Fiscal Policy Office cuts growth rate projection to 3.3 percent



BANGKOK: -- The Fiscal Policy Office of the Finance Ministry has slashed the growth rate projection (GDP) of this year to 3.3 percent from 3.7 percent due to export contraction, weak global economic recovery and fluctuations in global oil prices and capital movements.

Despite the lower-than-anticipated growth rate, Mr Worathai Kosolpisitkul, deputy director of the Fiscal Policy Office said that the 3.3 percent growth rate forecast is an improvement compared to last year’s 2.8 percent GDP.

Besides the downside factors from export contraction and weak global economic recovery, he pointed out that increased government sector’s expenditure in infrastructure mega projects such as mass transit projects and water management projects have spurred continuing economic recovery.

Domestic consumption and investment by the private sector tend to improve gradually in line with employment trend and improved income from the non-agriculture sector, he explained.

Source: http://englishnews.thaipbs.or.th/content/161459


-- Thai PBS 2016-04-29

Hanging on to ever smaller fractions. More talk of 'Infrastructure mega projects' saving the day but always more talk and little dirt flying !

I will mark that figure on the December page of my calendar. I will have to stroke out the 5% that they started the year out with.

versus ....

The Center for Economic and Business Research of the Siam Commercial Bank forecasted on April 26^theconomic growth this year at 2.5% and total exports for 2016 to contract by 2.1%.

That is not an improvement compared to the government's claimed 2.8% growth rate last year (lower rates cited by nongovernment economists).