Fiscal Policy Office trims outlook for 2019-20People wear face masks as they walked on the skywalk in Ratchaprasong area on Tuesday. (Photo Pattarapong Chatpattarasill)The Fiscal Policy Office (FPO) has downgraded Thailand's economic outlook to 2.8% this year and 2.5% last year after taking into account the impact of the deadly virus epidemic and the further delay in the annual budget bill for fiscal 2020. The Finance Ministry's think tank previously predicted GDP growth to expand 2.8% in 2019 and 3.3% this year. Private investment projection for this year is cut to 3.5% from 4.2% predicted previously, while the private consumption forecast is trimmed to 3.2% from 3.5%. If the 2.5% growth projection for last year holds true, it will be the slowest growth in five years, and the 2.8% growth estimate for 2020 will mark the second consecutive year of subpar growth.

Source: Bangkok Post January 29, 2020 09:11 UTC