The National Economic and Social Development Council (NESDC) reported that GDP rose 2.8% year-on-year in the first quarter.
The first quarter outcome is down from a revised 3.6% in the fourth quarter of last year.
It was the slowest growing pace for Thailand’s economy in 17 quarters.
A weak first quarter combined with intensified downside growth risk leads us to cut our 2019 growth forecast to 3.1% from 3.8%.
We expect the Bank of Thailand to join its Asian counterparts in easing with a 25 basis point policy rate cut at the next meeting in JuneTHINK Economic and Financial Analysis unit of ING
Thailand’s GDP growth slowed sharply to 2.8% year-on-year in the first quarter of 2019 from 3.6% in the previous quarter.
The MPC recently determined that the economy would expand at a slower pace than the committee’s forecast of 3.8%, largely due to weaker-than-expected merchandise exports and private investment.
Weak domestic demand dents growth
The Office of the National Economic and Social Development Board (NESDB) has indicated that the Thai economic growth in the first quarter was at a sluggish rate of 2.8 percent, prompting the office of revise down its 2019 Thai economic forecast to 3.3-3.8 percent from 3.5-4.5 percent.
A spike in the political risks surrounding the general election weighed on the domestic economy with nearly half of the slowdown in headline growth coming from private consumption and the rest from investments.
Thailand’s four challenges : Debt, inequality, plastics and climate change
Thais tended to get into debt faster, for longer and for higher amounts. Indebtedness starts as soon as they begin to work at age 25 and can increase until 56 years old.
Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the Future of Corporate Governance”, delivered at the Finance and Beyond National Director Conference 2019 in Bangkok (July 24th), said Thailand faces four challenges that require good governance in businesses to address.(more…)
Exports contracted by -2.1%YOY in June, or -8.7% without Gold
With the exception of military arms and weapons reshipment to the USA in February, Thai exports value has shrunk continuously for the past 8 months, and the first half of 2019 showing a decline of -4.4%YOY.
Thai exports could drop 0.6% in 2019
The University of the Thai Chamber of Commerce predicts that Thai exports in 2019 will drop 0.6% year on year, the first contraction in four years.
Dr. Aat Pisanwanich, Director of Center for International Trade Studies (CITS) of UTCC, said that total Thai exports this year are expected to reach USD251.338 billion, 0.64% less than last year and the first contraction in four years.(more…)
Thailand Ecommerce Market: Shooting For Success
At present, the Thai ecommerce market is valued at USD 3.5 billion. According to a Google Temasek study, Thailand’s e-commerce...
Aspire Set to Become First SME Neobank in Southeast Asia with US$32.5 Million Raise
The recent financing has been led by Mass-Mutual Ventures Southeast Asia with participation from Silicon Valley’s Arc Labs and existing...
How is Thailand Bringing Technology to the Table?
In Asia, a country like Thailand has taken the initiative to implement agricultural biotechnology in its industry. The country has...