Thailand’s Central Bank Predicts Weak Growth in 2014

 | Mon 24 Mar 2014 09:29 ICT

CityNews – Thailand’s central bank released their quarterly report on Friday, 21st March, that projected gross domestic growth at 2.7%. In 2013, the growth of the country’s GDP was 2.9%. The bank stated that the tense political climate was damaging investments and consumers’ interests in Thailand, and contributing to the decline of the economy.

Bank of Thailand Governor Prasarn Trairatvorakul  along with the National Economic and Social Development Board’s secretary general Arkom Termpitayapaisit said that 2014’s GDP growth may sit below 3% despite the bank’s official 2014 economic growth forecast released in October 2013, which was expected to be at 4.8%.

Now, the central bank has changed their outlook by stating they expect Thailand’s growth to be much slower than last year while domestic demand decreases and lingering political problems put government spending on hold.