UTCC lowers projection for Thai economic growth for 2014

BANGKOK, August 31 (TNA) – The University of Thai Chamber of Commerce’s Economic and Business Research has revised downward its projection for Thailand’ economic growth in 2014 to between 1.5 -2 per cent from 2 – 2.5 per cent. Thanawat Polvichai, director of the Centre, said on Saturday that the downward revision is associated with sluggish growth of the country’s exports amid slow global economic recovery. Thanawat said the Centre has also lowered its projection for Thailand’s exports this year to 1 – 1.5 per cent from 1.8 per cent. He urged a new government to accelerate its budget spending, try to shore up agricultural products prices, and stimulate tourism industry in order to speed up economic recovery in short-run. He noted that rubber prices should stay above 60 baht a kilogramme and rice prices at between 8,500 to 9,000 baht per tonne to help boost agriculturalist’s purchasing power. The martial law which has been imposed following the May 22 bloodless coup should be lifted in order to stimulate tourism industry in the country, he said. Thanawat said Thailand’s gross domestic product (GDP) in 2015 is projected to expand between 4 – 5 per cent while the country’s exports is expected to grow between 5 – 5.5 per cent due to public investment worth 300 billion baht on basic infrastructure. Thanawat said the new government led by Prime Minister Prayuth Chan-ocha should outline its economic stimulus plan to ensure 5 percent annual GDP growth for the next 3-5 years, focusing on investment on basic infrastructure, alternative energy projects, cross-border trade promotion, educational reform , and science and technology research. (TNA)