"Krungsri Research"

Thailand’s main economic engine, the service sector, has stalled due to Covid-19 and barriers to foreign investment, according to a three-year forecast of industry trends by Krungsri Research.

Thailand’s overall economy is at risk of contraction in the third quarter due to restrictions on economic activities to curb Covid-19 from spreading further, Krungsri Research revealed on Wednesday.

A study conducted by Krungsri Research indicates that the housing sector in six key provinces will pick up in 2022-2023 thanks to developers’ strategy of cutting prices to release stock.

The Thai economy will continue to expand this year, achieving growth of 4.1 per cent, with domestic consumption a major economic driver, Krungsri Research forecast in a release on Tuesday.

Krungsri Research predicts that the Thai economy will continue to grow by 4.1 per cent in 2019, close to the 4.3 per cent growth of 2018 and exceeding the post-crisis average of 3.8 per cent.