The Fiscal Policy Office (FPO) has cut its economic growth forecast for Thailand to 5.5%, citing the impact of slowing export growth due to the global economic downturn.
The office had previously maintained a 5.7% growth forecast for 2012.
But FPO economists today said domestic consumption and record-high investment would help mitigate the impact of sluggish world economic growth on the local economy. Private consumption is projected to rise 5.2% this year from last year, with private investment up 14.1% year-on-year, with both indicators at their highest levels seen since 2004.
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