TMB Analytics forecasts that the country’s economy will grow by 3.5 percent in 2017, as risks remain in the global economy.
TMB Analytics Director Benjarong Suwankiri expects this year’s GDP to be 2.7 percent, adding that the government’s economic stimulus measures will begin to create an impact on the economy in the 4th quarter of this year until the end of next year.
Therefore, GDP is set to expand to 3.5 percent in 2017 due to public and private investment, as well as tourism.
The government has plans to invest 1.8 trillion baht from 2015 until 2022, which would create a positive impact on private investors, while stimulating the construction and real estate sector.
He stated that next year’s revenue will include some risky factors, such as dependence on agricultural products as revenue remains low.
Other factors include, the drought situation, high household debt and the global economic situation.
Earlier this month The World Bank has cut Thailand’s economic growth forecast for 2015 to 2.5% from 3.5%, the lowest in the East Asia and Pacific region.
Forecast for 2016 is also set at 2% and 2.5% for 2017 by the World Bank
Since the last East Asia and Pacific Economic Update was published in April, greater uncertainty about the global economy has weighed on the performance and prospects of developing East Asia and Pacific (EAP).
says the World Bank in its latest regional report
Thailand has the lowest GDP growth forecast (2.5%) among Asean countries where growth prevision is set at 4.3% for 2015.
Earlier last month, Thailand’s central bank had already decided to again revise downward its economic growth projection for 2015 to 2.7% as a result of weaker-than-expected export performance and private spending
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
50:50 campaign may not get immediate extension
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.
Customs Department Considers Measures to Help SMEs
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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