Connect with us

Economics

Thai Economic growth expected to rise 3.3 to 3.5% in 2016

Mr Isara Vongkusolkit, chairman of the Board of Trade, and the Thai Chamber of Commerce, said economic growth projections for 2016 has been pegged at 3.3 – 3.5%.

Boris Sullivan

Published

on

The Joint Standing Committee on Commerce, Industry and Banking says the country’s economic growth this year is expected to rise 3.3-4%.

It also believes this will improve slightly by 3.5-4% next year.After yesterday’s meeting of the joint standing committee, Mr Isara Vongkusolkit, chairman of the Board of Trade, and the Thai Chamber of Commerce, said economic growth projections for 2016 has been pegged at 3.3 – 3.5%.

But for exports, he said it was expected to stand at between 0-2% contraction.But outlook for 2017, he said it would improve slightly with economic growth expected to be between 3.5 to 4% while exports should grow by at least 2 %.

With regards to the current low market prices for rice, the consensus is that this is due to the high intensity of rains during the period which has result in a rise in moisture content.

The joint standing committee agreed with  the government’s attempt to bolster rice prices by employing rice barn pledging schemes.

“Declining consumer sentiment and mitigation in leisure activities may further slow Thailand’s economy in the October-December quarter,” Secretary-General Porametee Vimolsiri of the Office of the National Economic and Social Development Board told reporters Monday.

Real gross domestic product grew 3.2% on the year in the July-September quarter, slowing from the 3.5% growth in the April-June quarter, the NESDB reported Monday. Working backward from its 3.2% annual GDP growth projection for 2016, the board expects a further slowdown in the final quarter of the year.

The NESDB predicted 2017 GDP would grow 3.0-4.0 per cent and exports expand 2.4 per cent. Last year’s growth was 2.8 per cent.

Thailand may also be hit by rising capital outflows as investors shift to dollar assets.

Foreign investors have sold around a net 99.4 billion baht (US$2.79 billion) of Thai bonds and stocks since Nov 9.

Fourth quarter economy remains sluggish

Economy in the fourth quarter of this year  is quite sluggish, with expansion lower than the third quarter, permanent secretary of Finance Mr Somchai Sujjapongse said.

With the sluggish economy, he said, it prompted  the ministry to come up with new measures to stimulate more domestic spending and tourism.

This include a measure to lower tax on luxury goods, such as perfume and cosmetics, which has already gotten  approval from the Commerce Ministry and would be put in force on a temporary basis from February to March 2017.

Source: Thai PBS

Economics

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

Avatar

Published

on

The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

Loading...
(more…)

Continue Reading

Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

Published

on

logomain

Loading...

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.

Source link

Continue Reading

Economics

Customs Department Considers Measures to Help SMEs

National News Bureau of Thailand

Published

on

logomain

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).

Loading...
(more…)

Continue Reading

Most Viewed

Subscribe via Email

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

Join 13,955 other subscribers

Latest

Trending