Thailand's gross domestic product ( GDP) is likely to grow some 4.25-5.25 percent this year due to the projected economic slowdown in the second and third quarters, caretaker Finance Minister Thanong Bidaya said Wednesday.

Speaking at a business seminar co-hosted by Ministry of Finance and the British Embassy in Thailand, Thanong noted that Thai economy performed well in the first quarter of this year.

However, it may experience a slowdown in the second and third quarters as a result of ongoing political deadlock. The protracted crisis has caused a delay in the formation of the new government and the implementation of mega-development projects.

"Whatever party the new government will come from, the administration is to carry on the mega projects and the privatization of state enterprise to stimulate economic growth," he was quoted by Thai News Agency as saying.

The political problem, coupled with the impact of global oil price hikes, forced the ministry revise down its projected growth rate to 4.25-5.25 percent, from the previous 4.5-5.5 percent, he said.

The government plans to boost investment in the local property sector in order to propel the economic development, according to the caretaker finance minister.

Source: Xinhua