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Exports face Brexit squeeze

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THAI exports and capital markets may face a prolonged negative impact from Britain’s vote last week to quit the European Union, local analysts have said.

Although Thai exports to the UK are relatively small – worth around 1 per cent of Thai gross domestic product (GDP), Nopporn Thepsithar, chairman of the Thai National Shippers Council, said Brexit had created a huge impact and the global economy could slow down over the second half of the year.

As a result, overall Thai exports could continue to contract in the third and fourth quarters, and cause a drop of more than 2 per cent in exports for the whole year.

“The immediate impacts are on exchange rates, but the global economy may face stagnation. Thai exports would also be hit by the global economy and weakening pound sterling and Euro currency,” he said.