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Growth in Q2 slowest in 19 quarters at 2.3 per cent

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Growth in Q2 slowest in 19 quarters at 2.3 per cent

By The Nation

 

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Economic growth sharply slowed in the second quarter to 2.3 per cent due to both external and domestic factors, according to a state think-tank report released today( August 19). Gross domestic product in the second quarter expanded by 2.3 per cent, a drop from the 2.8-per-cent growth rate in the first quarter, said the economic report released by National Economic and Social Development Council (NESDC), a state think tank.

 

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The 2.3 per cent growth rate is the slowest in 19 quarters, or nearly five years.

 

GDP grew by 2.6 per cent overall for the first half of the year. However, the economy in the first half was affected by the trade war, a slowdown in the global economy, market volatility and the delay forming government after March’s general election, said Thosaporn Sirisumphand, the NESDC secretary general.

 

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Unfavourable conditions have impacted on consumer and investor confidence, according to the report, with Thai exports contracting and a slowing of growth in tourist arrivals due to economic conditions in their own countries.

 

The think tank forecast the full year’s growth could still achieve 3 per cent, or a range between 2.7-3.2 .

 

“The economy is expect to recover soon,” Thosaporn said, expressing his optimism that the economic stimulus package due to for the Cabinet’s approval tomorrow would help shore up the economy.

 

Source: https://www.nationthailand.com/business/30374954

 

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-- © Copyright The Nation Thailand 2019-08-19

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Posted (edited)

And, despite such disastrous news for Thailand's economy, the country's currency, as we speak, continues to appreciate vs. all major currencies (dollar, euro, yen, renminbi; take your pick)...

 

Either there is major currency speculation going on, or expectations were very low in the first place, despite inflated projections of economic growth by government agencies and local banks.

Edited by StayinThailand2much
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43 minutes ago, webfact said:

 

The 2.3 per cent growth rate is the slowest in 19 quarters, or nearly five years.

 

Welcome to the real world. At least there is some growth.

44 minutes ago, webfact said:

Unfavourable conditions have impacted on consumer and investor confidence, according to the report, with Thai exports contracting and a slowing of growth in tourist arrivals due to economic conditions in their own countries.

 

Some real world there, with a bit of blame shifting.

45 minutes ago, webfact said:

The think tank forecast the full year’s growth could still achieve 3 per cent, or a range between 2.7-3.2 .

 

“The economy is expect to recover soon,” Thosaporn said, expressing his optimism that the economic stimulus package due to for the Cabinet’s approval tomorrow would help shore up the economy.

So much for the real world outlook.

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A recession is on the way I fear. And Thailand is shooting itself in the foot. Not with a 9mm (which wouldn't do the foot any good at all) but with a 12 gauge shotgun (which would take off the foot and most of the ankle!) 

Ahh... the Thai common sense at work. I wish they would just open there eyes and look around.

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6 hours ago, Chang_paarp said:

Welcome to the real world. At least there is some growth.

Some real world there, with a bit of blame shifting.

So much for the real world outlook.

3rd world countries should be growing exponentially to pay for the ageing population.

You really are clueless

Thailand has one of the worst ageing populations in the world and no cash (that they are willing to part with) to pay for it.

 

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7 hours ago, webfact said:

The think tank forecast the full year’s growth could still achieve 3 per cent, or a range between 2.7-3.2 .

Already hedging its forecast to a range versus the government's aim cited earlier today to boost economic growth by 3 per cent to counter both uncertain domestic conditions and the impact of trade war between the United States and China. 

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Circa 1870 Britain's produced about 20% of the world's GDP!

And now it's struggling due to huge war and social expenditure

 

In 20 years Thailand will be absolutely on it's knees

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7 hours ago, webfact said:

GDP grew by 2.6 per cent overall for the first half of the year. However, the economy in the first half was affected by the trade war, a slowdown in the global economy, market volatility and the delay forming government after March’s general election, said Thosaporn Sirisumphand, the NESDC secretary general.

as always, easy to blame outsiders or the bad weather..... it's not us it's them

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