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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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7 million jobs at risk in post-Covid-19 Thailand

Covid-19 shutdowns could have drastic effects for Thailand’s workers : as much as 7 million jobs are at risk by the month of June.

Olivier Languepin

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Shutdowns from the pandemic could trigger a tsunami of job losses in Thailand especially for employees who don’t have a regular salary, low-paid workers and people without a written contract.

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Economics

Thailand’s export to contract by 7% in 2020

Thailand’s exports could shrink as much as 7% in 2020 showing its worst performance in a decade, or 3.7% if the Covid-19 crisis is contained before September.

Boris Sullivan

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UTCC: Thai export sector to be affected by US-China trade war

The Bank of Thailand and the Center for International Trade Studies at the University of the Thai Chamber of Commerce (UTCC) forecast exports to contract by 7-8 percent this year. 

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Economics

Covid-19 to cut Asian growth to 2.2%, Thailand -4.8% (ADB)

Restrained largely by slowing exports, Thailand posted paltry growth at 2.4% last year. GDP growth is likely to slow further to –4.8% this year but could pick up to 2.5% in 2021.

Boris Sullivan

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 Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, before recovering in 2021, according to the Asian Development Outlook (ADO) 2020, the Asian Development Bank’s (ADB) annual flagship economic publication.

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