Thailand's National Economic and Social Development Board (NESDB) on Monday cut its projection for the country's economic growth in 2015 to 2.7-3.2 percent from the previous projection of 3-4 percent.

    Economic growth is expected to be contributed by government expenditure and investment which will continue to expand from the first half of 2015, the remarkable growth of the tourism sector, the depreciation of the Thai baht which will enhance exporters' revenue in Thai baht term during the second half of 2015, and low crude oil price and inflation which increases purchasing power and allows adequate room for expansionary monetary policy, the NESDB said in a press release.

    However, the board added, the economic growth in the remainder of 2015 will face with "major constraints from the lowest global economic growth in three years, especially the Chinese economy which tends to slow down in the second half of 2015, the depreciation of the currencies of key trading partners, low agricultural prices in the global market, and the impact from drought."

    It is forecasted that export value will decline by 3.5 percent this year, while private consumption and total investment will grow by 1.8 and 6.2 percent, respectively.

    According to the NESDB, the Thai economy in the second quarter expanded by 2.8 percent year-on-year and by 0.4 percent from the first quarter. In the first half of 2015, the Thai economy grew by 2.9 percent year-on-year.

    In addition, Thailand's export value was recorded at 105.7 billion U.S. dollars in the first half of this year, a 4.9-percent contraction year-on-year, the board said.