Connect with us
Compliance and ethics Training Asia-Pacific Bangkok regional

Economics

World Bank raises Thai growth forecast to 4.1 per cent

Thailand’s economy is expected to grow by 4.1 percent in 2018, the fastest pace since 2012, says the latest edition of the World Bank’s Thailand Economic Monitor

Boris Sullivan

Published

on

The World Bank has revised up Thailand’s economy growth this year to 4.1 per cent from its previous estimate of 3.6 per cent given the country’s robust performance. 

The bank has also revised up its forecast of Thailand’s economy in the year 2019 and 2020 to 3.8 per cent for both years, up from its previous estimate of 3.5 per cent and 3.4 per cent respectively.

Meanwhile, the World Bank forecasts global economic growth will remain robust at 3.1 per cent in 2018 before slowing gradually over the next two years as advanced-economy growth decelerates and the recovery in major commodity-exporting emerging market and developing economies levels off.

“If it can be sustained, the robust economic growth that we have seen this year could help lift millions out of poverty, particularly in the fast-growing economies of South Asia,” World Bank group president Jim Yong Kim said.

“But growth alone won’t be enough to address pockets of extreme poverty in other parts of the world. Policymakers need to focus on ways to support growth over the longer run — by boosting productivity and labour force participation — in order to accelerate progress toward ending poverty and boosting shared prosperity.”

Thailand’s economy is expected to grow by 4.1 percent in 2018, the fastest pace since 2012, says the latest edition of the World Bank’s Thailand Economic Monitor.   Thailand’s economic recovery is broadening in 2018.  While rapid export growth continues fueling the economy, an increase in capacity utilization and acceleration in capital goods imports suggest a nascent domestic demand recovery as well. Regulatory reforms and overall policy stability are contributing to continuing improvements in business sentiment.

Thailand cannot attain advanced country status if it cannot meet the challenges of innovation,” said Dr. Kobsak Pootrakool, Minister Attached to the Prime Minister’s Office.

“With economic growth exceeding 4 percent this year, for the first time since 2012, Thailand has the potential, with intensifying structural reforms, to raise productivity and grow even faster over the medium term,” said Ulrich Zachau, World Bank Director for Thailand, Malaysia and Regional Partnerships.  “In addition to education and skills reform and strong implementation of quality infrastructure investments, increasing competition, especially in services, will be key for boosting innovation and lifting Thailand onto a new path of higher, long-term growth.

The new report highlights the importance of innovation for productivity and long-term growth.  Thailand ranked 52 out of 128 in the Global Innovation Index in 2017 has the opportunity, with innovation friendly policies, to attract and foster high-quality entrepreneurs and innovative investments, both within Thailand and from abroad.

Activity in advanced economies is expected to grow 2.2 per cent in 2018 before easing to a 2 per cent rate of expansion next year, as central banks gradually remove monetary stimulus, the June 2018 Global Economic Prospects says. WB raises Thai growth forecast to 4.1 per cent

0/5 (0 Reviews)
Advertisement Load WordPress Sites in as fast as 37ms!
Comments

Economics

Aging society and skill shortage key issues in Thailand’s economy

According to Moody’s latest Research Announcement, Thailand will sustain fiscal and external strength regardless of political developments; but structural challenges persist.

Boris Sullivan

Published

on

13 June 2019 Singapore, June 13, 2019 — —Thailand will likely maintain continuity on infrastructure investment, after the country’s recent election results.

(more…)
0/5 (0 Reviews)
Continue Reading

Economics

Thai vehicle production shrinks 6.11% YoY in May

Thai vehicle production in May 2019 was 181,338 units, which is 6.11 percent lower than the previous year due to declines in both domestic and international markets.

National News Bureau of Thailand

Published

on

BANGKOK, 14 June 2019 (NNT) – The Thai vehicle production yield in May 2019 was lower by 6.11 percent year-on-year due to implications from both domestic and international markets, says Federation of Thai Industries.

(more…)
0/5 (0 Reviews)
Continue Reading

Economics

EIC cuts 2019’s growth forecast to 3.3%.

EIC has revised down the forecast for Thailand’s GDP growth in 2019 to 3.3%, from the previous projection of 3.6%.

Avatar

Published

on

The Office of the National Economic and Social Development Council (NESDC) reported that Thailand’s GDP expanded by 2.8%YOY (compared to the same period last year), or 1.0%QOQ_sa (seasonally adjusted compared the previous quarter) in Q1/2019.
(more…)
0/5 (0 Reviews)
Continue Reading
Advertisement

Upcoming Events

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 10,700 other subscribers

Press Release

Most Read

Trending