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Moody’s forecasts 2.8% GDP Growth for Thailand

According to Moody’s Investors Service, the country’s GDP is estimated at 2.8 percent in 2011. In a separate report, which highlights the risks facing Japanese car and electronics manufacturers in Thailand, the credit rating agency also speculated that Honda Motor Co. would see a profit drop by 10 percent as the disaster forced its operation stoppage.

Aishwarya Gupta

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Moody’s Investors Service has predicted that the flood crisis would cause a sharp fall in Thailand’s gross domestic product this year.

According to Moody’s Investors Service, the country’s GDP is estimated at 2.8 percent in 2011. In a separate report, which highlights the risks facing Japanese car and electronics manufacturers in Thailand, the credit rating agency also speculated that Honda Motor Co. would see a profit drop by 10 percent as the disaster forced its operation stoppage.

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Its share prices may fall accordingly. Also sharing the same situation could be Isuzu Motors Ltd., which has just launched a new model commercial vehicle. Most of its production is in Thailand.

Moody’s Investors Service has predicted that the flood crisis would cause a sharp fall in Thailand’s gross domestic product this year.

Moody’s Investors Service has predicted that the flood crisis would cause a sharp fall in Thailand’s gross domestic product this year.

Nissan Motor, Toyota Motor could be a little affected if they are able to find automotive parts elsewhere. Canon Inc. should get market share from Nikon Corp and Sony Corp., both of which produce high-end DSLR cameras in Thailand.

Thailand’s seven industrial estates that were flooded will be rehabilitated within 45 days after floodwaters recede with government financial aid, Deputy Prime Minister/Commerce Minister Kittirat Na Ranong said Monday.

After meeting with engaged agencies and industrial entrepreneurs of the flooded industrial tracts—which comprise a significant portion of Thailand’s industrial capacity—the Factory Land, Saha Rattana Nakhon, Bang Pa-in, Rojana and Hi-Tech in the nearby central province of Ayutthaya, as well as the Bangkadi and Nava Nakorn estates in Pathum Thani.

Once the water level starts to recede or is stable, floodwaters will be pumped out immediately.

He said that the government’s plan for financial support is so that production can resume as soon as possible. A budget of several hundred billion baht is expected to initiate rehabilitation, including loans for entrepreneurs to buy new machinery and a budget of over Bt25 billion for reconstruction of basic infrastructure.

 

Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

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The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

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50:50 campaign may not get immediate extension

National News Bureau of Thailand

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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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Economics

Customs Department Considers Measures to Help SMEs

National News Bureau of Thailand

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BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).

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