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Central Bank of Thailand to Reconsider Economic Predictions

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The Bank of Thailand plans to readjust economic predictions tomorrow after political turmoil significantly lowered estimates for tourism, consumption and confidence in April.

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The Bank of Thailand reported economic slowdown in April as production and consumption contracted due to shortened number of working days.

Due to the political turmoil, Thailand saw a drop in tourist arrivals by 18 percent from March while occupancy rates at hotels dropped from 57 percent in March to 46.6 percent in April.

The Domestic Economy Department senior director Suchart Sakkankosone said political uncertainty became a risk factor and affected the confidence of business operators.

The business sentiment index decreased from 55.7 in March to 46 in April, a record drop since the BOT began tracking the index in 1999.

He revealed that business operators said the impact of political uncertainty was greater than they had predicted.

Assessing the damage done to the economy by political turmoil is difficult, as exports are still growing substantially.

Bank of Thailand will reconsider expectations for the 2010 Thai economy tomorrow.

via Thai-ASEAN News Network.

Economics

Thai fruit exports to FTA markets up 107 percent

China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.

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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The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

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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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