The World Bank foresees the Thai economy expanding by 3.8% this year and 3.9% next year, with growth slowed by the impact of the trade war between China and the United States.
Thailand-based World Bank economist Kiatipong Ariyapratya said on Wednesday the bank had revised its projection of economic growth in 2019 down from 3.9% to 3.8%, in the expectation pressure on trade would limit export growth this year and next.
The projection was for export growth of 5.7% this year and 5.5% next year, compared with 5.9% last year, he said.
The estimation excluded local political factors. Mr Kiatipong said that if the formation of the next government was delayed, investment in both the government and private sector would be affected in 2021.
In the meantime, the present government could still introduce some economic stimulus measures. The present levels of public debt and the policy rate allowed for it to do so, he said.
The state of the economy this year was dependent on expenditure by government and the business sector, he said.
