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Thailand’s Q2 growth rate at 2.3%, lowest in 19 quarters

Thailand’s economic think-tank warned that something must be done quickly by the government, otherwise the economic situation will get worse.

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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.

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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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Economics

Thailand’s Economy and COVID-19: Five Things to Know

Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.

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Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.

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