2022 Thai GDP growth expected at 3%: SCB

[snoop1130]

 

BANGKOK (NNT) - Siam Commercial Bank’s Economic Intelligence Center has readjusted up its projection for Thailand’s GDP growth at 3% this year and 3.7% next year, thanks to the recovery of tourism and private consumption.

 

Mr. Somprawin Manprasert, SCB’s First Executive Vice President, Chief Economist, and Chief Strategy Officer of the Economic Intelligence Center said the adjustment was made to reflect the revenue from the tourism and related sectors, and continuous growth in private consumption.

 

According to the EIC, Thailand is expected to welcome 10.3 million international visitors this year, and 28.3 million international visitors next year.

 

The EIC expects however for the Thai economy to take another 2 years to recover at full speed, and for the country’s Monetary Policy Committee to further raise the policy rate at increments of 0.25%.

 

The Monetary Policy Committee is expected to make these changes in September and November, making the policy rate reached 1.25% towards the end of this year. The committee is expected to readjust the policy rate three times next year until the rate reaches 2%.

 

Thailand’s economy continues to face challenges from the global economic slowdown, particularly in the United States and European Union which suppresses the country’s exports and investments. The zero-Covid policy and property crisis, together with the high inflation rate affecting the purchasing power of households and businesses, have contributed to higher than the expected economic slowdown in China. Uncertainties in Thailand’s politics may affect the confidence in the manufacturing and investment sectors, making it necessary for the government to continue providing help to the vulnerable population.

 

Full Story: https://thainews.prd.go.th/en/news/detail/TCATG220915121559743

 

-- © Copyright NNT 2022-09-14

 

- Cigna 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.

 

Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more!

[ThailandRyan]

7 minutes ago, snoop1130 said:

According to the EIC, Thailand is expected to welcome 10.3 million international visitors this year, and 28.3 million international visitors next year.

High hopes they have, very high hopes and expectations.....hope they don't get egg on there faces.

[spidermike007]

What does a number like this represent? Compared to 2021? Huh? How many tourists visited Thailand last year? How many restaurants, bars, pubs, clubs, massage shops, spas, and industries were shut down? 

 

These numbers they keep trotting out show a spectacular level of desperation and fear. They mean next to nothing. How about comparing 2019 to 2022? For the sake of integrity and fairness? 

 

 

[spidermike007]

6 minutes ago, ThailandRyan said:

High hopes they have, very high hopes and expectations.....hope they don't get egg on there faces.

They already have so much egg on their faces, they resemble walking human omelets! Have you seen Prawit lately? 

[zzaa09]

46 minutes ago, spidermike007 said:

What does a number like this represent? Compared to 2021? Huh? How many tourists visited Thailand last year? How many restaurants, bars, pubs, clubs, massage shops, spas, and industries were shut down? 

 

These numbers they keep trotting out show a spectacular level of desperation and fear. They mean next to nothing. How about comparing 2019 to 2022? For the sake of integrity and fairness? 

 

 

I can imagine that these figures wouldn't be so rosy if they were to examine the real everyday [local] working economies.

[RichardColeman]

13 hours ago, snoop1130 said:

According to the EIC, Thailand is expected to welcome 10.3 million international visitors this year, and 28.3 million international visitors next year.

It's September and they are creeping along at about 5 million. They will get 8 at best. Next year will undoubtedly be better, but I still think only 15 million. There is still too much concern about covid, inflation and interest rates for a big 2023

[mikebell]

I expect the UK pound to be worth 60 baht by the end of the month.

[ThailandRyan]

17 minutes ago, mikebell said:

I expect the UK pound to be worth 60 baht by the end of the month.

The USD however is very close to 37Thb.........maybe, just maybe more Americans might come, but with airfares climbing as well my family has decided to stay home this Christmas and go to the Cabin since no one can afford to rent it for the 2 week Christmas break, and that's not just because of a rental increase to cover the power and heating bill......

[Retiredandhappyhere]

You cannot really blame them, as I like to dream as well.

[jacko45k]

On 9/16/2022 at 7:34 AM, mikebell said:

I expect the UK pound to be worth 60 baht by the end of the month.

Right then, I will hold off changing as that is but a few weeks away. 

[mommysboy]

On 9/16/2022 at 7:08 AM, RichardColeman said:

It's September and they are creeping along at about 5 million. They will get 8 at best. Next year will undoubtedly be better, but I still think only 15 million. There is still too much concern about covid, inflation and interest rates for a big 2023

'Next year will undoubtedly be better,'

 

Probably you're right, but I don't think the average UK punter is going to be able to afford a long haul holiday next year.  I think it's the same for most other countries. Tough times. Maybe the legendary, though hitherto elusive, 5 star tourists will rescue the day.

[ivor bigun]

A friend who normally comes for 3 months is now coming for 2 weeks ,my daughter and family will not come for xmas to expensive. thats just me ,so how many other " mees" are there living here 

[AnotherFarang8]

38 minutes ago, ivor bigun said:

A friend who normally comes for 3 months is now coming for 2 weeks ,my daughter and family will not come for xmas to expensive. thats just me ,so how many other " mees" are there living here 

Many. Despite all the talk the bulk of energy inflation hasn’t really started making its way to retail prices yet. Energy companies have been taking losses paying high wholesale prices but the consumers have been shielded from that until recent weeks. Now the bills are beginning to land on consumers. Governments will only increase that inflation by printing more money and raising taxes. They are between the hammer and the anvil: raise rates very high and plunge economy into abyss or not raise rates and let inflation wreak havoc. Both outcomes leave little money for holidays.