Thai economy to grow by 4% in Q3 :DPM Somkid

[webfact]

Thai economy to grow by 4% in Q3 :DPM Somkid

 

BANGKOK, 20 November 2017 (NNT) - The Deputy Prime Minister has expressed confidence that the Thai economy can grow by four percent in the third quarter this year while investments in the Eastern Economic Corridor will start flowing in early next year. 

Deputy Prime Minister Somkid Jatusriphitak said at the 35th Chamber of Commerce seminar that the private sector has been playing an important role in driving forward Thailand's economy. He expressed his confidence that the Thai economy can grow by four percent in the third quarter due to the government’s support for various infrastructure development mega-projects, which will help boost confidence among Thai and foreign investors. 

Meanwhile, investors in foreign countries are now showing their interest in investing in ASEAN countries and Thailand is ready to accommodate the inflow foreign investments, he said. 

I It is expected that the Thai economy next year will continue to expand and it is likely to grow by over four percent due to increasing investment in infrastructure development projects by the government and state sectors.

 

-- nnt 2017-11-20

[Ossy]

3 hours ago, webfact said:

while investments in the Eastern Economic Corridor will start flowing in early next year. 

Whilst confirming these growth figures, the Thailand Business News concluded their piece with an encouraging forecast for the poorer regions in particular:

He went on to confirm that the government will be sticking to its plans to reform the economy not least of which is to provide assistance to low income earners, small and medium enterprises, and to help farmers to strengthen their economic standing.

 

A relative newcomer (2012), there is much I have to learn about the Thai economic scene, including such things as investments in the Eastern Economic Corridor. Can anyone give me a clue as to what these investments might include? I recall the high level talks, about 2 months ago, regarding the huge dam and water transportation joint project with Cambodia and I got the impression that this scheme had been put on hold. What else, of major significance, is happening on the EEC, apart from massive tourism growth, following upgrades to facilities in Pattaya that we've heard so much about, of late?

 

As for the promises of assistance to low income earners, small and medium enterprises, and to help farmers to strengthen their economic standing, I look forward to the first shred of evidence that anything has been done on this less-exciting front.

[webfact]

Economy enjoys fastest quarterly growth since 2013

By The Nation

 

 

Higher-than-expected exports helped the Thai economy to grow at its fastest rate for more than four years in the third quarter.
 

The growth was 4.3 per cent, the highest for 18 quarters, Porametee Vimolsiri, secretary general of the National Economic and Social Development Board said on Monday, while Gross Domestic Product (GDP) grew 1 per cent from the previous quarter.

 

The annual growth rate rose to 12.5 per cent, compared with 8 per cent in the second quarter, he added.Public investment shrank by 2.6 per cent, compared with a contraction of 7 per cent in the previous quarter.

 

Private investment growth slowed to 2.9 per cent compared with 3.2 per cent in the second quarter.

 

Household consumption expanded 3.1 per cent compared with 3 per cent growth rate previously.

 

The state planning agency is now forecasting full-year GDP growth rate of 3.9 per cent, up from the 3.7 per cent growth it had previously predicted.

 

The economy expanded by 3.3 per cent and 3.8 per cent in the first and second quarters respectively.

 

The NESDB projected next year GDP growth rate at 4.1 per cent.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30332039

 

-- © Copyright The Nation 2017-11-20

[brucec64]

So, after 3 lost years, back to the pre coup growth levels of 2014.

Sent from my SM-N950U1 using Thailand Forum - Thaivisa mobile app

[simoh1490]

2 minutes ago, brucec64 said:

So, after 3 lost years, back to the pre coup growth levels of 2014.

Sent from my SM-N950U1 using Thailand Forum - Thaivisa mobile app
 

https://tradingeconomics.com/thailand/gdp-growth

[Eric Loh]

Much in line with rising export of most emerging markets due to better global demand and firming of commodity prices. Still good news. Junta needs all the revenues and new taxes to fund the infrastructure projects and not to buy more military hardware. Should use the extra revenues for boosting the domestic economy and lessen the dependence on the unpredictable export sector. 

[Thai Ron]

This will piss off the Thai bashers something rotten.

[Cadbury]

2 minutes ago, Thai Ron said:

This will piss off the Thai bashers something rotten.

I seriously doubt that Ron. But I would like to offer my small contribution.

This story was in the news just a few days ago. Does it get repeated simply because the military want to brag about it again.

Nothing to crow about really; the truth is the Thai GDP growth figures bounce around all over the place......... quarter to quarter and year to year. So good growth for one quarter means practically nothing. That doesn't stop a bit of military mutual backslapping. Even annual GDP growth figures go up and down like a hookers drawers as can be seen below. Nothing consistent whatsoever. Maybe poor statistical recording.......whatever! The World Bank prediction is for a Thai   GDP growth for the year 2017 as 3.3%. The average GDP growth since 2006 comes out at a lowly 2.9%.

2006	2007	2008	2009	2010	2011	2012
5%	5.4%	1.7%	-0.7%	7.5%	0.8%	7.2%
2013	2014	2015	2016*	2017*
2.7%	0.8%	2.8%	3.2%	3.3%

[idman]

That's right up there with "The checks in the mail." as far as the greatest lies ever told goes.  Why everything is just peachy keen in the Land of Smiles, not a thing to worry about, everybody is just sooo happy.

[Eric Loh]

10 minutes ago, Cadbury said:

The World Bank prediction is for a Thai   GDP growth for the year 2017 as 3.3%.

The World Bank forecast the large Southeast Asian economies (like Thailand, Malaysia Philippines, Vietnam and Indonesia) growth in 2017 will be slightly faster at 5.1 percent in 2017 and 5.2 percent in 2018, up from 4.9 percent in 2016. So the Thai economy growing by 4% is still below World Bank forecast. 

[Thai Ron]

 

17 minutes ago, Cadbury said:

I seriously doubt that Ron. But I would like to offer my small contribution.

This story was in the news just a few days ago. Does it get repeated simply because the military want to brag about it again.

Nothing to crow about really; the truth is the Thai GDP growth figures bounce around all over the place......... quarter to quarter and year to year. So good growth for one quarter means practically nothing. That doesn't stop a bit of military mutual backslapping. Even annual GDP growth figures go up and down like a hookers drawers as can be seen below. Nothing consistent whatsoever. Maybe poor statistical recording.......whatever! The World Bank prediction is for a Thai   GDP growth for the year 2017 as 3.3%. The average GDP growth since 2006 comes out at a lowly 2.9%.

2006	2007	2008	2009	2010	2011	2012
5%	5.4%	1.7%	-0.7%	7.5%	0.8%	7.2%
2013	2014	2015	2016*	2017*
2.7%	0.8%	2.8%	3.2%	3.3%

If they wanna brag about it, let 'em

Unlike so many who appear to have nothing better to do, I don't have the time to sit here cynically criticising everything the government does because it has minimal impact upon my life here.

The military government doesn't give a toss what you or I think - nor should they.

 

Thai GDP over the last few years may not have been spectacular but it pisses on much of what the west has had to offer over the last few years and it's been achieved without the central bank creating trillions in fantasy money to prop up asset prices.

[Cadbury]

8 minutes ago, Thai Ron said:

This will piss off the Thai bashers something rotten (earlier post). Thai GDP over the last few years may not have been spectacular but it pisses on much of what the west has had to offer over the last few years. 

You wouldn't be a farang basher by any chance would you Ron? 

Your comments about "what the west has to offer" is meaningless and I suspect you haven't got a clue yourself what you are meaning. Such a comparison has little relevance. You should be comparing neighbouring country's GDP growth.

Please allow me another bash.

Thailand's GDP growth for 2017 ............3.3%

Vietnam's GDP growth for 2017 ............7.5%.

Cambodia's GDP growth for 2017......... 6.9%

Myanmar's GDP growth for 2017.......... 7.7%

Laos' GDP for growth 2017.....................7.3%

These figures at least mean that these countries GDP's are improving at more twice that of Thailand.

[Happyman58]

46 minutes ago, idman said:

That's right up there with "The checks in the mail." as far as the greatest lies ever told goes.  Why everything is just peachy keen in the Land of Smiles, not a thing to worry about, everybody is just sooo happy.

If anybody can say Thailand is going ahead then you have your head in the sand The only thing going ahead in Thailand are car accidents, corruption, and the junta telling lots of lies

[Happyman58]

14 minutes ago, Cadbury said:

You wouldn't be a farang basher by any chance would you Ron? 

Your comments about "what the west has to offer" is meaningless and I suspect you haven't got a clue yourself what you are meaning. Such a comparison has little relevance. You should be comparing neighbouring country's GDP growth.

Please allow me another bash.

Thailand's GDP growth for 2017 ............3.3%

Vietnam's GDP growth for 2017 ............7.5%.

Cambodia's GDP growth for 2017......... 6.9%

Myanmar's GDP growth for 2017.......... 7.7%

Laos' GDP for growth 2017.....................7.3%

These figures at least mean that these countries GDP's are improving at more twice that of Thailand.

I agree Cadbury chocolate Vietnam and Myanmar and even Laos are leaving the Thai economy behind  My wife is Thai and she is a business lady  She says she has never seen it so bad here . Empty shops, houses empty, infrastructure  falling down, Blind Freddy can see that Maybe  Blind Ronnie can not

[Thai Ron]

25 minutes ago, Cadbury said:

You wouldn't be a farang basher by any chance would you Ron? 

Your comments about "what the west has to offer" is meaningless and I suspect you haven't got a clue yourself what you are meaning. Such a comparison has little relevance. You should be comparing neighbouring country's GDP growth.

Please allow me another bash.

Thailand's GDP growth for 2017 ............3.3%

Vietnam's GDP growth for 2017 ............7.5%.

Cambodia's GDP growth for 2017......... 6.9%

Myanmar's GDP growth for 2017.......... 7.7%

Laos' GDP for growth 2017.....................7.3%

These figures at least mean that these countries GDP's are improving at more twice that of Thailand.

People from those countries aren't on here slagging off and find fault with everything about Thailand, though, are they?

[samsensam]

50 minutes ago, Thai Ron said:

 

If they wanna brag about it, let 'em

Unlike so many who appear to have nothing better to do, I don't have the time to sit here cynically criticising everything the government does because it has minimal impact upon my life here.

The military government doesn't give a toss what you or I think - nor should they.

 

Thai GDP over the last few years may not have been spectacular but it pisses on much of what the west has had to offer over the last few years and it's been achieved without the central bank creating trillions in fantasy money to prop up asset prices.

 

GDP comparison between thailand and western economies is pretty meaningless, better to compare with similar economies in the region. i dont think thailand performs that well in the region as a whole.

[Thai Ron]

4 minutes ago, Happyman58 said:

I agree Cadbury chocolate Vietnam and Myanmar and even Laos are leaving the Thai economy behind  My wife is Thai and she is a business lady  She says she has never seen it so bad here . Empty shops, houses empty, infrastructure  falling down, Blind Freddy can see that Maybe  Blind Ronnie can not

OK well that's it then, innit.

Hapyman58's missus says it's all gone Pete Tong so we can all discount the official numbers.

Just out of interest, which Thai conglomerate or industrial bellwether does your wife head up?

That might help lend credibility to her opinion

[Cadbury]

10 minutes ago, Thai Ron said:

People from those countries aren't on here slagging off and find fault with everything about Thailand, though, are they?

Why would people in other countries "slag off", as you so charmingly put it, because their countries are going gangbusters while Thailand is standing still or as some people seem to think going backwards.

Getting a bit sensitive are we Ron when the feedback you invite from Thai Bashers is not the feedback that you like to hear.

Comments and sometimes criticisms of Thailand are not always what you call "slagging off". Criticisms can sometime be constructive. Take your bitter pill and swallow it like a man.

[Thai Ron]

5 minutes ago, Cadbury said:

Getting a bit sensitive are we Ron when the feedback you invite from Thai Bashers is not the feedback that you like to hear.

Comments and sometimes criticisms of Thailand are not always what you call "slagging off". Criticisms can sometime be constructive. Take your bitter pill and swallow it like a man.

Hahaha

I wasn't "inviting" anything but if I was, wouldn't it be arrogant of a single poster to consider himself as the spokesperson for all those who might take issue with the data in question?

[simoh1490]

2 hours ago, Cadbury said:

I seriously doubt that Ron. But I would like to offer my small contribution.

This story was in the news just a few days ago. Does it get repeated simply because the military want to brag about it again.

Nothing to crow about really; the truth is the Thai GDP growth figures bounce around all over the place......... quarter to quarter and year to year. So good growth for one quarter means practically nothing. That doesn't stop a bit of military mutual backslapping. Even annual GDP growth figures go up and down like a hookers drawers as can be seen below. Nothing consistent whatsoever. Maybe poor statistical recording.......whatever! The World Bank prediction is for a Thai   GDP growth for the year 2017 as 3.3%. The average GDP growth since 2006 comes out at a lowly 2.9%.

2006	2007	2008	2009	2010	2011	2012
5%	5.4%	1.7%	-0.7%	7.5%	0.8%	7.2%
2013	2014	2015	2016*	2017*
2.7%	0.8%	2.8%	3.2%	3.3%

Average ten year GDP growth is a totally meaningless statistic, especially for a developing nation..

[Cadbury]

1 minute ago, simoh1490 said:

Average ten year GDP growth is a totally meaningless statistic, especially for a developing nation..

And the World Bank thinks it is meaningless also and that's why they publish such figures?

Why don't you drop them a line and tell them they are wasting their time publishing GDP growth figures for developing countries. I am sure they will sit up and take notice of you.

[Cadbury]

54 minutes ago, Thai Ron said:

Hahaha

I wasn't "inviting" anything but if I was, wouldn't it be arrogant of a single poster to consider himself as the spokesperson for all those who might take issue with the data in question?

I don't consider myself to be a spokesperson. A number of other people have spoken up and made their contribution on the subject and you have "slagged off" at a few of them also. You do nice work Ron. 

[simoh1490]

7 minutes ago, Cadbury said:

And the World Bank thinks it is meaningless also and that's why they publish such figures?

Why don't you drop them a line and tell them they are wasting their time publishing GDP growth figures for developing countries. I am sure they will sit up and take notice of you.

The point is that only The World Bank thinks that statistic is useful and perhaps from their perspective, it is,  however nobody else on the planet uses that for comparative purposes, apart from you that is!

[Cadbury]

Just now, simoh1490 said:

The point is that only The World Bank thinks that statistic is useful and perhaps from their perspective, it is,  however nobody else on the planet uses that for comparative purposes, apart from you that is!

Nice to know you speak for everyone else on the planet. You must be remarkably insightful.

Not only me that uses them but Thai government conveniently uses GDP growth figures on those occasions they need something to brag about. Refer headline please.

[simoh1490]

Just now, Cadbury said:

Nice to know you speak for everyone else on the planet. You must be remarkably insightful.

Not only me that uses them but Thai government conveniently uses GDP growth figures on those occasions they need something to brag about. Refer headline please.

We were discussing average ten year GDP figures, as you well know!

[amvet]

24 minutes ago, simoh1490 said:

Average ten year GDP growth is a totally meaningless statistic, especially for a developing nation..

Not that I doubt you but why?

[Cadbury]

7 minutes ago, simoh1490 said:

We were discussing average ten year GDP figures, as you well know!

Well please explain why 10 year growth figures don't mean anything. Always happy to learn something from a world economist. The World Bank will also be interested I'm sure. 

[Eric Loh]

9 minutes ago, simoh1490 said:

The point is that only The World Bank thinks that statistic is useful and perhaps from their perspective, it is,  however nobody else on the planet uses that for comparative purposes, apart from you that is!

Perhaps it’s only me but I find the table informative to conclude that the GDP dropped quite dramatically following the coups in 2006 and 2014. I will use that information to also conclude that coups are economic disasters. 

[simoh1490]

4 minutes ago, amvet said:

Not that I doubt you but why?

Because an average over ten years is too long of a period to be useful or meaningful, most people want to understand the relationship between current GDP and previous year to determine the direction of an economy. Typical GDP comparisons are based on year on year comparisons and that's the convention that's most often used.

[simoh1490]

1 minute ago, Eric Loh said:

Perhaps it’s only me but I find the table informative to conclude that the GDP dropped quite dramatically following the coups in 2006 and 2014. I will use that information to also conclude that coups are economic disasters. 

I agree, seeing what past year GDP figures were is useful, however an average of 10 past years GDP is pointless.