Economics
Consumer Confidence Index (CCI) hits 9-month high in November
The UTCC says consumers still have concerns regarding political stability in light of several protests in October, which has brought down the Political Situation Index down to a 14-year low, as well as concerns on the slow recovering economy
BANGKOK (NNT) – The government’s economic stimuli has successfully nudged the Consumer Confidence Index in November 2020 into continued growth for a second month, with the score ranked at a 9-month high, since March this year.
The Consumer Confidence Index (CCI) released by the University of the Thai Chambers of Commerce (UTCC) for November 2020, scored 52.4 points, appreciably higher than the 50.9 points in October, with the sentiment index improving from 58.5 to 60.1 points.
The UTCC says consumers still have concerns regarding political stability in light of several protests in October, which has brought down the Political Situation Index down to a 14-year low, as well as concerns on the slow recovering economy and the prospect of increasing unemployment in the future from COVID-19 crisis.
These concerns have however been countered by the government’s economic stimuli, and the improving farm products pricing, including rice, rubber, and oil palm, resulting in the recovering purchasing power in many provinces.
Along with November 2020 CCI, the overall economic sentiment index has improved to 45.6, with job opportunity score now at 50 points, and the score for future income improved to 61.6. Scores from these indices show an across the board improvement, albeit at a small level.
Mr Thanawat Phonwichai, the UTCC President and chief advisor to the UTCC’s Center for Economic and Business Forecasting said the government’s economic stimuli will continue generating no less than 100 billion baht cashflow through Q1 2021, and pushing the economy to grow by 2 percent.
He said the government could expand these numbers to generate 50 billion baht more cashflow, and push the national GDP in Q1 2021 to grow by 3-4%, if it decides to extend the current stimulating campaigns, including the living allowances to persons holding the state welfare cards, the Travel Together tourism subsidy campaign, and the campaign promoting tourism among senior citizens.
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.
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.
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
The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.
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.
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