Siam Commercial Bank slashes 2013 growth forecast | Bangkok Post: Most recent

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SCB lowers growth forecast to 4%

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Siam Commercial Bank’s Economic Intelligence Centre (SCB EIC) has lowered its gross domestic product growth projection for 2013 to 4% from the previous forecast of 5.1%, the centre’s chief economist Sutthapa Amornwiwat said on Thursday. 

The adjustment in the projection is due to delays in the government’s planned investment infrastructure development and water projects, decline in private investment and a fall in domestic consumption due to increasing household debts, she said.

In terms of private investment, Ms Sutthapa said imports of machinery had been particularly affected by the slowdown.

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