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KResearch cuts GDP growth down to 3.5-4%

The Kasikorn Research Center has cut down this year’s GDP growth to 3.5-4 percent from its earlier anticipation of 3.8-4.3 percent due to the slowdown in the private sector’s spending.

Bahar Karaman

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The Kasikorn Research Center has cut down this year’s GDP growth to 3.5-4 percent from its earlier anticipation of 3.8-4.3 percent due to the slowdown in the private sector’s spending.

Kasikorn Research Center KResearch said Thailand will see a growth in this year’s GDP within the range of 3.5-4.0 percent as spending in the private sector has slowed its pace down, while the export and production segments still need more time to recover. However, the bank reckoned that the world economy would get better by the end of the year, and the situation would then trigger the Thai exports. The bank added that because Thailand has seen a slowdown in its export since the beginning of the year, the export growth is only expected at 1.5 percent this year.

KResearch further revealed that the proportion of Thai exports to ASEAN countries and China each year account for 37 percent of Thailand’s total exports. The exported products include refined oil, chemical products, low density polyethylene, and air conditioners. Meanwhile, the Thai exports to the United States, Europe, and Japan, represented 30 percent of the total export volume, and, according to KResearch, the proportion has a tendency to rise in the future.

via สำนักข่่าวแห่งชาติ : KResearch cuts GDP growth down to 3.5-4%.

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Economics

BoI allows private sector in border logistics center

National News Bureau of Thailand

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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.

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Economics

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

National News Bureau of Thailand

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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.

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Economics

BoI plans more efforts to promote BCG economy

National News Bureau of Thailand

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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.

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