BANGKOK, April 25 (Xinhua) -- The Bank of Thailand, the central bank, said the country's economic growth in 2014 would likely be lower than the 2.7 percent target.
The fiscal 2015 budget may be delayed by up to six moths, which will hurt the economy, the bank's spokeswoman Rung Mallikamas was quoted by Bangkok Post as saying.
The delay will exert a major impact on investment decisions in the private sector, Rung said.
Exports will remain the main driving force behind the growth, she said, adding they are expected to recover, though slowly, along with the global economy.
Moody's Investors Service also said Friday that Thailand's economic growth rates in 2014 and 2015 will likely slow to less than 3 percent on average, well below the average of 3.8 percent growth over the past 10 years.
The country's economic growth will be negatively affected by delayed public and private investment, and dampened consumer confidence, the agency said in an online statement.
"If the current political deadlock in the country continues into the second half of 2014 or if the political conflict escalates and results in protracted negative consequences on the tourism or manufacturing sectors, such developments would be credit negative," the statement said.
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