GDP
- Economy News
Thailand’s GDP forecast to fall up to 9% this year
Thailand’s GDP is set to fall 7-9%, year-on-year, according to the Joint Standing Committee on Commerce, Industry and Banking. The fall is, not surprisingly, being fallout from the catastrophic drop in tourism and lower exports. Kalin Sarasin, chairman of the Board of Trade of Thailand, says the expected contraction was revised downwards from 5-8%. The committee also predicted exports would drop…
- Covid-19 News
Thai economy won’t need a bailout from the IMF
The Thai economy won’t need a bailout from the International Monetary Fund, although the GDP growth for 2020 may end up being the lowest in the region. The Governor of the Bank of Thailand, Veerathai Santipraphob says the Thai economy is “strong enough”. Speaking at a seminar entitled “Post-Covid Economic Direction”, Veerathai noted that, although Thailand has managed to control…
- World News
Singapore drops into an official recession
Singapore, an early success story in Covid-19 containment, has now dropped into technical recession after an official second quarter report of negative growth. The Singaporean economy plunged 41.2% quarter-on-quarter, with the country’s trade-dependent economy battered by the Covid-19 crisis in the South East Asian region. Finance authorities are flagging that they expect Singapore’s GDP to shrink between 4 – 7% this…
- Covid-19 News
World travel business faces slow recovery – UN report
Plenty of businesses are suffering and recovery will be slow, and lumpy. One of the hardest hit, and probably one of the most difficult industries to re-start, is the world travel business. Hotels, airlines, tour companies, travel agencies and online booking systems… and the millions of people employed to make all those work together as a working machine. Now a…
- Covid-19 News
Standard Chartered Bank forecasts 2 year economic recovery for Thailand
Standard Chartered Bank says that it remains conservative on Thailand’s economic outlook, even though signs are emerging with the possibility of a further policy rate cut to below 0.25%. Their latest report forecasts a return to pre-Covid levels could take more than 2 years depending on improving business sentiment as the economy reopens, noting that the government has been disbursing…
- Covid-19 News
Bank report predicts extended timeframe for Thai tourism recovery
As the severity of the current situation facing Thailand’s lucrative tourism industry starts to sink in, Kasikorn Bank Research Centre have released a report with some stark predictions. Thailand’s tourism and hospitality industry faces losses of 1.69 trillion baht in 2020 and recovery “may not be clearly evident” next year. The report also foreshadows strict ‘new normal’ procedures as government measures…
- Covid-19 News
Thailand’s GDP to contract up to 5% for 2020 – business thinktank
Thailand’s GDP is expected to contract between 3-5% for 2020, and exports by up to 10%. The predictions from Suphan Mongkolsuthee, president of the Federation of Thai Industries and chairman of the private sector joint committee. He also believes that the Thai economy has probably reached its ‘low point’ and will start recovering from now. He said that, as the…
- Covid-19 News
Government proposes plans on how to stablise Thailand’s GDP
In a bid to tackle the economic effects of the Covid-19 pandemic on the Thai economy, a proposal has been put forward by the Government’s Monetary and Fiscal Committee to preserve the ratio of public debt to gross domestic product by raising the budget cap and/or adjusting debt settlements. Finance Minister Uttama Savanayana says “after a meeting with the committee yesterday, they…
- Economy News
BOT predicts 5.3% contraction in Thai economy for 2020
Even the Thai economy, which was still maintaining respectable growth before January, is now spluttering under the siege of the Covid-19 virus. Now the Bank of Thailand has crunched some numbers and believes the Thai economy will sharply contract by 5.3% this year as the virus continues to weigh on global financial markets, the local economy and people. GDP growth…
- Hot News
Baht will continue to remain strong throughout 2020
The Thai baht will continue to maintain its strength for the rest of 2020. It will remain strong, propelled by the increased surpluses in the Thai current account and the country’s trade balance. Kobsidthi Silpachai, KBank’s head of capital markets research, predicts that the Thai baht will float around 29.75 against the US dollar for the first half of 2020,…
- Economy News
Sit down, shut up and hang on – The Asian century is here
GRAPHIC: paragkhanna.com In the nineteenth century, the world was ‘Europeanised’. In the twentieth century, it was ‘Americanised’. This century it is all about being ‘Asianised’. With more than half of the world’s population, Asia has gone swiftly from low to middle-income status in a single generation. Today, its global share of trade grows quickly, along with capital, people, knowledge, transport,…
- Economy News
Thailand’s growth forecasts for the rest of 2019 slashed again
Following their most recent meeting, the Joint Standing Committee on Commerce, Industry and Banking has announced Thailand’s economic growth this year has been revised downward to between 2.7 – 3.0% from the previous projection of 2.9 – 3.3%. It has also revised down its prediction of this year’s exports to between minus 2 – 0%. The committee says the revised…
- World News
China’s exports fell last month in lead up to next month’s trade talks
China’s exports fell 1% on-year last month amid the bruising trade war with the US that is disrupting markets in the world’s top two economies. The drop comes after a surprise 3.3% rebound in July despite the year-long battle with the US and weakening global demand. But economists cited by Bloomberg had forecast a 2.2% rise ahead of the release of…
- Economy News
What goes up must come down – the battle of the baht
Newton’s law looms over the Thai baht. Meanwhile, the Thai baht continues to be the best performing currency in Asia. The Thai currency is riding a 6-year high against the USD and, this year, has surged 8% against the US currency. But the strong baht is causing knock-on effects to the rest of the Thai economy, battering exports and stifling tourist…
- Politics News
Thai finance minister confident GDP will pick up next quarter
Deputy PM Somkid Jatusripitak says he is confident Thailand’s gross domestic product will pick up in the fourth quarter as a result of the launch of 316 billion baht economic stimulus package from the Thai government. He claims the new rice price guarantee scheme will also assist the agricultural sector. The Cabinet approved the new packages at its Tuesday meeting.…
- Business News
Growth of Thai economy lowest in nearly five years
PHOTO: Supply Chain Asia The Thai economy registered growth of just 2.3% in the second quarter of 2019, compared with 2.8% in the first quarter. This is the lowest rate of growth in 19 quarters, according to Tossaporn Sirisamphan, secretary-general of Thailand’s economic think-tank, the National Economic and Social Development Board. Tossaporn warns that although the situation is not yet…
- Business News
Somkid blames sluggish formation of Thai government for GDP downgrading
Deputy PM Somkid Jatusripitak is saying the delay in forming Thailand’s next government caused the downgrading of the country’s GDP projections from 3.8% to 3.3%. The Bank of Thailand downgraded their forecasts at a meeting this morning. But Somkid noted that he was confident that Thailand’s GDP growth will pick up again once the new cabinet had been announced and…
- Business News
Trying to find a pulse in Thailand’s economic health
Thailand’s economy is south-east Asia’s wounded soldier as the newly elected Thai government tries to boost confidence and stimulate the economy after five years of military rule. Certainly the past 12 months have been the most challenging. GDP growth hit a four-year low of 2.8% for Q1 2019 and exports remain weak. Despite having unlimited power for half a decade,…
- Business News
World Bank downgrades Thailand’s 2019 GDP growth to 3.8%
The World Bank is downgrading Thailand’s growth projections to 3.8% from 3.9% for 2019. This compares to last year’s 4.1% GDP. The Bank says that export growth has shrunk to 5.7% from last year’s 5.9%. The World Bank’s senior economist for Thailand, Mr. Kiatpong Ariyapratya, says that the Word Bank also projects that Thailand’s growth rate for next year would…
