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Asia-Pacific economies to slow, Thailand’s growth rate lower than regional average: World Bank projection

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Asia-Pacific economies to slow, Thailand’s growth rate lower than regional average: World Bank projection

By The Nation

 

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Economic growth in developing East Asia and the Pacific is projected to soften to 6 per cent in 2019 and 2020, down from 6.3 per cent in 2018, largely reflecting global headwinds and a gradual policy-guided slowdown in China, the World Bank said on Wednesday.

 

The Bank said that the region’s economies had weathered the financial-market volatility of 2018 relatively well largely due to effective policy frameworks and strong fundamentals, including diversified economies, flexible exchange rates and solid policy buffers. Domestic demand has remained strong in much of the region, it added.

 

Andrew Mason, World Bank acting chief economist for the East Asia and Pacific region, warned of downside risks to growth due to further deceleration in advanced economies, the possibility of a faster-than-expected slowdown in China, and unresolved trade tensions.

 

Thailand’s growth rate is expected to be slower than the regional average. 

 

The Bank projected Thailand’s economic growth rate at 3.8 per cent this year and 3.9 per cent next year, down slightly from 4.1 per cent in 2018.

 

Source: http://www.nationmultimedia.com/detail/business/30368260

 

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-- © Copyright The Nation 2019-04-24

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2 hours ago, Cadbury said:

Surely this wouldn't be because the country is governed by a military regime and is economically wet behind the ears and controlled by a self appointed leader who gets the job as Chairman of ASEAN simply because of rotation alone and no other valid qualification? 

Ouch!

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Since 2014, Thailand's GDP growth rate has been lower than the regional average......

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Growth is much higher than many western nations, so they must be doing something right.

  • Haha 1

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The person responsible for Thailand lower growth rate will be in China Thursday inking contracts for more BRI projects and snaring Thailand into debt traps.

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Quick, start paying Indians 2000 baht to flock in, need more quality tourists pronto.

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It is not rocket science to work out the down turn in economic growth witthin Thailand plus  other parts of Asia. The evidence is clear to see. 

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7 hours ago, Cadbury said:

Surely this wouldn't be because the country is governed by a military regime and is economically wet behind the ears and controlled by a self appointed leader who gets the job as Chairman of ASEAN simply because of rotation alone and no other valid qualification? 

I don't agree with your characterization but by Prayut's own admission, it has taken Thailand more than 4 years since the coup to recapture the growth rate produced by Yingluck's regime in 2012. During those lost years other ASEAN countries economic performance continued largely unabated.

Thailand's lost GDP growth in those years could have helped soften the eventual global economic cooling being experienced now especially affected by BOT's continue support of a high value baht and by POTUS Trump's global tariff wars and economic sanctions applied against friend and foe for resisting his nationalistic foreign policies for almost the last three years.

Prayut's DPM Somkid for Economic Affairs did for two years provide successful economic stimulation policies to help revitalize Thailand's economy. But ultimately his policies have degraded into erratic public "gifts," farmer subsidies with no overall strategic plan and corporate bailouts to sustain Prayut's power base rather than meet the long-term needs of the Thai electorate in general.

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