Thailand's economy in the second quarter.

Thailand's economy in the second quarter.

       According to the Northern Bureau, the Northeastern Office, and the Southern Office How is the Thai economy in the second quarter after a half year has passed? Is it better or worse?

Overview of the country

           From the survey results of entrepreneurs across the country, From April 1–June 30, 2022, which is the time when the country is open, such as the cancellation of the Test & Go system, allowing open entertainment venues and selling alcoholic beverages in restaurants.

         The business sector considers that the Thai economy expanded slightly from the previous year. Overall, business income improved. Economic activity gradually recovered from last year. While the cost was increased,

The income from the commercial sector at 10%

         has lightly expanded from last year. According to the declining concerns of COVID-19 omicron variant, People adjust themselves to the situations and get benefits from the recovery of the management sector, causing more spending.

           With the opening of the country’s borders and permission to open entertainment venues, the country’s expanded from the same period last year. The tourist-related businesses have improved both the number of businesses that have returned to open and the number of Thai and foreign tourists.

Real estate and construction income at 50%.

           expanded from the same period last year but was stable from the previous quarter. increased purchasing power as a result of investment in low-rise residential buildings to support increased purchasing power. This was a result of the purchase decision before the housing price was adjusted in the future.

Manufacturing income* 42%

           The manufacturing sector slightly expanded from the same period last year, especially the manufacturing business for export, according to the continued demand from trading partners, despite being affected by higher production costs But the business has adjusted to reduce the impact, such as adjusting the production formula, changing packaging materials.

Service income is up 73%.

* Balance of opinion: The number shows the proportion of those who said their income increased minus the proportion of those who said their income declined. compared to the same period last year.

Thai economic confidence stands at 58%.

           The economy is expected to improve over the next 12 months. and the proportion of respondents increased in all business fields. However, most businesses expected that the economy had passed its lowest point and would recover in the next period.

Business costs at 94%

           Costs increase in all business sectors. This is a result of shortages, volatility in commodity prices, transportation costs, and rising energy prices. In addition, the depreciation of the Thai baht led to an increase in the cost of imported raw materials.

Restrictions on doing business 32%

           Low domestic market demand It’s an obstacle to doing business. which is the result of cost and rising product prices.

Labor restriction of 73%

           To maintain labor costs by non-additional employment. At the same time, many businesses face a shortage of basic skilled workers. As a result, businesses focus on giving existing employees more multi-skilled work and hiring additional temporary workers during certain periods.

Regional overview

             business overview and trends from an entrepreneur’s perspective. (Compared to the same period last year)

Central Region

           The business expanded slightly from the same period last year. Manufacturing firms will expand in response to trading partner demand and the domestic economy’s recovery. Meanwhile, tourism-related businesses, including the service sector and the real estate sector, benefited from the relaxation of the open country policy. However, low purchasing power, the problem of the high cost of living and increasing business costs make business recovery limited.

Northern region

           The business expanded slightly from the same period last year. As the economy recovered, tourism and service businesses recovered. according to the easing of international and domestic travel restrictions. As a result, some trade businesses improved. including real estate businesses that have begun to invest in new projects. The business of manufacturing for export is still expanding. However, the shortage of production parts Higher energy and living costs also put a strain on business recovery.

Northeast region

          Most businesses expanded slightly from the same period last year. The spread of COVID-19 in the country has eased with the relaxation of pandemic control measures, benefiting the manufacturing sector for domestic sales, tourism and service-related businesses, and real estate businesses. In addition, costs and prices of goods continued to rise while purchasing power was still low, which was a factor depressing business recovery.

South region

           The business expanded slightly from the same period last year. The country is benefiting from better economic activities after the relaxation of control measures in the country and opening the country without quarantine. This had a positive effect on tourism and trade businesses. At the same time, the real estate business improved from entrepreneurs’ investment confidence. However, the manufacturing business contracted slightly due to the zero COVID measures in China and the demand from trading partners that rely on the Chinese market.

           This report is derived from a survey of businesses and agencies during the second quarter of 2022 that reflects actual economic activity. Therefore, it may not be in line with the GDP growth rate and not necessarily consistent with the opinion of the Bank of Thailand.

Referrence : bot


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