Connect with us
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});

Economics

Thailand’s GDP growth forecast now only 1%

Published

on

See the rest here:
Thailand’s GDP growth forecast now only 1%

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2008 – averaging more than 4% per year – as it recovered from the Asian financial crisis of 1997-98. Thai exports – mostly machinery and electronic components, agricultural commodities, and jewelry – continue to drive the economy, accounting for as much as three-quarters of GDP. The global financial crisis of 2008-09 severely cut Thailand’s exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted about 2.8%. The Thai government is focusing on financing domestic infrastructure projects and stimulus programs to revive the economy, as external trade is still recovering and persistent internal political tension and investment disputes threaten to damage the investment climate.
Base effects are expected to lead to an increase in inflation readings in the fourth quarter of 2009 and into 2010, but monetary policy is likely to remain accommodative. In the same way that the deflation in 2009 has not warranted a more aggressive monetary policy reaction despite the Bank of Thailand having a lower bound of zero on its inflation target, positive inflation in 2010 should not lead to aggressive tightening either, and the Bank of Thailand is not expected to raise rates until the second half of 2010 despite rising inflation readings.

Social and political stability

Thailand is a foreigner friendly and welcoming Buddhist country. The country’s form of government is a constitutional monarchy, with a high reverence for the Thai Monarchy, and devotion to the teachings of Buddhism. And although the vast majority of the people in Thailand are Buddhist, all religions are welcome, and His Majesty the King is the patron of all religions.

Thailand’s Growing economy

Economically, this country of 65 million people is characterized by steady growth, strong exports and a vibrant domestic consumer market. Abundant natural resources and a skilled and cost-effective work force help attract foreign investors, and enable them to prosper and develop industry in Thailand.

Sufficient infrastructure

Thailand has good infrastructure with modernized transportation facilities, as well as upgraded communications and IT networks that ensure optimum business and living conditions. State-of-the-art industrial estates boast sophisticated facilities and superior services.

The words of the Thai Royal Anthem, performed at most official ceremonies and before the start of every movie, may strike a Western ear as somewhat archaic.

After all, the system of absolute monarchy ended in 1932, following a revolution staged by a small group of disaffected civil servants and military men. Since then, Thai kings have ruled under a constitution; their powers theoretically no greater than those of European monarchs. Yet, since he was officially crowned in 1946, His Majesty King Bhumibol Adulyadej has assumed the role of constitutional monarch and has worked tirelessly on behalf of his people, gaining a measure of personal devotion that is probably more intense than that felt for any of his all-powerful ancestors. It has been said that Their Majesties King Bhumibol and Queen Sirikit are the hardest working royal couple in the world with a work load once estimated to be equal to at least one function every day of the year. Of the several institutions that form the foundation of modern Thai life, the one His Majesty represents is not only the most visible but also the most revered.

Economics

National News Bureau Of Thailand

Published

on

logomain

BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

Commerce Minister Jurin Laksanawisit said G2G deals and a campaign to make Thai rice more recognizable around the world will spearhead efforts to increase the export volume from last year’s 5.7 million tons.

He said the ministry is working with the Thai Rice Exporters Association to promote Thai rice under the “Think Rice, Think Thailand” campaign, adding that Thailand successfully made Thai rice become better known in Canada, increasing its exports to the country by 21% to 120,000 tons last year.

Mr Jurin said one of the distinctive characteristics of Thai rice is its very low sugar content. This would make it the preferred choice among Canadians as 28% of the Canadian population has high blood sugar levels.

Source link

Continue Reading

Economics

Bangkok Metropolitan Energy Authority (MEA) partners with Chineses owned Newsky Energy (Thailand) Company

Published

on

logomain
BANGKOK (NNT) – The Metropolitan Energy Authority (MEA) is looking into co-investment opportunities with private firm Newsky Energy Thailand for the construction of two new waste-to-energy power plants in Bangkok, promoting the expansion of alternative energy in the metropolitan area along with environmental protection.

The MEA has signed a Memorandum of Understanding with private firm Newsky Energy Thailand on co-investment arrangements for waste-to-energy power plants in the Nong Khaem and On Nut districts of Bangkok, a project costing about 10 billion baht.

MEA Governor Kirapat Jiamset, said today that each of the waste-to-energy plants will have a generating capacity of 35 megawatts of electricity using 1,000 tons of waste as fuel each day.

Mr Kirapat said the two power plants will be introduced along with the smart grid system, which allows communities in service areas to receive power entirely from these plants, independent of the main power lines.

New Sky Energy Thailand CEO He Ning said the company has been working with the Bangkok Metropolitan Administration to operate a waste-to-energy incinerator at Nong Khaem dump, which converts 500 tons of garbage into electricity each day.

Operating since 2016, Mr Ning said the incinerator has been continuously feeding electricity to the MEA, with systems in place to take care of the environment and nearby communities.

The proposed new waste-to-energy plants are currently in the public consultation process. The construction of these projects is expected to commence later this year, and come online in the electricity grid in 2024.

According to the Department of Business Development, Newsky Energy (Thailand) Company Limited is currently registered as an electric power generation and transmission company in Thailand. The company is 100% owned by Chinese investors and reported a -7.25% net profit in the fiscal year 2019.

Source link

Continue Reading

Economics

Thailand sets export growth target at 4% for 2021

Published

on

logomain

BANGKOK (NNT) – Thailand has seen export growth of 0.35 per cent in the first month of the year. The Commerce Minister has ordered the Department of International Trade Promotion to advance an action plan to accelerate growth, which is set at 4 per cent this year.

(more…)
Continue Reading