FPO upgrades 2020 GDP decline to 7.7%

FPO upgrades 2020 GDP decline to 7.7%

FPO upgrades 2020 GDP decline to 7.7% GDP contraction is projected to be less severe than previously estimated based on a recovery among Thailand’s Asian trading partners, without factoring in domestic political turbulence, says the Fiscal Policy Office (FPO). The FPO’s latest economic forecast upgrades GDP contraction this year to 7.7% from a 8.2% decline…

Private sector worried over economic impact of political turmoil

Private sector worried over economic impact of political turmoil

Private sector worried over economic impact of political turmoil The private sector has expressed concern that escalating anti-establishment protests could impact the economy, the Thai Chamber of Commerce said on Wednesday. Foreign investors were eager to invest in Thailand but might change their mind if the political unrest remains unresolved, said the chamber’s chairman Kalin…

Approval sought for multi-billion-baht Phuket medical hub

Approval sought for multi-billion-baht Phuket medical hub Industry officials are seeking the go-ahead for a project to transform over 140 rai of government land in Phuket into a world-leading medical hub. The project is budgeted at 3 – 4 billion baht, depending on which report you read. Kitkong Tantijaraswarodom, from the Federation of Thai Industries, believes…

Government planning new strategies to boost economic recovery

Government planning new strategies to boost economic recovery Energy minister and deputy PM Supattanapong Punmeechaow has outlined a number of strategies the government hopes will help the Thai economy recover from the Covid-19 fallout. The Eastern Economic Corridor, the special economic zone covering the eastern provinces of Rayong, Chon Buri and Chachoengsao, continues to eye…

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IMF inches up Thailand’s GDP forecast from -7.7% to -7.1%

IMF inches up Thailand’s GDP forecast from -7.7% to -7.1% The International Monetary Fund’s (IMF) has revised up Thailand’s economic outlook to a 7.1 percent contraction, from a 7.7 percent decline, due to the government’s measures to support the business sector. The International Monetary Fund (IMF) has adjusted Thailand’s GDP growth forecast, from -7.7% to…

Pandemic, 5G drive up gaming interest

Pandemic, 5G drive up gaming interest The pandemic and 5G roll-out are expected to drive up the number of gamers in Thailand, though economic woes still weigh on their spending per person, says one of the promoters of Thailand Game Show 2020, scheduled for next month. “The pandemic ushers in positive aspects and challenges in…

The future of digital TV in Thailand

Thais, Russians aim for US$10bn in trade by 2023

Thais, Russians aim for US$10bn in trade by 2023 Thailand and Russia have agreed to raise bilateral trade to US$10 billion in 2023, in part to help reboot the economy after the Covid-19 outbreak. Speaking after Thursday’s video conference with Vladimir Ilichev, Russia’s deputy minister of the Economic Development Ministry, during the fourth meeting of…

Thai baht lowest since January

Delay in US economic recovery could weaken the baht

Delay in US economic recovery could weaken the baht The baht opened at 31.22 to the US dollar on Friday, unchanged from the previous close on Thursday. The Thai currency is likely to move between 31.12 and 31.32 on Friday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities. On Thursday…

Huawei: ICT to form 30% of GDP by 2030

Huawei: ICT to form 30% of GDP by 2030 The ICT sector is expected to contribute 30% to Thai GDP by 2030, up from 10% at present, thanks to 5G ecosystem development led by network deployment and the government’s digital economy policy, says Chinese tech giant Huawei. The company believes that Thailand could become a…