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3 percent growth forecasted for 2015 (Bangkok Poll)

Most economists believe that Thailand’s economic growth rate for this year will not exceed 3 percent, according to Bangkok Poll.

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Most economists believe that Thailand’s economic growth rate for this year will not exceed 3 percent against the Finance Ministry’s projection of 3.9 percent, according to Bangkok Poll.

The poll shows that only 1.6 percent of the economists believe the growth rate may reach 4.5 percent while 9.5 percent say the rate should be only 1.6.

The research centre of Bangkok University and the Faculty of Economics conduct opinions from 63 economists from 25 leading institutions about the trend of the GDP and the direction of interest during April 1-21.

The poll shows: 76.2 percent of the respondents believe the GDP will be just 3 percent; 9.5 percent believe the growth rate should be 3.9; 1.6 percent believe the rate should be 4.5 percent and 11.1 percent don’t have an opinion.

Private Bank lowers Thai GDP growth projection to 2.8%

Kasikorn Research Center lowered the country’s economic growth projection from 4% to 2.8%. Earlier this month, the central bank of Thailand had revised its economic growth projection to 3.8%, down 0.2% from 4% previously.

BoT growth projection to 3.8%

Earlier this month, the central bank of Thailand has revised its economic growth projection to 3.8%, down 0.2% from 4% earlier, after the country faced slow growth in the fourth quarter last year.

The Bank of Thailand (BoT) now projects growth at 3.8 % from 4 percent earlier. BoT assistance governor for Monetary Policy Mathee Supapongse said  Friday that the GDP forecast cut is based on a slower than expected growth in the fourth quarter in 2014.

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Economics

BoI Plans More Efforts to Promote BCG Economy

National News Bureau of Thailand

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BANGKOK (NNT) – The Board of Investment (BoI) is working with related agencies to rev up promotion of the bio-, circular and green (BCG) economy to help drive growth over the next 5 years.

BoI Secretary-General Duangjai Asawachintachit said the BoI is looking into more business categories for high technology as part of efforts to promote the BCG economy.

She said the government is focused on developing the bio-economy as Thailand has more than 30 million people working in the farm sector, yet most of them remain in poverty.

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Ecommerce

Covid-19 and medical tourism: is a recovery on the cards?

Oxford Business Group

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Covid-19 and medical tourism: is a recovery on the cards?

– Before the pandemic, medical tourism was a major growth area
– Dubai was a world leader among emerging market destinations
– Covid-19 travel bans and lockdowns seriously dented growth
– Increased emphasis on safety has enabled a gradual re-opening

Prior to the outbreak of coronavirus, medical tourism was a significant growth industry in many emerging economies. While the pandemic represented a major setback for the segment, there are signs that it may be recovering in several markets.

The last decade saw a boom in medical tourism. By 2018 the global market was generating $58.6bn annually and in 2019 it was forecast to grow at a compound annual growth rate of 11.7% – reaching more than $142.2bn by 2026.

The segment’s growth was largely spurred by increased awareness – particularly among citizens of higher-income countries – of the quality and relatively affordable health care options on offer in many emerging economies. The appeal was further enhanced by the possibility of combining medical treatment with a holiday in an attractive location.

Asia has been a popular region for medical tourism for some time. In Thailand, for example, guided by the Ministry of Public Health’s 2016-25 strategic plan entitled ‘Thailand: A Hub of Wellness and Medical Services’, stakeholders have been working to cement the country’s position as a regional leader in medical tourism.

Elsewhere in Asia, in 2017 the Indian government began offering a medical visa aimed at bringing in more foreign patients. 

Governments in other regions similarly moved to capitalise on this growing segment. In 2015, for example, Turkish Airlines announced a 50% discount on flights for people coming to Turkey for medical treatment.

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Thai Government Promotes Circular Economy

National News Bureau of Thailand

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BANGKOK (NNT) – The Industry Ministry aims to increase social awareness among 65 factories this year to promote environmentally friendly production under the circular economy model.

Minister Suriya Jungrungreangkit said the government is committed to safeguarding the environment and communities through a campaign for business sustainability.

He said factories that join the government’s corporate social responsibility (CSR) project will benefit from waste and cost reduction based on high technology.

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