Projection of Thailand's economic growth in 2011 has been adjusted to only 1.5 percent, down from the previous 3.5-4.0 percent as a result of the devastating floods, the Office of the National Economic and Social Development Board ( NESDB) said on Monday.
The gross domestic product (GDP) growth for third quarter of the year was up 3.5 percent from the same quarter last year, thanks to the expansion of the export sector, the recovery of automobiles industries after the massive earthquake and tsunami in Japan and the increase in investment of the private sector, said Arkhom Termpittayapaisith, secretary general of NESDB.
However, the economic performance for the fourth quarter would be hard-hit by the widespread floods and the GDP growth for the whole year would be largely trimmed to 1.5 percent, he added.
Prasarn Trairatvorakul, Bank of Thailand governor, said last month that GDP growth in the fourth quarter could be a negative figure because of the flood's impact. He expected the economic growth for the whole year to be 3.1 percent.