Thailand’s economic growth seen slowing as exports contract

20-May-2019 Intellasia | Xinhua | 6:00 AM Print This Post

The Bank of Thailand (BoT) on Friday forecast that Thailand’s GDP growth of full-year 2019 will be 3.8 percent, slowing from last year’s 4.1 percent, with weakening exports projected to grow by 4 percent.

BoT Governor Veerathai Santiprabhob said domestic political uncertainty and external downside risks have brought a big impact on Thailand’s trade-dependent economy and has kept investors away.

In January-March, exports fell 3.6 percent from a year earlier, and declined 3.8 percent from the previous three months, while annual growth in foreign tourist numbers slowed to 1.5 percent, according to the central bank.

Thailand’s economy is heavily reliant on exports, which leaped 8 percent year on year in 2018.

Thailand held a general election on March 24. The next administration has yet to be formed.


Category: Thailand

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