The state planning agency on Monday cut its forecasts for 2020 economic growth to 1.5%-2.5% from 2.7%-3.7%. It also lowered its outlook for exports, the main growth driver, to a 1.4% rise from a 2.3% increase projected in November.
Don Nakornthab, a senior BOT director, said 2019 GDP and the NESDC’s growth outlook were less than the BOT’s forecasts of 2.5% and 2.8%, respectively. However, the recent rate cut took into account a much weaker-than-expected growth outlook for 2020. Separately, the finance ministry said it would closely monitor the situation and was ready to introduce additional measures to help the economy.
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