In Thailand, the slump in industry is severe. Monthly sales of motor vehicles, steel, consumer electronic goods and durable consumer goods are now running at levels of 35 to 75 per cent down on last year. Industrial output growth is expected to decline by about 50 per cent.
In terms of the latest World Economic Outlook of the International Monetary Fund, the global economic growth rate for 1998 will be reduced by the East Asian crisis from a previous forecast of 3½ per cent to not more than 3 per cent in 1998.