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Thai 2011 GDP projection revised to 1.4%, 2 years lowest

The University of the Thai Chamber of Commerce (UTCC) Economic and Business Forecasting Center revised Thailand’s 2011 economic growth or gross domestic product (GDP) projection to 1.4 per cent, lowest in two years, said centre director Thanawat Polvichai.

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The University of the Thai Chamber of Commerce (UTCC) Economic and Business Forecasting Center revised Thailand’s 2011 economic growth or gross domestic product (GDP) projection to 1.4 per cent, lowest in two years, said centre director Thanawat Polvichai.

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The earlier 2011 GDP growth forecast was 3.6 per cent but GDP in the fourth quarter of 2011 has been affected by the flood crisis which slashed about Bt350 billion from the economy. GDP in the fourth quarter is likely to shrink 3.7 per cent, particularly the industrial sector, possibly contracting 10.4 per cent.

Output suspension has impacted exports in the fourth quarter which are likely to shrink 5.5 per cent, with the greatest impact on the auto industry while consumption is forecast to contract two per cent and consumer confidence to drop substantially to the lowest in ten years.

Regarding the economy in 2012, GDP growth is projected to rise 4.7 per cent from the earlier projected 4.3 per cent due to the Bt500 billion budget to be used for post-flood rehabilitation.

The government’s deficit budget and loan offer by commercial banks will stimulate the Thai economy next year to grow more than this year.

GDP in the second half of 2012 will grow 5-7 per cent, better than the 3-4 per cent growth expected in the first half of the year, provided that major export manufacturers will resume production in Feb-March 2012.

Moreover, exports will resume in the second quarter next year, the government’s daily minimum wage rise to 300 baht and the rice mortgage scheme will support higher purchasing power for consumers.

Source : MCOT News

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Thailand’s economic outlook for 2021

The government expects inbound tourism to be at around 8 million by the second half of 2021, well below 40 million in 2019

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The Thai economy will grow next year after contracting by almost 10% this year. Next year, the Thai economy is expected to expand 3 to 4% from this year. It will not be until the end of 2022 before the Thai economy returns to its pre-Covid level of 2019.

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BANGKOK (NNT) – The Finance Ministry is considering additional incentives to increase members in the National Savings Fund (NSF) as Thailand is projected to become a “super ageing society” by 2031.

Finance Minister Arkhom Termpittayapaisith said increasing state contributions to the NSF and extending the maximum membership age to 65 years old from 60 as stipulated by law are among the considerations.

He said Thailand is projected to become a fully aged society this year, meaning 20% of the total population is 60 or older. The country is projected to be a super ageing society by 2031, meaning 28% of the total population is 65 or older.

Mr Arkhom said retirement savings are vital because 20 million informal workers in Thailand are without mandatory savings programs.

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EEC Expects 300-billion-baht Investment This Year

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BANGKOK (NNT) – Thailand expects investment to triple to at least 300 billion baht in the Eastern Economic Corridor (EEC) this year as investment projects previously held by the coronavirus outbreak get pushed forward again as the pandemic eases.

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