Private sector to revise economic outlook as exports slow down

BANGKOK, Sept 5 (TNA) -- The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) will revise its forecast on the Thai economic outlook as the economic growth is slowing down due to exports. Preedee Daochai, chairman of the committee, said the committee would conduct the revision next month as exports were losing its momentum partly due to high export growth last year and the trade barriers of the United States might affect Thai exports. The committee would also consider possible impacts of flooding on produce and would monitor farm prices that were likely to fall. Meanwhile, tourism would be expanding in the upcoming high season, he said. Mr Preedee also commented that economic problems of Turkey and Venezuela could have impacts on the value of Thai baht. The JSCCIB viewed that the economy expanded unexpectedly in the second quarter of 2018 thanks to exports, tourism, private consumption and farming. The economy grew by 4.8% in the first half of this year. The committee predicted the economy would grow 4.3-4.8%, exports would rise 7-10% and inflation would run at 0.9-1.5% this year, Mr Preedee said. (TNA)