Economic growth now projected at 3.3% as Thai referendum ended peacefully

[webfact]

Economic growth now projected at 3.3% as referendum ended peacefully
 

 

BANGKOK: -- Economic growth this year is now projected to rise to 3.3%, exceeding the earlier forecast 3%, the University of the Thai Chamber of Commerce (UTCC) revealed yesterday.

 

The improved growth was attributed mainly to government spendings in mega projects and the Sunday’s charter referendum which ended peacefully with the majority giving approval to the charter.

 

Thanawat Pholvichai, director of the UTCC’s Center for Economic and Business Forecasting, said the recent sign of economic recovery was seen in the consumers confidence index in July which rose for the first time in seven months, along with lower inflation rate, improving drought situation helped boost the growth.

 

Besides, certain farm crop prices also improved after drought has eased, he said.

 

Government spendings on mega projects are also expected to be accelerated after the referendum ended with peace, thus boosting investors’ confidence, he said.

 

Based on all mentioned factors, he forecast better economic performance in the second quarter with the growth hitting a three-year high of 3.2% stimulated by stimulus measures and tourism.

 

He also said the economy in the following quarters is expected to become more promising after the peaceful referendum, particularly foreign investors, see this will lead to greater political stability.

 

He said the approval of the charter amid peaceful referendum would benefit the overall economy and boost the confidence of both local and foreign investors, particularly the promised election next year.

 

But Mr Thanawat expressed concern over low prices of rubber, maize, tapioca, and low exports.

 

The UTCC cut its forecast for exports this year to a contraction of 2.1% from a 0.8% expansion earlier.

 

-- © Copyright Thai PBS 2016-08-10

[taichiplanet]

[ScotBkk]

Blah. Blah Blah

TAT will do a pitch to soon and we can all live in bliss and harmony in an economic paradise safe in the knowledge we are being tracked and our money looked after by Thais.

 

Hearts of Gold 

Edited August 10, 2016 by ScotBkk

[elgordo38]

42 minutes ago, ScotBkk said:

Blah. Blah Blah

TAT will do a pitch to soon and we can all live in bliss and harmony in an economic paradise safe in the knowledge we are being tracked and our money looked after by Thais.

 

Hearts of Gold 

I can hardly wait till they land a Thai on the moon or is it pull a moon? I think we expats are getting mooned with all this new mobile card. Nobody calls me so I will just not bother having a phone unless they make me. 

[Srikcir]

6 hours ago, webfact said:

the approval of the charter amid peaceful referendum would benefit the overall economy and boost the confidence of both local and foreign investors

In contrast Kasikorn Bank has forecast in July 2016 that the constitutional referendum will have no impact on economic growth - the economy will have grown by 3% at the end of this year because of the government's spending and investor confidence.

One thing the junta can be credited for is the increased rate of growth in Gross Domestic Fantasy (GDF).

[waldroj]

One swallow does not a summer make!

[Roota]

Well the IMF forecast 3% a few months ago and has since suggested it might go a bit higher, so yes, 3.3% sounds perfectly reasonable. The passage of the referendum, however you may feel about it politically, is seen as helping keep that on track. Why does this seem to upset some people here so much?  

[Brer Fox]

Highfalutin spin and Pokeman reigns supreme in Thailand.

 

Foreign investors are still running scared after what happened in late 2014. They won't return on the basis of a dodgy referendum.

 

Thai investors are likewise on the march to other neighbouring countries where opportunities count for more than what is on offer in Thailand. 

 

Thai exports have been diminishing for the last four years and show no signs of recovery. Government spending is the only hope but that in itself creates more debt.

 

Originally growth was forecast at 2.9% then it went to 3.0% and now it is up in the clouds at 3.3%. In the meantime Vietnam is 6.7% and Myanmar 7.4%.

 

So much for the economic performance of Thailand which should be viewed in relation to neighbouring countries which seem to be going gangbusters.

[Denim]

The government is so lucky to have Thaksin as the bogeyman they should put him on a salary.

 

When none of their promises or economic projections materialize they will have the usual scapegoat to blame it on. He can then forward his earnings to his sister as she might soon be needing them.

A win win set up for all concerned with happiness returned to all parties .

Edited August 10, 2016 by Denim