Exports and positive economic indicators on the rise
Thailand is enjoying positive trends in exports, new business registrations and manufacturing output, all indicators that the Kingdom’s economy is moving steadily in the right direction despite the persistence of the pandemic.
Thailand has an export-driven economy, and the Thai National Shippers Council said that it is confident to see exports achieve 8 percent growth during the first quarter of 2022, compared to the same period last year. That level is higher than earlier forecasts of 5 percent growth.
A greater concern than current spread of the COVID-19 omicron variant, the shippers said, is the potential economic fallout from the Russia-Ukraine conflict. The Kingdom joined 140 other countries at the United Nations last week in a resolution calling for an end to the invasion of Ukraine.
Meanwhile, new business registrations hit their highest level in a decade in January this year. More than 7,900 businesses officially set up shop during the first month of the year, a 9 percent increase over the same month a year ago.
New business registrations are one measure of the level of optimism among the Kingdom’s entrepreneurs. They reflect a deeper commitment to a positive view of the future compared to typical business sentiments indexes.
At the same time, existing manufacturing enterprises increased their output for the fifth consecutive month in January. The Manufacturing Production Index hit 104.4 points as demand for products rose with the easing of public health restrictions related to the pandemic.
There is still a lot of room for greater growth. Capacity utilization stood at 66 percent in January, signaling that most factories are still growing and the trends reflect a shift towards a brighter future.
Photo courtesy of: https://www.facebook.com/tnscofficial/photos/