World Bank cuts Thailand's GDP growth forecast.

(From Thai Press Reports)

Section: Economy - The World Bank has downgraded Thailand's economic growth forecast for this year to 4.2 per cent from its earlier forecast of 5.2 per cent, but sees the rate bouncing back to 5 per cent next year, The Nation reports.

According to the "Thailand Economic Monitor" released on Thursday, higher oil prices will constrain the rebound next year.

Gross domestic product (GDP) this year has been badly affected by the tsunami after-effects, drought, unrest in the southern provinces, rising oil prices and the slowdown of global trade, the World Bank report said.

Last year the economy was humming along at 6.1 …