Thailand’s economic growth rate for the second quarter of this year registered at 2.3%, compared to 2.8% for the first quarter, which is the lowest in 19 quarters

Although the Thai economy is not yet in a critical condition, Mr. Tossaporn Sirisamphan, secretary-general of the National Economic and Social Development Board (NESDB), Thailand’s economic think-tank warned that something must be done quickly by the government, otherwise the economic situation will get worse.

Commenting on the over 300 billion baht economic stimulus package, approved by the cabinet last week, Mr. Tossaporn said that Thai exports for the second half of the year must expand by at least 3% and tourist arrivals must exceed 20 million, or revenue from tourism must be 2.4 trillion baht, while private investment must increase at least 2.9% in order to reverse the economic slowdown during the third and fourth quarters.

He blamed Thailand’s economic slowdown during the first half of this year to global economic fluctuations, global financial instability, the trade war between the United States and China and the domestic political situation.

Thai exports for the first half of the year contracted by 4% and exports for the second half must expand by at least 3% in order to achieve the anticipated 3% growth rate for the whole year, said the NESDB chief.

He expressed concern, however, over the risk factors for the Thai economy during the second half of the year, citing the continuing US-China trade war, devaluation of the Chinese Yuan currency and the South Korean currency, as well as the bearish stock markets worldwide.

Nevertheless, he is optimistic that the Thai economy will recover during the third and fourth quarters.

Source link

About the author

Thailand Business News covers the latest economic, market, investment, real-estate and financial news from Thailand and Asean. It also features topics such as tourism, stocks, banking, aviation, property, and more.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Thai Q1 Growth Exceeds Forecast

Data from the National Economic and Social Development Council (NESDC) indicated that Southeast Asia’s second-largest economy grew 2.7% in the January-March period from a year earlier

Thailand’s consumer confidence index (CCI) at 3-year high in March

According to the University of the Thai Chamber of Commerce (UTCC) survey of 2,241 respondents across the country, the CCI rose to 53.8 in March from 52.6 a month earlier, marking the 10th consecutive month of growth.

Fitch Ratings downgrades projected Thai growth to 3% this year

According to Fitch, Thailand’s gross domestic product (GDP) is expected to grow by 3.0% in 2023, down from its previous projection of 3.2%.