Thailand Economic Outlook 2019
Global economic growth has eased but remains robust after considered the uncertainty in economic situation. An overall economic projection has slow down slightly. Owing to, uncertainties and risks such as US protectionism, Brexit and political tensions between powerful countries still pose significant challenges on the medium-term outlook.
In 2019, the global economic growth is estimated at 3.5%, which has a slight recession from 3.9% in 2018. For Asia, an economic growth forecast has adjusted to 4.8% in 2019 which is still considered a steady growth. Due to upward revision for Thailand, Myanmar, Lao, Philippines, and Indonesia counters downward revision from Malaysia, Singapore and etc. as GDP growth softened in 2018. Robust domestic demand, particularly for private consumption and investment, continued to support economies in the sub region. Furthermore, the infrastructure development project from China also support the growth counter the weak foreign demand. The continuous effort from the government through public infrastructure investments, especially the Eastern Economic Corridor (EEC) initiative is crucial in driving public and private consumption. Accordingly, Thailand’s economy is expected to grow at 3.9% in 2019. However, the high level of household debt still remains an obstacle that will slow down the economy.