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Thailand’s manufacturing production index (MPI) sinks to 12-month low

Both global and domestic economies have been weak, in part due to the trade war, which if prolonged would be manufacturers’ worst-case scenario.

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Thailand’s manufacturing production index (MPI) in April fell for the first time this year, dipping to its lowest level in 12 months to 95.91 points because of a sagging global economy and the US-China trade war denting Thai exports.

Both global and domestic economies have been weak, in part due to the trade war, which if prolonged would be manufacturers’ worst-case scenario.

Aditad Vasinonta, deputy director-general of the Office of Industrial Economics (OIE), said the government has cut the country’s industry GDP growth target to 1.5-2.5% this year from an expected target of 2-3%. But the MPI index in April rose by 2.03% year-on-year.

“The OIE revised its MPI index for the first time this year following the global economic slump and economic indicators,” Mr Aditad said. Agency says April MPI reading was lowest in 12 months | Bangkok Post: business

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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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