The Bank of Thailand has announced a 2.8% growth projection for the Thai economy in 2020 thanks to a better performing export sector.
Meanwhile the country’s economic performance in November 2019 is still in a slowdown due to declining export figures affected by economic slowdowns among trading partners.
The Bank of Thailand’s economic analysis bureau has released updated economic projections where Thailand’s export sector would result in negative 3.3 percent growth, causing goods import, industrial manufacturing, and private investment indicators to be in decline.
The government’s general and investment expenditures have also declined, while government measures have partially maintained the general public’s purchasing power.
The tourism sector has shown continuous growth, contributing as a major driver in national economic recovery, with this year’s overall economic performance expected to show 2.5 percent growth.
The overall national economic growth in 2020 is now projected to be 2.8% from the anticipated recovery of the export and investment figures. The global economy next year is expected to continue to see fluctuations, however analysts expect global trade to gradually improve following expected clarity from trade negotiations.
Government investments for 2020 are expected to fully commence in February after the approval of the fiscal year 2020 budget bill by the parliament. The approval will enable government investment projects to fully proceed, helping stimulate spending, and benefiting the domestic economy recovery.
The Bank of Thailand also recommends the private sector increase their investments in keeping with the current economic recovery.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
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