Thailand's GDP forecast lowered to 3.7%

Thailand's Finance Ministry adjusted the country's gross domestic product (GDP) forecast for the year from 4 percent to 3.7 percent, Thai News Agency reported on Saturday. Somchai Sujjapongse, director of the Fiscal Policy Office, said this year's GDP would not reach 4 percent unless the government speeds up its 2014 budget spending. A budget of 2.75 billion US dollars from a total of 19.20 billion dollars must be injected into the system before the end of this year, he said. The ministry also predicted a 5.1 percent growth next year due to a planed infrastructure development investment, which amounts to 64 billion dollars, he added.