UTCC lowers Thai GDP growth forecast to 5-5.5 per cent

BANGKOK, August 2 (TNA) - The Thai Chamber of Commerce (UTCC) has cut its gross domestic product (GDP) growth forecast for Thailand this year from 5.6 per cent to 5-5.5 per cent. Thanavat Pholvichai, director of UTCC’s Center for Economic and Business Forecasting told reporters today that the university adjusted downward its economic growth prediction because of the global economic slowdown, the eurozone debt crisis and the US economic problem. He said these factors would cause Thai exports to grow by only 5.8 per cent instead of the earlier expectation of 10-15 per cent. Thanavat also cautioned that if severe flooding and political unrest recurred and the eurozone debt crisis worsened in the second half of this year, the country’s GDP might be lower than 5 per cent this year. (TNA)