Thailand’s Fiscal Policy Office has maintained its forecast of 2.8 percent for the country’s GDP growth in 2015
The tourism sector and government stimulus measures will likely contribute to economic expansion into the following year, with an estimated growth of 3.8 percent.
According to Kulaya Tantitemit, Executive Director of the Macroeconomic Policy Bureau, the government’s commitment to act swiftly on its budget disbursement and stimulus policies along with the country’s robust tourism industry will likely serve as key drivers of continued economic growth.
However, the global economic slowdown, particularly in China, will have greater adverse effect on the country’s exports than previously expected. Export numbers for this year are expected fall by 5.4 percent.
Ms Kulaya added that Thailand’s economy in 2016 is expected to grow by approximately 3.8 percent or within the range of 3.3 – 4.3 percent, due to the continued expansion of government investment.
The construction of state highways and dual-track railway systems, in particular, will further contribute to economic confidence. In addition, economic recovery of Thailand’s main trade partners along with the depreciation of the Thai baht will likely increase the country’s export volume in the following year.
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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