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ADB Cuts Thai Growth Outlook To 4.3%

ADB Cuts Thai Growth Outlook To 4.3%

The Asian Development Bank (ADB) has slashed its economic growth forecasts for Thailand to 4.3% this year and 4.1% next year as the global economy sputters.

The growth forecast for 2018 was trimmed from 4.5% predicted in September to 4.3% after the third quarter expansion slowed to 3.3% from 4.6% in the second quarter, according to an update of the Manila-based institution’s Asian Development Outlook report.

The Asian Development Bank (ADB) has retained its growth forecast for Southeast Asia at 5.1 percent for 2018 assuming robust consumption and infrastructure investment, says a report from the Asian Development Bank.

Growth in domestic consumption and private investment were offset by falling exports in the third quarter. On the production side, manufacturing growth decelerated by half to 1.6% in the three months through September from 3.2% in the preceding quarter, mainly reflecting slower growth in vehicle production, it said.