Thailand : Central bank lowers economic growth estimate
Thai central bank lowers economic growth estimate
Mon, Jul 28, 2008
BANGKOK, THAILAND - THAILAND'S central bank on Monday revised down its economic growth estimate for 2008 citing high oil prices, soaring inflation and fears of a slowdown of the global economy.
Thai Gross Domestic Product (GDP) growth is now forecast at 4.8-5.8 percent this year, down from the previous forecast of 4.8-6.0 percent, said Bank of Thailand assistant governor Duangmanee Vongpradip.
'GDP in the next six months of this year is expected to slow down, compared to that of the first six months, because of various risks,' Mr Duangmanee told reporters, citing the worldwide concerns of fuel costs and inflation.
The Bank of Thailand statement also revised down 2009 growth projections from 4.5-6.0 to 4.3-5.8.
Inflation in Thailand hit a 10-year high of 8.9 per cent in June. Central bank officials have already warned it could reach double digits this month.
The central bank said it expected inflation across the year to average 7.5 to 8.8 per cent - up from previous estimates of 4.0 to 5.0.
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