Economics
Facing Eurozone Risks, Asia-Pacific Must Hasten Integration
Addressing UNESCAP’s ministerial session in Bangkok, Heyzer told delegates from 62 countries that Asia-Pacific growth in recent decades had come at a cost of damage to eco-systems and rising social inequalities. Thai Foreign Minister Surapong Tovichakchaikul told the commission the issues are timely, given the global economic challenges.

A panel of the U.N. Economic Commission for Asia and Pacific says exports, which are historically the region’s traditional growth driver, are slowing due to the Eurozone debt crisis and uncertainties in the United States. UNESCAP’s panel has lowered the Asia-Pacific region’s growth outlook to 6.5 percent in 2012, from last year’s 7.0 percent, and the U.N. group’s Executive Secretary Noeleen Heyzer said new economic drivers are needed in the increasingly uncertain global climate as a means to combat slower growth. “The old model of development no longer works,” she said.
“In terms of the new paradigm, we have to address the issues of poverty reduction — the issues of growing disparities in our region — but to turn these around as new drivers of growth.”

The 10-member Association of South East Asian Nations is moving to a single market by 2015, opening borders to trade and people at an unprecedented level
Addressing UNESCAP’s ministerial session in Bangkok, Heyzer told delegates from 62 countries that Asia-Pacific growth in recent decades had come at a cost of damage to eco-systems and rising social inequalities. Thai Foreign Minister Surapong Tovichakchaikul told the commission the issues are timely, given the global economic challenges.
“We believe the driving force for survivability and prosperity lies in our close cooperation: Each of us can contribute to the stability and the prosperity of the region by forging closer regional economic integration,” he said.”This will provide enormous economic and social development potentials to our region.”
The 10-member Association of South East Asian Nations is moving to a single market by 2015, opening borders to trade and people at an unprecedented level
Tommy Koh, Singapore Foreign Ministry Ambassador at Large, said economic integration will boost employment and human welfare, adding that ASEAN’s single market will help meet the challenge of China and India’s growing influence in the region.
“Take, for example, the 10 ASEAN economies [that] cannot compete [individually] with China or India,” he said. “But when we integrate into one, we are 600-million interconnected citizens with a very considerable GDP of $1.8 trillion — we are in a better position to compete with India and China.”
But Koh said concerns over the impact of a eurozone downturn are lingering and called for European policy makers to resolve the problems quickly due to the growing threat of a “dampening impact to the world economy”. A eurozone downturn, he explained, may see Asia’s economic growth rate cut by up to 2.0 percent. The UNESCAP panel said the region needs to promote seamless regional trade and business links, as well as financial cooperation and a coordinated regional response to risks posed by social and environmental threats UN: Facing Eurozone Risks, Asia-Pacific Must Hasten Integration
Economics
Thai economy to grow 4% in 2021 following 6.5% decline in 2020
The World Bank is now expecting the Thai economy to see 4% growth this year, and a 4.7% growth in 2022, despite current challenges from the new wave of COVID-19 infections.

The World Bank now expects that the Thai economy to expand by 4 per cent in 2021, according to the latest World Bank Thailand Economic Monitor report “Restoring Incomes, Recovering Jobs” released on Wednesday (Jan 20).
(more…)Banking
BoT sees mild impact of new COVID-19 wave on the economy
The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.
(more…)Economics
COVID-19 brings first consumer confidence drop in 3 months
Consumer confidence in December 2020 was measured at 50.1 points, down from 52.4 the previous month. Economic confidence was also down to 43.5 from 45.6 points.
-
Economics1 week ago
Thai economy to grow 4% in 2021 following 6.5% decline in 2020
-
Banking1 week ago
Can Fintech drive a strong post-COVID-19 recovery in Asia?
-
National7 days ago
Human trafficking cases in Thailand hit decade low due to COVID-19
-
Health2 days ago
Thailand approves COVID-19 AstraZeneca vaccine for emergency use