JSCCIB Re-EstimateThai GDP 2019 Slow Down to 3.7-4.0%
3-4-2019 – Today, 3 private sector joint committees (ERC) Joint Standing Committee on Commerce and Banking (JSCCIB) announced that the global economic direction has more signs of uncertainty.
Although there are positive expectations for the trade war between the United States and China, but until now, both sides are still unable to agree or have clear details. Meanwhile In the case of England separated from the European Union (Brexit) still has no conclusion and remains a challenge to the global economy.
Such issues include the slowdown in the Chinese economy. Will put pressure on Thai export trends during the remainder of this year Continued until next year After the first 2 months of the year 2019, exports that do not include the Thai military equipment items Reflecting the image that is not bright
When considering domestic factors Still have to wait for political clarity and the establishment of a new government after May 9, 2019, with the first mission of the new government besides considering the draft of The Expenditure Budgeting for 2020, it is expected that a stimulus package will be issued to enable the economy to continue to drive,
which will result in the Thai economy in the second half of the year is likely to grow higher than in the first half of the year.
However, due to the slowing growth of export images than previously assessed by the meeting, the JSCCIB estimated that exports in 2019 may expand by
3.0-5.0% (from the previous forecast of 5.0-7.0%).
As a result, JSCCIB revised the estimate
the growth rate of the Thai economy in the year 2019 came to 3.7-4.0% (formerly expected at 4.0-4.3%).
As for the view towards inflation no change, the inflation rate in 2019 is expected to be 0.8-1.2%.
“Economic Estimates of JSCCIB Report.”
*% YoY 2017
**% YoY year 2018
*** Forecast for the year 2019 (as of December 2018)
**** Forecast for the year 2019 (as of April 2019)
GDP * 3.9 / ** 4.1 / ****** 4.0-4.3/
****3.7-4.0
Export * 9.9 / ** 6.7 /***5.0-7.0/
**** 3.0-5.0
Inflation * 0.7 /7.1.1/***0.8-1.2 /
****0.8-1.2
At this time, the JSCCIB has conducted the National Digital Trade Platform project, in order to certify the expansion and facilitate international trade, including import-export of Thailand through the digital systems
With related parties including Government sector, trade service sector, manufacturing sector, banking sector, transportation and insurance, This project will connect to NSW to be fully integrated between the public and private sectors.
In data transmission in trade and export
, which will benefit in terms of Ease of Doing Business in Thailand as well. The JSCCIB has discussed with the government to drive the government and regional image. The project has presented this pilot project. In ASEAN and APEC in order to continue to receive trade information in digital systems between countries.
The JSCCIB together with the Revenue Department will organize a seminar “Measures to encourage entrepreneurs to prepare accounts in accordance with the actual conditions of the business under the integration of 5 agencies in total” on 22,24,26 April 2019 in various regions in the provincinces and on 30 April 2019 in Bangkok
