Thai central bank cuts 2015 growth, export forecasts again

Thailand's central bank slashed its export growth projection for 2015 to a 5.0 per cent decline from a 1.5 per cent fall seen earlier.
Thailand's central bank slashed its export growth projection for 2015 to a 5.0 per cent decline from a 1.5 per cent fall seen earlier.PHOTO: BLOOMBERG

BANGKOK (REUTERS) - Thailand's central bank on Friday cut its forecast for 2015 economic growth for a third time this year to 2.7 per cent from 3.0 per cent seen in June and said exports would contract for the third straight year.

The central bank slashed its export growth projection for 2015 to a 5.0 per cent decline from a 1.5 per cent fall seen earlier, Assistant Governor Mathee Supapongse told a news conference.

Thai exports, equal to more than 60 per cent of the economy, dropped in both 2013 and 2014.

The military seized power in May 2014 to end political unrest but has struggled to move the economy ahead as shipments and domestic demand have remained sluggish.

Southeast Asia's second-largest economy grew only 0.9 per cent in 2014, its weakest pace since flood-hit 2001.