Thailand Economic Outlook
November 17, 2020The economy looks likely to have contracted at a slower pace in Q3 than in Q2, as the easing of coronavirus-induced lockdowns should have supported an uptick in domestic activity. However, ongoing travel restrictions affecting the all-important tourism sector, supply chain disruptions and weak foreign demand are likely to have weighed heavily on the external sector. Turning to Q4, the panorama remains subdued: Business sentiment turned more pessimistic in October, and while the PMI signaled a marginal expansion in manufacturing conditions in the same month, firms reported a decline in exports, reflecting a still-weak external trading environment. In the political arena, protestors calling for the resignation of the prime minister rejected a parliament-initiated reconciliation plan on 4 November and are planning fresh rallies in coming weeks, in a continuation of unrest that is likely to dampen domestic demand in Q4.
Thailand Economic GrowthThe economy is projected to recover in 2021, after contracting sharply in 2020. Domestic demand is set to rebound strongly on improving household and capital spending. The recovery in activity in key external markets should buoy exports, although the prolonged nature of the pandemic and its impact on the tourism sector remains a key downside risk. The FocusEconomics panel sees the economy expanding 4.4% in 2021, which is up 0.1 percentage points from last month’s projections, before growing 4.4% again in 2022.
Thailand Economy Data
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|Exchange Rate||30.11||0.17 %||Dec 30|
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Thailand Economic News
April 1, 2021
Manufacturing output fell 0.3% in month-on-month seasonally-adjusted terms in February, which contrasted January's 0.4% increase.
March 24, 2021
At its 24 March meeting, the Monetary Policy Committee of the Bank of Thailand (BoT) kept the policy rate at the record low of 0.50% for the seventh consecutive meeting.
March 22, 2021
Merchandise exports declined 2.6% over the same month last year in February, contrasting January’s 0.4% year-on-year increase.
March 5, 2021
Consumer prices fell 0.91% over the previous month in February, swinging from the 0.09% increase logged in January.
February 26, 2021
Manufacturing output dropped 0.1% month-on-month in seasonally-adjusted terms in January, which contrasted December’s 1.7% rise. On an annual basis, manufacturing production declined 2.8% in January, which matched December’s fall.