Thailand 2013 GDP growth projection, likely to lower than 3%

BANGKOK, Nov 24 (TNA) - Thailand’s economic growth in 2013 may decline below 3 per cent due to several negative factors including a delay in paying money to farmers joining the government-sponsored rice pledging scheme, according to the University of Thai Chamber of Commerce’s Centre for Economic and Business Forecasting. Thanawat Phonwichai, director of the centre said poor growth was also attributed to insufficient amounts of government budget injected into the economic system and investors’ reluctance to spend. He said Thailand’s economy was expected to start recovering in mid-2014 instead of early next year as projected earlier. Meanwhile, Saowanee Thairungroj, rector of the university, said there were only five positive factors which could boost the country’s economy during the last quarter of 2013. They included earnings from tourism, cross-border trade and government budget to stimulate economy. She said but there were at least nine negative factors, which were affecting the country’s economy. They included political instability, falling prices of agricultural products, labour shortage, lack of consumer confidence and poor infrastructure in upcountry. (TNA)