Connect with us

Economics

EXIM Bank forecasts Thai exports growth as high as 4 per cent in 2021

Boris Sullivan

Published

on

EXIM Thailand President said that the Bank has forecasted Thai export growth of as high as 4%
in 2021 attributable to a short-term recovery of global trade and economy from a low base of -10%.

Such growth may not be so high as that in 2019 and tends to slow down in the current context and amid the increasing international restrictions.

Coupled with the opportunities for Thai export to new frontiers less affected by the COVID-19, Thai economy tends to recover faster than several countries around the world.

According to IMF, of 195 countries/territories, 60 countries/territories or only around 1/3 of all those countries/territories will record 2021 GDP higher than or equal to that in 2019.

This has reflected the tendency of these countries’ consumer behavior and demand for import of goods to return to normalcy.

Among those countries/territories, nine are top 20 export markets of Thailand which are China, Malaysia, Indonesia, CLMV (Cambodia, Lao PDR, Myanmar and Vietnam), South Korea and Taiwan.

Major export goods from Thailand to these markets comprise such industrial products as plastic resin, refined oil, chemicals, cosmetics, soap and skin care products, and such agricultural and processed agricultural goods as fresh fruits, rubber, sugar, tapioca products and beverages.

The latest statistics of Thai export in September 2020 showed a contraction of only 3.9%, the lowest contraction in 5 months. Thai export in the first 9 months of 2020 contracted by 7.3%, lower than those of several peer countries like Japan, South Korea, Singapore and India.

Comments

Economics

Thai economy to grow 4% in 2021 following 6.5% decline in 2020

The World Bank is now expecting the Thai economy to see 4% growth this year, and a 4.7% growth in 2022, despite current challenges from the new wave of COVID-19 infections.

Olivier Languepin

Published

on

Crowded downtown area in Bangkok

The World Bank now expects that the Thai economy to expand by 4 per cent in 2021, according to the latest World Bank Thailand Economic Monitor report “Restoring Incomes, Recovering Jobs” released on Wednesday (Jan 20).

(more…)
Continue Reading

Banking

BoT sees mild impact of new COVID-19 wave on the economy

The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.

(more…)
Continue Reading

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

Latest

Most Viewed

Subscribe via Email

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

Join 13,609 other subscribers

Trending