19 Dec 2022
Thai Economy
KResearch revises Thailand 2023 GDP forecast to 3.2 percent amid global economic recession while China may reopen relatively soon, though developments merit close watch (Press Conference 19 December 2022)... Read more
FileSize KB
28 Sep 2022
KResearch maintains GDP growth projection for 2022 at 2.9 percent and a projected range of 3.2-4.2 percent for 2023; hopes pinned on tourism to mitigate impacts of economic recession among Thailand’s partners ... Read more
17 Aug 2020
The Thai economy in 2Q20 shrank by -12.2 percent YoY, a lesser decline than the market expectations of -13.0 to -17.0 percent YoY, due to a resurgence in government spending and investment in 2Q20. This surge occurred amid the issuance of several stimulus packages, in particular the relief measure under the “Stronger Together” program which saw cash handouts of THB 5,000 distributed to those in need for three consecutive months during 2Q20. Meanwhile, the annual rate of budget disbursement in 2Q20, including current expenditure and capital expenditure, was higher compared to the same period from the previous year. Such growth in government investment has led to further expansion of the construction industry in 2Q20. KResearch assesses that the Thai economy will likely see the sharpest contraction in 2Q20 and continue to shrink gradually for the remainder of the year. ... Read more
6 Mar 2020
The novel coronavirus (COVID-19) outbreak is set to be severe and spread broadly around the globe after new infections outside of China, in particular South Korea, Italy and Iran have surged. So far, the number of confirmed COVID-19 cases has reached more than 90,000 in over 70 countries and territories worldwide.... Read more
31 Jan 2020
New risks to the Thai economy have been seen. These include the novel coronavirus outbreak, which will likely hurt tourism receipts and a likelihood that the enforcement of the 2020 Budget Act will be delayed, thus preventing the government to use fiscal tools to fully steer the Thai economy. In addition, drought is dampening farm income while the government’s investment budget is being held up due to the delayed 2050 fiscal budget. ... Read more
9 Oct 2019
The Cabinet, September 10, 2019, approved the 1,000-Baht cash handout as part of the government’s “Chim Shop Chai (Taste Shop Use)” program to stimulate domestic tourism, effective September 27 - November 30, 2019. Currently, a large number of people has begun to spend the cash giveaway in provinces where they signed up to the program. KResearch has conducted a survey on spending behavior of Thai households that have registered with phase 1 of the “Chim Shop Chai” program and the findings are as follows:... Read more
21 May 2019
The Thai economy grew at the slowest pace in 17 quarters of 2.8 percent p.a. in 1Q19, lower than the consensus estimate at 3.2 percent, dampened by shrinking exports amid a steady slowdown in the global economy and impacts of the trade war. However, domestic spending and private investment overall continued to support the Thai economy. It is expected that such a growth momentum will continue into 2Q19, buoyed by household spending as a result of mid-year economic stimuli, though close attention must be paid to drought, which may last until July, thus hurting farm income during this quarter.... Read more
15 Nov 2018
A number of infrastructure projects have exhibited satisfactory progress after the government’s announcement of an action plan to expedite large infrastructure investments in 2016-2018 with an important impetus being the Eastern Economic Corridor (EEC) program with THB trillions of investment. Completed construction include the Laem Chabang Port A project and the civil work under the Red Line Mass Transit System while ongoing projects are, for example, seven routes under the Double-Track Rail Project Phase 1, part of Contract No. 1 of the Thai-Chinese High-Speed Train Project (Bangkok-Nakhon Ratchasima), three Mass Transit Rail Projects in Bangkok, namely the Red, Pink and Yellow Lines. ... Read more
24 Apr 2018
Thailand’s merchandise exports reached USD22.363 billion for March 2018, representing a fresh record high. As a result, our 1Q18 shipments hit a 7-year high of 11.3 percent YoY. Despite a high 2017 base, the value of March exports was driven by steady economic growth seen in our trade partners, favorable performance in oil-related shipments, thanks to rising global crude oil prices and accelerated electronics imports by China and the US before the US enforces import tariffs on Chinese-made products.... Read more