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Thai Economy continued to grow in December

Thai exports grew 9.3 percent while the number of incoming tourists for the same month increased 15.5 percent from November’s figure

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Driven by tourism and export growth, Thai economy for the month of December continued to expand, said Mr Don Nakorntap, senior director of macro-economics of the Bank of Thailand.

For the month of December, he said that export grew 9.3 % while the number of incoming tourists for the same month increased 15.5 percent from November’s figure, especially tourists from China and Malaysia whereas more tourists from Russia were also reported.

The value of merchandise exports continued to expand in all major export destinations and most product groups, with a growth of 9.3 percent compared to the same period last year, or 10.0 percent when excluding gold.

The expansion was on the back of

(1) continued improvement in external demand for products such as rice, rubber products, telecommunication equipments, electronic parts,
and automotive and parts;

(2) continued increase in crude oil price contributed to the increase in export
of petroleum-related products; and

(3) increase in exports from industries which recently expanded
their production capacity such as hard disk drives (HDD). Steady-improved export trends alsocontributed to the growth of export-related manufacturing production, especially automotive, rubber products, and petrochemical products.

Inflation rate has slowed down in correspondence with a drop in energy and fresh food prices whereas seasonal unemployment rate has stabilized. Current account was in surplus in correspondence with increase in revenue of export and tourism sectors.

Mr Don said export and tourism would be the key players to further drive the economy this year which is in line with the trend of economic recovery abroad.

However, he added that the role of the two players would decline somewhat this year and replaced by domestic consumption which is expected to pick up while government spending will increase too this year after government’s investments for several projects were put off last month to this year.

Economic activity in the fourth quarter of 2017

Overall economic activity in the fourth quarter of 2017 continued to expand from the previous quarter, driven mainly by export of goods which showed strong growth both in terms of products and export destinations, and the tourism sector which continued to expand steadily.

Private consumption expanded mainly from spending on durable goods and services sector. The strong expansion of merchandise exports and continued growth in private consumption led to the expansio of overall manufacturing production.

Private investment also slightly improved. However, public spending contracted mainly from capital spending. On the stability front, both headline and core inflation accelerated from the previous quarter.

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Economics

EEC Expects 300-billion-baht Investment This Year

National News Bureau of Thailand

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BANGKOK (NNT) – The Eastern Economic Corridor (EEC) has expected investment to triple to 300 billion baht this year as investment projects previously held by the coronavirus outbreak get pushed forward again.

EEC Secretary -General Kanit Sangsubhan said actual investment in the EEC could be up from 96 billion baht in 2020, or 46% of total project applications as investors did not invest last year, and they would have to do it this year.

He said there will be a bunch of projects held up from previous years.

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Commerce Ministry sets Thailand’s export growth target at 4% for 2021

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand has seen export growth of 0.35 percent in the first month of the year. The Commerce Minister has ordered the Department of International Trade Promotion to advance an action plan to accelerate growth, which is set at 4 percent this year.

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Ecommerce

Has Covid-19 prompted the Belt and Road Initiative to go green?

Oxford Business Group

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Has Covid-19 prompted the Belt and Road Initiative to go green?
– Covid-19 led to a slowdown in BRI projects
– Chinese overseas investment dropped off in 2020
– Government remains committed to the wide-ranging infrastructure programme
– Sustainability, health and digital to be the new cornerstones of the initiative 

Following a year of coronavirus-related disruptions, China appears to be placing a greater focus on sustainable, digital and health-related projects in its flagship Belt and Road Initiative (BRI).

As OBG outlined in April last year, the onset of Covid-19 prompted questions about the future direction of the BRI.

Launched in 2013, the BRI is an ambitious international initiative that aims to revive ancient Silk Road trade routes through large-scale infrastructure development.

By the start of 2020 some 2951 BRI-linked projects – valued at a total of $3.9trn – were planned or under way across the world.

However, as borders closed and lockdowns were imposed, progress stalled on a number of major BRI infrastructure developments.

In June China’s Ministry of Foreign Affairs announced that 30-40% of BRI projects had been affected by the virus, while a further 20% had been “seriously affected”. Restrictions on the flow of Chinese workers and construction supplies were cited as factors behind project suspensions or slowdowns in Pakistan, Cambodia and Indonesia, among other countries.

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