Connect with us

Economics

Thai Economic growth to stand at 2.9% in 2015

Economic growth in 2015 is expected to stand at 2.9% according to the Office of the National Economic and Social Development Board (NESDB).

Published

on

Economic growth this year is expected to stand at 2.9% –  the highest growth in three years, according to the Office of the National Economic and Social Development Board (NESDB).

The forecast was based on the growth in the third quarter. NESDB deputy secretary-general Porametee Vimolsiri stated that the economic growth in the third quarter of this year rose from 2.8% the previous quarter to 2.9%.

He attributed the growth to greater government spending and investment.He then forecast that this year’s average growth was likely to stand at 2.9%,  an increase from 0.9% last year, the highest growth in three years.

The NESDB deputy secretary-general said factors contributing to the growth was tourist arrivals which was  expected to be  over 30 million this year.

The government’s economic stimulus measures also contributed to the growth as it would also result in greater household consumption and investment.

He said economic growth for next year was expected to be 3-4%, mainly due to the government’s economic stimulus measures, expansion in the tourism industry, as well as the recovery  of the global economic situation.

These factors would result in 3%  increase in the export sector. But he also warned of the drought situation in the country and external factor such as China’s economic slowdown  which could affect the growth.

Earlier this month 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.

Central bank sees sustained growth for economy in 2016

Thailand’s economy next year will continue to experience sustained growth, primarily driven by increased public investment, according to the central bank governor.

Bank of Thailand governor Wirathai Santipraphob commented on the country’s economic outlook for 2016 saying that there was a strong likelihood that the economy will enjoy sustained growth.

However he stated that this growth will not be evenly spread as many provinces economic development is still dependent upon the drought situation.

This will force agricultural prices down which will in turn affect the incomes of farmers.

The governor also stated that he was also concerned with household debt which at present is still high.

This factor could critically stall economic recovery but that he was confident that increased public investment by the government should be able to drive growth.

Furthermore, he said the government’s economic stimulus packages already in place should see positive results in the coming year.

Taken alongside the continued growth in the tourism sector, Thailand’s economy should experience positive growth in 2016, he added.

Economics

Recovering global trade supports APAC economies but Tourism exposure will temper Thailand’s rebound

The direct contribution of travel and tourism to Thailand’s economy was around 10% of GDP before the pandemic, but the economic repercussions of a significant slowdown are more widespread given a large informal tourism sector.

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.

Moody’s Investors Service says in a new report that a resurgence in coronavirus cases along with low vaccination rates in Asia Pacific (APAC) pose renewed risks to domestic demand, although recovering global trade will support the region’s more export-oriented economies.

(more…)
Continue Reading

Economics

Thai Government Plans to Increase 2022 Investment Budget by 90 Billion baht ($2.84 bln)

According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of GDP, the government would need to borrow 700 billion baht to offset the deficit.

Published

on

BANGKOK (NNT) – The Budget Bureau notes that the Thai government plans to increase its investment budget by 90 billion baht in the fiscal year 2022, in compliance with a law related to state financial and fiscal discipline.

(more…)
Continue Reading
Wise

Most Viewed

Subscribe via Email

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

Join 14,105 other subscribers

Recent