The Asian Development Bank (ADB) has slashed its 2013 gross domestic product growth projection for Thailand from 4.9% to 3.8%, Luxmon Attapich, senior country economist at the ADB's Thailand resident mission, said on Wednesday.
Thailand’s economic growth figure in the first half of the year was lower than earlier expected. In addition, the slowdown in exports was more severe than the previous forecast, with projected export expansion of only 2% this year, she said.
Ms Luxmon was confident there would not be another economic crisis such as happened in 1997, as some people fear, despite Thailand facing a current account deficit of US$3.8 billion, or 3.5% of GDP, in the first half.
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