Thailand Economic Outlook 2019 Update
Global economic growth continues to slow down due to the uncertainties and risks in global situations in particular US and China trade tensions. This has impacted the global trade and investment and significantly dampens medium-term prospects for growth.
In 2019, the global economic growth is estimated at 3.3%, down from 3.6% in 2018. For Asia, the economic growth forecast has been adjusted to 5.1% due to the downward revision from Cambodia, Myanmar Vietnam and Singapore despite the upward revision of growth for Brunei, Lao, and Philippines.
For Thailand, GDP is expected to grow at 3.1% in 2019 which is lower than 2018, is driven primarily by a drop in export volumes owing to the trade war situation and global economic slowdown. Domestic demand decelerates due to slower-than-expected private investment, resulted from plummeting export and a slowdown in residential sector.