Finance Minister Korn Chatikavanij supports the Bank of Thailand’s plan to further liberalise the foreign-exchange market, saying it would help keep the baht at a competitive level.
Recent Trade Reforms in Thailand
According to the latest annual World Bank’s Doing Business report, in 2008 Thailand ranks 13th among over 180 countries and 4th in East Asia in the ease of doing business. The ease of doing business is measured by quantitative indicators of regulatory requirements and procedures in ten areas in the life cycle of typical small and medium enterprises (SMEs) in the largest city in a country. They include, for example, the number days, steps, and cost needed to obtain business licenses, registering property, clear customs, pay taxes, and close a business. It only takes 2 steps and 2 days to register property in Thailand, on of the fastest in the world. Progress over the recent years has been particularly on the improvements in the customs process after the introduction of the internet-based customs clearance system, which has reduced the number of required documents and time taken to clear customs for exports.
Implementation of Reforms in Thailand
Imports from new ASEAN member countries also have lower import duties. As part of ASEAN Integration System of Preferences (AISP), tariffs of products such as vinegar, chili, certain vegetables, wood products, and electronic switchboards imported from Cambodia, Myanmar and Lao PDR are either reduced or abolished from September 2008.
A clear policy framework is needed, and the development direction set forth by the policy makers should be based on reliable information on the current status of infrastructure development. Systematic, periodic, and internationally-standard information collection within the infrastructure sector will provide Thai policy makers with good background with which to assess the current situation, identify bottlenecks, set clear policy direction, and prioritize projects more effectively .
COVID-19 Set to Dampen Asean and China’s Economic Growth
The SARS outbreak provides a useful benchmark, but there are significant differences between that epidemic and the latest one.
Bank of Thailand expects 3% economic growth in 2021
Bank of Thailand has released its latest forecast for the Thai economy, expecting growth of more than 3 percent in 2021
Coronavirus dents optimism with China’s growth forecast down to 5.2%
If the outbreak persists, the domestic and international supply chain disruptions are likely to become significant, amplifying the shock to the global economy.
Moody’s has published a report titled “Global Macro Outlook 2020-21 (February 2020 Update): Coronavirus clouds growth outlook just as the economy showed signs of stabilization“, and has revised its global growth forecasts down by two-tenths of a percentage point, now expecting G-20 economies to collectively grow at an annual rate of 2.4% in 2020.(more…)
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