The Office of the National Economic and Social Development Board (NESDB) has cut this year’s GDP growth target to 4.2-5.2% from 4.5-5.5% due to the slow expansion of Thailand’s exports and the strength of the baht.
According to NESDB Secretary-General Arkhom Termpittayapaisith, Thailand’s economic growth will not be as high as it was predicted earlier. Thailand’s export sector has lost around THB180 billion in value as the Thai currency appreciated to THB29 per US dollar.
The decrease in Thailand’s GDP is also due to the slowdown in the world’s economy, especially in Japan and the United States, whose economies have been recovering at a slow pace.
