Connect with us

Economics

Thai 2011 GDP projection revised to 1.4%, 2 years lowest

The University of the Thai Chamber of Commerce (UTCC) Economic and Business Forecasting Center revised Thailand’s 2011 economic growth or gross domestic product (GDP) projection to 1.4 per cent, lowest in two years, said centre director Thanawat Polvichai.

Aishwarya Gupta

Published

on

GDP growth graph

The University of the Thai Chamber of Commerce (UTCC) Economic and Business Forecasting Center revised Thailand’s 2011 economic growth or gross domestic product (GDP) projection to 1.4 per cent, lowest in two years, said centre director Thanawat Polvichai.

The earlier 2011 GDP growth forecast was 3.6 per cent but GDP in the fourth quarter of 2011 has been affected by the flood crisis which slashed about Bt350 billion from the economy. GDP in the fourth quarter is likely to shrink 3.7 per cent, particularly the industrial sector, possibly contracting 10.4 per cent.

Output suspension has impacted exports in the fourth quarter which are likely to shrink 5.5 per cent, with the greatest impact on the auto industry while consumption is forecast to contract two per cent and consumer confidence to drop substantially to the lowest in ten years.

Regarding the economy in 2012, GDP growth is projected to rise 4.7 per cent from the earlier projected 4.3 per cent due to the Bt500 billion budget to be used for post-flood rehabilitation.

The government’s deficit budget and loan offer by commercial banks will stimulate the Thai economy next year to grow more than this year.

GDP in the second half of 2012 will grow 5-7 per cent, better than the 3-4 per cent growth expected in the first half of the year, provided that major export manufacturers will resume production in Feb-March 2012.

Moreover, exports will resume in the second quarter next year, the government’s daily minimum wage rise to 300 baht and the rice mortgage scheme will support higher purchasing power for consumers.

Source : MCOT News

Comments

Economics

1.7 million Thais without smartphones register for "Rao Chana" benefits

The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.

(more…)
Continue Reading

Economics

BoI allows private sector in border logistics center

National News Bureau of Thailand

Published

on

logomain

NAKHON PHANOM (NNT) – The Thailand Board of Investment (BoI) has agreed to allow the private sector getting involved in the construction of a border logistics and transport center in Nakhon Phanom province.

Transport Minister Saksayam Chidchob said the BoI approved in principle providing incentives to the private sector concerning this center.

The incentives will be offered in relation to an inland container depot project, a distribution center project and a project to construct buildings for industrial plants and warehouses.

Source link

Continue Reading

Economics

Thailand Post joins Prompt Song app to buy supplies at market for restaurants

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – Thailand Post Distribution Co., Ltd. has joined with the Prompt Song application to buy supplies at a market for restaurants via the online system, which is another option for vendors during the COVID-19 situation.

Mr. Pheera Udomkitsakul, Managing Director of Thailand Post Distribution Co., Ltd, said that the delivery service through online ordering is another service operated by Thailand Post via the e-Marketplace Platform in the form of the Prompt Song application.

Thailand Post will pick up products from the manufacturer or distributor and store them at a temperature controlled warehouse. The area is divided by a modern system. The vehicle tracking system is managed using a bar code to ensure that the products are delivered to the service’s users on time. The delivery times ate 3-8 a.m. The service is being piloted in Bangkok and its vicinity.

This will solve a problem for restaurant operators who can’t buy ingredients for cooking or market closures due to the COVID-19 situation as the application allows the vendors to wait in front of the restaurant.

Mr. Pheera said that a good and comprehensive logistics system will play a very important role in helping operators reduce problems and costs, systematization and distribution and reduce the risk of product defects. It saves time in product distribution, resulting in smooth and efficient trading.

Source link

Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,634 other subscribers

Trending