World Bank forecasts Thailand’s growth rate this year and next at 3.1 percent

[webfact]

World Bank forecasts Thailand’s growth rate this year and next at 3.1 percent

 

 

BANGKOK: -- World Bank has adjusted up Thailand’s growth rate forecast this year to 3.1 percent from an earlier forecast of 2.5 percent, thanks to expansion in tourism sector, particularly increased tourist arrivals from China.

 

Mr Kiatipong Ariyapratya, senior economist at World Bank’s regional office in Thailand, predicted that Thailand’s growth rate for next year was likely to remain the same at 3.1 percent.

 

He attributed the increased growth rate forecast tourism expansion, especially increased tourist arrivals from China for the first half of the year although the arrivals are likely to drop slightly for the second half of the year, as well as increased consumption of the private sector and government sector’s investments and expenditure.

 

Full story: http://englishnews.thaipbs.or.th/world-bank-forecasts-thailands-growth-rate-year-next-3-1-percent/

 

-- © Copyright Thai PBS 2016-10-05

[HoboKay]

Optimism is great, keeps the morale high. 

[trogers]

More important is the level of household debts...

[webfact]

‘Thailand 4.0’ should get GDP growth up to potential, World Bank says

SUCHEERA PINIJPARAKARN
THE NATION 

 

Kiatipong

 

BANGKOK: -- THE WORLD Bank believes Thailand should be able to achieve long-term annual economic growth of 4-5 per cent if the government can successfully push through its “Thailand 4.0” model. The new economic model would help draw private investment, the Bank’s economist for Thailand, Kiatipong Ariyapruchya, said yesterday.

 

The World Bank is the latest major global institution to revise upward its forecast for Thailand's economic growth for this year, now predicting 3.1 per cent, up from its forecast of 2.5 per cent in June.

 

Full story: http://www.nationmultimedia.com/business/Thailand-4-0-should-get-GDP-growth-up-to-potential-30296985.html

 

-- © Copyright The Nation 2016-10-06

[DrTuner]

Did I get that right, the WB economist for Thailand is a Thai?

 

"Trust us we are Thai".

[maewang99]

this is a big deal.  because Thailand is the world's 20th biggest economy, by purchasing power rank which is how you really should do it.... one of the world's richest countries.  not poor at all.  and contributing to global growth overall because of the size of it's economy.  as for household debt... someone else's comment... or even the Thai girls caught up in the USA dragnet of sex slaves.... that's also a story about money.... but it only seems so.  Thailand is not a poor country.  check it out.  Number 20, purchasing power GDP.  the story about Thai girls,  and household debt... is not about the economy.  It's about another word that also begins with an 'e' but which has a very different take on it in Thailand versus most of the rest of Asia... let alone the west.... the west.  hint: back home I know where the library is.    

[Retiredandhappyhere]

Exports (70% of GDP) are tanking and the income from tourism (supposedly 10-15% of GDP) are apparently not matching the alleged high arrival numbers,  plus we have the incidence of substantial personal debts and slower than expected Government expenditure on major infrastructure projects, so  where does the 3.1% GDP growth forecast come from?  Can someone enlighten me?

[Lodestone]

So Thailand's overall economic growth has been revised upwards based solely on an increase in tourism.

So Thailand's economy is even more dependent on tourism than before.

 

How is this a step forward? How does this bode well for 'Thailand 4.0' if (I'm assuming) Thailand looks at Japan, Korea, Singapore, and Taiwan as rough targets of how they would like their economy to be some decades in the future?

 

Outside of tourism and commodities (rice, seafood, etc.), doesn't the Thai economy greatly depend on manufacturing by foreign companies? Should (and as) these companies relocate because of increased labor costs (mostly), but also political instability, onerous laws and regulations and just plain corruption, wouldn't Thailand's response to that trend be a better direction.

 

Most of the 'target' countries grew in part, I believe, by developing their own companies and brands for export as foreign companies inevitably left as the growing economies created higher labor costs. What Thai branded manufactured goods does Thailand now export and how is that sector growing? Or is the future not a manufacturing based economy?

 

[Srikcir]

4 hours ago, maewang99 said:

Thailand is not a poor country. 

Thailand became an upper-middle income economy in 2011 - so not a general issue.

But income inequality is an issue.

According to Thailand Development Research Institute (2011), in Thailand the richest 20% make almost 60% of the income, the highest among Indonesia, Laos, Malaysia, the Phillippines and Vietnam in 2009. In addition, the poorest 20% garnered only 4% of the income, also the lowest among the group.