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.
IMF and SCB lower Thai growth forecast under 3%
IMF and SCB have joined other banks and organisations to predict Thai economic growth under 3% for 2019.
Thailand drops to 40th in WEF Global Competitiveness Report
Thailand’s competitiveness ranking has dropped two spots from 38th to 40th in the World Economic Forum’s Global Competitiveness Index rankings for 2019
Fitch Ratings raises Thailand’s outlook to positive
Most countries’ ratings have been downgraded, while the agency sees that the Thai economy and its fiscal status remain strong as the country’s debt-to-GDP ratio stands at 40 to 42%
Investors who plan to establish a business in a foreign country usually examine its credit rating first. Fitch Ratings, an international credit rating agency, has recently raised Thailand’s outlook to positive amid the global economic slowdown.(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...