The Fiscal Policy Office (FPO) has expressed concern that China’s economic slowdown may cause Thailand’s export sector a recession while also preventing the world’s as well as Thai economy from achieving their targeted growth. FPO Director-General Somchai Sajjapongse stated that the fact that foreign investors are pulling out of the Chinese stock market has hinted that an economic bubble burst in China’s real estate sector is looming near.
It is highly believed that China will soon suffer a severe economic setback, which will see its growth decline to only 6% from the previous estimation of 8-9%. The FPO Director-General stated that his office is bracing for volatility which may be brought on by China. In addition, it is looking for measures to deal with the current crude oil situation in the global market, which has pushed the initial cost of transportation up by 0.3-0.4% along with an increase in goods prices and cost of living.
The FPO has predicted Thailand’s GDP growth for 2012 at 5.5-5.7%, which is lower than the figure of 5.5-6.5% predicted by Office of the National Economic and Social Development Board (NESDB). Meanwhile, the Deputy Managing Director of the International Monetary Fund (IMF), Mr. Min Zhu, believed that the Chinese economic slowdown will happen in a gradual rather than an abrupt manner despite the Chinese government’s data pointing to a weak growth in the country’s economy. Fiscal Policy Office: Economic slowdown in China likely impacts on Thai exports : National News Bureau of Thailand
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
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