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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.

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

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Economics

EEC Expects 300-billion-baht Investment This Year

National News Bureau of Thailand

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BANGKOK (NNT) – The Eastern Economic Corridor (EEC) has expected investment to triple to 300 billion baht this year as investment projects previously held by the coronavirus outbreak get pushed forward again.

EEC Secretary -General Kanit Sangsubhan said actual investment in the EEC could be up from 96 billion baht in 2020, or 46% of total project applications as investors did not invest last year, and they would have to do it this year.

He said there will be a bunch of projects held up from previous years.

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Economics

Commerce Ministry sets Thailand’s export growth target at 4% for 2021

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand has seen export growth of 0.35 percent in the first month of the year. The Commerce Minister has ordered the Department of International Trade Promotion to advance an action plan to accelerate growth, which is set at 4 percent this year.

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Ecommerce

Has Covid-19 prompted the Belt and Road Initiative to go green?

Oxford Business Group

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Has Covid-19 prompted the Belt and Road Initiative to go green?
– Covid-19 led to a slowdown in BRI projects
– Chinese overseas investment dropped off in 2020
– Government remains committed to the wide-ranging infrastructure programme
– Sustainability, health and digital to be the new cornerstones of the initiative 

Following a year of coronavirus-related disruptions, China appears to be placing a greater focus on sustainable, digital and health-related projects in its flagship Belt and Road Initiative (BRI).

As OBG outlined in April last year, the onset of Covid-19 prompted questions about the future direction of the BRI.

Launched in 2013, the BRI is an ambitious international initiative that aims to revive ancient Silk Road trade routes through large-scale infrastructure development.

By the start of 2020 some 2951 BRI-linked projects – valued at a total of $3.9trn – were planned or under way across the world.

However, as borders closed and lockdowns were imposed, progress stalled on a number of major BRI infrastructure developments.

In June China’s Ministry of Foreign Affairs announced that 30-40% of BRI projects had been affected by the virus, while a further 20% had been “seriously affected”. Restrictions on the flow of Chinese workers and construction supplies were cited as factors behind project suspensions or slowdowns in Pakistan, Cambodia and Indonesia, among other countries.

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