Longer-than-expected domestic political turmoil and power squabble have taken their toll on domestic spending more than we at KResearch had predicted. Also, government budgetary disbursements will likely meet with a number of limitations and delays. Hence, Thai economic performance this year will probably have to rely solely on the export sector.
With these factors in mind, KResearch has revised downward our GDP estimate for 2014 to 1.8 percent growth in our base-case scenario, from 3.0 percent previously projected, based on an anticipation then that a new government would be successfully formed by mid-year.
Estimated GDP growth range has also been revised downward to 1.3-2.4 percent. Overall consumption and investment display no signs of veering toward a firmer recovery within this year.
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