The Thai economy is projected to recover more slowly than the previous projection mainly as a result of weaker-than-expected export growth while inflation is projected to decrease on the back of lower cost and demand pressure. Major developments contributing to the MPC’s forecast revision include (1) slower-than-expected global economic recovery due to a slowdown in China and other Asian economies, (2) a shift in global trade structure that has reduced benefit of global economic recovery on global trade growth, (3) higher public spending than previous assessment, especially public investment, and (4) increased global oil prices in the second quarter of 2015.