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Economics

S&P upgrades Thailand’s sovereign rating outlook top positive

The upgrade by S&P follows previous increases by Fitch Ratings, Moody’s Investors Service and Rating and Investment Information Inc.

Boris Sullivan

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S&P said the positive outlook was a signal that the sovereign rating could be raised over the next 24 months “if there are clearer signs the key political players are committed to the current political framework and that abrupt and unexpected political changes become unlikely”.

S&P Global Ratings has upgraded its outlook on Thailand’s sovereign credit rating to positive from stable, but it cautions that a return to political stability will not be enough to spur an economy beset by external challenges.

“The positive outlook reflects our assessment that political uncertainty in Thailand has begun to ease with the return of an elected government,” S&P said in a release.

“With progress in implementing national reforms and strategic plans, we believe policy continuity and political stability will improve.”

S&P Global Ratings

The ratings agency has affirmed its BBB+ (unchanged) long-term and A-2 short-term foreign currency sovereign credit ratings, as well as its A- long-term and A-2 short-term local currency ratings.

Finance Minister Uttama Savanayana said the upgrade by S&P follows previous increases by Fitch Ratings, Moody’s Investors Service and Rating and Investment Information Inc.

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Economics

Thai exports fall 7.94% in August

The Trade Policy and Strategy Office (TPSO) has indicated that Thai export sector has improved for two consecutive months in August with a smaller than expected drop of 7.94%

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seaport during golden hour

Thai exports fell by 7.94 per cent to US$20.21 billion in August from a year earlier, the Commerce Ministry said on Wednesday, a smaller than expected drop, according to Reuters.

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Economics

Developing Asia’s Economy to Contract 0.7% in 2020 (ADB)

Economies across developing Asia will contract this year for the first time since 1960, according to a report released by the Asian Development Bank (ADB) today.

Boris Sullivan

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The Asian Development Outlook (ADO) 2020 Update forecasts -0.7% gross domestic product (GDP) growth for developing Asia this year—marking its first negative economic growth since the early 1960s. 

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Economics

Consumer confidence in August up for four straight months

The University of the Thai Chamber of Commerce (UTCC) reported on Wednesday the consumer confidence index rose to 51 in August from 50.1 in July, 49.2 in June, 48.2 in May and 47.2 in April.

National News Bureau of Thailand

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The University of the Thai Chamber of Commerce’s Center for Economic and Business Forecasting has reported that the country’s consumer confidence index in August 2020 increased for four consecutive months, thanks to the government’s various economic stimulus measures.

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