Thai Economy Returns to Growth on Tourism, Outlook Maintained

[snoop1130]

 

BANGKOK (NNT) - The economy returned to growth in the fourth quarter of 2021, rebounding more quickly than expected on robust exports and a recovery in domestic activity. This followed an easing of coronavirus curbs and came as borders reopened to foreign visitors.

 

The government maintained its economic growth outlook at 3.5-4.5%, counting on a limited impact from the Omicron-driven coronavirus outbreak, stronger domestic demand, a recovery in tourism and continued support from exports and public investment.

 

In 2021, the economy grew 1.6% after a 6.1% contraction in 2020.

 

Data from the National Economic and Social Development Council showed it expanded a seasonally adjusted 1.8% in the December quarter from the previous three months, outstripping a forecast 1.4% increase in a Reuters poll, and after a revised seasonally adjusted 0.9% contraction in the third quarter.

 

From a year earlier, gross domestic product (GDP) grew 1.9% in October-December, beating a forecast 0.7% rise, and against a revised 0.2% contraction in the previous three months

 

The government also resumed a quarantine waiver for foreign tourists this month to help its vital tourism sector, which normally accounts for about 12% of GDP.

 

Exports, a key driver of growth, jumped 21.3% in the December quarter from a year earlier while private consumption rose 0.3%. There were about 340,000 foreign tourists in the fourth quarter of 2021, up from 45,000 in the previous three months.

 

The state planning agency expects 5.5 million tourists in 2022, up from a forecast of 5 million in November.

 

-- © Copyright NNT 2022-02-19

 

- Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

[Mavideol]

 

3 minutes ago, snoop1130 said:

The government maintained its economic growth outlook at 3.5-4.5%,

wonder if they have some dream catcher at their office.... wishful thinking/hoping 555

[stigar]

Because of ur hospitels etc etc...Let the tourists pay...Just anoher try to make thai bath higher.

I lost 600.000 bath in 97 because ur fake news.You took my savings.

[DLock]

Economy driven by 1 night "Test and Go" tourist arrivals.

 

January will be low and February will be somewhere in between.

 

Not even close to a "recovery".

 

The risk for COVID infection is now for arriving tourists...not for people living here.

 

Open it up.

[DezLez]

38 minutes ago, Mavideol said:

 

wonder if they have some dream catcher at their office.... wishful thinking/hoping 555

No.

I suspect it is just that old cracked crystal ball they have been using for some years now!

[ThailandRyan]

I see they have been smoking the Hopium again.....

[Daithi85]

1 hour ago, stigar said:

Because of ur hospitels etc etc...Let the tourists pay...Just anoher try to make thai bath higher.

I lost 600.000 bath in 97 because ur fake news.You took my savings.

You seem to have a lot of bad look here in Thailand. 

[stigar]

10 minutes ago, Daithi85 said:

You seem to have a lot of bad look here in Thailand. 

Yeah...lost about 5 million all together...to my exwife.Build a house..bougth car etc etc.And on top lost 600,000 to the bank.

[CartagenaWarlock]

Not sure what is driving it, but I see Baht is getting stronger and stronger vs US dollar. What/Who is causing the purchase pressure on baht? The IMF prediction for 2022 for Thailand is here 

[CartagenaWarlock]

2 hours ago, Mavideol said:

wonder if they have some dream catcher at their office.... wishful thinking/hoping 555

The are in-line with IMF predictions. 

[Daithi85]

25 minutes ago, stigar said:

Yeah...lost about 5 million all together...to my exwife.Build a house..bougth car etc etc.And on top lost 600,000 to the bank.

Hope you have better luck in the future. 

[stigar]

30 minutes ago, Daithi85 said:

Hope you have better luck in the future. 

Thank you.New lady 2 year ago.A really good lady.she shows me really love.Took 5-6 years before just friends until more

[zzaa09]

Oh dear.

The make believe indoctrinations and promotions about all things tourism related. 

More fallacy than not. 

[hotchilli]

14 hours ago, Mavideol said:

 

wonder if they have some dream catcher at their office.... wishful thinking/hoping 555

Just a pair of these.

[sammieuk1]

Lub your growth chart or is it the covid chart ????

[mjakob007]

15 hours ago, Mavideol said:

 

wonder if they have some dream catcher at their office.... wishful thinking/hoping 555

Its all those 0.2% THC hemp in use,

creative & wishful thinking, thereafter

[mjakob007]

13 hours ago, CartagenaWarlock said:

but I see Baht is getting stronger and stronger vs US dollar.

Am baffled as well.

I could only think of pressure on $/EUR/GBP from Russian tensions.

 

 

[JonnyF]

Growth from last year when tourism was pretty much wiped out? 

 

Still massively down on 2019, and will be for the foreseeable future.

[Enzian]

So it grew 1.6% in '21 from the lower base of '20, meaning they only caught up a quarter of the fall in '20. So they still have to regain that other 3/4 before they can claim they are getting ahead. 

The baht has gained a little against the dollar in the past couple of weeks, but how is it doing against currencies in the world that are managed responsibly, if there are any left? 

[NoshowJones]

20 hours ago, stigar said:

Yeah...lost about 5 million all together...to my exwife.Build a house..bougth car etc etc.And on top lost 600,000 to the bank.

Where the bank is concerned, anyone who loses money like that today will only have himself to blame. Thai banks are dodgy, they did not lower their responsibility from 5 million to one million for no reason.

Anyone who keeps more money in Thailand than they need for normal living expenses is off their head, anyone with even a bit of common sense will leave their the bulk of their money in their home countries bank.

[berrec]

23 hours ago, Mavideol said:

 

wonder if they have some dream catcher at their office.... wishful thinking/hoping 555