Thailand's GDP growth downsized in 2013

BANGKOK, July 5 (TNA) - In response to signs of a slowdown in Thailand's economy in the second half of this year, the country's estimated gross domestic product (GDP) growth on average in 2013 is now downsized by top agencies. Chao Kengchon, Managing Director of Bangkok-based Kasikorn Research Center (KRC), told journalists on Friday that the KRC now foresees Thailand's GDP to grow by only 4 per cent this year, instead of 4.8 per cent as earlier forecast, due to a recent end of the government's major economic stimulus measures, rising household debt burden and a drop in domestic consumption. According to the KRC executive, his firm's revised projection of Thailand's GDP growth was based on the assumption that the country's export growth this year should be at least 4 per cent year-on-year. The KRC managing director said that Thai exports will likely remain as a key driving force of the national economic growth in the second half of this year. A World Bank senior economist, Kirida Paopijit, meanwhile, announced that the US-based World Bank will also revise its projection of Thailand's GDP and export growth next month, from 5 per cent and 7 per cent respectively in its earlier predictions. (TNA)