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.
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
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