The faculty of economic development at the National Institute of Development Administration (Nida) has slashed its economic growth projection for 2013 from 4.3% to 3.7%.
The revision was based on a lower than expected growth rate of only 1.8% in the third quarter of the year, Nada Chansom, the faculty’s dean, said on Thursday.
Ms Nada said it was now projected that the economy would improve in the fourth quarter, with an expected gross domestic product growth of 4.9% on the back of improving export figures.
However, the country's export income in terms of US dollars in 2013 would increase by only 1% due to the slowdown in exports in the second and third quarters, she said.