BoT cuts growth forecast to 1.5%

The Bank of Thailand predicted on Friday that the economy would grow by 1.5% this year, down from earlier expectations of 2.7%, based on a V-shaped recovery in the second half.

Mathee Supapongse, senior director of the bank's macroeconomic and monetary policy department, said  the  forecast for gross domestic product growth this year had been lowered from 2.7% to 1.5% as GDP shrank by 0.5% in the first half. 

The 1.5% growth was based on the prediction that the economy would make a V-shaped recovery and grow by 3.4% in the second half of 2014, Mr Mathee said. 

The monetary policy committe expected that next year GDP would grow by 5.5% as the National Council for Peace and Order was speeding up government spending and the economies of Thailand's trading partners were recovering. 

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