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Thread: Doing Well

  1. #1
    Thailand Expat tomcat's Avatar
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    Doing Well

    Thailand Economy Grows at Fastest Pace in Over Four Years
    By Tang Nguyen and Yumi Teso

    Thailand’s economy grew at the fastest pace in more than four years, led by a surge in farming output and tourism.

    Key Points

    Gross domestic product rose 3.7 percent in the second quarter from a year ago after expanding 3.3 percent in the first quarter, the National Economic and Social Development Board said on Monday
    The median estimate of 21 economists surveyed by Bloomberg was for growth of 3.2 percent
    GDP rose a seasonally adjusted 1.3 percent in the second quarter compared with the previous three months, higher than the 1 percent median estimate in a Bloomberg survey

    Big Picture

    Thailand’s growth outlook has strengthened this year on the back of a recovery in global trade, but domestic demand continues to disappoint. More than three years after a military coup, political uncertainty has curbed the private sector’s appetite to invest, while consumer spending remains moderate.


    At the same time, authorities are struggling to cap gains in the currency after it surged 7.9 percent against the dollar this year, undermining export competitiveness. The Bank of Thailand, which has kept its benchmark interest rate unchanged at 1.5 percent for more than two years, said last week the currency’s strength may hurt businesses. The bank has been reluctant to lower interest rates in the face of high consumer debt levels.

    Analyst Takeaways

    “Monetary conditions are accommodative to economic recovery,” said Roong Sanguanruang, a market analyst at Bank of Ayudhya Pcl in Bangkok, who expects the Bank of Thailand to remain on hold. “Given the latest impressive GDP growth number, we think the MPC will be comfortable with their stance. We don’t expect a rate hike before the middle of next year, but no rate cut.”
    We expect growth to remain relatively strong over the next couple of quarters, helped by strong external demand and loose monetary and fiscal policy,” said Gareth Leather, an economist at Capital Economics Ltd. in London. “The uncertain political situation is the main risk to the outlook.”
    Market Reaction

    Baht was little changed at 33.229 against the dollar as of 10:25 a.m. in Bangkok
    Benchmark stock index rose 0.1 percent
    Other Details

    Agriculture sector surged 15.8 percent in second quarter from a year ago, up from 5.7 percent in the first quarter
    Manufacturing growth slowed to 1 percent from 1.3 percent; construction contracted 6.2 percent
    Hotel and restaurants sector climbed 7.5 percent; transport and storage rose 8.6 percent
    Statistics agency revises GDP growth forecast for this year to 3.5 percent to 4 percent from 3.3 percent to 3.8 percent; central bank projects growth of 3.5 percent
    Porametee Vimolsiri, secretary general for statistics office, said economy’s expansion more broad-based than just tourism and exports; GDP growth to accelerate in second half of year, helped by exports.

    ...to view an explanatory chart: https://www.bloomberg.com/news/artic...7-last-quarter
    Majestically enthroned amid the vulgar herd

  2. #2
    Fresh Seaman CaptainNemo's Avatar
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    so... rice... hotels... buses... up, everything else, down? sounds like Chinese tourism having its impact (Chinese tourism sustains Thailand’s junta).

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    ความรู้ลึกลับ HuangLao's Avatar
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    Quote Originally Posted by CaptainNemo View Post
    so... rice... hotels... buses... up, everything else, down? sounds like Chinese tourism having its impact (Chinese tourism sustains Thailand’s junta).

    I suspect that rice is not singularly supporting that particular sector, but agricultural/horticultural products for export and domestic uses more than hold their own, if not exceeding expectations.

    Rice tends to be the traditional measuring stick.

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    Thailand Expat
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    Everyone I meet and talk to say the opposite. Business is slowing down.

  5. #5
    Thailand Expat tomcat's Avatar
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    Quote Originally Posted by VocalNeal
    Business is slowing down
    except for pheromone production: the sois are alive with the scent of romance...

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    ความรู้ลึกลับ HuangLao's Avatar
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    Quote Originally Posted by VocalNeal View Post
    Everyone I meet and talk to say the opposite. Business is slowing down.
    Probably closer to the reality than one might expect from the usual promoted sources of the plutocracy.

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