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Thailand’s export on track to hit all-time high in 2017

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Thailand’s export value could reach an all-time high of US$232.6 billion in 2017 if the monthly value is at least $19 billion in the fourth quarter of this year, according to the International Trade Promotion Department.

The previous record was set in 2012, when the value reached $229.1 billion, according to ministry statistic.

Thailand’s exports are coping with the strength of the baht, posting gains of more than 10% in each of the five months through September. The baht has advanced more than 8% in 2017, among the best performers in Asia.

Gross domestic product probably grew 3.8% in the third quarter from a year ago, according to the median estimate of nine economists surveyed by Bloomberg.

That would be the quickest pace since the first quarter of 2013, according to the data. The government will release official figures on Nov 20.

Higher-than-expected exports helped the Thai economy to grow at its fastest rate for more than four years in the third quarter

The growth was 4.3 per cent, the highest for 18 quarters, Porametee Vimolsiri, secretary general of the National Economic and Social Development Board said on Monday, while Gross Domestic Product (GDP) grew 1 per cent from the previous quarter.

The annual growth rate rose to 12.5 per cent, compared with 8 per cent in the second quarter, he added.Public investment shrank by 2.6 per cent, compared with a contraction of 7 per cent in the previous quarter.

Southeast Asian economies are enjoying a growth resurgence with expansion in Vietnam and the Philippines quickening.

Malaysia’s economy may have expanded 5.7% last quarter from a year earlier, near the two-year high of 5.8 percent seen in the previous quarter, analysts predicted ahead of data due Friday.

The Thai government has approved this month a 15,000 baht tax break for year-end shopping and has embarked on a 1.5-trillion-baht plan to build infrastructure and advanced industry along the eastern seaboard.

Economics

Asia’s slow rate of vaccination is a thorn in the region’s economic recovery

Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.

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Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.

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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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