Generals are ramping up efforts to boost the Thai economy dragged down by 8 months of political conflict. Their first move being handling long overdue cash payment to the rice farmers to regain consumer confidence.
The University of Thai Chamber of Commerce says consumer confidence index (CCI) in May rose for the first time to highest in four months after the military coup.
It said the increase is the first time in 14 months and the highest on hope that the military coup could strengthen political stability.
The CCI in April was 67.8 but after the coup in May it clamped up to 70.7.
UTCC president Saowanee Thairungroj,attributed the rising consumer confidence to optimism that the remedy measures announced by the National Council for Peace and Order could help to stabilise political situation and stimulate economic growth.
She also said the NCPO’s speedy payment to rice farmers under the rice-pledging scheme was also a driver to rising consumer confidence.
Other proposals include a price cap on fuel a push ahead with big infrastructure projects that were stalled under the ousted government.
The army also announced it will act on a backlog of stranded investment applications, worth more than $20bn.
Thailand about to reclaim title of world’s top rice exporter
Thai Rice Exporters Association Wednesday released rice export statistics from the beginning of the year up to May 20 indicating Thailand has once again reclaimed its position as the number one exporter of rice in the world.
Thailand managed to export an estimated 3.93 million tons of rice closely followed by India at 3.74 million tons in second place and Vietnam in third place at 2.4 million tons.
This follows a two year period where Thailand fell to third place in the world ranking. The excitement in Thailand reclaiming first position must be tempered by the fact that Thailand’s rice prices have fallen dramatically to approximately 390 USD per ton.
Association president Chookiat Ophaswongse, meanwhile, said that the reason that Thailand has managed to reclaim its place as the prime exporter of rice in the world was due to the fact that Thailand’s rice prices are comparatively low when compared to those of India and Vietnam.
Furthermore, China’s demand for rice has risen tremendously and this is further helped by the rise in global climate calamities which has detrimentally affected rice production in many countries.
Thailand Approves Latest Economic Relief Package for Businesses
Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will go towards an ‘asset warehousing’ program whereby debtors can use their assets as loan collateral but will have the right to redeem their assets under a specific time frame.
Thailand BOI approves Biotech Projects Worth 2.4 Bln Baht ($78 million)
The biotechnology sector is part of the so-called BCG model (Bio, Circular and Green economy) which the Thai government has set as a priority to lead the post-Covid 19 recovery.
The Thailand Board of Investment (BOI) said today it has recently approved new projects in the field of advanced biotechnology, worth a combined 2.4 billion baht (around USD78 million) in investment, reflecting the increased interest of local and foreign investors in the country’s biotech sector.
Asia-Pacific sees 3.9% growth in deal activity in February 2021
The Asia-Pacific (APAC) region saw a 3.9% month-on-month growth in deal activity (mergers & acquisitions, private equity and venture financing deals) from 1,126 deals to 1,170 deals in February 2021, according to GlobalData, a leading data and analytics company.
Subscribe via Email
Developing Asia growth set to rebound to 7.3% in 2021 (ADB)
Thailand slow vaccination progress coupled with a surge of infections has prompted Kasikorn Research Centre to lower its growth projection...
Thailand extends the 7,000 baht “Rao Chana” scheme to 33.5 million Thais
The Ministry of Finance said that the new proposal will increase the number of people eligible for the “Rao Chana”...
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major...
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,...
Digital Revolution and Repression in Myanmar and Thailand
Activists have also proactively published social media content in multiple languages using the hashtags #WhatsHappeningInMyanmar and #WhatsHappeningInThailand to boost coverage...
3 Reasons to Be Optimistic About the Baht Right Now
Probably one of the most important factors for the rise of the Baht is the continued weakness of the US...