FPO revises GDP growth this year down to 3.3%

FPO revises GDP growth this year down to 3.3%

BANGKOK, 29 April 2016 (NNT) - The Fiscal Policy Office (FPO) has revised down this year’s Gross Domestic Product (GDP) from 3.7% to 3.3% as the global economy has not fully recovered.

FPO Deputy Director-General Warothai Kosolpisitkul said the revision was prompted by a stronger Baht which has caused prices of export goods to remain high, and the sluggish global economy.

Thai exports are expected to contract by 0.7% this year. Mr. Warothai added Thailand will also likely experience a current account surplus of 38 billion US dollars this year despite the lower GDP forecast.

The FPO Deputy Director-General added the Thai economy began to recover slowly in the first quarter of this year due to the government’s economic stimulus and domestic investments.

Other factors also include an export growth of 0.9%, higher government spending as well as a tourism growth of 15.5%.


-- NNT 2016-04-29