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.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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