Top Thai business groups see GDP growth of 2.5%-3% this year

 

A girl walks past a Skytrain (Bangkok Mass Transit System) construction site in Bangkok, Thailand May 13, 2018. Picture taken May 13, 2018. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Leading business associations in Thailand on Wednesday projected an economic growth of 2.5%-3.0% this year, as Southeast Asia's second-largest economy faces a global slowdown and volatile exchange rates amid heightened Iran-U.S. tensions.

 

Exports, a key driver of growth in Thailand, may not post an increase or could even contract as much as 2% this year, according to a joint statement of the Federation of Thai Industries, the Thai Bankers' Association, and the Thai Chamber of Commerce and the Board of Trade of Thailand.

 

"In 2020, the economy still faces several negative factors, such as a global slowdown, with tensions in the Middle East and severe drought adding to the pressure," Kalin Sarasin, president of the joint business group, told reporters.

 

The group is asking the government to speed up spending and prepare measures to tackle drought and to ensure moves in the baht <THB=TH> will not affect trade competitiveness, Kalin said.

 

For 2019, the group predicted gross domestic product (GDP) to grow 2.5%, which would be the weakest in five years, rather than expand 2.7%-3.0% seen earlier.

 

Thailand's official GDP data for 2019 is due on Feb. 17.

 

-- © Copyright Reuters 2020-01-08

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"In 2020, the economy still faces several negative factors, such as a global slowdown, with tensions in the Middle East and severe drought adding to the pressure," Kalin Sarasin, president of the joint business group, told reporters.

 

And the incompetence of the proxy junta in charge of the country , was missed out.

2 hours ago, legend49 said:

And the incompetence of the proxy junta in charge of the country , was missed out

Intentionally.

Im calling less than 2%.  Im calling that on a likely global recession late year, on pollution and poor environmental impact, poor management and policies which are deterring foreigners from visiting, relocating or investing and massive Chinese debt.  Lets see whose right.  Me or the 'experts'.

I guess the government wasn’t listening to them.  Today the Baht started moving higher again...