The private sector is poised to adjust projection for economic growth to over 3.5% after seeing good sign of economic recovery.
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.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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