Thailand’s economy to grow 2.7% this year

[webfact]

Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance.

 

Deputy Finance Minister Paopoom Rojanasakul highlighted the positive outlook, attributing it to improving economic conditions among trading partners. He noted that growth could potentially reach 3% this year, contingent on the implementation of forthcoming policies.

 

“We see positive signs from exports due to improving economic growth from trading partners, It’s a good number, but we have to do better.”

 

The growth forecast does not include the impact of a 450-billion-baht (US$12.5 billion) cash handout scheme set to be introduced in the fourth quarter. Paopoom mentioned that this initiative could contribute an additional 1.2 to 1.8 percentage points to the growth rate.

Exports are anticipated to rise by 2.7% this year, surpassing the earlier forecast of 2.4%.

Tourism remains a crucial component of The Thaiger’s economy, the second-largest in Southeast Asia. The ministry now expects 36 million foreign arrivals this year, who are likely to stay longer and spend an estimated 1.69 trillion baht more, thanks to relaxed visa requirements.

 

The previous forecast expected 35.7 million foreign arrivals with projected spending of 1.59 trillion baht, Paopoom added.

 

Last year, the Thai economy expanded by 1.9%, a slower pace than anticipated and below the 2.5% growth recorded in 2022.

 

The ministry also observed that the baht is expected to trade at an average of 36.2 baht per dollar, slightly weaker than the 36 baht seen in April, due to capital outflows in the first half of the year, reported Bangkok Post.

 

by Sarishti Arora
Picture courtesy of Tom De Decker from pexels.com

 

Source: The Thaiger 2024-07-27

 

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[ikke1959]

They looked into the glass ball again and expect, predict, believe and hope....

[spidermike007]

The recent events are worthy of a mass funeral. Thailand might have been the tiger of SE Asia a decade or so ago, having been the 22nd largest economy in the world, but those days are long gone. So, I would say it would be safe to refer to Thailand as an up and coming country, post Covid. I would not be surprised to see Thailand in 75th place in terms of GDP, 20 years from now. There is absolutely no doubt the nation is moving backwards, on at least a dozen levels. And unless a dynamic leader like Thanathorn or Pita is allowed to lead, the great tiger will continue to devolve into a whiny little alley cat, begging for scraps. 

 

Go ahead and stick with regressive conservative policies, resist change and progress at all costs, and run your nation into the ground.

[DPKANKAN]

3 hours ago, ikke1959 said:

They looked into the glass ball again and expect, predict, believe and hope....

And dribbled at the 'Digital Wallet' photos!!!!😏😏😏😏😂🤣😂🤣

[hotchilli]

8 hours ago, webfact said:

Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance.

 

[Gsxrnz]

I'll assume this forecast is a measurement of Real GDP, which is adjusted for inflation.

 

Whether analysing previous GDP growth or forecasting future growth, the critical input to the equation is what allowance was made for past or future inflation. This is usually a made-up number that bears no resemblance to reality. 

 

[DonniePeverley]

Strettha and his cohorts have made no attemps (at least succesful) to diversify Thailand's economy, the way Vietnam, Malaysia are succesfully doing.

 

 

 

Instead he has pushed Thailand into a spiral of addiction into cheap mass tourism. However, this time the visitor numbers will be on steroids and it will be cheaper tourists. An utterly ridiculous leadership decision. 

 

 

[JimHuaHin]

If one looks at the current global economic and financial situation, there is little hope for optimism.  A recent article noted that about half the world's "democracies" are holding national elections this year; many of which have been brought forward by 1-2 years, as current governments see a worsening economic situation in 2024-2026.  The weak Chinese economy and political uncertainty in the USA are also contributing factors.

[Presnock]

14 hours ago, hotchilli said:

 

AN just recently they were moaning about how bad the economy was and lowered the projected GDP growth for the year. Money fleeing the local market faster than ever.  Were really positive that the 10K giveaway would drive the economy and now others saying it will be a flop.  The people here must get tired of the ups and mostly downs from their government.  They certainly deserve better in my opinion.

[hotchilli]

2 hours ago, Presnock said:

AN just recently they were moaning about how bad the economy was and lowered the projected GDP growth for the year. Money fleeing the local market faster than ever.  Were really positive that the 10K giveaway would drive the economy and now others saying it will be a flop.  The people here must get tired of the ups and mostly downs from their government.  They certainly deserve better in my opinion.

If they really wanted it they'd get off their lethargic rear-ends and demand it.

Voting has proved pointless, so it's time they got into the streets in the thousands and embarrass them globally into submission.

[Presnock]

1 minute ago, hotchilli said:

If they really wanted it they'd get off their lethargic rear-ends and demand it.

Voting has proved pointless, so it's time they got into the streets in the thousands and embarrass them globally into submission.

Yeah, maybe they see other countries too that vote in a particular party candidate - then the parties won't make him the leader or the military could just not like the results.  It has been this way since I was first here in the early 70's.  Yeah, I was in the PI and at the embassy when Marcos fled to Hawaii.  I think they said over 600K protesters in the streets prior to that fleeing.  

[Will B Good]

Sounds like TAT have infiltrated the Ministry of Finance.