Connect with us

Foreign

Thai GDP growth 2019 forecast slashed further to 2.5%

Published

on

A research unit for a Thai commercial bank on Monday said it has further revised downward its gross domestic product (GDP) forecast for 2019 to 2.5 per cent from 2.8 per cent.

Kasikorn Research Centre warned that Thai businesses might face further risks including the strengthening of the Thai baht, drought and the repercussions to the minimum wage hike.

Accoding to Kasikorn Research Centre Assistant Managing Director, Nattaporn Triratanasirikul, the downward revision of the Thai economy is due to the lackluster export performance due to the global trade frictions and the strong baht.

He said the downward revision of the Thai economy was also due to the delay in the enactment of the budget expenditure bill for year 2020.

Loan growth from commercial bank next year is expected to stay unchanged at 3.5 per cent; non-performing loans may increase from 2019, while the banks’ fees are likely to grow not more than 1-2 per cent.

According to the business outlook, there may be additional impacts from the government’s policies, amid numerous challenges in 2020 report.

It also noted that the minimum wage rise might present a challenge to the business sector.

However, in property sector, Kasikorn Research Centre’s report said market had not recovered yet because there were about 200,000 unsold residential units in market for property developers yet to clear within a short period of time.

Meanwhile, the report indicated that the tourism market would continue to thrive, as inbound tourism markets including China, India, as well as domestic tourism would help create travel related business opportunities in Thailand.

Thailand’s tourism accounts for as much as 18 per cent of the Thai GDP.

==

Edited by: Yahaya Isah/Ali Baba-Inuwa
(NAN)

Contact US: editor@nnn.com.ng, nnnnews247@gmail.com

Recent Posts

January 2020
MTWTFSS
« Dec
12345
6789101112
13141516171819
20212223242526
2728293031

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor@nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor@nnn.com.ng