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Economics

Private sector raises GDP growth projection to over 3.5% after higher exports growth

The adjustment of GDP growth from its earlier 3.5% projection is being made at Monday’s meeting of the Joint Standing on Commerce, Industry and Banking.

Boris Sullivan

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The private sector is poised to adjust projection for economic growth to over 3.5% after seeing good sign of economic recovery.

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The adjustment of GDP growth from its earlier 3.5% projection is being made at Monday’s meeting of the Joint Standing on Commerce, Industry and Banking.

Kriangkrai Tiannukul, vice president of the Federation of Industries, said the adjustment of growth came as there was good sign of economic recovery, particularly in the export sector which saw the highest growth in August to 13.2% in 55 months.He said first the whole year, export is expected to be 5%.

Earlier the Thai Bankers Association, the Federation of Thai Industries, and the Thai chamber of Commerce have jointly announced that the economy was showing clear signs of recovery and as such they will be making adjustments to their projections accordingly.

They reported that Thailand’s economy in August improved significantly as a consequence of the growth in exports.

Thai exports grew by an outstanding 13.2% which represents a 55-month peak

Accordingly, this has allowed the Consumer Confidence Index to increase by 62.4%, the highest in 4 months.

This signals improved consumer expectations for future economic health.

As a result, the Ministry of Finance will be making adjustments to their economic projections this October with 3.8% growth target set for this year.

Meanwhile chairman of the Thai Bankers Association Mr Predee Daochai admitted that the recovery did not apply to all as the agricultural sector will need more time before any real improvements are seen.

Source: Private sector raises growth projection after sign of economic recovery seen – Thai PBS English News

Economics

Sluggish vaccine campaign threatens Thailand’s economic recovery

The latest baseline scenario issued by the bank of Thailand predicts a GDP growth of 2%, assuming that vaccine procurement and distribution reaches 100 million doses this year and leads to herd immunity in the first quarter of 2022.

Olivier Languepin

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The Bank of Thailand (BoT) slashed again Thailand’s economic growth forecast for 2021 for the second time this year targeting a mere 1 to 2% growth, depending mainly on the procurement and distribution of Covid-19 vaccines.

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Economics

Thailand’s Consumer Confidence Drops to Record Low in April

The University of the Thai Chamber of Commerce (UTTC) estimated an economic loss of 400-600 billion baht if the outbreak continues beyond this month

National News Bureau of Thailand and Headline Editor

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BANGKOK (NNT) – The University of the Thai Chamber of Commerce (UTTC) said consumer confidence hit a record low in April, dropping to 46.0 from 48.5 in March, dented by a new wave of COVID-19 infections.

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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

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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.

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