BANGKOK (NNT) – Improving world economic conditions and continued government stimuli have brought about the first expansion of Thailand’s export sector, excluding gold, in 12 months at 6.68 percent in December 2020, while the Manufacturing Production Index (MPI) fell year-on-year by 2.44 percent.
Director of the Office of Industrial Economics (OIE) Thongchai Chawalitpichet pointed out that Thailand’s effective control of COVID-19, both among the public and business sectors, helped to reduce the disease’s impact on the industrial economy with demand for products relevant to the virus, such as medical electronics, rubber gloves, pharmaceuticals and food, growing.
The director remarked that confidence would be a major deciding factor moving forward, highlighting the first shipment of COVID-19 vaccines in February and global vaccination efforts as two developments that could spur production and consumption.
He added that government stimulus programs, such as the co-pay scheme and Shop Dee Mee Kuen as well as Rao Chana, will be important in fueling consumption and SME activity to prop up the economy.
World Bank lowers Thai GDP growth outlook to 2.2%
In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.
BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.(more…)
Thailand’s Economy and COVID-19: Five Things to Know
Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.
Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.(more…)
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