Fiscal Policy Office trims outlook for 2019-20

Fiscal Policy Office trims outlook for 2019-20

People wear face masks as they walked on the skywalk in Ratchaprasong area on Tuesday. (Photo Pattarapong Chatpattarasill)
People wear face masks as they walked on the skywalk in Ratchaprasong area on Tuesday. (Photo Pattarapong Chatpattarasill)

The Fiscal Policy Office (FPO) has downgraded Thailand's economic outlook to 2.8% this year and 2.5% last year after taking into account the impact of the deadly virus epidemic and the further delay in the annual budget bill for fiscal 2020.

The Finance Ministry's think tank previously predicted GDP growth to expand 2.8% in 2019 and 3.3% this year.

Thailand's 2020 export value growth forecast has been slashed to 1% from 2.6% projected earlier, while the import growth estimate is halved to 1.7% from 3.4% over the same period, director-general of the FPO Lavaron Sangsnit said.

Private investment projection for this year is cut to 3.5% from 4.2% predicted previously, while the private consumption forecast is trimmed to 3.2% from 3.5%.

The FPO also lowered its forecast for public investment growth this year to 6.5% from 6.6% estimated earlier, while maintaining state consumption growth at 2.5%.

If the 2.5% growth projection for last year holds true, it will be the slowest growth in five years, and the 2.8% growth estimate for 2020 will mark the second consecutive year of subpar growth.

The FPO's latest forecasts for the country's economic growth in 2019 and this year are the same as the Bank of Thailand’s.



Do you like the content of this article?
COMMENT

Still 'critical'

Five more returnees infected with the coronavirus, and a warning that with more than 200,000 new cases being detected globally each day, Thailand is not necessarily "safe".

12:27

Australia suspends extradition, offers skilled HK citizens visas

SYDNEY: Australia is suspending its extradition agreement with Hong Kong and will give skilled migrants from the city five-year visas with a pathway to permanent residence, after China imposed sweeping national security legislation on the financial hub.

11:47

South Koreans succumb to Tesla fever

SEOUL: From an eponymous cocktail to eager buyers following the shipping routes of long-awaited cars, Tesla Inc is having a moment in South Korea, particularly among tech-savvy professionals.

11:22