July 10, 2019 - Mr. Pridi Daochai, Managing Director of Kasikorn Bank and President of the Thai Bankers' Association, announced after a meeting of the Joint Private Sector Committee (JCC) with the Federation of Thai Industries (FTI) and the Thai Chamber of Commerce that in the first five months, Thailand's economy has remained weak, reflecting a decline in exports and public investment. The meeting decided to revise the export growth forecast for 2019 down from the previous estimate of 3.0-5.0% to -1.0 to 1.0%. Although the government has introduced policies to stimulate the economy in the second half of the year, it is believed that these measures may not be sufficient to compensate for the downturn.

Meanwhile, the global economic situation is slowing due to a downturn in global trade, along with the continuously strengthening Thai baht, which is expected to appreciate further if the U.S. Federal Reserve signals a rate cut. This situation affects the competitiveness of Thai exports, leading to a forecast that exports for the entire year may not expand. Therefore, the JCC has also decided to adjust the growth forecast for Thailand's GDP in 2019 down to 2.9-3.3% from the previous expectation of 3.7-4.0%. The inflation rate for this year remains unchanged at the original range of 0.8-1.2%.

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