The Kasikorn Research Center has cut down this year’s GDP growth to 3.5-4 percent from its earlier anticipation of 3.8-4.3 percent due to the slowdown in the private sector’s spending.
Kasikorn Research Center KResearch said Thailand will see a growth in this year’s GDP within the range of 3.5-4.0 percent as spending in the private sector has slowed its pace down, while the export and production segments still need more time to recover. However, the bank reckoned that the world economy would get better by the end of the year, and the situation would then trigger the Thai exports. The bank added that because Thailand has seen a slowdown in its export since the beginning of the year, the export growth is only expected at 1.5 percent this year.
KResearch further revealed that the proportion of Thai exports to ASEAN countries and China each year account for 37 percent of Thailand’s total exports. The exported products include refined oil, chemical products, low density polyethylene, and air conditioners. Meanwhile, the Thai exports to the United States, Europe, and Japan, represented 30 percent of the total export volume, and, according to KResearch, the proportion has a tendency to rise in the future.
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.
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…)
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.
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…)
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