Asia: Thailand’s economic growth increase to 3.2% for 2017

The World Bank has revised its forecast on Thailand economic outlook in 2017 by increasing it slightly to 3.2% (previously was 3.1%). This revision was taken in the anticipation that Thailand exports will pick up due to improvement in the US economy which will further increase potency to import from other markets, with Thailand as one of them. Apart from World Bank’s data, Thailand internal commerce data also has shown signs of increase in merchandise exports in the past few months. However, although the forecast has been positive, Thailand’s growth forecast is still lagging other markets in South East Asia such as Philippines (6.9%), Vietnam (6.3%) and Indonesia (5.3%).

RFi Group data from H2 2016 Retail Banking Council indicates that concern with Thailand’s economy remains consistently high in the past one year. The county economy’s outlook remains the top concern.

Source: RFi Group – Thailand Payment Council (H2 2016)

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