BOT announces Thailand’s revised GDPs projection in 2013, 2014

BANGKOK, October 26 (TNA) - The Bank of Thailand (BOT) has, again, revised its projection on the country's gross domestic products or GDPs growth for 2013 and 2014. BOT Assistant Governor Paiboon Kittisrikangwan, who oversees monetary policy, told journalists that the central bank's Monetary Policy Committee (MPC) has cut its forecast figures of Thailand's GDP growth this year and next year to 3.7 per cent and 4.8 per cent respectively, from its earlier projection of 4.2 per cent in 2013 and 5 per cent in 2014. Paiboon cited a slowdown in domestic private consumption and Thai exports, caused by economic problems in such major markets as the United States and the European Union (EU), as well as a possible delay in the Thai government's plan to invest its new 2.2 trillion baht mega infrastructure development projects as the main reasons behind the BOT's downward projection of the national economic growth for this year and next year. Paiboon acknowledged that Thai exports in 2013 are expected to grow by only one per cent, from four per cent projected earlier, and that the country's current account is, therefore, expected to face a deficit of 7 billion US dollars in 2014, up from 6.8 billion US dollars this year. According to the BOT assistant governor, the projected rise in Thailand's current account deficits will not affect the national economic stability because the deficit is resulted from imports of machinery used for the mega infrastructure projects, which will, instead, boost the country’s competitiveness. The BOT assistant governor said Thailand’s inflation is projected at 2.2 per cent this year and 2.4 per cent next year. (TNA)