Thai economy slows sharply
Afp, Bangkok
Thailand's economic growth slowed sharply in the quarter to June, officials said Monday, forcing the government to scale back its full year forecast with high oil prices offsetting robust exports.The National Economic and Social Development Board (NESDB) said the economy expanded by 4.9 percent year-on-year for the three months to June, down from 6.1 percent in the previous quarter to March. The fall was widely anticipated after warnings that economic growth was expected to ease amid soaring oil prices and the NESDB cut its 2006 economic growth forecast to 4.2-4.7 percent from an earlier estimate of 4.2-4.9 percent. The revised 2006 forecast was based on estimated oil prices averaging around 65-68 US dollars a barrel for the year. The previous forecast was based on an oil price of 62-65 dollars a barrel.
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