Thai economy in 2019 forecast to see weakest growth in five years
Thailand’s economy in 2019 forecast to see weakest growth in five years
Thailand’s economy this year is forecast to see the weakest pace of growth in five years due to impact from global trade tensions and rising domestic currency.
Hanoi (VNA) – Thailand’s economy this year is forecast to see theweakest pace of growth in five years due to impact from global trade tensionsand rising domestic currency.
According to the Bank of Thailand (BOT), exports may fall 3.3 percent in 2019,according to the Bank of Thailand (BOT).
Besides, a strong Thai Baht, which has gained 8.3 percent against the dollar in2019 and is Asia's top-performing currency, has added to the pressure onexports.
The BOT, after several downgrades, predicts it will be just 2.5 percent thisyear, the weakest pace since 2014.
The central bank forecasts the economy will be 2.8 percent in 2020, whileexports rise just 0.5 percent./.
Thai Minister of Finance Uttama Saowanayon has revealed the ministry is ready to introduce measures to support the economy after many factories shut down because of the global economic situation.
Thailand’s economic ministers have agreed that fresh economic stimulus measures are vital to help boost full-year economic growth to more than 2.6 percent, according to local media.
The Bank of Thailand (BoT) lowered the country’s economic growth forecast to 2.5 percent in 2019 and 2.8 percent in the next year due to heightened external risks.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Illustrative image (Photo: Internet) 
