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Thailand economy grew 1.3% in third quarter

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Thailand’s economy has grown for a second straight quarter, boosted by a strong recovery in the country’s manufacturing sector. South-east Asia’s second largest economy grew by 1.3% between July and September from the previous quarter, official figures showed.

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However, the rate of growth was less than economists had predicted.

Thailand’s economy was hit hard by the global downturn as well as by political unrest at the end of 2008.

Manufacturing grew by 2.6% in the quarter, the figures from the National Economic and Social Development Board (NESDB) showed.

via BBC News – Thailand economy boosted by manufacturing.

Thailand's economy has grown for a second straight quarter

Thailand's economy has grown for a second straight quarter

The services sector grew 1.5 percent in the third quarter from the previous quarter while manufacturing expanded 2.6 percent, according to the figures released by the National Economic & Social Development Board. Agriculture shrank 3.9 percent due to lower prices and a fall in production of major crops like paddy rice.

The economy remained smaller than a year earlier in the third quarter with gross domestic product down 2.8 percent.

Still, that was an improvement from year-on-year falls of 4.9 percent in the second quarter and 7.1 percent in the first quarter.

The state economic agency expects Thailand’s GDP to shrink about 3 percent this year compared with 2008.

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.

National News Bureau of Thailand

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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.

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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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