World Economy

Thailand Downgrades Growth Forecast

Thailand Downgrades Growth ForecastThailand Downgrades Growth Forecast

The Bank of Thailand has downgraded its forecast for economic growth due to shrinking exports and a sluggish economy, a report said Saturday, DPA reported. The central bank revised its GDP growth forecast for 2015 to slightly under 3%, down from the nearly 4% it had predicted at the start of the year. The bank cited a recent economic slowdown in China and sluggish export numbers. The downgrade will come as a blow to Thailand’s military junta, which cited a stagnating economy as one of the reasons it took power. Prime Minister Prayuth Chan-ocha has said he would reshuffle his cabinet in September in response to growing criticism over the economic slowdown.