“The bank forecasts a slightly higher growth rate at 3.2% next year, due largely to infrastructure investment in the Eastern Economic Corridor.”
The Asian Development Bank is lowering its growth forecast for Thailand’s economy from 3.9% to 3% but is optimistic that conditions will improve next year.
“The bank forecasts a slightly higher growth rate at 3.2% next year, due largely to infrastructure investment in the Eastern Economic Corridor, but was conscious of the risk in any delays in the investment.”
Principal economist Thiam Hee Ng says that the downgrade stems from the global economic slowdown, the US-China trade dispute and the strong baht. But it’s not just Thailand. Other Asian economies are also being threatened by the same global economic storm clouds.
Among positive indicators the bank considered for the Thai economy were substantial interest among foreigners in investment incentives and the Board of Investment’s report of more foreign direct investment in the pipeline.