UTCC cuts Thai GDP forecast to 4.3%

 (9 July) Mr. Thanawat Polvichai, director of The Centre for Economic and Business Forecasting at University of the Thai Chamber of Commerce, revealed that the centre has cut Thai GDP growth in 2013 to 4.3%, from previously forecasted at 5%, citing a slowdown in national consumption and political instability, along with the undulated global economy. 
 China′s economy also influences the decreasing of Thai′s exports and Thailand lost approximately 300 billion Bahts in exports to China this year. Chinese economy grows only at 4%, less than predicted earlier at 7% by Thailand Ministry of Commerce.  
 Many believe that the Monetary Policy Committee would still hold the national interest rates at 2.50% during their meeting this Wednesday.
 Mr. Niwattumrong Boonsongpaisan, deputy prime minister and Minister of Commerce, said his ministry will keep the export forecast at 7-7.5%. Nonetheless, the ministry will closely consult with private sectors. 
 Mr. Chartsiri Sophonpanich, chairman of Thai Bankers′ Association and chairman of the Joint Standing Committee on Commerce Industry and Banking (JSCCIB), said that the JSCCIB would keep its GPD forecast at 4-5%. 
 Prime Minister Yingluck Shinawatra and other ministers have met with businessmen and businesswomen on Monday (July 8th).  The meeting was aimed to look for long term strategies for sustainable development in the export of agricultural and food products.