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Economics

Government Will Sign MoU on Rice Sale with Indonesia

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BANGKOK (NNT) – The government will sign a memorandum of understanding (MoU) to sell as much as one million tons of rice a year in a government-to-government (G2G) deal with Indonesia late this month.

According to Commerce Minister Jurin Laksanawisit, the MoU signing will be organized in the final week of March, covering no more than one million tons of 15% to 25% white rice a year for four years.

However, the rice sales also include conditions, depending on the rice production of the two countries and the world rice price.

Over the past five years, no G2G rice deals between Thailand and Indonesia were carried out, as the Indonesian government initiated a self-sufficiency policy with regard to rice and promoted domestic rice production.

Nonetheless, Indonesia has still faced a shortage of domestic rice supplies in some years due to natural disasters. The pandemic also prompted Indonesia to import more rice to serve domestic demand and to stabilize domestic rice prices.

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Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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Economics

Thailand’s Economy and COVID-19: Five Things to Know

Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.

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Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.

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