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China creates 9.4 million new jobs in 2009

Some 9.4 million jobs were created in China’s cities during the first ten months of the year, exceeding the goal of nine million for the entire year, state media said on Saturday.

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Some 9.4 million jobs were created in China’s cities during the first ten months of the year, exceeding the goal of nine million for the entire year, state media said on Saturday.

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China creates 9.4m new jobs in 2009

Demand from businesses have increased rapidly over the years in Thailand

Infrastructure services, if quickly improved, could promote a better investment climate in Thailand. Logistic costs, for example, are reported by firms to be higher for them in 2007 compared to 2004. This is particularly true for industries that are located in regions other than Bangkok and vicinity or the East where the major markets and ports are located. They include the food processing and furniture industries. A partial explanation for the higher logistic cost was the sharp rise in diesel prices from 2004 to 2007. However, another important explanation is the increased congestion of roads and ports which added to the transport time and costs. The quality of public utility services (electricity, water, and telephone) have also declined from 2004 to 2007 as the period of service interruptions have risen. This is a reflection of the inadequacy of infrastructure services as demand from businesses have increased rapidly over the years. These service interruptions are costly for firms and will hurt Thailand’s competitiveness as other countries in the region such as China and Vietnam are quickly improving them.

China creates 9.4m new jobs in 2009

The government also uses tariff measures as a tool to promote energy policy. To encourage the use of natural gas as an alternative fuel for vehicles, the government has exempted import duties of many natural gas-related tools and equipment such as bio-fuel conversion kits, natural gas containers, and chasses.
Externally, the trade balance in January 2009 recorded a 1,688 million US dollar surplus. Export value contracted for the third consecutive month while import fell even more rapidly. Export value dropped 25.3 percent (yoy) to 10,382 million US dollars. This was due mainly to contraction across the board except for labour-intensive industries which still expanded from gold export. Import value contracted 36.5 percent (yoy) across the board to 8,694 million US dollars. When accounting for the net services, income, and transfers surplus of 601 million US dollars from lower investment income transfer compared to the previous month, the current account balance registered a 2,289 million US dollar surplus.
Nevertheless, the impact on lending was muted. Commercial banks, concerned about credit risks in a contracting economy, were cautious in lending, while private sector demand for credit generally declined in tandem with economic activity. The rate of increase in loans by commercial deposit-taking institutions slowed from 8.4% in the ifrst quarter to 6.1% in the second. Stock prices as refected in the SET index, afer falling by 48% in 2008, picked up in the second quarter of 2009. The index rose by 45% in the first 8 months of this year, a gain in line with other Asian markets.
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Economics

Thailand’s Ministry of Finance expects 3.5 to 4.5% economic growth in 2022

For next year, the Ministry of Finance is projecting an economic growth of 3.5-4.5% from effective pandemic control measures, incentives, domestic spending, the export sector, private investment support, global economic recovery, and government expenditures.

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The Minister of Finance says Thailand’s economy this year would see only a 1.1-1.2% growth

BANGKOK (NNT) – The Ministry of Finance is now projecting an economic rebound to 4.5% growth next year, with government investments serving as key drivers. The Minister of Finance says the government will focus more on inclusive growth next year, with no sectors left behind.

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Ecommerce

Pakorn Peetathawatchai, President, The Stock Exchange of Thailand (SET)

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Pakorn Peetathawatchai, President, The Stock Exchange of Thailand (SET)

What measures has SET taken to support listed companies’ compliance with ESG standards?
PAKORN PEETATHAWATCHAI:

PAKORN: When we first began promoting ESG-compliant investments, we were met with little interest. We attributed this to a lack of clear data to showcase the economic benefits of ESG investment, and perhaps limited clarity as to what constitutes a sustainable or ESG-compliant investment. The launch of the THSI list and, subsequently, the SETTHSI Index, was designed to address this. Our most recent data, comparing returns for the SETTHSI Index with the broader SET and SET100 indices from April 2020 to April 2021, underscores the economic benefits of these investments: the group compliant with ESG standards outperformed the other two indices on every data point. 

As of May 2021 Thailand was home to CG and ESG assets under management totalling BT54.8bn ($1.7bn) across 50 funds – up from 23 funds in 2019. Meanwhile, of the BT187.1bn ($5.9bn) raised in green, social and sustainability bonds since 2018, BT136.4bn ($4.3bn) was raised in 2020 – 83% from the government and the remainder from development banks and private players. This rising demand, in a move to manage risk and generate returns, has been complemented by growing supply and promotion: supply from ESG-compliant businesses aiming for resiliency and sustainable growth, as well as promotion from regulators highlighting investment opportunities with good CG and SD practices. Indeed, the pandemic has been a catalyst in shifting the view of ESG compliance from a luxury to a requirement in the new normal.

In what ways can enhanced standard-setting and regulatory mechanisms overcome the remaining barriers to improved ESG performance?

PAKORN: A multi-stakeholder approach is crucial for enhanced ESG performance – not only in Thailand, but around much of the globe. This can also help to address the standout incumbent challenge: access to reliable, wide-ranging ESG data. For example, the 2020 update to the 56-1 One Report established clear ESG standards and triggered online and offline capacity-building programmes to support listed firms’ compliance. SET is developing an ESG data platform with a structured template to promote the availability of comparable data, maximise value added from corporate sustainability disclosures, and foster collaboration between the business value chain and stakeholders. This is expected to support Thai companies along their ESG journey in an economically sustainable way, result in a greater number of sustainability-focused products and services, drive sustainable investing in the Thai investment community and ultimately “make the capital market work for everyone”, as outlined in the SET’s vision.
 

 

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