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18 August, 2015 00:00 00 AM
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Thai economic growth slows on yuan fall

AFP

AFP, BANGKOK: Thailand's economy slowed in the second quarter hit by weak domestic demand and exports, official data showed yesterday, with growth expected to be hampered by China's devaluation of the yuan.
Gross domestic product grew 2.8 per cent compared to a year earlier between April and June, in-line with a forecast from analysts polled by Bloomberg News but down from three per cent in the previous quarter.
Growth also faces "major constraints" for the rest of 2015 after China's devaluation of its currency will likely increase competition for Thai exports, the National Economic and Social Development Board said.
China's central bank shocked world financial markets last week when it devalued the yuan, sparking fears of a currency war in Asia in which countries vie to keep their exports competitive.
In response, Thailand's planning agency trimmed its  growth forecast to 2.7-3.2 per cent for the year, down from 3.0-4.0 per cent.
Prime Minister Prayut Chan-O-Cha, the former army chief who led last year's coup, has staked the junta's legitimacy on pepping up Thailand's once dynamic economy.
But 15 months after his power grab there have been few signs of economic revival, despite a pledge to increase government spending and push through much-needed infrastructure projects.
Quarter-on-quarter growth remained sluggish between April and June at 0.4 per cent, marginally up from 0.3 per cent in the first three months of the year, the NESB said.
"Looking ahead, we expect growth to remain lacklustre... the main support for growth will likely come from government spending and the tourism sector," Capital Economics said in a note.
High household debt and a recent drought are likely to further dent consumption in a nation where 30-40 per cent of the population is employed in agriculture, the research house added.

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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