October 20, 2007
Central bank narrows growth forecast for 2007
Thailand's central bank narrowed its 2007 economic growth forecast to 4.3-4.8 percent on Friday from 4.0-5.0 percent predicted three months ago after signs of recovering consumption and investment in the past few months.
"Domestic demand was gradually improving owing to greater political clarity, continued fiscal stimulus, low inflation which helped maintain consumers' purchasing power and accommodative monetary policy," the Bank of Thailand (BoT) said in a statement.
"This signalled that domestic demand should have a greater contribution to economic growth going forward while exports would slow down in line with trading partners' economic growth," it said.
Gross domestic product growth this year could ease to the low end of the bank's adjusted forecast range of 4.3-4.8 percent if the average Dubai crude oil price this year exceeded $80 per barrel, BoT Assistant Governor Suchada Kirakul told reporters.
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