Thailand Economic Monitor, January 2019 : Inequality, Opportunity and Human Capital
The outlook for the global economy has darkened amid elevated trade tensions. International trade and investment are moderating, trade tensions remain elevated, and financing conditions are tightening. Global growth is projected to moderate from a...
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| Format: | Report |
| Language: | English |
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World Bank, Bangkok
2019
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| Online Access: | http://documents.worldbank.org/curated/en/154541547736805518/Thailand-Economic-Monitor-Inequality-Opportunity-and-Human-Capital http://hdl.handle.net/10986/31240 |
| Summary: | The outlook for the global economy has
darkened amid elevated trade tensions. International trade
and investment are moderating, trade tensions remain
elevated, and financing conditions are tightening. Global
growth is projected to moderate from a downwardly revised 3
percent in 2018 to 2.9 percent in 2019 and 2.8 percent in
2020-21, as economic slack dissipates, monetary policy
tightens in advanced economies, and global trade gradually
slows (World Bank Global Economic Prospects, January 2019).
Despite external shocks to trade and tourism, growth of the
Thai economy is estimated to have accelerated to 4.1 percent
in 2018. The economy proved to be resilient in the face of
strong global headwinds due to strengthening domestic demand
stemming from an upswing in private consumption and private
investment. Domestic consumption expanded by 5 percent in
2018Q3, posting the highest growth rate in 22 quarters in a
low-inflation environment and record-low unemployment. In
addition, private investment grew by 3.9 percent in the
third quarter supported by increased spending on
construction, machinery and equipment. Strong domestic
demand offset partially adverse global factors—the China-US
trade dispute—as well as domestic and idiosyncratic
factors—such as the Phuket boat tragedy and the high-base
effect of gold exports. The Thai economy also owed its
resiliency to strong and stable macroeconomic fundamentals. |
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