InfoQuest (November 19, 2019) -- Thailand's economy grew by 2.4 percent in the third quarter, up slightly from 2.3 percent in the previous quarter. The economy is growing slower than expected in many areas, especially in exports of goods and services, compared with the forecast in the Monetary Policy Report published by the Bank of Thailand (BOT) in September 2019, said Don Nakornthap, director of the Macroeconomics Policy Office. Private and public investment also grew at a slower pace than projected, while private consumption grew much better.
The economic data for September 2019 suggest that the country's economy in the third quarter is likely to grow slower than projected in the Monetary Policy Report. Therefore, the projection was re-evaluated at the meeting of the Monetary Policy Committee (MPC) in September 2019. The overall economic situation in the third quarter turned out to be close to the revised forecast.
The global trade landscape has improved with government spending and investment in large infrastructure showing positive signs. However, the overall growth is still below the potential growth level.
Thailand's economy is still facing high risks, especially external risks, including international trade protectionism, the impact of economic growth trends in China and major industrialized countries on Thailand's domestic demand, and geopolitical risks. The domestic risks come from the labor market, government economic stimulus measures and government spending, as well as the progress of major infrastructure investment and its likely impact on private investment in the next stage.
Therefore, Thailand's central bank will re-evaluate the economic growth in December 2019 and publish the projection in the Monetary Policy Report.
Source: InfoQuest, by Kasamarporn Kittisamphan / Sasithorn, translated by Xinhua Silk Road
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