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Thai private sector expects better economic recovery in Q4

The JSCCIB now expects the Thai economy in Q4, 2020 to continue recovering, with the annual performance this year expected to shrink to within the margin of -7 to -9 percent.

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BANGKOK (NNT) – The Thai economy is receiving a boost from government aid measures and improved export sector performance.

From this, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is now projecting better economic growth for the final quarter of this year.

Mr Kalin Sarasin, chairman of the Thai Chamber of Commerce and JSCCIB, has revealed the JSCCIB assessed the Thai economy in late Q3 this year and noted a positive response to the recovery of the agricultural sector and industrial sector, including the manufacturing of automotive parts, computers and parts, and plastic beads, in line with global trends.

This situation has resulted in improved export sector performance in September.

The JSCCIB has acknowledged recovered domestic spending thanks to the government’s stimulation measures, including tourism subsidies and co-pay campaigns which help inject more cash into the economy.

The JSCCIB now expects the Thai economy in Q4, 2020 to continue recovering, with the annual performance this year expected to shrink to within the margin of -7 to -9 percent.

The joint committee has noted however the severe second wave of COVID-19 cases in many countries poses a significant risk and has advised the government to provide additional assistance measures to hotel businesses by establishing a fund for the purchase of competitive hotels. The JSCCIB has already set up a committee for an in-depth study of this matter.

The joint committee also asked the government to expedite the disbursement of its spending to within 30 days of formally receiving the items, projects, or services, in order to help improve the fluidity of contracted companies.

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Recovering global trade supports APAC economies but Tourism exposure will temper Thailand’s rebound

The direct contribution of travel and tourism to Thailand’s economy was around 10% of GDP before the pandemic, but the economic repercussions of a significant slowdown are more widespread given a large informal tourism sector.

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Export growth better-than-expected in December 2020. However, amid the second wave of COVID-19 infections, exports could fall below previously forecasted levels in 2021.

Moody’s Investors Service says in a new report that a resurgence in coronavirus cases along with low vaccination rates in Asia Pacific (APAC) pose renewed risks to domestic demand, although recovering global trade will support the region’s more export-oriented economies.

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Economics

Thai Government Plans to Increase 2022 Investment Budget by 90 Billion baht ($2.84 bln)

According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of GDP, the government would need to borrow 700 billion baht to offset the deficit.

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BANGKOK (NNT) – The Budget Bureau notes that the Thai government plans to increase its investment budget by 90 billion baht in the fiscal year 2022, in compliance with a law related to state financial and fiscal discipline.

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