Connect with us

Economics

Bank of Thailand projects 2.8% economic growth for 2020

The overall national economic growth in 2020 is now projected to be 2.8% from the anticipated recovery of the export and investment figures

National News Bureau of Thailand

Published

on

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.

Advertisement
Comments

Economics

COVID-19 Set to Dampen Asean and China’s Economic Growth

The SARS outbreak provides a useful benchmark, but there are significant differences between that epidemic and the latest one.

Boris Sullivan

Published

on

Coronavirus Asia

The ongoing coronavirus outbreak will dampen economic growth in China this year, but the scale of the impact remains uncertain and will depend on the duration and intensity of the health crisis, says Fitch Ratings.

(more…)

Continue Reading

Economics

Bank of Thailand expects 3% economic growth in 2021

Bank of Thailand has released its latest forecast for the Thai economy, expecting growth of more than 3 percent in 2021

National News Bureau of Thailand

Published

on

The Bank of Thailand has released its latest overview of the Thai economy, which it expects will grow more than 3 percent in 2021.

(more…)

Continue Reading

Economics

Coronavirus dents optimism with China’s growth forecast down to 5.2%

If the outbreak persists, the domestic and international supply chain disruptions are likely to become significant, amplifying the shock to the global economy.

Boris Sullivan

Published

on

Moody’s has published a report titled “Global Macro Outlook 2020-21 (February 2020 Update): Coronavirus clouds growth outlook just as the economy showed signs of stabilization“, and has revised its global growth forecasts down by two-tenths of a percentage point, now expecting G-20 economies to collectively grow at an annual rate of 2.4% in 2020.

(more…)

Continue Reading

Must Read

Upcoming Events

Mar 11

Food science conferences

March 11 @ 8:00 am - March 12 @ 5:00 pm BMT
Mar 11

Food science conferences

March 11 @ 9:00 am - March 12 @ 5:00 pm BMT
Mar 22

41st World Dental Science and Oral Health Congress

March 22 @ 9:30 am - March 23 @ 5:00 pm BMT
Mar 26

8th Anti-Corruption Compliance Asia Pacific Summit 2020

March 26 @ 9:00 am - March 27 @ 5:30 pm SMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 12,184 other subscribers

Trending