Economy May 17, 2019 01:00

By The Nation

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University of Thai Chamber of Commerce (UTCC) has slashed its forecast for this year’s economic growth to 3.5 per cent from its earlier estimate of 3.8 per cent, due mainly to the escalating US-China trade war which has affected Thai exports, Thanavath Phonvichai, director of UTCC’s Centre Economic and Business Forecasting, said.

This year’s export growth forecast has been cut to 0.5 per cent from the previous projection of 3.9 per cent whIle forecast In Thai import growth has been reduced to 1.4 per cent from 8.7 per cent, he said.

“If the US-China trade war escalates, Thai exports may contract 2.2 per cent and the GDP (gross domestic product) could expand by only 3.3 per cent,” he said.