BANGKOK (NNT) – With the government’s stimulus measures being the main driver of economic recovery, the Economic Intelligence Center (EIC) of Siam Commercial Bank (SCB) has forecast that the Thai economy will grow 3.8 percent next year.
The EIC First Executive Vice President, Dr. Yanyong Thaicharoen, said today that more money is being injected into the economy in the final quarter of the year due to additional long weekends and stimulus measures, including the half-half co-payment, Shop Dee Mee Kuen and We Travel Together campaigns, as well as a measure to strengthen the purchasing power of welfare card holders. These factors are expected to boost economic growth by 0.53 percent.
However, the country’s economy may experience slow growth because of the resurgence of COVID-19 cases in many countries at this time. It may affect the exporters, many of whom are dealing with the appreciation of the Thai baht.
As for the current COVID-19 situation in Thailand, it may affect spending and the confidence of tourists in the short term. The Thai economy is expected to contract 6.5 percent this year, an improvement from the previous forecast of a negative 7.8 percent.
In 2021, the Thai economy is expected to grow 3.8 percent, despite many risk factors. Measures to stimulate the economy and investment are still necessary. They include an extension of the co-pay scheme and the We Travel Together campaign, as well as increasing the purchasing power of welfare card holders. These measures are a sign that the government is ready to use fiscal mechanisms to support the economy and encourage public spending.
As COVID-19 vaccines have been developed and authorized for use in some countries, the situation will help the tourism industry recover in the second half of 2021. Some 8 million international arrivals are expected next year.
GDP to expand 2.6% in 2021 says Kasikorn Bank
The Executive Chairman of Kasikorn Research Center (KRC), Dr. Charl Kengchon, said that the Thai economy is expected to expand 2.6 percent in 2021, driven by government spending, consumption and investment.
The government’s co-pay, Shop Dee Mee Kuen and We Travel Together projects, aimed at stimulating spending, have shown clear results in the short term. People have more purchasing power, and there is more money injected into the economy, particularly the local economy.
However, the growth rate is not significantly high due to some uncertainties. The COVID-19 pandemic will continue to shape the future direction of the world economy.
Despite the COVID-19 vaccine development, its availability and accessibility remain an issue. As a result, the plan to reopen Thailand to international visitors will be slowly implemented in the second half of the year. Other factors include the appreciation of Thai baht and the political situation.
Cross-border trade is expected to grow up to 3-6%
BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.
Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.
According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.
1.7 million Thais without smartphones register for "Rao Chana" benefits
The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.
BANGKOK (NNT) – The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.(more…)
BoI allows private sector in border logistics center
NAKHON PHANOM (NNT) – The Thailand Board of Investment (BoI) has agreed to allow the private sector getting involved in the construction of a border logistics and transport center in Nakhon Phanom province.
Transport Minister Saksayam Chidchob said the BoI approved in principle providing incentives to the private sector concerning this center.
The incentives will be offered in relation to an inland container depot project, a distribution center project and a project to construct buildings for industrial plants and warehouses.
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