The International Monetary Fund said Tuesday the global economy was poised to rebound from last year’s contraction and grow 3.9 percent, better than previous forecasts.
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Global economy to grow 3.9% in 2010
Doing business in Thailand
The telecommunications sector is in the era of technological convergence. In this context, it is important to note that Thailand’s telecommunications sector is highly concentrated in both the fixedtelephony and broadband access markets with only three to four firms dominating each market. Because of concentration in the sector, it is important to take into account the potential for abuse of market power, particularly in regards to licensing and other regulatory policies. The telecommunications sector has done relatively well in providing access to telephone services through fixedand mobile services at reasonable costs.
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.
Revenue has fallen well below target during FY2009 as the domestic recession eroded government income from sources such as import duties and value- added tax. Parliament in June passed emergency legislation authorizing additional government borrowing beyond limits set under the budget law and it approved new debt issues of up to B800 billion. Monetary stimulus came from aggressive reductions in interest rates by the Bank of Thailand: from the start of December 2008 to April 2009 it lowered its policy rate by 250 basis points to 1.25%.
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