IMF, EIC predict growth of less than 3%The IMF forecasts Thailand's GDP growth to slow to 2.9% this year before improving marginally to 3% in 2020, while the Economic Intelligence Center (EIC) under Siam Commercial Bank (SCB) sees growth of 2.8% for this year and next. Although private consumption has held up, global trade tensions are harming exports through the global value chains. Domestic factors include a weakening in consumption growth as the debt overhang weighs on credit growth and drought depresses farm incomes. EIC downgradeThe EIC cut its outlook for GDP growth this year to 2.8%, predicting the same rate for next year. The 316-billion-baht stimulus package is set to boost 2019 GDP growth by 0.3 percentage points, while the 1,000-baht cash handout and the cash rebate scheme are expected to contribute 0.03 percentage points to economic growth.

Source: Bangkok Post October 08, 2019 21:33 UTC