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April economic and monetary reports (BoT)

The number of tourists has grown at 3.3% year-on-year with increased visitor numbers from ASEAN, India, Japan, and Europe, while the number of Chinese tourists is still in decline.

National News Bureau of Thailand

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Despite the effects of the trade war, the Thai domestic consumption figures, government investments, and the tourism sector still all perform well; resulting in continuous growth of the Thai economy in April.

Bank of Thailand’s (BOT) Macroeconomic and Monetary Policy Department’s Senior Director, Pornpen Somsrichai said today that consumption in the private sector continues to grow in all product categories due to good purchasing power factors and higher wages among employees outside of agriculture.

The growing purchasing power has resulted in the expansion of vehicle manufacturing for domestic sales. Spending on government projects has also grown after the revision of investment projects in keeping with the national strategy, leading to the hastening of investment budget expenditure by the Department of Highways, the Department of Rural Roads, and the Royal Irrigation Department.

Investment by the private sector has also expanded because of the importation of items for manufacturing.

The number of tourists has grown at 3.3% year-on-year with increased visitor numbers from ASEAN, India, Japan, and Europe, while the number of Chinese tourists is still in decline.

The export sector has shrunk by 2.9% year-on-year due to the ongoing trade war between the US and China, resulting in a decrease of electronics, machinery, metal goods, and processed farm item exports. The export of rubber products and sugar is also in decline.

The BOT will be holding discussions with the Monetary Policy Committee to reassess trade war effects, and by the adjustment of Thailand’s economic performance projections this year in June, from the current projection of 3.8% growth. National News Bureau Of Thailand

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Bank cuts Thai 2020 GDP growth outlook to 2.7%

SCB’s Economic Intelligence Center (EIC) has released its latest growth forecast, at 2.7 percent, showing a slow recovery from just 2.5 percent economic growth in 2019

Boris Sullivan

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SCB cuts GDP growth forecast to 3.1%

SCB’s Economic Intelligence Center (EIC) has released its latest forecast, indicating that the Thai economy at the end of 2020 will have grown by 2.7 percent, showing a s recovery from just 2.5 percent economic growth in 2019, thanks to a better performing export sector and improved global economy.

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Moody’s outlook for APAC corporates remains negative in 2020

Moody’s Investors Service says in a new report that overall credit conditions for APAC non-financial companies will weaken in 2020

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• While positive, the US-China trade agreement will not resolve core differences, dampening business sentiment globally 

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Bank of Thailand (BOT) orders banks to revise interest rates and fees

Bank of Thailand (BOT) has ordered commercial banks to revise their interest rates, and the fees they charge for their financial products and services including ATM and debit card fees

National News Bureau of Thailand

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Good news for the general public and SMEs as the Bank of Thailand (BOT) has ordered commercial banks to revise their interest rates, and the fees they charge for their financial products and services, including ATM and debit card fees, to help reduce the burden borne by customers.

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