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Thai economy in the pandemic era: can it ever be the same?

What is the way forward for Thailand, and how strong is the case for a radical overhaul of economic and development policies?

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Forecasts for Thai economic growth this year have been widely slashed to less than 2%, some much lower, reflecting growing gloom about the trajectory of an economy battling the third wave of COVID-19 and resulting lockdowns and social distancing measures.

The good news is the rollout of vaccines and fresh economic stimulus plans as well as a modest recovery in trade and total investment in the first quarter. But pandemic-related risks persist amid the slow pace and relatively low rate of vaccinations – which continue to weigh on consumer confidence and consumption.

Despite new momentum towards reopening Thailand’s borders, virus-related concerns will continue to keep the number of foreign tourists below earlier projections, possibly as low as 250,000 to 500,000 international visitors this year.

What is the way forward for Thailand, and how strong is the case for a radical overhaul of economic and development policies?

Some, including the United Nations’ ESCAP and the World Bank have urged more attention to improving access to health care and social protection, closing the digital divide, improving education and strengthening climate and clean energy actions.

Such measures, they argue, would lead to lower poverty rates, reduced income inequality, lower carbon emissions and better air quality. But could they also rebuild investor confidence in Thailand, which last year sank to a new low?

Join us online or in the clubhouse (strictly limited numbers) to hear our speakers:
Dr Pavida Pananond, Professor of International Business, Thammasat Business School, Thammasat University
Dr Kirida Bhaopichitr, Director of research, Thailand Development Research Institute
Khun Burin Adulwattana, Chief economist, Bangkok Bank,
Dr Manop Udomkerdmongkol, Economist, Office of United Nations Resident Coordinator, Thailand
-Moderator: Gwen Robinson, past president, FCCT

The event will be broadcasted live on FCCT Facebook page.

Some participants will join the meeting online. Booking is required to be part of the live audience in the club, which will be strictly limited to 12 people maximum in order to conform with current social distancing requirements. Admission is free.

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Business

Thailand aims to push its games and content industry

After almost a year under the pandemic, the number of game players in Thailand rose to 32 million and helped the market generate over a billion dollars in 2020, according to NewZoo, an international analytics and market research group.

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Currently, key digital organizations involved in the economy are joining forces to push the Thai gaming industry, so as to attain the level of a regional hub.

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Investment

Thailand’s H1 Investment Applications rise 158% in combined value, BOI says

Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.

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In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.

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