Private sector to lower GDP projection for 2016

BANGKOK, March 1 (TNA) -- The three powerful private organisations plan to lower their earlier projection in April for 2016 national gross domestic product (GDP) following a disappointed figures on Thailand’s exports in January, said Supant Mongkolsuthree, chairman of Federation of Thai Industries (FTI), on Tuesday. Mr Supant told a press conference after a meeting of Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) that the projection for GDP was set between 3 – 3.5 per cent for 2016 and the revision will be made this April. In general, Thailand’s economy in January was “not bright” and it was also found that government disbursement for investment projects was slow after disbursement was speeded during the first quarter of fiscal 2016, started from last October 1 to December 31, he said. Investment by the private sector has started to slow down again after government incentives ceased, he said. Exports by Thailand by January declined 8.9 per cent year-on-year, the lowest in more than 3 years, while growth in Thailand’s neighbouring countries including Cambodia, Laos, Vietnam and Myanmar which used to be quite high dropped to a mere 1.2 per cent, said Mr Supant. Also, drought in Thailand which is expected to become deteriorated during this summer has worried the three private organisations, he said, adding that they would start in March urge major business operators to help lower water consumption. He said water consumption by business sector could reduce between 20 – 30 per cent within this June. (TNA)