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Economics

COVID-19 reduces Thai household income by 70 percent

The ongoing COVID-19 pandemic has already decreased Thailand’s monthly household income by 70 percent.

National News Bureau of Thailand

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The Office of the Royal Society has organized a round-table discussion about the economic hurdles caused by the ongoing COVID-19 pandemic, which has already decreased Thailand’s monthly household income by 70 percent.

BANGKOK (NNT) – Speaking of post COVID-19 economic recovery, since the government’s new economic team took office, a survey by Suan Dusit Poll reveals that many people want the government to create more jobs, shore up prices of agricultural products and stimulate domestic consumption.

According to the online survey on solutions to economic issues, 85 percent of the respondents want to see more jobs created to solve economic problems at the household level. Other issues include income generation, improving welfare benefits and a supension of debt repayments.

At the community level, they would like the government to focus on shoring up prices of agricultural products, followed by resource optimization, a strengthening of communities and creation of local jobs while regulating middlemen.

At the national level, the respondents want the government to further support the agricultural sector, followed by export and tourism promotion, increasing investor confidence and supporting the industrial sector.

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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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Economics

Thai economy shrinks most in more than two decades

Thailand’s economy should contract between 8% to 12% this year given its reliance on exports and tourism and the strong baht, which gained more than 6% in the second quarter.

Olivier Languepin

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Thailand’s GDP shrank 12.2% from a year ago, the National Economic and Social Development Council said Monday, its biggest decline in more than 20 years since the country was hit by the Asian financial crisis in 1998.

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