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Thailand’s Consumer’s confidence Index (CCI) up to 80, highest in 36 months

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Consumer’s confidence Index (CCI) for the month of January increased to 80.0 from 79.2 a month earlier, representing the highest for the past 36 months.

Mr Thanawat Pholvichai, director of the economic and business forecast centre of University of Chamber of Commerce, said Monday that CCI increased steadily for the last six months to 80.0 in January – the highest for the past 36 months.

He attributed the steady rise of CCI to anticipation that the GDP for this year would be 4.2 percent and exports to grow by about 5 percent,with tourist arrivals for this year estimated at 37 million.

However, Mr Thanawat warned about the negative factors from cost of living and baht appreciation which could hinder export growth.

Driven by tourism and export growth, Thai economy for the month of December continued to expand from a month earlier, said Mr Don Nakorntap, senior director of macro-economics of the Bank of Thailand, said on Wednesday.

For the month of December, he said that export grew 9.3 percent while the number of incoming tourists for the same month increased 15.5 percent from November’s figure, especially tourists from China and Malaysia whereas more tourists from Russia were also reported.

Mr Don said export and tourism would be the key players to further drive the economy this year which is in line with the trend of economic recovery abroad.

However, he added that the role of the two players would decline somewhat this year and replaced by domestic consumption which is expected to pick up while government spending

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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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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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Ko Samed deserted pier

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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