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Economics

Floods cut Thailand’s 2011 Growth to 1%

The Bank of Thailand (BoT) on Friday cut the country’s 2011 economic growth to just one per cent from the earlier projected 4.1 per cent thanks to the heavy blow of the flood crisis last year, but the economy is expected to grow 4.9 per cent this year and 5.6 per cent in 2013.

Aishwarya Gupta

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The Bank of Thailand (BoT) on Friday cut the country’s 2011 economic growth to just one per cent from the earlier projected 4.1 per cent thanks to the heavy blow of the flood crisis last year, but the economy is expected to grow 4.9 per cent this year and 5.6 per cent in 2013.

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Paiboon Kittisrikangwan, BoT assistant governor said the impact of severe flooding on the country’s economy amounted a loss of 3.1 per cent of gross domestic product (GDP) or about Bt340 billion in damages. GDP in the fourth quarter of 2011 shrank 7.4 per cent, compared to the third quarter, with the blow to Thai economy was more severe than that of the 2008 US sub-prime crisis and the Tom Yum Kung crisis in 1997 as flooding heavily affected the industrial sector.

 

Damage at the industrial estates caused severe supply chain disruptions and overall rehabilitation needs a long time to complete due to insurance claim processes and the need to purchase new machines for those plants. The Thai economy this year is in a period of recovering from the flood in 2011, Mr Paiboon said. It is expected that the Thai economy will return to normal in the third quarter of this year and that the overall economic recovery will be supported in part by spending on flood rehabilitation.

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Economics

Thailand’s Consumer Confidence Drops to Record Low in April

The University of the Thai Chamber of Commerce (UTTC) estimated an economic loss of 400-600 billion baht if the outbreak continues beyond this month

National News Bureau of Thailand and Headline Editor

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BANGKOK (NNT) – The University of the Thai Chamber of Commerce (UTTC) said consumer confidence hit a record low in April, dropping to 46.0 from 48.5 in March, dented by a new wave of COVID-19 infections.

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Investment

Thailand Q1 Investment Applications Soar 80% as FDI More Than Double says BOI

The top three source countries of FDI applications during the first quarter were South Korea, China, and Singapore, with similar levels of investment. Korean investment soared due to a large-scale joint venture in the medical sector, Ms Duangjai said.

Pr News and BOI

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The Thailand Board of Investment (BOI) said today that in the first quarter of 2021, investment applications rose 80% from the year earlier period to a total value of 123.4 billion baht (USD3.9 billion), led by projects in the medical and electric and electronics (E&E) sectors, as foreign direct investment (FDI) applications more than doubled.

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Economics

Finance Ministry Reduces 2021 Growth Forecast to 2.3%

Fiscal Policy Office (FPO) Director-General Kulaya Tantitemit said the ministry slashed its forecast for the number of foreign tourists to only 2 million this year from 5 million it had predicted three months ago.

National News Bureau of Thailand

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Export growth better-than-expected in December 2020. However, amid the second wave of COVID-19 infections, exports could fall below previously forecasted levels in 2021.

BANGKOK (NNT) – The Finance Ministry has reduced its 2021 economic growth forecast for a second time to 2.3% from 2.8% growth, after a third wave of coronavirus infections struck Thailand this month.

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