Thai economy shows good performance: SCB

[webfact]

Thai economy shows good performance: SCB

 

   

BANGKOK, 12 April 2019 (NNT) - The Siam Commercial Bank’s (SCB) latest review of the Thai economy reveals a healthy expansion rate despite a decrease in growth due to the global economy, trade war between the United States and China, and uncertainty among private companies on the formation of new government.

 

The SCB’s Economic Intelligence Center (EIC) first executive vice-president Yunyong Thaicharoen, has revealed the center has reduced its growth projection for the Thai economy this year to 3.6% from a previous expectation of 3.8%, due to the decreasing trends of the export sector affected by global economic conditions, a trade dispute between the United States and China, and the International Monetary Fund’s (IMF) latest global economic growth projection reduced to 3.3%.

 

Investments by the private sector show signs of recession as companies wait for clarity on the formation of a new government, which should benefit the Q3-4 economy as soon as the new administration can take office, by raising confidence among private firms and international investors.

 

According to the EIC, current Thai economic growth remains good because of the strong economic foundation, complimented by government investment in infrastructure projects, and the expectation of an additional 760 billion baht in investments this year. The tourism sector has shown signs of recovery with a further increase in the number of Chinese tourists. It is expected Thailand will welcome 40.7 million international visitors this year. General income in other sectors except farming has also shown growth, which helps with consumer confidence.

 

It is expected the Monetary Policy Committee will continue to keep the policy rate at 1.75% throughout 2019 due to increased risk factors from uncertainties both inside and outside the country, and the current steady low inflation rate.

 

-- © Copyright nnt 2019-04-12

[JAG]

10 minutes ago, webfact said:

General income in other sectors except farming has also shown growth, which helps with consumer confidence.

In other news, 32.8% of the population are engaged in farming (World Bank Figures 2017).

 

If 1/3 of your population are not enjoying the growth described, perhaps the outlook is not so rosy?

 

There again, that 1/3 of the population are mostly remote from Bangkok, so they don't count.

[Longcut]

OK, which is it? This article states everything is "hunky-dory". 

Another one predicts "Doom and Gloom".

 

 Thailand’s March 24 general election has added uncertainty to the country's economic outlook, which is already hampered by global negative factors ranging from the so-called trade wars between the US and China and the US and European Union to the far from settled Brexit issue.

 

According to the Economic Intelligence Centre at Siam Commercial Bank, Thailand’s GDP growth projection for 2019 has been revised downwards from 3.8 to 3.6 percent to reflect the growing risks. The country’s exports, which account for a big chunk of GDP, have slowed since the start of the year, while private investment growth began retreating even earlier.

[steven100]

I love it when the nayers become silent all of a sudden. lol

Thailand is fairing alot better than many other countries imo, take a look at Australia's economy, technically it's in a recession...lol , it's a mess. And the UK, what a mess it's in.

Oh wait, but thats democracy in play.

[humbug]

40 minutes ago, steven100 said:

I love it when the nayers become silent all of a sudden. lol

Thailand is fairing alot better than many other countries imo, take a look at Australia's economy, technically it's in a recession...lol , it's a mess. And the UK, what a mess it's in.

Oh wait, but thats democracy in play.

you sound like art cashin on cnbc(who always makes the wrong call), or is it alex jones or maybe the ultra conspiracy theorist land destroyer and the space lizards of america controlling democratic thai parties and china,iran, russia are angels saving thailand

 

anyhow i rather keep

my wallet intact, and not read the 1000's of balony articles coming from junta media land saying everythings okay guys, buy buy buy

[stevemac]

I love it when the nayers become silent all of a sudden. lol
Thailand is fairing alot better than many other countries imo, take a look at Australia's economy, technically it's in a recession...lol , it's a mess. And the UK, what a mess it's in.
Oh wait, but thats democracy in play.

The UK economy is actually in pretty good shape despite the current shenanigans in government.
Employment rates also at all time highs.
We have too many who just follow the narrative without looking at the facts.
Too many whingers.

Sent from my SM-G965F using Thailand Forum - Thaivisa mobile app

[madmitch]

2 hours ago, Longcut said:

OK, which is it? This article states everything is "hunky-dory". 

Another one predicts "Doom and Gloom".

 

 Thailand’s March 24 general election has added uncertainty to the country's economic outlook, which is already hampered by global negative factors ranging from the so-called trade wars between the US and China and the US and European Union to the far from settled Brexit issue.

 

According to the Economic Intelligence Centre at Siam Commercial Bank, Thailand’s GDP growth projection for 2019 has been revised downwards from 3.8 to 3.6 percent to reflect the growing risks. The country’s exports, which account for a big chunk of GDP, have slowed since the start of the year, while private investment growth began retreating even earlier.

I was going to post exactly the same but in the negative thread.

 

Note that this positive spin is from the Government mouthpiece, the negative spin is from an outside source (The NAtion)!

[WeekendRaider]

1 hour ago, humbug said:

you sound like art cashin on cnbc(who always makes the wrong call), or is it alex jones or maybe the ultra conspiracy theorist land destroyer and the space lizards of america controlling democratic thai parties and china,iran, russia are angels saving thailand

 

anyhow i rather keep

my wallet intact, and not read the 1000's of balony articles coming from junta media land saying everythings okay guys, buy buy buy

allow me to requote an occasional CNBC guest, even though I myself pretty much only read the Nikkei Asian Review as to the “news”.... of a US billionaire living in Chiangmai with a newsletter called Boom Doom and Gloom....

 

“Thailand might not be the most dynamic economy in the world, except at night time, but it moves.” 

 

[Lupatria]

6 hours ago, webfact said:

The SCB’s Economic Intelligence Center (EIC) first executive vice-president Yunyong Thaicharoen,

No reason not to trust the experts:

 

[Srikcir]

6 hours ago, webfact said:

the center has reduced its growth projection for the Thai economy this year to 3.6% from a previous expectation of 3.8%

And that previous projection of 3.8% was a decrease form an earlier projection of 4-4.5%.

At worse a 20% lower projection thus far this year.

How is that

6 hours ago, webfact said:

Thai economy shows good performance: SCB

?

But maybe we're seeing a more honest prediction now that is becoming difficult to avoid.

[geoffbezoz]

4 hours ago, steven100 said:

I love it when the nayers become silent all of a sudden. lol

Thailand is fairing alot better than many other countries imo, take a look at Australia's economy, technically it's in a recession...lol , it's a mess. And the UK, what a mess it's in.

Oh wait, but thats democracy in play.

Well considering who the major shareholder of SCB is, and considering Thai culture I would anticipate that the SCB executives will issue a report that the puppetmaster(s) tells them to in fear of sacking and losing their lucrative positions..  Additional pressure form the Junta, remember them ? those people who stole democracy from the Thai people, and they will issue a report exactly what they are told to.  As other posters have highlighted, forecasts are dropping year on year - in other words their yearly forecasts are no use even as toilet paper.

 

To consider that any Junta run economy will be factual about the state of their economy is in my view incredibly naive. As is considering the The Nation is an independant reporting media and not subject to any political pressure.

As for comparison with the UK and Australia, come back and compare when Thailand has a similar anti corruption ranking rather than down at 99 as it is currently.