Thai economy sees improvement in November

[webfact]

 

By Namo Vananupong

    

BANGKOK (NNT) - The Thai economy has seen improvements during the month of November, compared to the prior month, with growth seen in private sector investment and exports.

 

According to the Bank of Thailand, private consumption was able to expand by 0.9% due to improvements in the domestic COVID-19 situation, the rapid administering of the Covid vaccine, and the relaxation of restriction measures imposed to curb the spread of Covid. Economic activity, consumer confidence, and household income all experienced a recovery. Household spending was given a boost by stimulation measures such as the State Welfare Card, the Co-pay purchase subsidy program, and the We Travel Together tourism promotion campaign.

 

Private sector investment rose by 1.3% due to investments in machinery and equipment and construction spending. Exports rose by 2.9% due to improved performance in almost every export category, which the BOT attributed to the recovery of trading partners’ economies and the ramping up of manufacturing to meet orders – especially in the automobile industry – that have early been left unfulfilled.

 

The central bank noted that the number of foreign tourists rose after the government reopened the country to international tourists on November 1. However, the overall number of tourists remained unsubstantial as many countries still imposed curbs on international travel.

 

Chayawadee Chai-Anant, senior director for the BOT’s Corporate Communications Department, expressed her belief that the spread of the Omicron variant of coronavirus will not have much impact on the target number for foreign visitors in 2022, as more foreign tourists are expected to arrive in the latter half of the year rather than in the first half. She revealed that the central bank’s forecast is currently for the Thai economy to expand by 3.4% in 2022.

 

-- © Copyright NNT 2022-01-01

 

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[RichardColeman]

5 minutes ago, webfact said:

Chayawadee Chai-Anant, senior director for the BOT’s Corporate Communications Department, expressed her belief that the spread of the Omicron variant of coronavirus will not have much impact on the target number for foreign visitors in 2022, as more foreign tourists are expected to arrive in the latter half of the year rather than in the first half.

She seems completely oblivious of how foreign people actually plan their annual holidays ! They are not going to be booking expensive holidays on a wing and a prayer that Thailand may or may not be open and that they may or may not have to be  jumping though more hoops than a X-factor dog act

[Gsxrnz]

After allowing for adjustment to the numbers for inflationary effects, plus the margin of error in their um......robust data collection process, the truth is probably closer to a 20% decline in the economy from 2019.

 

 

[Eric Loh]

If Thailand decide to legalize casino this year, it will boost direct investments and provide a confident bounce for the domestic economy. Likely to be more than 1 casino and should contribute much to Thailand GDP. Singapore 2 casinos contribute 1.5-2% to GDP. It is a significant revenue contribution for Thailand and the jobs creation will be enormous. I think it is important that casino be legalized with the backdrop of Thailand frail economy next couple of years. 

[jacko45k]

3 hours ago, Eric Loh said:

If Thailand decide to legalize casino this year, it will boost direct investments and provide a confident bounce for the domestic economy. Likely to be more than 1 casino and should contribute much to Thailand GDP. Singapore 2 casinos contribute 1.5-2% to GDP. It is a significant revenue contribution for Thailand and the jobs creation will be enormous. I think it is important that casino be legalized with the backdrop of Thailand frail economy next couple of years. 

Disagree, keep the blood-suckers out!

[Eric Loh]

20 minutes ago, jacko45k said:

Disagree, keep the blood-suckers out!

Don’t be naive, blood-suckers are already knee deep in and for a long time. 

[sandyf]

12 hours ago, RichardColeman said:

She seems completely oblivious of how foreign people actually plan their annual holidays ! They are not going to be booking expensive holidays on a wing and a prayer that Thailand may or may not be open and that they may or may not have to be  jumping though more hoops than a X-factor dog act

Thailand has little interest in how foreign people plan their holiday, something that you and others are oblivious to. They do not need whinging foreigners to grow the economy, it can help but not essential.

Why on earth do people on this forum think only they have the answer to whatever problem arises.

[RichardColeman]

1 hour ago, sandyf said:

Thailand has little interest in how foreign people plan their holiday, something that you and others are oblivious to. They do not need whinging foreigners to grow the economy, it can help but not essential.

Why on earth do people on this forum think only they have the answer to whatever problem arises.

Probably as the TAT spout 14,000,000 tourists this year, and an expected growth 4% (with tourism) and no omicron worries - their words not mine.  Yes Thailand will have some growth, most countries will, but Thailand growing continually at 0.5 to 1% a year is detrimental to their economy, not positive

[sandyf]

2 hours ago, RichardColeman said:

Probably as the TAT spout 14,000,000 tourists this year, and an expected growth 4% (with tourism) and no omicron worries - their words not mine.  Yes Thailand will have some growth, most countries will, but Thailand growing continually at 0.5 to 1% a year is detrimental to their economy, not positive

"Detrimental" is nothing more than a falang perspective and the bulk of the Thai population would disagree. 

Whinging foreigners reinforce that opinion every day.