This report is dated 18 months ago ( Jan 2019) - the elections have come and gone !!Suua wrote: ↑Sun Jun 28, 2020 6:31 pm The only difference between this country and the world is that it has the biggest discrepancy between rich and poor in the world. https://www.aseantoday.com/2019/01/thai ... elections/
Major Economic Issues For Thailand
Re: Major Economic Issues For Thai Government
Prior Planning & Preparation Prevents Piss Poor Performance.
-
handdrummer
- Addict
- Posts: 5389
- Joined: Mon Mar 03, 2014 11:58 am
Re: Major Economic Issues For Thai Government
As usual, everything here is done backwards. As Miss Maxina Porkchops, with her Jamaican lilt, from behind the bar in Hunky Hoagies Handy Hangout, in Venice, California, in the year of 1975, said, "If you don' know, you better ax somebody."musungu wrote: ↑Sun Jun 28, 2020 6:47 pmThis report is dated 18 months ago ( Jan 2019) - the elections have come and gone !!Suua wrote: ↑Sun Jun 28, 2020 6:31 pm The only difference between this country and the world is that it has the biggest discrepancy between rich and poor in the world. https://www.aseantoday.com/2019/01/thai ... elections/
Re: Major Economic Issues For Thai Government
Why Thailand’s dire economic outlook is worst in Asia
Thailand has been cited as a success story in containing the coronavirus outbreak, having gone more than 40 days without any local transmission of Covid-19. Yet its economic outlook is the darkest in Asia.
Gross domestic product is forecast to contract 8.1% this year, according to the Bank of Thailand. That’s worse than official forecasts for any of the main economies across Asia, and would be Thailand’s biggest GDP decline ever, surpassing even its plunge during the Asian financial crisis two decades ago.
The government is banking on increased domestic travel to save the tourism sector, with the coronavirus pandemic still keeping foreigners home.
“Thailand has large exposure as a tourism hub, close to 15% of GDP, and it also has large exposure of the export-oriented sector,” said Kiatipong Ariyapruchya, senior economist for Thailand at the World Bank. “Hence the large shock to GDP.”
Analysts surveyed by Bloomberg predict Thailand’s economy will contract more than others in Southeast Asia, at 6%, and with a weaker rebound in 2021 of 4%.
What’s weighing down Thai economy
The state of emergency, nighttime curfew and business closings imposed across the country to fight the virus have crushed private consumption and investment, which were already on a modest downtrend last year. Purchases are expected to pick up as the lockdown restrictions are lifted and as government stimulus measures filter through to the economy, but investors could be slow to return given the gloomy prospects.
Thailand recorded no foreign tourist arrivals or receipts for a second straight month in May as the pandemic forced border closings. Annual tourist arrivals are forecast to drop to 8 million, just one-fifth of last year’s total.
Despite plans for travel bubbles with select countries, authorities are proceeding to open the country slowly and carefully. Efforts to kindle domestic tourism won’t offset the tremendous losses to this critical industry, which last year made up about one-fifth of Thailand’s economy.
At first glance, Thai exports appear to have held up relatively well this year, contracting for only two of the first five months of 2020.
As it turns out, distortions in one commodity have helped cushion the overall blow. Rising gold prices during the outbreak have led local investors to sell gold, boosting total exports. Excluding gold, total shipments have been hit hard by weak global demand and supply-chain disruptions.
Baht troubles
The baht has gained almost 6% against the US dollar in the past three months, the second-best performer in Asia tracked by Bloomberg. Despite the BoT’s three interest-rate cuts this year, which have brought the benchmark rate to a record low of 0.5%, the country’s success in containing the pandemic has kept the currency strong.
The central bank has showed concern about the baht’s strength, which hampers exports and will complicate the economic recovery. Officials have warned they’re considering additional steps to tame the baht if needed.
https://www.bangkokpost.com/business/19 ... st-in-asia
The pandemic has nothing to do with baht strength, it was strong before and has been kept strong by the billionaires in power who don't give a hoot about the remaining 98%, or exports, or tourism, or national debt ... They get cheaper Chinese subs or apartments in London.
Thailand has been cited as a success story in containing the coronavirus outbreak, having gone more than 40 days without any local transmission of Covid-19. Yet its economic outlook is the darkest in Asia.
Gross domestic product is forecast to contract 8.1% this year, according to the Bank of Thailand. That’s worse than official forecasts for any of the main economies across Asia, and would be Thailand’s biggest GDP decline ever, surpassing even its plunge during the Asian financial crisis two decades ago.
The government is banking on increased domestic travel to save the tourism sector, with the coronavirus pandemic still keeping foreigners home.
“Thailand has large exposure as a tourism hub, close to 15% of GDP, and it also has large exposure of the export-oriented sector,” said Kiatipong Ariyapruchya, senior economist for Thailand at the World Bank. “Hence the large shock to GDP.”
Analysts surveyed by Bloomberg predict Thailand’s economy will contract more than others in Southeast Asia, at 6%, and with a weaker rebound in 2021 of 4%.
What’s weighing down Thai economy
The state of emergency, nighttime curfew and business closings imposed across the country to fight the virus have crushed private consumption and investment, which were already on a modest downtrend last year. Purchases are expected to pick up as the lockdown restrictions are lifted and as government stimulus measures filter through to the economy, but investors could be slow to return given the gloomy prospects.
Thailand recorded no foreign tourist arrivals or receipts for a second straight month in May as the pandemic forced border closings. Annual tourist arrivals are forecast to drop to 8 million, just one-fifth of last year’s total.
Despite plans for travel bubbles with select countries, authorities are proceeding to open the country slowly and carefully. Efforts to kindle domestic tourism won’t offset the tremendous losses to this critical industry, which last year made up about one-fifth of Thailand’s economy.
At first glance, Thai exports appear to have held up relatively well this year, contracting for only two of the first five months of 2020.
As it turns out, distortions in one commodity have helped cushion the overall blow. Rising gold prices during the outbreak have led local investors to sell gold, boosting total exports. Excluding gold, total shipments have been hit hard by weak global demand and supply-chain disruptions.
Baht troubles
The baht has gained almost 6% against the US dollar in the past three months, the second-best performer in Asia tracked by Bloomberg. Despite the BoT’s three interest-rate cuts this year, which have brought the benchmark rate to a record low of 0.5%, the country’s success in containing the pandemic has kept the currency strong.
The central bank has showed concern about the baht’s strength, which hampers exports and will complicate the economic recovery. Officials have warned they’re considering additional steps to tame the baht if needed.
https://www.bangkokpost.com/business/19 ... st-in-asia
The pandemic has nothing to do with baht strength, it was strong before and has been kept strong by the billionaires in power who don't give a hoot about the remaining 98%, or exports, or tourism, or national debt ... They get cheaper Chinese subs or apartments in London.
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: Major Economic Issues For Thai Government
From what I've seen in recent weeks, this is the most successful initiative I've ever seen by this government as far as Hua Hin is concerned. I've never known the town to be so busy. The government should be congratulated (not something I type very often).
Of course, domestic tourism is not going to fill the farang bars with thousands of drinkers when they can buy a big box of Leo for 609ฺ฿ and drink it on the beach, or in their party houses.
Championship Plymouth Argyle 1 - 0 Hull City 
Points 51; Position 21
Consolidated - Championship Next Season
Points 51; Position 21
Consolidated - Championship Next Season
Re: Major Economic Issues For Thai Government
With a 223 Billion Baht defense budget 
there should be a solution to their economic issues 
After all and also here at the end of the road, "Governments are a mirror image of the people"
there should be a solution to their economic issues After all and also here at the end of the road, "Governments are a mirror image of the people"-
machersjohn
- Member
- Posts: 90
- Joined: Sat Dec 04, 2004 9:37 am
Re: Major Economic Issues For Thai Government
I visited Kanchanaburi last weekend in June . Hotel i stayed in full .Bmws Mercs Lexas and a fair few Black high-end vans. In short if half the Bangkokians were in Hua Hin the other half were in Kanchanaburi. We visit once a year as i like to pay my respects to the fallen soldiers buried there. Our favorite restaurant full queue to eat well that 's not me but we ate at one that was busy but not overflowing.
After a day out sightseeing stopped to eat at a restaurant about 8km north of town. I was mesmerized by the number of Hi So's eating there. the eatery has a huge open grass area surround by trees and runs down toward the river it was pack with camera-toting thais with very expensive cameras some with tripods and all taking many ,many photos not of flora and fauna but of each other, they posing like copying models seen in glossy mags for at least the duration of our meal.
Conclusion some Thais are not suffering or even pretending to suffer with their common Thais .
After a day out sightseeing stopped to eat at a restaurant about 8km north of town. I was mesmerized by the number of Hi So's eating there. the eatery has a huge open grass area surround by trees and runs down toward the river it was pack with camera-toting thais with very expensive cameras some with tripods and all taking many ,many photos not of flora and fauna but of each other, they posing like copying models seen in glossy mags for at least the duration of our meal.
Conclusion some Thais are not suffering or even pretending to suffer with their common Thais .
Re: Major Economic Issues For Thai Government
In fairness. It was always accepted those resort towns nearer Bkk would do well, due to proximity. It's those
further away that will suffer. I also suspect that once the novelty of simply being able to get out of Bkk has worn off, that numbers will dwindle. There is a huge amount of wealth in Bkk, but in the city last week, I saw a different picture, with the BTS not busy, many shops and restaurants along the street not re-opened and so on. Gateway Mall, in particular was noticeably quieter, with many shops above ground floor not yet re-opened or shuttered up for good.
further away that will suffer. I also suspect that once the novelty of simply being able to get out of Bkk has worn off, that numbers will dwindle. There is a huge amount of wealth in Bkk, but in the city last week, I saw a different picture, with the BTS not busy, many shops and restaurants along the street not re-opened and so on. Gateway Mall, in particular was noticeably quieter, with many shops above ground floor not yet re-opened or shuttered up for good.
Talk is cheap
Re: Major Economic Issues For Thai Government
THAI GDP SUFFERS BIGGEST DECLINE IN 22 YEARS
Thailand’s economy contracted at a 12.2% annual rate in the April-June quarter, its sharpest downturn since the Asian financial crisis of the late 1990s.
The data reflect a deterioration of business activity, with the country virtually closed to international travel due to the coronavirus pandemic.
The economy shrank 2% in the first quarter of the year, said the report Monday by the National Economic and Social Development Council.
It showed investment, consumer spending and trade all contracted. Farm output, also hurt by a drought, fell 3% while manufacturing declined 14.4%.
Thailand’s leaders are meanwhile grappling with a wave of student unrest.
Anti-government protesters gathered in large numbers in Thailand’s capital on Sunday for a rally that suggested their movement’s strength may extend beyond the college campuses where it had blossomed.
The protesters are demanding that the government hold new elections, amend the constitution and end intimidation of critics of the government.
While those grievances do not mention the economy, the demonstrations underscore public discontent with how the military-dominated government has handled the pandemic crisis, leaving many people struggling to feed themselves.
The government imposed strict controls on activity at the height of the coronavirus outbreak in the spring, including overnight curfews and bans on sales of alcohol. That appears to have kept infections under control: confirmed cases totaled 3,377 as of Monday, according to a tally kept by Johns Hopkins University. There have been 58 deaths.
But the containment has come at a steep cost: the loss of millions of jobs and livelihoods for the many Thai’s who depend on foreign tourism.
Exports plunged 28% from a year earlier, while service exports, which include international travel, cratered by nearly 38%.
https://www.khaosodenglish.com/news/cri ... -22-years/
You wouldn't have thunk it looking at all the fancy cars on the roads holidaying every weekend.
Thailand’s economy contracted at a 12.2% annual rate in the April-June quarter, its sharpest downturn since the Asian financial crisis of the late 1990s.
The data reflect a deterioration of business activity, with the country virtually closed to international travel due to the coronavirus pandemic.
The economy shrank 2% in the first quarter of the year, said the report Monday by the National Economic and Social Development Council.
It showed investment, consumer spending and trade all contracted. Farm output, also hurt by a drought, fell 3% while manufacturing declined 14.4%.
Thailand’s leaders are meanwhile grappling with a wave of student unrest.
Anti-government protesters gathered in large numbers in Thailand’s capital on Sunday for a rally that suggested their movement’s strength may extend beyond the college campuses where it had blossomed.
The protesters are demanding that the government hold new elections, amend the constitution and end intimidation of critics of the government.
While those grievances do not mention the economy, the demonstrations underscore public discontent with how the military-dominated government has handled the pandemic crisis, leaving many people struggling to feed themselves.
The government imposed strict controls on activity at the height of the coronavirus outbreak in the spring, including overnight curfews and bans on sales of alcohol. That appears to have kept infections under control: confirmed cases totaled 3,377 as of Monday, according to a tally kept by Johns Hopkins University. There have been 58 deaths.
But the containment has come at a steep cost: the loss of millions of jobs and livelihoods for the many Thai’s who depend on foreign tourism.
Exports plunged 28% from a year earlier, while service exports, which include international travel, cratered by nearly 38%.
https://www.khaosodenglish.com/news/cri ... -22-years/
You wouldn't have thunk it looking at all the fancy cars on the roads holidaying every weekend.
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
-
handdrummer
- Addict
- Posts: 5389
- Joined: Mon Mar 03, 2014 11:58 am
Re: Major Economic Issues For Thai Government
You wouldn't have thunk it looking at all the fancy cars on the roads holidaying every weekend.
Those with the "fancy cars on the road every weekend," don't have a financial problem. The rich are rarely impacted by a downturn in the economy. Whatever loss they suffer is negligible and written off against their taxes, that is if they pay any. As long as they don't whine about it, I don't care if they are rich.
Those with the "fancy cars on the road every weekend," don't have a financial problem. The rich are rarely impacted by a downturn in the economy. Whatever loss they suffer is negligible and written off against their taxes, that is if they pay any. As long as they don't whine about it, I don't care if they are rich.
Re: Major Economic Issues For Thai Government
Investors shun Thailand as growth weakens, protests heat up
A selloff in the baht, underperforming stocks and pressure on the bond market reflect growing concern from global investors over political instability and the growth outlook in Southeast Asia's second-biggest economy, analysts and fund managers say.
Thailand suffered its deepest economic contraction in two decades last quarter and a long haul to recovery looms as the Covid-19 pandemic has hammered its mainstay tourism industry.
At the same time, the government is facing a student protest movement which is gathering momentum and disruption to its policy agenda by the surprise resignation of Finance Minister Predee Daochai on Tuesday, after less than a month in the job.
"I think no other country has these two or three problems going on at the same time, as if the Covid-19 situation isn't bad enough," said OCBC Bank economist Howie Lee.
Prime Minister Prayut Chan-o-cha has said Mr Predee's exit, for health reasons, would not affect economic plans, but he did not outline a timetable for appointing a new minister.
The baht fell and has dropped about 0.6% on the dollar since Tuesday on the news, its steepest two-day slide in about two weeks. It now sits where it traded in June despite a slide in the greenback over the past few months.
Thailand's benchmark stock index is down 17% for the year, having suffered foreign outflows in every month till August - lagging a 5% gain in Asian markets.
https://www.bangkokpost.com/business/19 ... ts-heat-up
IS the Thai bubble about to burst again ... bring on 1997! Would be the perfect time for the generals to take their billions and make a quick exit, leaving someone else to clean up the mess.
A selloff in the baht, underperforming stocks and pressure on the bond market reflect growing concern from global investors over political instability and the growth outlook in Southeast Asia's second-biggest economy, analysts and fund managers say.
Thailand suffered its deepest economic contraction in two decades last quarter and a long haul to recovery looms as the Covid-19 pandemic has hammered its mainstay tourism industry.
At the same time, the government is facing a student protest movement which is gathering momentum and disruption to its policy agenda by the surprise resignation of Finance Minister Predee Daochai on Tuesday, after less than a month in the job.
"I think no other country has these two or three problems going on at the same time, as if the Covid-19 situation isn't bad enough," said OCBC Bank economist Howie Lee.
Prime Minister Prayut Chan-o-cha has said Mr Predee's exit, for health reasons, would not affect economic plans, but he did not outline a timetable for appointing a new minister.
The baht fell and has dropped about 0.6% on the dollar since Tuesday on the news, its steepest two-day slide in about two weeks. It now sits where it traded in June despite a slide in the greenback over the past few months.
Thailand's benchmark stock index is down 17% for the year, having suffered foreign outflows in every month till August - lagging a 5% gain in Asian markets.
https://www.bangkokpost.com/business/19 ... ts-heat-up
IS the Thai bubble about to burst again ... bring on 1997! Would be the perfect time for the generals to take their billions and make a quick exit, leaving someone else to clean up the mess.
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: Major Economic Issues For Thai Government
The boys are not going to like this poll. From the Standard Charter 2020 ASEAN business forum. No further specific story but if you want to explore the entire subject see link: https://www.sc.com/en/banking/asean
- phpUD2oO6PM.jpg (120.89 KiB) Viewed 7303 times
Governments are instituted among Men, deriving their just powers from the consent of the governed. Source
Re: Major Economic Issues For Thai Government
Headwinds cause major B4.9tn loss
Uncertainties in domestic politics, economic policies and the external front over the past 14 years led to losses to Thailand's GDP worth 4.9 trillion baht, according to a research paper.
The export and investment sectors were most affected by GDP losses ushered in by these uncertainties, with the latter experiencing a loss of investment worth 30 billion baht as external headwinds heightened in 2008, according to research jointly conducted by personnel from the Bank of Thailand, Chulalongkorn University and the Puey Ungphakorn Institute for Economic Research.
These uncertainties covered shifts in Thailand's fiscal and monetary policies from political changes, sporadic domestic political turmoil, rising economic uncertainties (the 2008 global financial crisis, the 2011 flood disaster and the Covid-19 pandemic) and global events spurring uncertainties (the Sino-US trade war, Brexit and the 2020 US presidential election).
Economic uncertainties resulted in the most severe impact, followed by changes in fiscal and monetary policies, external uncertainties and domestic political uncertainty, according to the research.
https://www.bangkokpost.com/business/19 ... 4-9tn-loss
Uncertainties in domestic politics, economic policies and the external front over the past 14 years led to losses to Thailand's GDP worth 4.9 trillion baht, according to a research paper.
The export and investment sectors were most affected by GDP losses ushered in by these uncertainties, with the latter experiencing a loss of investment worth 30 billion baht as external headwinds heightened in 2008, according to research jointly conducted by personnel from the Bank of Thailand, Chulalongkorn University and the Puey Ungphakorn Institute for Economic Research.
These uncertainties covered shifts in Thailand's fiscal and monetary policies from political changes, sporadic domestic political turmoil, rising economic uncertainties (the 2008 global financial crisis, the 2011 flood disaster and the Covid-19 pandemic) and global events spurring uncertainties (the Sino-US trade war, Brexit and the 2020 US presidential election).
Economic uncertainties resulted in the most severe impact, followed by changes in fiscal and monetary policies, external uncertainties and domestic political uncertainty, according to the research.
https://www.bangkokpost.com/business/19 ... 4-9tn-loss
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: Major Economic Issues For Thai Government
Living on borrowed time
Fears of a debt tsunami are amplifying with debt relief measures by the Bank of Thailand set to expire later this month. Suffering businesses are urging an extension to avoid shouldering a mountain of debt that could make them go under.
Non-performing loans (NPLs) in consumer finance are edging up amid the economic downturn aggravated by the coronavirus pandemic.
Gross outstanding NPLs in the second quarter totalled 509 billion baht, equal to 3.09% of total loans, up from 3.04% in the previous quarter.
In an attempt to help struggling businesses and retail borrowers, the central bank laid out four categories of relief measures, spanning multiple types of policies such as interest rate reduction, debt payment deferment and reduction, provision of additional credit and debt restructuring.
https://www.bangkokpost.com/business/19 ... rowed-time
Fears of a debt tsunami are amplifying with debt relief measures by the Bank of Thailand set to expire later this month. Suffering businesses are urging an extension to avoid shouldering a mountain of debt that could make them go under.
Non-performing loans (NPLs) in consumer finance are edging up amid the economic downturn aggravated by the coronavirus pandemic.
Gross outstanding NPLs in the second quarter totalled 509 billion baht, equal to 3.09% of total loans, up from 3.04% in the previous quarter.
In an attempt to help struggling businesses and retail borrowers, the central bank laid out four categories of relief measures, spanning multiple types of policies such as interest rate reduction, debt payment deferment and reduction, provision of additional credit and debt restructuring.
https://www.bangkokpost.com/business/19 ... rowed-time
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: Major Economic Issues For Thai Government
Full economic recovery not expected until 2023
Thailand’s economy will probably not recover to pre-pandemic levels until the first quarter of 2023, slowed by the struggling tourism industry, the central bank said Monday, pointing out that the vaccine deployment will significantly determine the country’s competitiveness.
“This crisis will leave scars for Thai businesses and the potential of the tourism sector for a long time,” said the Bank of Thailand’s deputy governor Mathee Supapongse in a tourism seminar.
Covid-19 vaccines do not just help immunized individuals fight the disease, they also enhance the tourism industry’s competitiveness, he said.
Mathee said the inoculation will help businesses build “immunity’ and prepare them for future instability.
With uncertain vaccine distribution and spiking local infections, the bank said it will closely monitor the situation and is ready to introduce measures as necessary to mitigate economic fallout.
Wichit Prakobkosol, Vice President of the Tourism Council of Thailand, predicted an uptrend on Thai tourism in line with global vaccination that Thailand will see 25 million foreign visitors in 2022, generating more than 1.5 trillion of income.
However, the central bank revised down the foreign arrival forecast in 2022 to 10 million from 21.5 million forecast in March.
Tourist arrival estimates for this year also plunged to only 700,000 from an earlier estimate of 3 million.
Last week the central bank slashed the country’s economic growth projection for 2021 to 1.8 per cent, from 3 per cent, due to the consequences of the third wave of Covid-19 outbreak.
https://www.thaienquirer.com/29068/full ... ntil-2023/
Thailand’s economy will probably not recover to pre-pandemic levels until the first quarter of 2023, slowed by the struggling tourism industry, the central bank said Monday, pointing out that the vaccine deployment will significantly determine the country’s competitiveness.
“This crisis will leave scars for Thai businesses and the potential of the tourism sector for a long time,” said the Bank of Thailand’s deputy governor Mathee Supapongse in a tourism seminar.
Covid-19 vaccines do not just help immunized individuals fight the disease, they also enhance the tourism industry’s competitiveness, he said.
Mathee said the inoculation will help businesses build “immunity’ and prepare them for future instability.
With uncertain vaccine distribution and spiking local infections, the bank said it will closely monitor the situation and is ready to introduce measures as necessary to mitigate economic fallout.
Wichit Prakobkosol, Vice President of the Tourism Council of Thailand, predicted an uptrend on Thai tourism in line with global vaccination that Thailand will see 25 million foreign visitors in 2022, generating more than 1.5 trillion of income.
However, the central bank revised down the foreign arrival forecast in 2022 to 10 million from 21.5 million forecast in March.
Tourist arrival estimates for this year also plunged to only 700,000 from an earlier estimate of 3 million.
Last week the central bank slashed the country’s economic growth projection for 2021 to 1.8 per cent, from 3 per cent, due to the consequences of the third wave of Covid-19 outbreak.
https://www.thaienquirer.com/29068/full ... ntil-2023/
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Re: Major Economic Issues For Thai Government
Steps seen hitting GDP prospects
Thailand's GDP growth may be in negative territory this year as the intense lockdown measures and the prospect of a protracted pandemic continue to crush the economy, according to Asia Plus Securities (ASPS).
The imminent lockdown measures are expected to be as strict as those employed during the second quarter of 2020, pressuring the outlook for the economy. Hotel, food, airlines, construction, shopping centers, and the media will continue to bear the brunt of the downturn much more than other sectors.
Thailand's first lockdown in 2020 spanned 38 days from March 26 to May 3. It caused the country's GDP for the whole year to contract by 6.2% from the previous year.
Likewise, the current lockdown in the second half could cause GDP growth forecasts to be downgraded. Thai GDP growth is highly likely to drop under 1% or even fall into negative territory if the pandemic is prolonged.
https://www.bangkokpost.com/business/21 ... -prospects
Thailand's GDP growth may be in negative territory this year as the intense lockdown measures and the prospect of a protracted pandemic continue to crush the economy, according to Asia Plus Securities (ASPS).
The imminent lockdown measures are expected to be as strict as those employed during the second quarter of 2020, pressuring the outlook for the economy. Hotel, food, airlines, construction, shopping centers, and the media will continue to bear the brunt of the downturn much more than other sectors.
Thailand's first lockdown in 2020 spanned 38 days from March 26 to May 3. It caused the country's GDP for the whole year to contract by 6.2% from the previous year.
Likewise, the current lockdown in the second half could cause GDP growth forecasts to be downgraded. Thai GDP growth is highly likely to drop under 1% or even fall into negative territory if the pandemic is prolonged.
https://www.bangkokpost.com/business/21 ... -prospects
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson