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Thai Economic growth expected to rise 3.3 to 3.5% in 2016

Mr Isara Vongkusolkit, chairman of the Board of Trade, and the Thai Chamber of Commerce, said economic growth projections for 2016 has been pegged at 3.3 – 3.5%.

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The Joint Standing Committee on Commerce, Industry and Banking says the country’s economic growth this year is expected to rise 3.3-4%.

It also believes this will improve slightly by 3.5-4% next year.After yesterday’s meeting of the joint standing committee, Mr Isara Vongkusolkit, chairman of the Board of Trade, and the Thai Chamber of Commerce, said economic growth projections for 2016 has been pegged at 3.3 – 3.5%.

But for exports, he said it was expected to stand at between 0-2% contraction.But outlook for 2017, he said it would improve slightly with economic growth expected to be between 3.5 to 4% while exports should grow by at least 2 %.

With regards to the current low market prices for rice, the consensus is that this is due to the high intensity of rains during the period which has result in a rise in moisture content.

The joint standing committee agreed with  the government’s attempt to bolster rice prices by employing rice barn pledging schemes.

“Declining consumer sentiment and mitigation in leisure activities may further slow Thailand’s economy in the October-December quarter,” Secretary-General Porametee Vimolsiri of the Office of the National Economic and Social Development Board told reporters Monday.

Real gross domestic product grew 3.2% on the year in the July-September quarter, slowing from the 3.5% growth in the April-June quarter, the NESDB reported Monday. Working backward from its 3.2% annual GDP growth projection for 2016, the board expects a further slowdown in the final quarter of the year.

The NESDB predicted 2017 GDP would grow 3.0-4.0 per cent and exports expand 2.4 per cent. Last year’s growth was 2.8 per cent.

Thailand may also be hit by rising capital outflows as investors shift to dollar assets.

Foreign investors have sold around a net 99.4 billion baht (US$2.79 billion) of Thai bonds and stocks since Nov 9.

Fourth quarter economy remains sluggish

Economy in the fourth quarter of this year  is quite sluggish, with expansion lower than the third quarter, permanent secretary of Finance Mr Somchai Sujjapongse said.

With the sluggish economy, he said, it prompted  the ministry to come up with new measures to stimulate more domestic spending and tourism.

This include a measure to lower tax on luxury goods, such as perfume and cosmetics, which has already gotten  approval from the Commerce Ministry and would be put in force on a temporary basis from February to March 2017.

Source: Thai PBS

Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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Economics

Thailand’s Economy and COVID-19: Five Things to Know

Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.

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Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.

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