Thailand’s planning agency on Monday lowered its 2015 economic growth forecast to 2.7-3.2 percent from 3.0-4.0 percent seen in May, and again cut its export projection.
The National Economic and Social Development Board now expects exports to contract 3.5 percent this year, rather than a rise of 0.2 percent.
The Bank of Thailand (BOT) has warned that GDP growth this year would miss its current 3 percent forecast, with exports falling more than 1.5 percent. The central bank is due to give new forecasts next month.
Economists in a Reuters poll project 2.8 percent growth in 2015.
Southeast Asia’s second-largest economy is struggling to regain traction more than a year after the army seized power to end political unrest.
Exports and domestic demand remain stubbornly weak. Economic growth last year was just 0.9 percent.