Connect with us

Economics

A challenging Baht for the Thai economy in 2019 ?

Exporters are increasingly worried as the Thai baht continues to perform against the US dollar

Olivier Languepin

Published

on

Thanks to Thailand’s walloping US$207 billion of foreign reserves, Thai baht’s climb of about 5% against the dollar in the past six months is the strongest in the world, according to data compiled by Bloomberg. 

This may be good news if you plan to travel abroad, but not so good if your business is exporting Thai products.

According to KBank forecast, the baht’s value could appreciate to 31.50 against the US dollar this quarter because prevailing global financial volatility is poised to compel investors to seek refuge in new safe-haven destinations.

“It will be tough this year,” said Duangrat Prajaksilpthai to the Bangkok Post, an economist at TMB Bank.

“Exports were already expected to slow down because of the impact of the trade war. Baht strength on top of that will curb export revenue when converted to local currency.”


Duangrat Prajaksilpthai, economist at TMB Bank.

The Bank of Thailand raised its benchmark interest-rate in December for the first time since 2011, by a quarter point to 1.75% , but the baht’s climb could complicate the central bank efforts to normalize policy by weighing on already below-target inflation.

Thailand’s current account balance accounted for 10.8% of GDP in 2017, thanks to increasing tourism revenues, is also the eighth highest in the world, based on data compiled by the International Monetary Fund.

Bangkok Correspondent for Siam News Network. Editor at Thailand Business News

Continue Reading
Advertisement
Comments

Economics

Thai economy continued to be on a decelerating trend (Bank of Thailand)

The Thai economy continued to be on a decelerating trend in October, although private consumption indicators expanded and foreign tourist arrivals continued to expand.

Avatar

Published

on

iStock-1144933955.jpg

According to Bot latest Press Release, the Thai economy continued to be on a decelerating trend in October. The value of merchandise exports continued to contract, mainly due to the economic slowdown of trading partners, consistent with deterioration in manufacturing production and private investment indicators.

(more…)

Continue Reading

Economics

Thai Cabinet approves new economic stimulus measures

The Thai government has rolled out new stimulus measures intended to boost full-year economic growth to 2.8%

Boris Sullivan

Published

on

The Thai Cabinet today approved three new stimulus packages to prop up the softening economy, said Finance Minister Uttama Savanayana.

(more…)

Continue Reading

Economics

NESDC cuts Thailand’s growth to 2.6%

GDP growth this year is now expected down to 2.6 percent, but the council now expects 2020 GDP to grow at least 2.7 percent when the export sector is expected to recover

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – The Office of the National Economic and Social Development Council (NESDC) has announced that Thailand’s Q3 2019 GDP growth came in at 2.4 percent, adjusting the overall GDP growth this year down to 2.6 percent, citing negative factors from the trade war affecting the export sector.

(more…)

Continue Reading

Most Read

Upcoming Events

Tue 10

21st World conference pharmaceutical chemistry and drug design

December 9 @ 8:00 am - December 10 @ 5:00 pm BMT
DUBAI,UAE
Dubai
Jan 23

12th World Congress on Alzheimers Disease & Dementia

January 23, 2020 @ 9:00 am - January 24, 2020 @ 5:00 pm BMT
Feb 12

Future Energy Asia

February 12, 2020 - February 14, 2020
BITEC
Bangkok
Feb 19

13th World Congress on Nursing and Health Care

February 19, 2020 @ 9:00 am - February 20, 2020 @ 5:00 pm BMT
Phuket
Phuket city
Mar 11

Food science conferences

March 11, 2020 @ 8:00 am - March 12, 2020 @ 5:00 pm BMT

Press Release

Subscribe via Email

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

Join 11,908 other subscribers

Trending