Connect with us

Economics

NESDB projects 1.5-2.5 percent growth in 2020

With help from the government’s economic measures, the National Economic and Social Development Board (NESDB) is expecting the Thai economy this year to grow just 1.5-2.5 percent.

National News Bureau of Thailand

Published

on

Construction Workers in Bangkok

This year, the country’s economy is facing another big concern from the COVID-19 virus situation. With help from the government’s economic measures, the National Economic and Social Development Board (NESDB) is expecting the Thai economy this year to grow just 1.5-2.5 percent.

Loading...

Last year, the Thai economy has already suffered from many negative impacts such as the ongoing trade war, national drought disaster, and the appreciating Thai baht, all of which has resulted in only 2.4 percent economic growth.

The NESDB Secretary General Tossaporn Sirisamphan has released the Q4 2019 Thai economic report showing 1.6 percent growth, which is the lowest in 21 quarters. The performance of the final quarter means 2019 economic growth of 2.4 percent overall.

The NESDB cited the global economic slowdown, the U.S.-China trade war, strong Thai currency, budget bill delays, and the drought disaster to be the main affecting factors.

This year, the NESDB is projecting 1.5-2.5 percent growth, which has been reduced from the previous 2.7-3.7 percent estimate. This is due to the effects of the COVID-19 virus expected to remove at least 150 billion baht’s revenue from the tourism industry, should the situation be under control by March. Drought disaster and government budget delays also play their part.

The slowly recovering global economy and trade is expected to provide a positive push as the U.S.-China trade war is slowly resolving itself, and Brexit concerns are more relaxed. These aspects are expected to help the export sector grow by 1.4 percent.

Internal factors, resulting from the government’s economic measures and investments are expected to help propel the economy, with government investments expected to grow at 3.5 percent, and private investments expected to grow at 3.6 percent. Household consumption is also expected to grow as well.

Economics

Thai fruit exports to FTA markets up 107 percent

China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.

Loading...
(more…)

Continue Reading

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

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,973 other subscribers

Latest

Trending