Connect with us

Economics

Thailand’s GDP Growth Forecast cut to 3-4%

The Office of the National Economic and Social Development Board stated that the downward revision was mainly from the drop in export values.

Boris Sullivan

Published

on

The Office of the National Economic and Social Development Board stated that the downward revision was mainly from the drop in export values following the falling global oil and farm prices.

Loading...

It cuts GDP growth forecast for this year to 3-4% from an earlier prediction of 3.5-4.5%.

It also expects Thailand to post only 0.2% growth in exports in 2015 from earlier projected 3.5%, while household consumption will expand by 2.3%.

The current account surplus for this year is expected to hit 3.9% of gross domestic product (GDP).

But NESDB secretary general Arkhom Termpittayapaisith said the weaker baht should have a positive impact on exports from the second quarter, As the Bangkok Post reported.

He said exports in the second quarter should be better than the first as there are more positive factors, citing accelerating government spending, increased private investment, tourism, and the weakening baht as reasons.

Exports fell for a third month in March, while consumer confidence dropped to a 10-month low in April.

The Bank of Thailand unexpectedly cut its key interest rate for a second straight meeting last month. The economy is recovering slower than expected, and exports are subject to greater downside risk, the monetary authority said in the minutes of its April 29 policy meeting.

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

Published

on

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.

Loading...
(more…)

Continue Reading

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

Published

on

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.

Loading...
(more…)

Continue Reading

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

Published

on

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).

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

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

Join 14,066 other subscribers

Latest

Trending