Retail in Asia

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Thai retailer group slashes 2015 growth forecast

The Thai Retailers Association (TRA) has nearly halved its 2015 sales growth projection to 3.2 percent from last year’s 6.3 percent and THB3.2 trillion (USD91.73 billion). It blamed the cut on the combined impact of mounting household debt, drought and slow state investment in megaprojects.

Those negative factors have kept consumer spending power low, and the trend is expected to continue for the rest of this year, president Jariya Chirathivat said.

On the back of a tourism recovery, the overall retail sector grew by 2.8 percent in the first half compared with GDP growth of 3 percent.

(Source: Bangkok Post)