The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) agreed today to lower down the economic growth projection (GDP) to 2.7-3% from 2.9-3.3% due to weakening economic growth during the first three quarters of the year.
The global economic slowdown, as a result of trade tensions between China and the United States, compounded by a strong baht currency, continues to dampen exports, with impacts on the production sector.
Domestic consumption and investment also remain weak, said the JSCCIB adding, however, that the tourism sector shows slight growth.
The joint committee, involving the Thai Chamber of Commerce, the Federation of Thai Industries and the Thai Banking Association, also predicted continuing contraction of exports from -1% to 1% to -2% to 0.0%.
Earlier this week the Kasikorn Research Centre (KResearch) revised downward its economic growth forecast for 2019 from 3.1 per cent to 2.8 per cent, while predicting that the economy may grow at less than 3.0 per cent next year amid numerous negative factors.
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
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…)
Thailand’s 2019 Forecast Cut to 2.6% as Q3 GDP slows to 0.1%
On an annual basis, gross domestic product (GDP) rose 2.4% in the third quarter, less than the forecast 2.6%.
Finance Ministry cuts economic growth outlook to 2.8%
The Ministry of Finance has now cut the country’s economic growth outlook to 2.8%, from the previous 3%.
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