The National Economic and Social Development Council (NESDC) reported that GDP rose 2.8% year-on-year in the first quarter.
The first quarter outcome is down from a revised 3.6% in the fourth quarter of last year.
It was the slowest growing pace for Thailand’s economy in 17 quarters.
A weak first quarter combined with intensified downside growth risk leads us to cut our 2019 growth forecast to 3.1% from 3.8%.
THINK Economic and Financial Analysis unit of ING
We expect the Bank of Thailand to join its Asian counterparts in easing with a 25 basis point policy rate cut at the next meeting in June
Thailand’s GDP growth slowed sharply to 2.8% year-on-year in the first quarter of 2019 from 3.6% in the previous quarter.
The MPC recently determined that the economy would expand at a slower pace than the committee’s forecast of 3.8%, largely due to weaker-than-expected merchandise exports and private investment.
Weak domestic demand dents growth
The Office of the National Economic and Social Development Board (NESDB) has indicated that the Thai economic growth in the first quarter was at a sluggish rate of 2.8 percent, prompting the office of revise down its 2019 Thai economic forecast to 3.3-3.8 percent from 3.5-4.5 percent.
A spike in the political risks surrounding the general election weighed on the domestic economy with nearly half of the slowdown in headline growth coming from private consumption and the rest from investments.
Thailand relaxes COVID-19 measures to help revive economy
During the past couple weeks, new infection cases have been down from roughly 20,000 daily cases to 17,000 -19,000. Moreover, the number of daily discharges is exceeding infections, which has led to the conclusion that the situation is improving.
Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.(more…)
Southeast Asia to relinquish its lead over Latin America says Moody’s
While the emerging economies of Southeast Asia have outperformed their counterparts in Latin America for most of the past two decades, their lead will slide in the next few quarters as Southeast Asian governments clamp down to fight the pandemic’s lingering second and third waves.
The Delta surge is casting larger clouds over the global recovery and emerging markets are in the thick of it. Despite the ebbing of the coronavirus variant in India, where it first emerged, its spread in Southeast Asia, Africa, and the Middle East has steepened the road to recovery in these regions.(more…)
Thailand Raises Public Debt Ceiling from 60% to 70% of GDP
Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60%...
Thailand Approves Package to Attract Wealthy Foreigners and Professionals
Thailand’s Cabinet has approved an economic stimulus and investment promotion package aimed at attracting wealthy foreigners and highly skilled professionals...
The Role of Telemedicine Today: During and Beyond the COVID-19
Lockdowns, quarantine periods, and hospitals fast filling to the brink needed the medical community to come up with solutions fast....
Malaysia, Thailand banks to join the ASEAN Banking Integration Framework
Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to...
Climate Change Could Force 49 Million People to Migrate in East Asia and the Pacific
Out-migration hotspots in agricultural areas of central Thailand and Myanmar coincide with areas expected to see declines in both water...