Economics
Thai parliament urged to pass record 1.9 trillion baht ($59.6 billion) stimulus bill
Thailand’s Prime Minister Prayut Chan-O-Cha on Wednesday urged parliament to approve the kingdom’s biggest-ever stimulus package to revive an economy battered by the coronavirus pandemic.

Thailand’s Prime Minister Prayut Chan-O-Cha on Wednesday urged parliament to approve the kingdom’s biggest-ever stimulus package to revive an economy battered by coronavirus, which has brought tourism to a standstill, slashed exports and left millions jobless.
The 1.9 trillion baht ($59.6 billion) package would be a much-needed financial boost for Southeast Asia’s second biggest economy, which is expected to shrink by 5-6 percent in 2020.
Members of parliament — who inaugurated a new building on Wednesday — are set to discuss three bills over the next five days covering healthcare, unemployment and a fund to stabilise markets and boost purchasing power.
The opposition Pheu Thai party has vowed to grill the ruling military-backed government — which holds a slim majority — on the bill and its handling of the epidemic.
On Wednesday, Prime Minister Prayut Chan-O-Cha pleaded for the swift passage of the bill, saying the administration was currently attempting to manage the economy “using the central budget, the next year’s budget, or transferring” from other areas.
“But it is not enough,” Prayut told the opening session.
“To get the country back on track… we urgently need the budget of 1.9 trillion baht.”
About 550 billion baht ($17.2 billion) is expected to go to farmers and informal workers such as street vendors and those employed in massage parlours and bars.
Tourism-reliant Thailand started showing the first signs of the virus in January when Beijing prohibited its citizens from travelling abroad.
Chinese make up a majority of the kingdom’s visitors.
Tourism revenues dropped by 40 percent in the first quarter, Prayut said, and the next quarter will be even “more severe.”
The virus toll, which stands at a little over 3,000 infections and 57 deaths, has slowed in recent weeks and the country is gradually reopening.
But the restrictions — and a ban on inbound flights — have left Thais struggling to put food on the table.
Last week the CCSA (Centre for Covid-19 Situation Administration), said that the emergency decree would remain in effect for another month, until the end of June.
The government enforced the state of emergency on March 26 until April 30 and imposed a curfew on April 3.
A local trade association estimates that 6.5 million people will be permanently out of a job by the end of 2020.
So far, more than 20 million have registered for a government handout of 5,000 baht (US$150), while many others say they have been left out of the scheme.
The kingdom’s economy was flagging even before the pandemic.
Many in politically febrile Thailand are unhappy with the ex-generals, who seized power in a 2014 coup and still run the government.
Economics
Thai economy to grow 4% in 2021 following 6.5% decline in 2020
The World Bank is now expecting the Thai economy to see 4% growth this year, and a 4.7% growth in 2022, despite current challenges from the new wave of COVID-19 infections.

The World Bank now expects that the Thai economy to expand by 4 per cent in 2021, according to the latest World Bank Thailand Economic Monitor report “Restoring Incomes, Recovering Jobs” released on Wednesday (Jan 20).
(more…)Banking
BoT sees mild impact of new COVID-19 wave on the economy
The Bank of Thailand (BoT) does not see the new wave of COVID-19 infections as having as much of an impact on the economy as the first wave, as fewer businesses have had to be suspended.

BANGKOK (NNT) – Despite a new and wider wave of COVID-19 infections in the country, the Bank of Thailand (BoT) has assessed that the economic impact of the situation will not be as severe as the first wave as the effects of the virus are not as pronounced, and public health preparations, including plans for vaccination, are in place.
(more…)Economics
COVID-19 brings first consumer confidence drop in 3 months
Consumer confidence in December 2020 was measured at 50.1 points, down from 52.4 the previous month. Economic confidence was also down to 43.5 from 45.6 points.
-
Forex1 week ago
Leverage from Forex Brokers & How Beginners Can Benefit from It
-
National4 days ago
Human trafficking cases in Thailand hit decade low due to COVID-19
-
Economics4 days ago
Thai economy to grow 4% in 2021 following 6.5% decline in 2020
-
Banking6 days ago
Can Fintech drive a strong post-COVID-19 recovery in Asia?