Thailand Disappointed By Quarter 3 Figures
The economy of Thailand is coming to a slow and the figures did not meet the forecast for the third quarter of this year. The number of exports went on a decline and the tourism sector suffered because of the tour boat that met an accident which led to the death of almost 50 Chinese nationals. Since then the number of Chinese tourists coming to the country has decreased. When the economy of the country is affected, even International School in Thailand feels the impact of the situation.
Based on the result released by the National Economic and Social Development Board, the year-on-year GDP for quarter three has increased by 3.3 per cent. The figure did not meet the forecast made by economists which is a growth of 4.2 per cent. The figure showed that there is a slowdown compared to the second quarter’s growth which was 4.6 per cent.
Looking at the year-on-year result, the economic growth of the nation is on a standstill considering that the second quarter showed a revised increase of only 0.9 per cent.
Capital Economics’ economist, Alex Holmes, said that it might not be safe to assume that the infrastructure programme of the government will compensate for the decline caused by the trade war between China and the United States. He added that there might not be a silver lining waiting in 2019.
Mr. Holmes further explained that one area that contributed to the weakening of the economy is the tourism industry. The sector took a hit when 47 tourists from China passed away due to a boat that capsized in the tourist island of Phuket just four months ago. Since then the number of Chinese tourists coming to Thailand declined by almost one-third.
The growth was dragged down further by the fact that there is a decline of 8.8 per cent with Chinese arrivals. According to NESDB, if Thailand wants to see growth, they might have put in measures to attract Chinese nationals back to the country. The government expects the economy this year will grow by 4.2 per cent and next year the figure stands at 3.5 to 4.5 per cent. This improvement is good news for International School in Thailand because more foreign students will be tempted to study in the country.
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