hailand has reported its fifth straight month of deflation, its longest run since the global financial crisis, reported today the Financial Times.
Thai consumer prices fell 1.27 per cent year on year in May, exceeding consensus expectations and deepening the rate of decline from the 1.04 per cent figure reported a month earlier.
Earlier this month, the Office of the National Economic and Social Development Board cut its GDP growth forecast for this year to 3-4% from an earlier prediction of 3.5-4.5%.
It stated that the downward revision was mainly from the drop in export values following the falling global oil and farm prices.
It also expects Thailand to post only 0.2% growth in exports in 2015 from earlier projected 3.5%, while household consumption will expand by 2.3%.
Read more at http://www.thailand-business-news.com/economics/50786-thai-exports-shrink-for-the-fourth-consecutive-month.html#2FqmLbFlCu2R6pA7.99