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Results for "Household" found 283 items
Even though the Thai economy has started to recover from the COVID-19 crisis for some time, household spending in Thailand has been slow and remains sluggish.
In 2021, the housing market in the Bangkok Metropolitan Region (BMR) will remain flat or see only mild growth, premised on: (i) the ongoing spread of COVID-19 and the effects of this on economic recovery, and (ii) steadily rising household debt that is undercutting consumer purchasing power and encouraging lenders to be more careful about the release of new credit.
The market for agricultural machinery contracted in 2023 on a combination of the onset of El Niño and the resulting drop in farm yields, and high levels of household debt. However, conditions should improve over 2024 to 2026, and the market is expected to swing back to average annual growth of 3.0-4.0%
In 2021, housing sales in the 6 major provinces will likely remain flat or drop slightly from 2020 levels as COVID-19 continues to hurt the economy. In response to the prevailing weak business conditions, developers have been trying to run down existing stocks of unsold properties. Looking at 2022 and 2023, conditions should improve along with stronger economic growth, while government stimulus measures will help to lift consumer purchasing power. But there are still several headwinds weighing on the property market. Household debt would continue to trend up, which would reduce affordability and simultaneously lead to tighter credit conditions. In addition, demand for housing has been mostly absorbed in 2020, when developers had cut prices to run down inventories, reflected in the mild drop in house ownership transfers. Also, demand from foreigners will continue to be capped by restrictions on international travel.
Geopolitical risks keep oil prices near a five-month high; Thailand’s consumption recovery warrants monitoring despite flood relief program.
Trump rolls back tariffs on key food products to help lower living cost. Chinese economy continues to weaken.
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