The Thai economic growth in the third quarter expanded 2.3-2.5 per cent, compared to the second quarter but contracted 3.1-3.3 per cent year-on-year, according to a senior offic…

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Thai economy grows 2.3-2.5% in Q3: Bank of Thailand

Thailand continues to reduce import tariff rates for various products.

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Thai economy grows 2.3-2.5% in Q3: Bank of Thailand

Import tariffs on machinery are waived for regional operating headquarters. The Board of Investment cancels import tariffs on machinery used in conducting research and development activities by regional operating headquarters (ROHs). This is in addition to the existing privileges such as a permission to own land and remit foreign currency abroad as well as preferential corporate and income tax rates. Looking forward, related agencies such as the Revenue Department, the Bank of Thailand, and the Department of Business Development plan to streamline other rules and regulations that help to promote ROHs in Thailand.

External stability in Thailand was upheld by high international reserves, while trade and current account were close to balance. Regarding internal stability, inflation rose from last year in line with higher oil prices, despite a downward trend during the second half of the year. Unemployment rate remained low in Thailand in 2008 but employment started to deteriorate in the forth quarter, particularly in the production sector affected by economic slowdown.

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