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Thailand growth to remain at 2.6%

So far little progress has been made for ending political stalemate in Thailand, but the FPO new statement now is maintaining its full-year 2.6% GDP growth projection.

Olivier Languepin

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The Fiscal Policy Office had slashed its 2014 economic growth projection to 2.6% from 4% in Mach provided that a new government is formed by the third quarter.

So far little progress has been made for ending political stalemate, but the FPO new statement now predicts that Thailand’s first-quarter gross domestic product (GDP) will shrink 0.2% before bouncing back in the second quarter, maintaining its full-year 2.6% projection.

The country’s political turmoil affected private spending and investment, Kulaya Tantitemit, director of Macroeconomic Policy Bureau at the ministry’s Fiscal Policy Office, said at a news conference.

Growth expected to bounce back in Q2

Thailand has been without a fully functioning government since Ms. Yingluck dissolved the lower house in December and almost six month of antigovernment protests aimed at ousting Prime Minister Yingluck Shinawatra, have undermined investors confidence in the country’s economy.

Growth is estimated to come in at 0.4% in the second quarter, 2.8% in the third quarter and 7.3% in the fourth quarter, an FPO source said.

Thai exports are expected to pick up in the second quarter due to the improved economic conditions of trading partners and the baht stability, said the Bank of Thailand governor.

Central bank chief Prasarn Trairatvorakul said economic conditions and the purchasing demand of Thailand’s trading partners are factors that will determine this year’s exports outlook.

Despite an earlier announcement to revise down this year’s 2.7% GDP growth forecast in June, the central bank does not plan to revise down its 4.5% export growth forecast as it expects this year’s exports growth to improve positively compared with that of last year, said Mr Prasarn.

Exports still to meet its 5% target

The Commerce Ministry said Thai exports dropped by 3.12% in March and 1% in the first three months of 2014 but was optimistic that overall export for the whole year will meet its 5% target.

Permanent secretary of the ministry Srirat Rastapana said exports in March declined to US$19.94 billion while imports fell 14.19% to US$18.48 billion, resulting in a trade surplus of US$1.46 billion.

But for the first quarter, exports dropped by 1% to US$56.21 billion while imports shrank 15.41% to US$55.50 billion, representing a trade surplus of US$706 million, she said.

If the political situation returns normal quickly, the exports could grow by 10% for the whole year, largely due to the IMF’s 3.6% world economic growth projection, up from 3% in 2013.

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Economics

1.7 million Thais without smartphones register for "Rao Chana" benefits

The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.

National News Bureau of Thailand

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BANGKOK (NNT) – The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.

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Economics

BoI allows private sector in border logistics center

National News Bureau of Thailand

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NAKHON PHANOM (NNT) – The Thailand Board of Investment (BoI) has agreed to allow the private sector getting involved in the construction of a border logistics and transport center in Nakhon Phanom province.

Transport Minister Saksayam Chidchob said the BoI approved in principle providing incentives to the private sector concerning this center.

The incentives will be offered in relation to an inland container depot project, a distribution center project and a project to construct buildings for industrial plants and warehouses.

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Economics

Thailand Post joins Prompt Song app to buy supplies at market for restaurants

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand Post Distribution Co., Ltd. has joined with the Prompt Song application to buy supplies at a market for restaurants via the online system, which is another option for vendors during the COVID-19 situation.

Mr. Pheera Udomkitsakul, Managing Director of Thailand Post Distribution Co., Ltd, said that the delivery service through online ordering is another service operated by Thailand Post via the e-Marketplace Platform in the form of the Prompt Song application.

Thailand Post will pick up products from the manufacturer or distributor and store them at a temperature controlled warehouse. The area is divided by a modern system. The vehicle tracking system is managed using a bar code to ensure that the products are delivered to the service’s users on time. The delivery times ate 3-8 a.m. The service is being piloted in Bangkok and its vicinity.

This will solve a problem for restaurant operators who can’t buy ingredients for cooking or market closures due to the COVID-19 situation as the application allows the vendors to wait in front of the restaurant.

Mr. Pheera said that a good and comprehensive logistics system will play a very important role in helping operators reduce problems and costs, systematization and distribution and reduce the risk of product defects. It saves time in product distribution, resulting in smooth and efficient trading.

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