualised figure. 
The low growth rate, compared to most neighbouring countries, would dampenThailand's economic opportunities, she added. The economy would resurrect if the economic and political fundamentals are strengthened.