thailand gdp forecast 2020 bot
Thailand will have the second-lowest GDP after Singapore this year. The BoT sharply downgraded its forecast of Thailand’s full-year economic outlook to a 8.1% contraction, instead of 5.3% previously forecasted.
Do you like the content of this article? Less than a minute. IMF sees Thailand’s growth down 6.7 percent in 2020 – Thailand Business News ( ) Previous Forecast in Monetary Policy Report - March 2020 Regions "The public sector is the only engine available to support the economy, he said.The central bank maintained its projection for government consumption growth at 2.6% this year, while cutting its public investment growth view from 6.3% to 5.8%.The forecast for export growth in dollar terms was lowered from 0.5% to an 8.8% contraction, and import growth from 1.4% to a 15% contraction.The central bank also cut its forecast for Thailand's 2020 private consumption from 3% growth seen last December to a 1.5% contraction, and private investment from 3.4% growth to a 4.3% contraction.Mr Don said the outbreak is spreading on a wider scale than the central bank's earlier estimate, particularly outside of China.Based on data from the Public Health Ministry, the central bank expects coronavirus infections in Thailand to come under control in the second quarter, around April, but a turnaround for tourism will take time.If Thais cooperate with government measures, especially migration and social distancing, the infection rate will be controlled and the economy will benefit eventually, Mr Don said.The Monetary Policy Committee (MPC) on Wednesday voted 4-2 to leave the policy rate on hold at a record low of 0.75% after last Friday's unscheduled rate cut of 25 basis points.Two members voted to cut the policy rate by 25 basis points, while one member was absent.MPC secretary Titanun Mallikamas said the committee's view is that the economy will drastically contract in 2020 as tourism and merchandise exports are hit by the pandemic, the slowdown of trading partner economies and supply chain disruptions in many countries. You will get the updates within 24 hours. 2020 GDP outlook downgraded to a 8.1% contraction.
0 2283 6824 or 0 2283 6610 2020 GDP outlook downgraded to a 8.1% contraction. The impact of the coronavirus on the Asia Pacific region will be severe and unprecedented says IMF, and Thailand could stand as the worst performer with a 6.7% GDP drop.
26 Mar 2020 at 04:01 The Bank of Thailand on Wednesday forecast the economy to shrink by 5.3% this year, the first contraction since the 2008 global financial crisis, but stayed unchanged on the policy interest rate.The coronavirus pandemic is the major factor hurting economies worldwide and has taken a heavy toll on Thailand's tourism and exports this year, said Don Nakornthab, senior director for economics and policy at the central bank.The Bank of Thailand earlier predicted economic growth of 2.8% for 2020.
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