Connect with us

Economics

Thailand’s growth slips to a 5-year low at 2.4%

Thailand has recorded its slowest economic growth in five years at 2.4% according to the National Economic and Social Development Council (NESDC)

Boris Sullivan

Published

on

Thailand’s economy grew by 2.4 per cent in 2019, the National Economic and Social Development Council (NESDC) said on Monday February 17th.

Loading...

Thailand has recorded its slowest economic growth in five years, according to the kingdom’s economic planning agency, lower than the previous estimate of 2.6 per cent.

The NESDC said gross domestic product in the fourth quarter of 2019 expanded by 1.6 per cent year on year.

The NESDC has adjusted down its growth estimate for 2020 from 2.7-3.7 per cent to 1.5-2.5 per cent with a mean of 2 per cent.

Last week, senior central bank director Don Nakornthab said the economy might expand less than 2% this year, with first-quarter growth forecasted below 1%, due mainly to the COVID-19 outbreak.

Earlier this month, the Bank of Thailand cut its policy rate to a record low of 1%, and Governor Veerathai Santiprabhob said there was room to help growth if needed, pointing to possible further cut in the future.

Several major Thai banks have drastically reduced their GDP growth forecast for 2020 citing the coronavirus epidemic, drought and fiscal delays.

The COVID-19 epidemic, the delayed fiscal budget and the ongoing drought are estimated to shave nearly 280 billion baht off GDP, taking economic growth down to a range of 1.7-2.1%, according to TMB Analytics.

The Tourism Authority of Thailand expects foreign visitors to fall by 5 million this year and the loss in revenue could be as much as 500 billion baht, as tourist numbers from February 1-9 were down 43.4 per cent, and among Chinese visitors 86.5 per cent.

Comments

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