Prime Minister Yingluck Shinawatra said that the Government is making efforts to cope with impacts from volatility in global financial markets.
Speaking after the weekly Cabinet meeting, the Prime Minister revealed that the meeting had discussed concerns over the European debt crisis, which was leading to tumbling Asian markets.
She urged the people to remain confident in the sound foundation of the Thai economy, saying that impacts from volatility in the world economy might have panicked local investors. However, she said, all relevant agencies had been instructed to urgently restore confidence among investors.
The Prime Minister called on members of the media to help boost confidence in the Thai economy. As for the Government, she said that emphasis would be placed on generating more household income and strengthening the domestic economy.
Regarding a call by the private sector for the Government to review its populist policies, Prime Minister Yingluck said that all policies implemented by the Government were aimed at stimulating the country’s economy.
Moreover, the Government will accelerate infrastructure investment in order to generate employment. At the same time, it has still maintained fiscal discipline, putting in place an efficient fiscal risk management system.
Commenting on the European debt crisis, Deputy Prime Minister and Commerce Minister Kittiratt Na-Ranong said that the problem had continued some time and the Europeans would have to solve their problem. Thailand and other Asian countries have adjusted to the situation, so they felt only slight impacts.
Mr. Kittiratt stated that Thailand should focus on its local economy and not heavily rely on exports. Europe is one of Thailand’s major markets. To cushion impacts, Thailand should pay greater attention to export diversification in order to lessen the degree of export dependence on traditional markets.
Meanwhile, Governor of the Bank of Thailand Prasarn Trairatvorakul said that the Bank of Thailand was closely monitoring the volatility in the global financial markets. The recent sell-off by foreign investors in the Thai stock market was not worrisome, when compared with the flow-in capital. The Bank of Thailand was ready to cope with the situation, if the sell-off led to volatility in the baht. He believed that the sell-off would be in a short term because of worries about the euro-zone debt crisis.
Mr. Prasarn said that the Bangkok of Thailand is prepared to allow Thai investors to take more money out of the country in order to invest overseas. It will also conduct a study on a master plan concerning capital mobility to cope with flow-in capital in the long run and to prevent it from putting pressure on the baht and asset prices in Thailand.
BoI Plans More Efforts to Promote BCG Economy
BANGKOK (NNT) – The Board of Investment (BoI) is working with related agencies to rev up promotion of the bio-, circular and green (BCG) economy to help drive growth over the next 5 years.
BoI Secretary-General Duangjai Asawachintachit said the BoI is looking into more business categories for high technology as part of efforts to promote the BCG economy.
She said the government is focused on developing the bio-economy as Thailand has more than 30 million people working in the farm sector, yet most of them remain in poverty.
Covid-19 and medical tourism: is a recovery on the cards?
– Before the pandemic, medical tourism was a major growth area
– Dubai was a world leader among emerging market destinations
– Covid-19 travel bans and lockdowns seriously dented growth
– Increased emphasis on safety has enabled a gradual re-opening
Prior to the outbreak of coronavirus, medical tourism was a significant growth industry in many emerging economies. While the pandemic represented a major setback for the segment, there are signs that it may be recovering in several markets.
The last decade saw a boom in medical tourism. By 2018 the global market was generating $58.6bn annually and in 2019 it was forecast to grow at a compound annual growth rate of 11.7% – reaching more than $142.2bn by 2026.
The segment’s growth was largely spurred by increased awareness – particularly among citizens of higher-income countries – of the quality and relatively affordable health care options on offer in many emerging economies. The appeal was further enhanced by the possibility of combining medical treatment with a holiday in an attractive location.
Asia has been a popular region for medical tourism for some time. In Thailand, for example, guided by the Ministry of Public Health’s 2016-25 strategic plan entitled ‘Thailand: A Hub of Wellness and Medical Services’, stakeholders have been working to cement the country’s position as a regional leader in medical tourism.
Elsewhere in Asia, in 2017 the Indian government began offering a medical visa aimed at bringing in more foreign patients.
Governments in other regions similarly moved to capitalise on this growing segment. In 2015, for example, Turkish Airlines announced a 50% discount on flights for people coming to Turkey for medical treatment.
Thai Government Promotes Circular Economy
BANGKOK (NNT) – The Industry Ministry aims to increase social awareness among 65 factories this year to promote environmentally friendly production under the circular economy model.
Minister Suriya Jungrungreangkit said the government is committed to safeguarding the environment and communities through a campaign for business sustainability.
He said factories that join the government’s corporate social responsibility (CSR) project will benefit from waste and cost reduction based on high technology.
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