BOT cuts 2013 growth forecast for Thai economy to 4.2%

BANGKOK, July 19 (TNA) - The Bank of Thailand (BoT) has revised down its growth forecast for the Thai economy in 2013 from 5.1 per cent to 4.2 per cent. BoT Assistant Governor Paiboon Kittisrikang-wan said Friday the revision was attributed to weakening oversea and domestic demands for Thai products caused by the slowdown of the global economy and low effects of the government’s economic stimulus measures. Paiboon said the Thai economy was projected to grow by 4 per cent in the second half of this year, citing the country’s strong economic fundamentals and relieved inflationary pressures. The BoT also projected the Thai economy to grow at around 5 per cent next year, he said. According to the BoT assistant governor, the central bank lowered its growth forecast on Thai export this year from 7.5 to 4 percent, citing the slowdown of the Chinese economy. (TNA)