Thai economic committee warns about stagnant growth in second half of 2019
The Joint Standing Committee on Commerce, Industry and Banking says they’re concerned by threats to the performance of the Thai economy in the second half of this year.
The office says the lack of stimulating factors and the project of an ever-stronger baht will stifle economic expansion and the economy will fail to reach targets.
The JSCCIB President Preedee Daochai says the Thai economy remains in a weak condition – shrinking exports across all sectors, except gold. He says there will be slowed expansion in industrial manufacturing, investment and private consumption.
“Although tourism is increasing compared to last year, that’s partly due to last year’s base being rather low.”
He believes the Thai economy for the rest of 2019 will be under a lot of pressure.
“The strained global economy due to the US-China trade war will continue to affect us, as well as the trade dispute between Korea and Japan, Brexit issues and the stronger baht. These factors will slow down our exports and possibly tourism for the rest of 2019.”
“Meanwhile, domestic consumption is likely to be affected by drought and the floods in the North and Northeast.”
“The government’s economic stimulus package and crop price guarantee policy may help a bit, but these policies usually take time before we can see substantial economic impact.”
