InfoQuest, (July 10, 2019) -- JSCCIB has revised Thailand's GDP growth forecast for 2019 down to 2.9-3.3 percent from the previous 3.7-4.0 percent, according to Mr. Pridi Daochai, chairman of the Joint Standing Committee on Commerce, Industries and Banking (JSCCIB), and president of the Thai Bankers' Association (TBA). This downward revision is largely attributable to a challenging outlook and a lack of driving forces facing the Thai economy for the months to come.
As the Thai exports may stagnate in 2019, JSCCIB decided to revise Thai export growth forecast down to minus 1.0 -1.0 percent from the previous 3.0-5.0 percent. Even though the new government will formulate a stimulus policy package in the second half of the year, this may be nowhere near enough to offset the decline in Thai exports against the background of the global economic slowdown and the appreciation of the Thai baht.
Source: InfoQuest, by Tanit Tongnok / Kasamarporn / Rachada, translated by Xinhua Silk Road
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