2019 Thai economy to grow at 3.6%

Tarin Angskul

 

 

BANGKOK, 27 April 2019 (NNT) - The overall Thai economic prospects still see continuous growth potential from private investments and tourism, while the establishment of an elected government will help bring back capital to the market, according to Siam Commercial Bank.

 

Siam Commercial Bank (SCB) Head of Investment Advisory and CIO Sornchai Suneta revealed the Thai economy this year is now expected to grow at 3.6%, showing minor signs of deceleration due to the global economy, after the International Monetary Fund has adjusted the global economic growth projection down to 3.3% due to trade issues between economic superpowers, namely China and the U.S., which affects the Thai export sector which has been showing signs of deceleration since Q1 this year.

 

The main economic driving forces for Thailand this year will be investments from private sector and growing tourism business, while the government’s major investment projects will continue as planned. The government will also issue short-term economic measures which will help raise the general’s public confidence in spending.

 

Thailand’s stock exchanges are currently being affected from the political situation, which will remain temporary as many investors are seeking clarity on the establishment of an elected government. SCB expects the stock exchange to recover to 1,700-1,800 points in the latter half this year due to the new government’s economic measures, including short-term stimuli and industrial investments in the Eastern Economic Corridor.

 

The SCB also expects the Monetary Policy Committee to keep the policy interest rate at 1.75% throughout this year due to decelerating economic performance.

 

-- © Copyright nnt 2019-04-28

16 minutes ago, rooster59 said:

growing tourism business,

After the rare but significant drop of arrivals,  it will sky rocket again!!!

I don't believe any word from whatever Thai bank or Thai institute/organization or department says. Normally it are only lies.

I believe what the world bank or others outside Thailand say, more chance they are right.

I think their fingers might be crossed behind their backs.

the estimates are from a commercial bank related to the government thus intended to bring in investments, saying the contrary would be shooting themselves in the .... Baht is to strong thus no foreign investment will come, tourists are seeking new and less troubled countries to visit, the growth will be much less than their estimates

2 hours ago, RotMahKid said:

I believe what the world bank or others outside Thailand say,

I don't disagree yet only recently the World Bank released a report which from memory suggested 3.8% for Thailand - found it here

https://news.thaivisa.com/article/34539/world-bank-puts-thailands-2019-gdp-growth-at-38-percent

 

I was surprised as there had been another report where 3.6% was mentioned before the WB one.

2 hours ago, RotMahKid said:

I don't believe any word from whatever Thai bank or Thai institute/organization or department says. Normally it are only lies.

I believe what the world bank or others outside Thailand say, more chance they are right.

Today set-index -36% !!

4 hours ago, rooster59 said:

Siam Commercial Bank (SCB) Head of Investment Advisory and CIO Sornchai Suneta revealed the Thai economy this year is now expected to grow at 3.6%,

The Bank of Thailand  lowered its GDP forecast for 2019 from 4% to 3.8% just two weeks ago at about the same time that the SCB’s Economic Intelligence Center reduced its growth projection for the Thai economy this year to 3.6% from a previous expectation of 3.8%.

https://forum.thaivisa.com/topic/1094746-thai-economy-shows-good-performance-scb/?utm_source=newsletter-20190412-0608&utm_medium=email&utm_campaign=news

 

Hopefully BOT got the memo.