The Thai economy could expand by more than 3 per cent but below the earlier forecast of 3.7 per cent, said Fiscal Policy Office director-general Somchai Sajjapongse.
He said Thursday that Thailand’s export sector this year may show no growth.
The office will revise the economic growth forecast in December. It now pens the forecast at 3.7 per cent. The National Economic and Social Development Board also foresees a zero per cent growth in export.
The export sector generates about 70 per cent of Thailand’s gross domestic product (GDP).
Somchai noted that despite internal and external risk factors, the Thai economy remains fundamentally strong thanks to low inflation and low unemployment rate.
He said that the economy could show a higher growth rate next year, with the tapering in the US, recovery in the euro zone and Japan, as well as the political situation at home being the factors to be closely watched.
He expects Thailand’s interest rate to remain low this year.