The Kasikorn Research Center has cut down this year’s GDP growth to 3.5-4 percent from its earlier anticipation of 3.8-4.3 percent due to the slowdown in the private sector’s spending.
Kasikorn Research Center KResearch said Thailand will see a growth in this year’s GDP within the range of 3.5-4.0 percent as spending in the private sector has slowed its pace down, while the export and production segments still need more time to recover. However, the bank reckoned that the world economy would get better by the end of the year, and the situation would then trigger the Thai exports. The bank added that because Thailand has seen a slowdown in its export since the beginning of the year, the export growth is only expected at 1.5 percent this year.
KResearch further revealed that the proportion of Thai exports to ASEAN countries and China each year account for 37 percent of Thailand’s total exports. The exported products include refined oil, chemical products, low density polyethylene, and air conditioners. Meanwhile, the Thai exports to the United States, Europe, and Japan, represented 30 percent of the total export volume, and, according to KResearch, the proportion has a tendency to rise in the future.