Economics
Thailand’s export to contract by 7% in 2020
Thailand’s exports could shrink as much as 7% in 2020 showing its worst performance in a decade, or 3.7% if the Covid-19 crisis is contained before September.
The Bank of Thailand and the Center for International Trade Studies at the University of the Thai Chamber of Commerce (UTCC) forecast exports to contract by 7-8 percent this year.
The Center for International Trade Studies at the University of the Thai Chamber of Commerce said that under the worst-case scenario in which the coronavirus crisis exceeds nine months (beyond September), exports could contract by as much as 7.1% in 2020.
Thailand’s export value contracted by 2.7 percent to 246.25 billion USD in 2019 but the COVID-19 pandemic could remove 17.42 billion USD from Thai export value this year, showing the sector’s worst performance in a decade.
However, if the crisis is contained in September, the downturn could be limited to -3.7%.
The Trade Policy and Strategy Office (TPSO) has indicated that the gross value of Thai exports in 2019 was 246.244 billion U.S. dollars, showing a 2.65 percent decline from the previous year due to the U.S.-China trade war and the strong Thai baht.
Economics
IMF inches up Thailand’s GDP forecast from -7.7% to -7.1%
The International Monetary Fund’s (IMF) has revised up Thailand’s economic outlook to a 7.1 percent contraction, from a 7.7 percent decline, due to the government’s measures to support the business sector.
The International Monetary Fund (IMF) has adjusted Thailand’s GDP growth forecast, from -7.7% to -7.1% for 2020.
(more…)Banking
Bank of Thailand: five big challenges in resolving the economic crisis
According to the Bank of Thailand, financial stability of the country is sound while external stability remains strong, with low and manageable levels of public debt, and a flexible labor market.
Mr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand (BOT) revealed in his first meeting with the press, that the public health crisis brought about by COVID-19 has severely impacted global economic activities, including Thailand.
(more…)Economics
Thailand approves 30K baht tax deduction to stimulate domestic spending
The campaign offers taxpayers income tax deductions of up to 30,000 baht when purchasing products and services with a value-added tax (VAT) component, but excludes alcoholic beverages, tobacco, lottery tickets, fuel, accommodation and air tickets.
BANGKOK (NNT) – A meeting of cabinet ministers has approved the Shop Dee Mee Kuen campaign, aimed at stimulating domestic spending, taking effect from October 23rd to December 31st this year.
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Banking1 week agoBank of Thailand: five big challenges in resolving the economic crisis
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Economics7 days agoIMF inches up Thailand’s GDP forecast from -7.7% to -7.1%
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Banking2 days ago
Bank of Thailand extends debt repayment and interest reduction measures
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Real Estate3 days ago
How COVID-19 regulations are changing landlord-tenant dynamics