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ADB raises Thailand’s economic growth forecast to 5.5 %

Reconstruction of flood-damaged areas and substantial policy stimulus will drive a rebound in Thailand’s economic growth in 2012, said the Asian Development Bank (ADB). The ADB projected Thai economy to recover from last year’s marginal 0.1 per cent to 5.5 per cent this year, said Dr Luxmon Attapich, the ADB’s senior economist.

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Reconstruction of flood-damaged areas and substantial policy stimulus will drive a rebound in Thailand’s economic growth in 2012, said the Asian Development Bank (ADB). The ADB projected Thai economy to recover from last year’s marginal 0.1 per cent to 5.5 per cent this year, said Dr Luxmon Attapich, the ADB’s senior economist.

Thailand’s economic growth of 5.5 per cent was revised from the institution’s earlier projection of 4.5 per cent.

The anticipated rebound in growth this year depends on the government reconstructing flood-damaged infrastructure and making a significant start on long-term projects involving flood-prevention and water management. It is reflected in improvement of economic figures in January and February, particularly confidence among consumers and businesspeople.

Higher than projected global oil prices are also a downside risk. Flooding and drought are a perennial threat.

Private consumption growth was underpinned by civil service salary increases in January and a 40 per cent boost in the minimum wage in April. The government has also introduced incentives for first-time buyers of houses (tax breaks) and automobiles (cash rebates). Inflation is forecast to average 3.4 per cent in 2012 and 3.3 per cent in 2013.

Ms Luxmon said risks to the outlook include a deeper than assumed recession in the eurozone – the market for nearly 10 per cent of Thai exports and source of about 27 per cent of its tourists.

Higher than projected global oil prices are also a downside risk. Flooding and drought are a perennial threat.

“Thailand’s ability to restore confidence among investors still depends on upgrading infrastructure to handle with possible floods and reviving industrial plants as well as implementing long-term comprehensive water management. These are urgent issues to help boost Thai economy in these two years,”

the ADB senior economist said.  (MCOT online news) Read More

Investment

Thailand Q1 Investment Applications Soar 80% as FDI More Than Double says BOI

The top three source countries of FDI applications during the first quarter were South Korea, China, and Singapore, with similar levels of investment. Korean investment soared due to a large-scale joint venture in the medical sector, Ms Duangjai said.

Pr News and BOI

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The Thailand Board of Investment (BOI) said today that in the first quarter of 2021, investment applications rose 80% from the year earlier period to a total value of 123.4 billion baht (USD3.9 billion), led by projects in the medical and electric and electronics (E&E) sectors, as foreign direct investment (FDI) applications more than doubled.

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Economics

Finance Ministry Reduces 2021 Growth Forecast to 2.3%

Fiscal Policy Office (FPO) Director-General Kulaya Tantitemit said the ministry slashed its forecast for the number of foreign tourists to only 2 million this year from 5 million it had predicted three months ago.

National News Bureau of Thailand

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Export growth better-than-expected in December 2020. However, amid the second wave of COVID-19 infections, exports could fall below previously forecasted levels in 2021.

BANGKOK (NNT) – The Finance Ministry has reduced its 2021 economic growth forecast for a second time to 2.3% from 2.8% growth, after a third wave of coronavirus infections struck Thailand this month.

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Economics

Developing Asia growth set to rebound to 7.3% in 2021 (ADB)

Thailand slow vaccination progress coupled with a surge of infections has prompted Kasikorn Research Centre to lower its growth projection for the Thai economy this year from 2.6 percent to 1.8 percent. However, ADB’s forecast for Thailand growth in 2021 remains set at 3% (and 4.5% in 2022).

Olivier Languepin and Asian Development Bank

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MANILA, PHILIPPINES (28 April 2021) — Economic growth in developing Asia is set to rebound to 7.3% this year, supported by a healthy global recovery and early progress on coronavirus disease (COVID-19) vaccines, according to a new report from the Asian Development Bank (ADB).

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