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The World Bank cut Thailand’s economic growth outlook to 2.7%, from the initial 2.9% estimate for 2020.
This year’s estimated growth is higher than last year’s, when World Bank estimated economic growth to be at 2.5%. The increase was attributed to a recovery in private consumption and investment due to large infrastructure projects.
Thailand’s economy heavily relies on exports, which was hit by the US-China trade war and weak investment.
The country aims to turn into a high-income country by 2037, which GDP says can only be achieved once Thailand sustains long-run growth rates of more than 5%, alongside a 3% productivity growth and 40% investment.
The Thai government countered the slow economic growth in 2019 by implementing monetary policies and a fiscal stimulus package in order to boost economic growth.
Finance Minister Uttama Savayana said that the government is set to propose additional activities to stimulate investment, as well as front-load investment on firms owned by the state.
The finance ministry also considers taking measures to boost private consumption, which is a key factor during an economic slowdown, Savanayana said.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
Thailand's finance ministry on Thursday cut back its 2020 economic forecast to a record 8.5% contraction in GDP. This is a substantial contrast from a 2.8% growth it expected in January as the COVID-19 situation continued to worsen. The ministry’s ...
China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic ...
The Dollar traded lower earlier on Friday in Asia, continuing its descent from the previous session as the U.S. struggles to curb the rapid increase of COVID-19 cases in the country. In addition, recent data showing an unexpected rise in unemployment ...
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