Thailand’s economy will perform the worst in Southeast Asia this year according to a new forecast from The World Bank.
Halving its prediction of economic growth to only 1.5 percent, the World Bank’s update on Monday placed the blamed primarily on declining domestic demand.
Ending the rice-pledging scheme will end the overproduction that resulted and upended the market.
The World Bank recommended more reforms including a rewrite of the income tax code.
For next fiscal year the bank predicts stabilization and expansion will yield 3.5 percent to 4 percent growth.
