Categories: Foreign

Thai GDP growth 2019 forecast slashed further to 2.5%

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)

NNN

is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

Recent Posts

Gov. Lalong inuagurates 2020 NAFEST committee

Gov. Simon Lalong of Plateau has inaugurated a 32-member steering committee to organise this year’s…

21 hours ago

Malnutrition: UNICEF harps on exclusive breastfeeding, complementary feeding

The United Nations Children’s Fund (UNICEF) has advised nursing  and lactating mothers to ensure exclusive…

21 hours ago

Insecurity: Security operatives deployed to construction sites in Taraba

Gov. Darius Ishaku of Taraba said military and police operatives had been deployed to construction…

21 hours ago

Court sentences 2 students to 18 months imprisonment each for extortion

An Upper Area Court sitting in Kasuwan Nama in Jos on Friday, sentenced two students…

21 hours ago

Tiv/Jukun conflicts: Gov. Ishaku urges fleeing communities to return home

Gov. Darius Ishaku of Taraba has called on the people of Chonku village who had…

21 hours ago

COVID-19: Okowa calls for sustainable health financing in Nigeria

Gov. Ifeanyi Okowa of Delta has called for the adoption and implementation of a viable…

23 hours ago