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Economics

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%.

Boris Sullivan

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Thailand’s economy grew at its slowest quarterly rate in a year in the third quarter, leading the government to cut this year’s growth estimate once again.

The National Economic and Social Development Council (NESDC) cut its 2019 GDP forecast to 2.6% – from an earlier view of 2.7%-3.2% – and said growth should accelerate to 2.7%-3.7% next year.

Southeast Asia’s second-largest economy expanded 0.1% on a seasonally adjusted basis, the NESDC said.

Thailand’s export-reliant economy has been hit by slumping exports and a surging currency, leading the central bank earlier this month to cut its benchmark interest rate to a record low.

On an annual basis, gross domestic product (GDP) rose 2.4% in the third quarter, less than the forecast 2.6%. In April-June, growth was just 2.3%, the weakest pace in nearly five years.

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Economics

Thai economy to grow 4% in 2021 following 6.5% decline in 2020

The World Bank is now expecting the Thai economy to see 4% growth this year, and a 4.7% growth in 2022, despite current challenges from the new wave of COVID-19 infections.

Olivier Languepin

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Crowded downtown area in Bangkok

The World Bank now expects that the Thai economy to expand by 4 per cent in 2021, according to the latest World Bank Thailand Economic Monitor report “Restoring Incomes, Recovering Jobs” released on Wednesday (Jan 20).

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Banking

BoT sees mild impact of new COVID-19 wave on the economy

The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

National News Bureau of Thailand

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BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.

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Economics

COVID-19 brings first consumer confidence drop in 3 months

Consumer confidence in December 2020 was measured at 50.1 points, down from 52.4 the previous month. Economic confidence was also down to 43.5 from 45.6 points.

National News Bureau of Thailand

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BANGKOK (NNT) – Concerns linked to the new wave of COVID-19 infections has weighed on both daily life and business, resulting in the first drop in the Consumer Confidence Index in 3 months.

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