Thailand gross domestic product growth could slow to 2.9 percent in the next year, according to Thai Chamber of Commerce University (TCCU) economic and business forecast center.

Thanawath Pholvichai, president of TCCU research center, said that, in the worst case scenario, the projection for Thailand economic growth is based on the assumptions that the country’s export and consumption expanded by only 0-3 percent and 2.4 percent respectively.

He said Thailand will be encountering a trade deficit of $1.018 billion while unemployment jumped to 2.2 percent from this year’s 1.5 per cent consequently.

TCCU economic forecast is based on IMF released data of the global economic slowdown, especially in Thailand’s major trading partners such as the U.S., Japan and the EU, which GPD growth is predicted to decrease by 0.7, 0.2 and 0.5 percent respectively.

However, Mr. Thanawath said if Thailand is able to keep negative factors under control and the political situation is more stable in the first half of 2009, the country may enjoy a GDP growth of 3.9-4.1 percent as previously predicted.

He said, in this case, the country’s export will be expanding by 8-10 percent while inflation and unemployment rates stayed at 3-4 percent and 1.6-1.9 percent consequently.

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