BANGKOK, May 14 (Reuters) - Thailand’s economy was mired in a slump, Finance Minister Sommai Phasee said on Thursday, lowering the growth forecast to 3.5 percent, from 3.7 percent earlier.
“It’s not deflation but there is no money as banks refuse to lend and export earnings are small. It’s an economic slump,” he told reporters.
The economy has struggled to regain traction after an army coup a year ago ended months of political unrest. Last month, the ministry cut its growth forecast to 3.7 percent from 3.9 percent due mainly to sluggish exports.
Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Simon Cameron-Moore