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336871
Fri, 08/01/2014 - 10:22
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UTCC Cuts Thai Economic Growth To 2.2 Per Cent

By Piyarat Nisangkard BANGKOK (Thailand), Aug 1 (Bernama) -- The University of the Thai Chamber of Commerce (UTCC) has cut its forecast for Thailand's economic growth to 2.2 per cent from 2.5 per cent that it forecast in April. Director of UTCC's Economic and Business Forecasting Centre, Thanavath Phonvichai, said the move was made following the decelaration of expansion in almost every economic sectors due to uncertainties about global economic growth prospect. "The country's agricultural sector would grow by 2.1 per cent from 2.7 per cent it projected earlier and non-agricultural sector would grow by 2.2 per cent compared with 2.5 per cent projected earlier. "The growth in the industrial sector is now projected at 1.9 per cent from 2.8 per cent earlier, private consumption at 1.2 per cent (1.5 per cent previously) and investment sector contracted by 0.4 per cent from growth of 2.5 per cent," he said. Thanavath said the centre also expected the number of tourists to drop to 24.7 million this year from 27.7 million predicted earlier. He said next year, Thailand's economy was expected to expand by five per cent mainly due to the stability of country political situation and the recovery of every sectors such as consumption, tourism, expenditure, investment and global economy. --BERNAMA

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