Thai central bank cuts growth forecasts, sees 2014 export drop

Bangkok: Thailand’s central bank said the country’s economy will barely grow this year and expand less in 2015 than earlier forecast, thanks mainly to how its growth engine of exports is still sputtering.

The Bank of Thailand (BOT) on Friday cut its 2014 economic growth projection to 0.8 per cent from 1.5 per cent. The new year’s forecast was reduced to 4.0 per cent from 4.8 per cent.

Exports will shrink 0.5 per cent this year, the central bank said, and only rise one per cent in 2015, rather than the earlier-seen four per cent.

November trade data released on Friday showed how poorly exports are faring.