World Bank sets Thailand’s growth forecast to 3.5%
Thailand’s economic growth rate (GDP) for the whole year in 2015 will be 3.5 percent compared to last year’s 0.9 percent, according to the latest forecast of the World Bank.
World Bank’s director for Southeast Asia Mr Urich Zakao said today that the only factors attributing to this year’s forecast of higher growth rate compared to last year’s are declining global oil prices, higher revenues from tourism industry, increased government’s spending and gradual increase of exports.
Due to lower competitiveness, the World Bank pointed out that Thai exports which grew by an average of 13 percent per annum during 2006 and 2011 started to contract since 2012. The share of Thai exports in the world’s export market also contracted accordingly.
Earlier this week The Bank of Thailand has readjusted its projection for economic growth to below 3.8% as a result of faltering exports, slow and fragile recovery of Thai economy.