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Thailand’s flooding costs $ 3 billion, or 0.9% of GDP

the Office of the National Economic and Social Development Board NESDB assessed the loss at Bt80-90 billion or up to 0.9 per cent of GDP.

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Thailand’s initial losses in nationwide flooding were estimated at Bt60-90 billion or 0.6-0.9 per cent of Gross Domestic Product GDP, according to Finance Minister Teerachai Puwanartnaranubala.

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The minister made his announcement after meeting with Commerce Minister Kittirat Na-Ranong and other officials dealing with the emergency.A loss of some Bt60 billion, or 0.6 per cent of GDP, was indicated by The Bank of Thailand, however the Office of the National Economic and Social Development Board NESDB assessed the loss at Bt80-90 billion or up to 0.9 per cent of GDP.

Concerned agencies must evaluate the cost of damage again as flooding continues and the cost might be lower than projected by the NESDB, the finance minister said. Somchai Sujjapongse, Director of the Fiscal Policy Office, said the current flooding is likely to shrink gross domestic product GDP growth in 2011 to 3.7 per cent from the 4.5 per cent forecast in June before the flood crisis.

He said as of Oct 9, flooding caused losses to Thailand’s economy of about Bt69 billion and a 0.6 per cent drop in GDP. Combined with a 0.2 per cent fall resulting from economic problems in Europe and the US, overall GDP is likely to fall by 0.8 per cent.

Even more damage could occur if the flooding is prolonged. The worst scenario can be the damage cost as high as Bt120 billion.Flooding will also negatively impact tax collection in 2012 with a loss of about Bt12 billion. However, Mr Somchai believed that consumer purchases will rise and income will be higher than losses due to the government’s economic stimulus measures, the procurement of machinery and flood rehabilitation activities.

via Nationwide flooding costs Bt60-90 billion in initial losses.

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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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The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

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50:50 campaign may not get immediate extension

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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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Customs Department Considers Measures to Help SMEs

National News Bureau of Thailand

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BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).

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