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Thailand’s economic growth likely to come close to 4%

To hit 4% growth, the economy must expand by at least 4.7% in the fourth quarter, Mr Soraphol said. GDP rose by 4.3% year-on-year in the July-September period — the strongest growth in 18 quarters

Boris Sullivan

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Thailand’s economic growth is likely to come close to 4% this year after robust momentum continued in October, despite low activity in the month as the country mourned the late King Bhumibol Adulyadej, says a key finance official.

The economy in October avoided a slowdown, and whether GDP growth can reach 4% for all of 2017 will depend on exports in the final two months, said Soraphol Tulayasathien, director of the Macroeconomic Policy Bureau at the Fiscal Policy Office (FPO).

The National Economics and Social Development Board (NESDB) says gross domestic growth (GDP) for the third quarter of this year rose to 4.3%, prompting it to adjust growth forecast for the whole year higher.

It says the 4.3% GDP growth is the highest growth in the past 18 months.

Contributing factors were attributed to higher exports and consumer consumption in the private sector, and state spendings and investments.

Meanwhile the production sector was also buoyed by industrial production, retail and wholesale business, electrical and gas, hotel, restaurant, transport and communications.

With the higher growth than earlier forecast, the NESDB says it will raise its forecast for this year to 3.9% from its projection of 3.5-4.0% .

For next year, the NESDB says the growth forecast is expected to be in the range of 3.6-4.6%.

To hit 4% growth, the economy must expand by at least 4.7% in the fourth quarter, Mr Soraphol said. GDP rose by 4.3% year-on-year in the July-September period — the strongest growth in 18 quarters — after expanding by 3.8% in the second quarter and 3.3% in the first quarter. In the first nine months of 2017, the economy grew by 3.8% year-on-year.

Exports rose for an eighth straight month in October, up 13.1% year-on-year, while the 10-month figure jumped 9.7% year-on-year.

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Economics

1.7 million Thais without smartphones register for "Rao Chana" benefits

The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.

National News Bureau of Thailand

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BANGKOK (NNT) – The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.

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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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