BOT to reduce Thailand's expected GDP growth and export rates

BANGKOK, September 29 (TNA) - The Bank of Thailand (BOT) will soon cut its forecast growth rates of the country's gross domestic product (GDP) and exports due to impacts from the ongoing economic crisis in Europe. Mathee Supapongse, BOT's senior director of the Macroeconomic and Monetary Policy Department, acknowledged that the European and world economic slowdown has now affected the Thai economy, with overall Thai exports contracting by 5.1 per cent year-on-year last month and the country's manufacturing production index declining by 11.3 per cent year-on-year. Therefore, the BOT's Monetary Policy Committee will reduce the central bank's projected growth rates of Thailand's GDP and total export at its next meeting on October 17. (TNA)