webfact Posted September 29, 2023 Share Posted September 29, 2023 With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of living, which include reductions in electricity and fuel prices along with debt suspension programmes. The Thai economy is also expected to benefit from an estimated 100 billion baht boost from foreign tourist revenue. The UTCC president, Thanavath Phonvichai, noted that the postponement in budget preparation for fiscal 2024 has directly impacted government investment. This, paired with a reduction in exports and the ongoing drought, has imposed an economic burden of 200 billion baht. Taking these adverse factors into consideration, Thanavath estimates an economic drawback of 99 billion baht, which has cut GDP growth by 0.6 percentage points. “From now on, we have to closely monitor the government’s measures to see whether they can restore economic confidence and investment.” Despite the revised current-year projection, Thanavath maintains that the university’s GDP growth projection for 2024 remains at 4.5-5%, with the tourism sector being a key driving force. by Alex Morgan Full story: The Thaiger 2023-09-29 - 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. Get our Daily Newsletter - Click HERE to subscribe Link to comment Share on other sites More sharing options...
Popular Post bob smith Posted September 29, 2023 Popular Post Share Posted September 29, 2023 I give up. yesterday it was going to a booming economy, today its going to shrink by 0.6% kinda like the weather really, nobody has got a clue! 1 1 2 Link to comment Share on other sites More sharing options...
2baht Posted September 29, 2023 Share Posted September 29, 2023 Nevermind, 20 million Chinese tourists are on their way here to take up the slack! 2 Link to comment Share on other sites More sharing options...
2baht Posted September 29, 2023 Share Posted September 29, 2023 Just now, bob smith said: kinda like the weather really, nobody has got a clue! Fine with a chance of showers! 1 Link to comment Share on other sites More sharing options...
bob smith Posted September 29, 2023 Share Posted September 29, 2023 2 minutes ago, 2baht said: Nevermind, 20 million Chinese tourists are on their way here to take up the slack! and spit on the floors! 1 Link to comment Share on other sites More sharing options...
Popular Post spidermike007 Posted September 29, 2023 Popular Post Share Posted September 29, 2023 Whatever happens, the numbers will be lower than before. Thailand's days as a tourist mecca are behind it now. They will have to live on scraps. None of the myriad of issues that existed long before Covid have been addressed, and the quality of tourist Thailand attracts has been declining for years. Nearly anyone in the industry will attest to that. Few tourists will be interested in visiting a Quaker state, built on a foundation of fake purity, stripped of it's character, by fools who know nothing about anything. The recession that is likely coming next year will not help. But, a lot of Thailand's current economic woes are largely self inflicted. This exceedingly reckless administration engaged in multiple, highly selective economic shutdowns, that favored their cronies, and punished the masses. They also kept the nation closed off for far too long, and decimated tourism. Then they partially re-opened, with draconian restrictions. So, if you want to put the blame in the place it belongs, blame Prayuth and Prawit. They are the architects of the downfall of Thailand, the increased suicides, homelessness, crime, unemployment, and unhappiness of the people. 3 3 Link to comment Share on other sites More sharing options...
Srikcir Posted September 29, 2023 Share Posted September 29, 2023 3 hours ago, webfact said: the postponement in budget preparation for fiscal 2024 has directly impacted government investment. And that was largely the delay caused by the Senate that refused to endorse the MFP and coalition as House majority. Perhaps include the PTP that decided a power grab with the Senate and former government political supporters. So now it's ironic that the PTP et al are so serious about increasing the GDP. Just like the Prayut to stall the GDP, then rally the public to increase it. 1 Link to comment Share on other sites More sharing options...
retarius Posted September 29, 2023 Share Posted September 29, 2023 I expect by early January 2024 they will have a reasonably accurate growth forecast of around 0.8% or so. The forecasts here start out nice and robust looking like 6% in Jan; trimmed to 5.5% in Feb when the re is zero growth in Jan2024; trimmed again in March to 5% et al until next year. Why don't we fire these forecasters and save their salaries? 1 Link to comment Share on other sites More sharing options...
Cake Monster Posted September 29, 2023 Share Posted September 29, 2023 3 hours ago, 2baht said: Nevermind, 20 million Chinese tourists are on their way here to take up the slack! Those 20 M Tourists from China have more than enough slack to take up in their own Country Link to comment Share on other sites More sharing options...
2baht Posted September 29, 2023 Share Posted September 29, 2023 Just now, Cake Monster said: Those 20 M Tourists from China have more than enough slack to take up in their own Country But................I read it right here, coming in droves! ???? 2 Link to comment Share on other sites More sharing options...
Cake Monster Posted September 29, 2023 Share Posted September 29, 2023 With the recent Base Rate hike to 2.5%, Inflation will still be out of control But this is probably as high as the BOT can push the rate up due to all the highly volatile personal Loans which a higher rate would push many over the top into NPL Link to comment Share on other sites More sharing options...
redwood1 Posted September 29, 2023 Share Posted September 29, 2023 2 hours ago, spidermike007 said: Whatever happens, the numbers will be lower than before. Thailand's days as a tourist mecca are behind it now. They will have to live on scraps. None of the myriad of issues that existed long before Covid have been addressed, and the quality of tourist Thailand attracts has been declining for years. Nearly anyone in the industry will attest to that. Few tourists will be interested in visiting a Quaker state, built on a foundation of fake purity, stripped of it's character, by fools who know nothing about anything. The recession that is likely coming next year will not help. But, a lot of Thailand's current economic woes are largely self inflicted. This exceedingly reckless administration engaged in multiple, highly selective economic shutdowns, that favored their cronies, and punished the masses. They also kept the nation closed off for far too long, and decimated tourism. Then they partially re-opened, with draconian restrictions. So, if you want to put the blame in the place it belongs, blame Prayuth and Prawit. They are the architects of the downfall of Thailand, the increased suicides, homelessness, crime, unemployment, and unhappiness of the people. Well after the last few weeks many are saying.... Prayuth please come back....lol Link to comment Share on other sites More sharing options...
spidermike007 Posted September 29, 2023 Share Posted September 29, 2023 1 hour ago, redwood1 said: Well after the last few weeks many are saying.... Prayuth please come back....lol Most people I know would take Lisa, or even Justin Bieber over Cha Cha. 1 Link to comment Share on other sites More sharing options...
SingAPorn Posted September 29, 2023 Share Posted September 29, 2023 (edited) People are increasing their prices all over Thailand. It discourages foreigners from spending. Due to the absurd current US sanctions against Russia, the US has managed to export their inflation globally. Farangs have less money to spend and are more looking into comparing costs, If the local merchants do not understand, it is the entire economy who will continue to suffer. Government must crack down on the cheats who end up in causing big losses on the national economy by overcharging. (but of course nobody will bother) Edited September 29, 2023 by SingAPorn 1 Link to comment Share on other sites More sharing options...
StayinThailand2much Posted September 29, 2023 Share Posted September 29, 2023 8 hours ago, bob smith said: yesterday it was going to a booming economy, today its going to shrink by 0.6% 3% is not bad, IF it could be achieved... Link to comment Share on other sites More sharing options...
soalbundy Posted September 29, 2023 Share Posted September 29, 2023 30 minutes ago, StayinThailand2much said: 3% is not bad, IF it could be achieved... 3% would be a dream for many western economies. Link to comment Share on other sites More sharing options...
Adumbration Posted September 29, 2023 Share Posted September 29, 2023 10 minutes ago, soalbundy said: 3% would be a dream for many western economies. 3% for the Thai ecomony is not a dream, it fantasy. All statistics provide by the government here are pure fiction. Link to comment Share on other sites More sharing options...
Gknrd Posted September 29, 2023 Share Posted September 29, 2023 Not to worry, China will save Thailand. Now that the lockdown is over in China and the economy is back on track and the economy is booming . Just a matter of time before Thailand's GDP will be a top performer again.. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now