By Erich Parpart

Thailand’s economic recovery “remained on track” in September with higher income from tourism but lowered manufacturing output, the Bangkok of Thailand (BoT) said.

 

The Thai economy in Q3 of 2022 also continued to improve from Q2 with more than 3.6 million foreign tourists in Q3 compared to nearly 1.6 million in Q2.

 

“The economy continued to recover in September, mainly from tourism but there are also slowdowns in some areas such as the manufacturing sector,” said Chayawadee Chai-Anant, BoT’s Assistant Governor.

 

Full story: https://www.thaienquirer.com/45542/the-thai-economy-continued-to-recover-in-september-and-the-economy-in-q3-also-improved-from-q2/

 

-- © Copyright Thai Enquirer 2022-11-01

 

- 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!

It's still dire where I live .. and a recent visit to Pattaya also looking very depressed !! 

But as ever the Gov. likes to play the numbers game !!

Yes.
Came yesterday back from Pattaya and it felt like there were a few million Indians.
Worth is, if they bring their wifes along.
Queue jumping like crazy. Went to a park and a few Indian women tried to go to the front of the queue. They were quickly put back into their place. Even their indian husbands were embarrassed.

 

Lots of buses, touring the Indians around but also saw many big bellied farang, walking around, showing off their naked belly. No respect at all.

7 hours ago, webfact said:

“The economy continued to recover in September, mainly from tourism but there are also slowdowns in some areas such as the manufacturing sector,

Next year could be a bumpy ride then, as recession looms for many countries.

46 minutes ago, RafPinto said:

Yes.
Came yesterday back from Pattaya and it felt like there were a few million Indians.
Worth is, if they bring their wifes along.
Queue jumping like crazy. Went to a park and a few Indian women tried to go to the front of the queue. They were quickly put back into their place. Even their indian husbands were embarrassed.

 

Lots of buses, touring the Indians around but also saw many big bellied farang, walking around, showing off their naked belly. No respect at all.

Which is why I chose not to live or visit Pattaya.. 

2 minutes ago, hotchilli said:

Which is why I chose not to live or visit Pattaya.. 

The family friendly area is not to my liking either. Only reason to ever visit that way is to go to the large garden park Nong Nooch.

2 minutes ago, ThailandRyan said:

The family friendly area is not to my liking either. Only reason to ever visit that way is to go to the large garden park Nong Nooch.

I was taken there by a business friend about 12 years ago, they had a shop here in my location but their main businesses were in Pattaya..

Arrived late evening for a night out and lunch the next day, then back home.

My impression was what a hole it was.. and never returned since.

[IMHO]

 

 

3 minutes ago, hotchilli said:

I was taken there by a business friend about 12 years ago, they had a shop here in my location but their main businesses were in Pattaya..

Arrived late evening for a night out and lunch the next day, then back home.

My impression was what a hole it was.. and never returned since.

[IMHO]

 

 

Yet it is for some, their cup of tea....

Well done Thailand 

9 hours ago, webfact said:

Thailand’s economic recovery “remained on track” in September

 

2 hours ago, ThailandRyan said:

The family friendly area is not to my liking either. Only reason to ever visit that way is to go to the large garden park Nong Nooch.

And Walking Street, I might add.  But only for the music and Turkish ice cream…

If the Thai economy is recovering , why is the Baht losing its value on the money markets ?

1 minute ago, superal said:

If the Thai economy is recovering , why is the Baht losing its value on the money markets ?

It's down to the interest rate differential, Thai rates are very low whereas US rates are much higher. Plus Thailand is still operating a trade deficit, the baht won't strengthen until the balance of trade improves.

 

 

19 minutes ago, superal said:

If the Thai economy is recovering , why is the Baht losing its value on the money markets ?

More to do with USD strength....it is exactly where it was at the beginning of the year relative to Euros.

11 minutes ago, jacko45k said:

More to do with USD strength....it is exactly where it was at the beginning of the year relative to Euros.

And today the Baht strengthened—but I’m not complaining yet…

42 minutes ago, nigelforbes said:

It's down to the interest rate differential, Thai rates are very low whereas US rates are much higher. Plus Thailand is still operating a trade deficit, the baht won't strengthen until the balance of trade improves.

 

 

I guess that the Thai banks cannot raise their interest rates because there is so much personal debt in Thailand . A Google search showed that the Baht will strengthen later at the end of this year when it is hoped there will be many tourists for the high season That is only a 6 week window with a full year to come . Some are forecasting 40 Baht to the Dollar soon and maybe more . High domestic debt by way of unvetted loans could be a major Thai problem next year . 

16 minutes ago, superal said:

I guess that the Thai banks cannot raise their interest rates because there is so much personal debt in Thailand . A Google search showed that the Baht will strengthen later at the end of this year when it is hoped there will be many tourists for the high season That is only a 6 week window with a full year to come . Some are forecasting 40 Baht to the Dollar soon and maybe more . High domestic debt by way of unvetted loans could be a major Thai problem next year . 

https://www.cnbc.com/2022/09/12/thailand-says-it-can-slow-rate-hikes-one-economist-says-its-a-gamble.html

 

You have to admire the BOT's desire to smooth rate increases over time and minimize their impact, but will the plan work. A number of people are betting it wont. The Fed rate is forecast to max out at 5% in the Spring, that will be a huge gap between them and us. I don't think tourism is going to be the savior this year or next but other exports could do well, rice in particular, given we've got plenty of water. As for the comments about foreigners being net buyers in the SET, the index has been flat of falling, covid not withstanding, for years.

 

https://classic.set.or.th/en/market/setindexchart.html

 

23 hours ago, nigelforbes said:

It's down to the interest rate differential, Thai rates are very low whereas US rates are much higher. Plus Thailand is still operating a trade deficit, the baht won't strengthen until the balance of trade improves.

 

 

Perfect timing, the balance of trade improved. The current account turned to surplus so the Baht strengthened. 

 

"A better-than-expected rebound in foreign tourist arrivals, lower oil prices and sliding shipping costs are brightening the outlook for Thailand’s current account, potentially offering a reprieve for the nation’s currency trading near a 16-year low.

Southeast Asia’s second-largest economy posted a surprise current-account surplus in September and with tourist arrivals gathering pace, the broadest measure of trade may get better in the fourth quarter, according to economists from Standard Chartered and Australia & New Zealand Banking Group".

 

 

 

https://www.businesstimes.com.sg/banking-finance/baht-set-for-relief-as-thai-current-account-turns-surplus