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Thailand's Finance Ministry Lowers 2014 GDP Forecast

Thailand's Finance Ministry has revised down its economic growth projections for 2014, reports said Thursday, citing remarks by Fiscal Policy Office Director-General Somchai Sujjapongse.

The gross domestic production may grow 3.1 percent in 2014, Somchai told reporters today. This was the second outlook revision in a month after the office lowered its growth forecasts to 4 percent from 5.1 percent on December 26.

The downgrade was mainly due to delays faced by the THB 2 trillion infrastructure projects. The official noted that GDP growth will be lower than currently projected if the elections are postponed.

Prime Minister Yingluck Shinawatra has called for snap polls on February 2, in the wake of violent anti-government protests in the country.

Thailand's prolonged political protests are credit negative for the sovereign and will weigh on an already fragile growth outlook for 2014, Moody's Investors Service said in a report on Thursday.

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