Thailand has lowered their GDP growth rate to 3.7 percent from 3.9percent because of export decline and slow recovery of the worldeconomy.
The country's economic growth projection should bebetween 3.2 percent and 4.2 percent whilst export growth has beenrevised down just over one percent due to weak demands and uncertainrecovery of the world economy, according to the Fiscal Policy Office.
However,the economic outlook remains upbeat due to factors like the upwardtrend of tourist arrivals for this year and the increased publicspending by the government and state enterprises, FPO predicted.
Tourismwould play a greater role in driving economic growth for the country,with a forecast of 29.4 million tourist arrivals this year, generating1.389 trillion THB in revenue, the organisation said.
Publicspending is also expected to drive economic growth. The FPO estimatedstate investment will expand 9.5 percent this year and governmentexpenditures increase 4.3 percent because of expedited budgetdisbursement.
Earlier, the Central Bank of Thailand also reviseddown its forecasts for GDP and exports to 3.8 percent and 0.8 percent,then surprisingly cut the benchmark rate by a quarter point for thesecond straight meeting.-VNA
The country's economic growth projection should bebetween 3.2 percent and 4.2 percent whilst export growth has beenrevised down just over one percent due to weak demands and uncertainrecovery of the world economy, according to the Fiscal Policy Office.
However,the economic outlook remains upbeat due to factors like the upwardtrend of tourist arrivals for this year and the increased publicspending by the government and state enterprises, FPO predicted.
Tourismwould play a greater role in driving economic growth for the country,with a forecast of 29.4 million tourist arrivals this year, generating1.389 trillion THB in revenue, the organisation said.
Publicspending is also expected to drive economic growth. The FPO estimatedstate investment will expand 9.5 percent this year and governmentexpenditures increase 4.3 percent because of expedited budgetdisbursement.
Earlier, the Central Bank of Thailand also reviseddown its forecasts for GDP and exports to 3.8 percent and 0.8 percent,then surprisingly cut the benchmark rate by a quarter point for thesecond straight meeting.-VNA
