Connect with us

Economics

Thailand’s GDP growth at 1.5%, central bank says

Thailand’s gross domestic product GDP growth this year is expected to rise to 1.5%, according to the Bank of Thailand latest statement. That is 50% less than the 3% previous forecast of the BOT in February 2014.

Daniel Lorenzzo

Published

on

Thailand’s gross domestic product GDP growth this year is expected to rise to 1.5%, according to the Bank of Thailand latest statement. That is 50% less than the 3% previous forecast of the BOT in February 2014.

The Bank of Thailand spokesperson  Rung Malikamas  said the central bank’s GDP growth projection of 1.5% might be low when compared to  over 2% growth  forecast by other agencies.

Despite of different forecasts, all agreed that the economy this year would pick up in the second half, she said.

She also predicted that the last two quarters will see a recovery or a  3.4-3.5% growth, attributing the  growth to disbursement of the 2013 government budget, the timely 2015 appropriation bill, better consumption and investment in the private sector as well as higher consumer confidence.

Thai economy would not face a technical recession as the economy in June was starting to recover, resulting in the possibility that growth in the second quarter would be better than the first quarter, she added.

120 billion baht ($ 3.75Bln) worth of new investment approved

Eighteen projects with a price tag of 120 billion baht were approved at the first meeting of the revamped Board of Investment chaired by General Prayuth Chan-ocha.
The followings are some of the projects approved by the BoI:

The CPF’s cold storage projects in Nakhon Ratchasima, Chachoengsao and Samut Sakhon with each project costing an estimated 900 million baht.

A ceramic plant in Saraburi of Thai Ceramic Industry company with an investment of 1.7 billion baht. The plant will have a capacity to produce 400,000 square metre of ceramic tiles a year.

A 1.9 billion baht glass bottle production plant in Saraburi with a capacity to produce 1,565 million bottles for food and drinks industries.

Laminated steel plate plant in Rayong at an investment cost of 10 billion baht. The plant will produce 450,000 tonnes of laminated steel plate to supply car assembly plants.

A car tyre production plant with an estimated investment cost of nine billion baht in Rayong. The plant is expected to produce 5.8 million car tyres a year.

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 13,632 other subscribers

Trending