Connect with us

Economics

Thailand’s growth contracted 0.2 % from the second quarter

This is the kind of recession many countries would like to endure : Thailand raised on-year growth in the second quarter to 9.2%, from 9.1%.

Published

on

Sky train Bangkok transport

Thailand’s economy grew 6.7 per cent year-on-year in the third quarter of 2010, National Economic and Social Development Board NESDB secretary-general Arkom Termpitayapaisit said.

Thailand’s economy grew at the slowest pace in three quarters as exports eased and agriculture declined, prompting the government to predict the central bank will refrain from raising interest rates for the next year.

The economic growth in the last quarter contracted 0.2 per cent from the second quarter.

The country’s gross domestic product in the first nine months of this year rose 9.3 per cent when compared to the same period of last year, thanks to continuous expansion in exports, investment and consumption.The NESDB expected the Thai economy in the fourth quarter to drop 0.3 per cent due to the heavy flooding in many areas of the country, but the GDP for the entire 2010 should increase 7.9 per cent.

Sky train Bangkok transport

baht appreciated more than 11 percent this year, raising concern that Thailand’s goods may become too expensive compared to its regional rivals.

The third-quarter figure marks two straight quarters of contraction, technically the definition of a recession, after the agency revised down second-quarter GDP data to a contraction of 0.6% on quarter from a previous estimate for 0.2% growth. But still this is the kind of recession many countries would like to endure : the agency raised on-year growth in the second quarter to 9.2%, from 9.1%.

This year’s inflation rate should stand at 3.2 per cent while exports should expand 25.1 per cent.Risk factors in the fourth quarter included the strengthening baht, the impact from flooding, the fluctuation of oil prices and a reduction in consumption.

via Bangkok Post : NESDB: Q3 GDP up 6.7%.

Thai consumer confidence fell for the first time in six months in October as the baht surged and the nation’s worst floods in five decades devastated agricultural land, a report showed this month. The flooding may curb Thai GDP growth this year by 0.3 percentage point, Arkhom said today.

Foreign Investment Recovers

Dr. Atchaka (BOI sec. gen) added that foreign direct investment in Thailand is on the upswing. For January-October 2010, some 691 foreign applications with a total investment value of 174,884 million baht were submitted to the BOI. This represented a 26.3% increase in the number of projects compared with the 547 projects submitted in the same period last year. The investment value was 11.1% higher compared with 157,401 million baht in the first 10 months of 2009.

Japan remained the largest foreign investor with 284 applications worth 71,342 million baht in January-October 2010, followed by Spain (2 projects worth 22,008 million baht), China (23 projects, 9,681 million baht) and Singapore (52 projects, 9484 million baht).

Click to comment

Leave a Reply

Economics

Thailand relaxes COVID-19 measures to help revive economy

During the past couple weeks, new infection cases have been down from roughly 20,000 daily cases to 17,000 -19,000. Moreover, the number of daily discharges is exceeding infections, which has led to the conclusion that the situation is improving.

Published

on

Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.

(more…)
Continue Reading

Economics

Southeast Asia to relinquish its lead over Latin America says Moody’s

While the emerging economies of Southeast Asia have outperformed their counterparts in Latin America for most of the past two decades, their lead will slide in the next few quarters as Southeast Asian governments clamp down to fight the pandemic’s lingering second and third waves.

Published

on

The Delta surge is casting larger clouds over the global recovery and emerging markets are in the thick of it. Despite the ebbing of the coronavirus variant in India, where it first emerged, its spread in Southeast Asia, Africa, and the Middle East has steepened the road to recovery in these regions.

(more…)
Continue Reading