BoT to revise GDP target late March

BANGKOK, March 1 (TNA) -- The Bank of Thailand (BoT) plans to revise Thailand’s gross domestic product (GDP) target for 2016 after the central bank has found that the country’s economy has started to lose its stream, said Pornpen Sodsrichai, assistant governor of BoT. Ms Pornpen said BoT would revise projected economy growth for the country late March after an earlier forecast that Thailand’s GDP this year would grow 3.5 per cent and export would stay at a zero growth after finding that national economy in January moved slower than last December. Also, there are signs that Thailand’s economy in first quarter this year would fare poorer than the fourth quarter of 2015 because of sluggish private consumption while investment by the public sector would slow down, she said. Exports in January valued at 15.5 billion US dollars, according to Ms Pornpen, declined 9.3 per cent year-on-year, less than monthly average estimate by BoT at 17.7 billion US dollars. The decline in exports was attributed from three major factors including poor economy in China and some ASEAN members, a decline in exports of new models of automobile and electronics a fall in prices of petroleum and chemical products. Imports in January retreated 17.8 per cent year-on-year, she said. However, the BoT is optimistic that domestic consumption would recover after noticing that investment by shopping malls and hospitals expanded, said Ms Pornpen. The central banks is also monitoring drought situation in the country closely, she added. (TNA)