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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

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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.

Earlier this week the World Bank also downgraded Thailand’s economic growth outlook for this year to 2.7% .

The EIC expects the Bank of Thailand to maintain the policy rate at 1.25 percent per annum. The center is keeping a close eye on uncertainties between the U.S. and China; the U.S. and EU; the U.S.-Iran conflict; Brexit, and the financial fragility in households and businesses.

The forecast indicates that the Thai economy will still face challenges from the strong Thai baht currently between 29.5 and 30.5 baht per U.S. dollar; the slowdown in consumption and private investment; employment issues; household debt, and the drought disaster.

In 2019, declining exports and growing weaknesses in domestic demand weighed on Thai economic growth.

The baht, which has appreciated by 8.9% since last year, has also dealt a blow to international tourism and merchandise exports, the World Bank said.

Banking

The Importance of E-Wallets for Online Gaming Sites

With e-wallets and cryptocurrency being the most relevant options, banks have been put on the side burner, especially when e-wallets and cryptocurrency allow for fast electronic transfer, that is done instantly.

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e-wallet

Online gambling is an industry that needs to keep up with technological trends, to make sure it stays relevant and convenient within the gambling community.

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Banking

Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures

The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.

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BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.

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