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Thailand’s economy surprisingly stalls in the third quarter

Thailand’s succinctness surprisingly stalled in the third quarter, as exports and tourism softened, and the state contemplating agency showed less optimism on growth for all of 2018.

Gross domestic output showed no growth in the third quarter from the second, on a seasonally arranged basis, the National Economic and Social Development Board (NESDB) imagined.

That was the worse result since the first quarter of 2014, when the husbandry shrank 0.4 percent, and compared with a Reuters poll augur of 0.6 percent growth. All the economists polled expected some rise.

On an annual basis, third-quarter expansion was 3.3 percent, compared with the voting’s 4.2 percent projection, and the second quarter’s 4.6 percent.

The planning energy on Monday downgraded its 2018 GDP growth forecast to 4.2 percent preferably of the previous 4.2-4.7 percent range. It now expects exports to improve ones lot 7.2 percent this year, rather than 10.0 percent.

For 2019, it reckon ons GDP growth of 3.5-4.5 percent Capital Economics said Thai wen “is unlikely to rebound much over the coming year.” Its forecast for 2019 is 3.5 percent.

Southeast Asia’s second-largest compactness, which is heavily reliant on external demand, earlier this year saw a pick-up in improvement, although exports have slowed and tourism took a hit after a yacht accident in July killed 47 Chinese visitors.

Thailand’s exports to China, its second-biggest sell, slumped 14 percent in September on-year.

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