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Kasikorn Research expects Thailand’s GDP to grow 2.6% in 2021

The Thai economy has been showing signs of recovery, thanks to the government’s many stimulus measures and Kasikorn Research Center has predicted that the 2021 GDP will grow 2.6% next year.

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Kasikorn Research Center has predicted that the 2021 GDP will grow 2.6%, suggesting the government to continue its various economic packages which have contributed to the increase in public spending.

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Finance Minister expects 4-4.5% growth next year

The Thai economy has been showing signs of recovery, thanks to the government’s many stimulus measures. The Minister of Finance is expecting the Thai economy will grow 4-4.5% next year, however it may take up to 4 years for visitor numbers to recover.

The Minister of Finance Arkhom Termpittayapaisith predicts that Thailand’s tourism sector will start to recover after the successful development and distribution of COVID-19 vaccines globally, with the number of visitors next year expected to be at least 8 million.

He said, however, that by how much the country will reopen to tourists will depend on the public health conditions, adding that it may take until 2024 for tourist numbers to return to 40 million per year.

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

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The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

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Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

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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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Economics

Customs Department Considers Measures to Help SMEs

National News Bureau of Thailand

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BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).

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