Thai economy faces challenges in second half
Thailand will face several challenges in the second half of the year, especially impacts from the escalating US-China trade, according to The Joint Standing Committee on Commerce, Industry, and Banking.
These factors, coupled with the volatile US dollar value, have added pressure to the already-slowing global economy, which will not facilitate recovery of Thailand’s exports in the second half of the year.
Thai economic indicators in the first half showed weak signals in both export and domestic consumption, it added.
Due to this gloomy outlook, Thailand needs to boost its domestic consumption, especially short-term measures from the government to alleviate the drought and to regain private sector confidence.
The joint committee said it would keep a closer watch on the situation but it has maintained GDP growth forecast this year in the range of 2.9 to 3.3 per cent.
It has also maintained its export growth forecast this year at between minus 1 per cent and 1 per cent growth.
Thailand’s GDP expanded 4.1 per cent last year, while exports grew 6.9 per cent.
