Connect with us

Economics

Exports Driven Thai economy likely to expand 7% in 2010

Thailand’s exports surged 37 per cent in the first half of this year with Asia becoming the key export destination in place of the United States and Europe, which are experiencing economic uncertainties.

Avatar

Published

on

cargo export thailand

The Thai economy is projected to continue growing in the rest of the year in tandem with regional economic expansion, according to a top banker.

Bangkok Bank (BBL) president Chartsiri Sophonpanich said the baht would strengthen further in response to the economic growth and in the same direction with regional currencies.

However, state agencies concerned had attempted to oversee the baht to ensure it moves in consistence with other currencies in Asia.

How much the baht will strengthen depends on market conditions, he said, adding that the bank advised its customers to hedge against the currency exchange rate risk to ease impacts of the stronger baht.

Mr Chartsiri said the bank projected its loans would grow 4-6 per cent for the whole year with a focus on extending corporate, business, retail trade, and personal loans.

cargo export thailand

The economy could grow less than expected only in case investments decline in the third and fourth quarters due to a renewed political violence.

Sathit Uthaisiri, advisor to the BBL executive chairman, predicted the Thai economy would expand 7 per cent this year with the first and second quarters seeing the economy grow 12 per cent and 10 per cent in a row.

Export sector would remain a key driver for the economic growth as it is expected to expand 18-20 per cent for the whole of this year.

Thailand’s exports surged 37 per cent in the first half of this year with Asia becoming the key export destination in place of the United States and Europe, which are experiencing economic uncertainties.

The Thai economy is likely to grow rather significantly in a range of 6.4-7.2 per cent this year although the global economy remains
volatile, according to the Thailand Development Research Institute (TDRI).

TDRI research director for macroeconomic development Somchai Jitsuchon said the institute had estimated economic growth for 2010 and 2011 based on
the challenging macroeconomic management.

He said that global economic recovery had been shaken by the debt crisis in Europe. Whether the world economy would continue picking up depends on
the recovery of key economies such as the United States.

The global economic uncertainties could affect Thailand’s economic outlook, he said, however, adding that TDRI remained optimistic the Thai economy
would expand at a rather high rate of 6.4-7.2 per cent this year with the inflation rate staying at 3-3.5 per cent.

via Thai economy likely to continue growing, says Bangkok Bank.

Thailand Ministry of Commerce has set a target to boost export growth by 10-15 per cent next year to ensure the country’s economy expands no less than 7 per cent.

Commerce Minister Pornthiva Nakasai revealed during the occasion of the 90th anniversary of its the establishment, the ministry had adopted a constructive commercial policy to enhance Thailand’s competitiveness under which 10 strategies would be used to fulfill that goal.

They include environmentally friendly business performance, increase added value to goods and services, constructive economy-based business operations, logistics development, and a drive for border trade growth

A main objective is to prepare Thailand to join the ASEAN Economic Community in 2015.

The ministry is determined to drive economic growth of at least 7 per cent next year under the assumption that exports grow 10-15 per cent, the inflation rate stays at 3-3.5 per cent, an increase the value of farm products by 10 per cent and border trade by 10 per cent.

In terms of regional economic integration, ASEAN is a significant market of 580 million consumers, which will benefit from the remarkable economic momentum and progress of China and India.

East Asias fast-expanding role on the world stage has also been underscored by increasing regional economic cooperation, robust domestic consumption and coordinated government stimulus measures.In terms of regional economic integration, ASEAN is a significant market of 580 million consumers, which will benefit from the remarkable economic momentum and progress of China and India.

The target for ASEANs economic integration is 2015.In addition, East Asia of which ASEAN is an integral part has emerged as a new global economic powerhouse in the wake of the 2009 global economic crisis, which resulted in a sharp downturn in consumer demand in the West.In what appears to be a new growth model, East Asia has focused on domestic consumption and intra-regional trade as new solutions.

Boris Sullivan

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 13,605 other subscribers

Trending