The Office of Industrial Economics (OIE) has downgraded its growth forecast for Thailand’s manufacturing production index (MPI) this year to a contraction ranging from -2.8% to -3.8%.
The office also cut its outlook for industry GDP growth to a range of -1.5% to -2.5%.
The revision is the result of the global economic slowdown, the decline of export sector and a tourism segment that has yet to fully lift the domestic economy, said OIE director-general Warawan Chitaroon.
“The global economy, geopolitical conflicts and global energy prices have pressured the export sector and manufacturers that rely on the export sector,” Mrs Warawan said.
Earlier this year, the OIE predicted MPI growth of 0-1% and industry GDP growth of 2.5-3.5%.
For the first seven months this year, Thailand’s MPI decreased by 4.54% year-on-year to 95.11 points.
In July, the MPI…
