Connect with us
Welcome to Long An

Economics

BoT says Thailand’s economy to shrink by 5.3 per cent in 2020

The Covid-19 crisis could throw Thailand into a deep recession next year according to the central bank’s latest data release.

Olivier Languepin

Published

on

Due to the coronavirus (COVID-19) outbreak, the Thai economy would contract significantly in 2020 and headline inflation would become negative, said the Bank of Thailand in a Press Release.

According to the Bank of Thailand’s latest data release, Thailand’s GDP could contract by 5.3 per cent in 2020, a sharp lowering from its 2.8 per cent previous projections in December.

Nonetheless, the financial system was sound overall, with financial markets starting to function normally. Headline inflation is also forecast to contract in negative value with -1 per cent instead of 0.8% previous projections.

Policy rate at 0.75 percent

The Committee viewed that targeted measures designed to address liquidity needs would be of great importance. Most members thus voted to maintain the policy rate at this meeting. However, two members voted to cut the policy rate by 0.25 percentage point due to the significant economic contraction.

The Committee viewed that the Thai economy would markedly contract in 2020 as tourist figures and merchandise exports were severely affected by the COVID-19 outbreak, the slowdown of trading partner economies, and supply chain disruptions in many countries.

According to data released by the Bank of Thailand, tourism is now down from 100 000 to a mere 1,800 daily entries.

For 2021, Thailand’s central bank expects the economy to bounce back with growth of 3 per cent. 

Advertisement
Comments

Economics

EAP Countries Brace for Economic Shock of COVID-19

Growth in the developing EAP region is projected to slow to 2.1 percent in the baseline and to negative 0.5 in the lower case scenario in 2020, from an estimated 5.8 percent in 2019.

World Bank

Published

on

The virus that triggered a supply shock in China has now caused a global shock. Developing economies in East Asia and the Pacific (EAP), recovering from trade tensions and struggling with COVID-19, now face the prospect of a global financial shock and recession.

(more…)

Continue Reading

Economics

Thai Cabinet approves Measures to Ease Economic Impact of COVID-19

The Thai government has approved Phase Two of a series of financial and fiscal relief measures to mitigate the negative economic impact on employers and employees in the sectors most affected by the outbreak of COVID-19

Boris Sullivan

Published

on

To mitigate the negative economic impact on employers and employees in the sectors most affected by the outbreak of COVID-19, the Thai government has approved Phase Two of a series of financial and fiscal relief measures.

(more…)

Continue Reading

Economics

Thailand’s Poverty on the Rise Amid Slowing Economic Growth

Between 2015 and 2018, the poverty rate in Thailand increased from 7.2 percent to 9.8 percent, and the absolute number of people living in poverty rose from 4.85 million to more than 6.7 million.

World Bank

Published

on

Thailand has successfully reduced poverty over the past three decades from over 65 percent in 1988 to under 10 percent in 2018. However, the growth of household incomes and consumption growth both have stalled nationwide in recent years.

(more…)

Continue Reading

Must Read

Upcoming Events

Mon 06

26th World Cardiology Conference – Bangkok

April 6 @ 8:00 am - April 7 @ 5:00 pm BMT
Wed 08

Global Public Health 2020

April 8 @ 8:00 am - April 9 @ 5:00 pm BMT
Mon 13
Fri 17

2nd International Conference on Nanomedicine and Nanotechnology

April 17 @ 9:00 am - April 18 @ 5:00 pm BMT
Aug 21

16th International Expo on Recycling and Waste Management

August 21 @ 8:00 am - August 22 @ 5:00 pm BMT

Press Release

Subscribe via Email

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

Join 12,288 other subscribers

Trending