Bangkok: Thailand's finance ministry cut its growth forecast for 2011 as the nation's worst flooding in almost seven decades combined with faltering global demand caused to shrink industrial output in the past three months.
The economy will expand 1.1 per cent this year, down from a November forecast for growth of between 1.7 per cent and 2 per cent, Somchai Sujjapongse, head of the ministry's fiscal policy office, said yesterday.
The government expects Southeast Asia's second-largest economy to contract this quarter after the floods in recent months shut thousands of factories. The disaster became an added impediment to Thailand's growth as the European debt crisis threatens Asian exports.
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