Connect with us
CGIF-10th-Year-Anniversary

Economics

Thailand’s growth slips to a 5-year low at 2.4%

Thailand has recorded its slowest economic growth in five years at 2.4% according to the National Economic and Social Development Council (NESDC)

Boris Sullivan

Published

on

Thailand’s economy grew by 2.4 per cent in 2019, the National Economic and Social Development Council (NESDC) said on Monday February 17th.

Thailand has recorded its slowest economic growth in five years, according to the kingdom’s economic planning agency, lower than the previous estimate of 2.6 per cent.

The NESDC said gross domestic product in the fourth quarter of 2019 expanded by 1.6 per cent year on year.

The NESDC has adjusted down its growth estimate for 2020 from 2.7-3.7 per cent to 1.5-2.5 per cent with a mean of 2 per cent.

Last week, senior central bank director Don Nakornthab said the economy might expand less than 2% this year, with first-quarter growth forecasted below 1%, due mainly to the COVID-19 outbreak.

Earlier this month, the Bank of Thailand cut its policy rate to a record low of 1%, and Governor Veerathai Santiprabhob said there was room to help growth if needed, pointing to possible further cut in the future.

Several major Thai banks have drastically reduced their GDP growth forecast for 2020 citing the coronavirus epidemic, drought and fiscal delays.

The COVID-19 epidemic, the delayed fiscal budget and the ongoing drought are estimated to shave nearly 280 billion baht off GDP, taking economic growth down to a range of 1.7-2.1%, according to TMB Analytics.

The Tourism Authority of Thailand expects foreign visitors to fall by 5 million this year and the loss in revenue could be as much as 500 billion baht, as tourist numbers from February 1-9 were down 43.4 per cent, and among Chinese visitors 86.5 per cent.

Comments

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

Published

on

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.

(more…)
Continue Reading

Economics

Thailand’s slow economic recovery

The speed of economic recovery in Thailand has been slower than neighbouring countries such as Malaysia, Vietnam and China, especially in terms of industrial and service output.

East Asia Forum

Published

on

Thailand’s economic performance in the third quarter of 2020 showed promising signs of recovery amid the ongoing COVID-19 pandemic.

(more…)
Continue Reading

Economics

Thai Exports to grow 4% in 2021

Contributing factors include the recovering world economy and the International Monetary Fund’s (IMF) estimate that the world economy will expand 5.2 percent in 2021 from a contraction of 4.4% this year.

National News Bureau of Thailand

Published

on

iStock-1144933955.jpg

BANGKOK (NNT) – The Department of International Trade Promotion (DITP) forecasts that exports in 2021 will gradually return to expansion mode, based on signs of economic recuperation globally and the distribution of a vaccine to protect people against COVID-19.

(more…)
Continue Reading
Advertisement

Latest

Most Viewed

Subscribe via Email

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

Join 13,565 other subscribers

Trending