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Greece debt crisis to have very little effects on Thai exports

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Thai exports are likely to be impacted by less than one per cent by the Greek debt crisis, according to an academic at the University of the Thai Chamber of Commerce.

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Only about 0.2-0.4 per cent of Thai exports are at risk of being affected by the Greek debt crisis, said Aat Pisanwanich, director of the Center for International Trade Studies, University of the Thai Chamber of Commerce UTCC. Dr Aat said that the Greek debt crisis has not yet had much impact on Thai exports as the Eurozone countries and the International Monetary Fund IMF agreed to a rescue package of about US$145 billion in loans to prevent the debt crisis from spreading.

If the Greek debt crisis is limited to Greece alone and does not spread to other countries in Europe, only about 0.1 per cent of Thai exports are likely to be affected.But if the crisis spreads to Portugal, about 0.2-0.4 per cent of Thai exports, valued at US$613 million, could be affected and this scenario is most likely to happen, the director said.

via Study: 0.2-0.1% of Thai exports could be affected by Greece debt crisis.

Thailand’s 2010 GDP growth is projected at 3.5%, driven by domestic demand. In the context of weaker global demand in 2010, exports will grow modestly, but the restocking cycle and slow rebound in investment also imply a pick-up in imports, which results in muted net external demand. Public and private investment add 0.8% point to the growth rate, while normal stocking patterns provide a boost to growth of 1.5 % points . Thailand’s Household consumption picks up modestly, adding 0.8 percentage point to the growth rate, whereas public consumption decelerates from 2009 levels but still adds 0.4 percentage point. Financial markets have so far been accommodative of the government’s borrowing plans. The expansion of expenditures stemming from the stimulus packages combined with a decline in revenues due to the economic crisis has led to an increase in the fiscal deficit and, consequently, government debt ratios, which have reached 45 percent of GDP in September.

Because Thailand entered the crisis with a relatively strong fiscal position, the cyclical increase in debt levels is not by itself a concern as long as Thailand’s historical fiscal performance is maintained in the future.

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National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.

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Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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