(MENAFN) The Bank of Thailand (BOT) announced that it is lowering its economic growth forecasts for 2015 to 3 percent following a previous forecast of 3.8 percent, Xinhua reported.
Meanwhile, the 2016 forecast was revised up to 4.1 percent from a previous prediction of 3.9 percent in March, according to a monetary policy report posted on the bank's website.
The Thai economy is projected to recover more slowly than the previous projection mainly as a result of weaker-than-expected export growth while inflation is projected to decrease on lower cost.
"The slow global economic recovery, the shift in global trade structure and the appreciation of nominal effective exchange rate together contributed to the decline in Thailand's exports of goods," the bank said.
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