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Inflation rises 3.5 % in December, year-on-year

Thailand s consumer price index (CPI) rose 3.5 per cent in December, compared to the corresponding period in the previous year, Permanent Secretary for Commerce Yanyong Phuangrac…

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Thailand s consumer price index (CPI) rose 3.5 per cent in December, compared to the corresponding period in the previous year, Permanent Secretary for Commerce Yanyong Phuangrac…

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Inflation rises 3.5 per cent in December, year-on-year

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The government also uses tariff measures as a tool to promote energy policy. To encourage the use of natural gas as an alternative fuel for vehicles, the government has exempted import duties of many natural gas-related tools and equipment such as bio-fuel conversion kits, natural gas containers, and chasses.
Externally, the trade balance in January 2009 recorded a 1,688 million US dollar surplus. Export value contracted for the third consecutive month while import fell even more rapidly. Export value dropped 25.3 percent (yoy) to 10,382 million US dollars. This was due mainly to contraction across the board except for labour-intensive industries which still expanded from gold export. Import value contracted 36.5 percent (yoy) across the board to 8,694 million US dollars. When accounting for the net services, income, and transfers surplus of 601 million US dollars from lower investment income transfer compared to the previous month, the current account balance registered a 2,289 million US dollar surplus.

For the year 2008, the Thai economy decelerated from the previous year, particularly in the last quarter where global economic downturn and internal political unrest adversely affected manufacturing production and tourism. Nonetheless, farm income in Thailand still expanded well from higher major crop production and price compared to the previous year. On the demand side, private consumption and investment declined notably in the last quarter, despite falling inflation during the second half of the year in line with lower oil prices. Both export and import expanded satisfactorily during the first three quarters. However, during the last quarter, export contracted following trading partners’ economic slowdown while import decelerated markedly in line with export and domestic demand conditions.

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Economics

Finance Ministry Considers Additional Incentives to Increase NSF Members

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BANGKOK (NNT) – The Finance Ministry is considering additional incentives to increase members in the National Savings Fund (NSF) as Thailand is projected to become a “super ageing society” by 2031.

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Finance Minister Arkhom Termpittayapaisith said increasing state contributions to the NSF and extending the maximum membership age to 65 years old from 60 as stipulated by law are among the considerations.

He said Thailand is projected to become a fully aged society this year, meaning 20% of the total population is 60 or older. The country is projected to be a super ageing society by 2031, meaning 28% of the total population is 65 or older.

Mr Arkhom said retirement savings are vital because 20 million informal workers in Thailand are without mandatory savings programs.

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Economics

EEC Expects 300-billion-baht Investment This Year

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BANGKOK (NNT) – Thailand expects investment to triple to at least 300 billion baht in the Eastern Economic Corridor (EEC) this year as investment projects previously held by the coronavirus outbreak get pushed forward again as the pandemic eases.

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Economics

Finance Ministry Seeks More Fund for Co-payment Scheme

Fiscal Policy Office (FPO) Director-General Kulaya Tantitemit said the number of registrants exceeded the target of 31 million and could tally more than 32 million.

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BANGKOK (NNT) – Thailand’s Finance Ministry is preparing to seek the Cabinet’s approval for additional funding for the Rao Chana (We Win) scheme following the better than expected number of registrants.

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