Connect with us

Economics

Thai economy bottomed out in November, to rebound from Decembre (FPO)

The Thai economy bottomed out in November last year when the country was hit by the cumulative impact of severe flooding, but it is now likely to grow 5 per cent this year, said Somchai Sujjapongse, director-general of the Fiscal Policy Office (FPO).

Published

on

Empty shelves in a Bangkok Shopping mall in November

The Thai economy bottomed out in November last year when the country was hit by the cumulative impact of severe flooding, but it is now likely to grow 5 per cent this year, said Somchai Sujjapongse, director-general of the Fiscal Policy Office (FPO).

The economy began to rebound in December with good signs of improving economic performance, in particular expanding consumption and private investment.

Empty shelves in a Bangkok Shopping mall in November

Empty shelves in a Bangkok Shopping mall in November

The recovery was reflected in a 9.8 per cent increase of value added tax (VAT) collection after having contracted one per cent in November. Imports of capital goods in December grew 13 per cent compared to a contraction of 4.1 per cent in the previous month, the FPO chief said.

“In the fourth quarter 2011, overall economy shrank five per cent due to substantial impacts from the flood crisis on the manufacturing sector. The number of foreign tourist arrivals was 4.4 per cent in the red and the 2011 economy grew only 1.1 per cent, down from the earlier targeted at 4.5 per cent, “

Mr Somchai said.

The Thai economy is beginning to gradually recover, however, in the first quarter of 2012, and is likely to expand two per cent and three per cent in the second quarter, five per cent in the third quarter and seven per cent in the last quarter. It will certainly grow five per cent in 2012 on average, the senior government official said.

via Thai economy bottoms out: Fiscal Policy Office.

East Asia Forum provides a platform for the best in East Asian analysis, research and policy comment on the Asia Pacific region and world affairs.

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.

Published

on

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

(more…)
Continue Reading

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%.

Published

on

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.

(more…)
Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,160 other subscribers

Wise

Recent