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Thai economy to grow 3.5-4.5% in 2011

The Thai economy is set to expand 7 per cent this year and likely to continue growing by 3.5-4.5 per cent next year, according to a top Bangkok commercial banker.

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The Thai economy is set to expand 7 per cent this year and likely to continue growing by 3.5-4.5 per cent next year, according to a top Bangkok commercial banker.

Kasikornbank Executive Vice President Vasin Vanichvoranun said that state and private investment is expected to expand further while exports are forecast to grow slowly at 6-7 per cent compared with a 27 per cent surge this year.

Key risk factors to the economic growth next year include higher oil prices, which could fuel inflationary pressure, baht volatilities, impacts of inundations, and political uncertainties.

Industries expected to grow further include agriculture and foods boosted by higher product prices, vehicles and parts set to expand in terms of local sales and exports, and construction and building materials boosted by an implementation of state-supported investment projects.

Other industries with growth potential are machinery and equipment, alternative energy, industrial estate, and tourism.

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.

Economics

Asia’s slow rate of vaccination is a thorn in the region’s economic recovery

Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.

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Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.

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Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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