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.
Bangkok (NNT/VNA) - The Siam Commercial Bank’s (SCB) latest review ofthe Thai economy reveals a healthy expansion rate despite a decrease in growthdue to the global economy, trade war between the United States and China, anduncertainty among private companies on the formation of new government.
The SCB’s Economic Intelligence Centre (EIC) first executive vice-presidentYunyong Thaicharoen has revealed the centre has reduced its growth projectionfor the Thai economy this year to 3.6 percent from a previous expectation of3.8 percent, due to the decreasing trends of the export sector affected byglobal economic conditions, a trade dispute between the United States andChina, and the International Monetary Fund’s (IMF) latest global economicgrowth projection reduced to 3.3 percent.
Investments by the private sector show signs of recession as companies wait forclarity on the formation of a new government, which should benefit the Q3-4economy as soon as the new administration can take office, by raisingconfidence among private firms and international investors.
According to the EIC, current Thai economic growth remains good because of thestrong economic foundation, complimented by government investment ininfrastructure projects, and the expectation of an additional 760 billion bahtin investments this year. The tourism sector has shown signs of recovery with afurther increase in the number of Chinese tourists. It is expected Thailandwill welcome 40.7 million international visitors this year. General income inother sectors except farming has also shown growth, which helps with consumerconfidence.
It is expected the Monetary Policy Committee will continue to keep the policyrate at 1.75 percent throughout 2019 due to increased risk factors fromuncertainties both inside and outside the country, and the current steady lowinflation rate. – NNT/VNA
Japanese motorcycle manufacturer Honda Motor Co has forecast that its sales in the Thai market will fall in 2019 due to a drop in the prices of agricultural products.
The Thai Chamber of Commerce (TCC) forecast Thailand’s gross domestic product (GDP) growth at 3.5 percent in 2019 if the new government takes office by September.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Illustrative image (Source: thailand-business-news.com) (Photo: VNA) 
