The Thai Industries Sentiment Index (TISI) in May showed its first rise in seven months, as operators saw positive signs in the economy. along with the alleviation of some Thai political problems.
Suphan Mongkolsuthee, chair of the Federation of Thai Industries (FTI), said TISI rose to 85.1 in May compared with 84.0 in April as operators saw positive signs in the economy. along with the alleviation of some Thai political problems. The index is based on orders, sales, production and operating results.
The FTI predicts the Thai economy will grow by more than 2.5 per cent or nearly 3 per cent this year. Earlier it expected the economy to shrink by 1 per cent.
Thai automobile exports jump 9% in May
Thailand’s automobile exports in May jumped 9.02% to 94,788 units, amounted to 45.55 billion baht, as compared with the same month last year.
The exports increased 35.79% from the previous month, according to the Federation of Thai Industries.
FTI said for the first five months of the year, exports totalled 456,101 units, up 2.94% year-on-year, bringing in 214.96 billion baht, up 8.73% year-on-year.
But total output in May slid 36.08% year-on-year to 148,201 units due to the high base in 2013 when the first-time car buyer scheme was running.
The number, however, rose by 16.94% from the previous month since April has several holidays.
These brought the number of auto output from January to May to 792,423 units, down 29.49% year-on-year.
Economic slowdown triggered by politics and the delays of rice-pledging payments and infrastructure projects also forced domestic sales in May to fall 37.7% year-on-year and 4.88% from the previous month.
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
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