Thai second-quarter GDP to post record contraction, slow recovery seen: Reuters poll BANGKOK (Reuters) – Thailand’s economy likely shrank by a new record in April-June, a Reuters poll showed on Friday, as the coronavirus pandemic battered tourism and domestic spending, pointing to a long road to recovery. FILE PHOTO: A worker stands next to shipping…
Labour minister says unemployment less than half of predictions Thailand’s labour minister told a Friday press briefing that the number of unemployed people in Thailand is around 2 to 3 million, less than half the 7 to 8 million previously predicted. He said that since The National Economic and Social Development Council did the calculation,…
Thailand’s New Economic Team Takes Charge as Growth Sputters (Bloomberg) — Former banker Predee Daochai was inaugurated as Thailand’s new finance minister in Prime Minister Prayuth Chan-Ocha’s revamped Cabinet that’s tasked to lead the country out of its worst-ever economic crisis amid mounting anti-government protests. King Maha Vajiralongkorn sworn in Predee and Supattanapong Punmeechaow, a…
Thailand’s GDP forecast to fall up to 9% this year Thailand’s GDP is set to fall 7-9%, year-on-year, according to the Joint Standing Committee on Commerce, Industry and Banking. The fall is, not surprisingly, being fallout from the catastrophic drop in tourism and lower exports. Kalin Sarasin, chairman of the Board of Trade of Thailand,…
Thailand unveils new cabinet with economic czar from PTT group Appointments show Prayuth’s priority is to restructure COVID-hit state entities BANGKOK — Prime Minister Prayuth Chan-ocha’s government on Thursday announced it had handed key positions in the energy and finance departments to former executives in a state-owned company and a commercial bank, in a reshuffle…
Thailand’s Charoen Pokphand family ranked 21 on world’s rich list Bloomberg has released its list of the world’s wealthiest, and the family behind Thailand’s Charoen Pokphand Group sits at number 21. The CP conglomerate is one of the world’s largest, operating across multiple sectors, including food manufacture, agriculture, retail, and telecommunications. It has stakes in…
Thailand’s GDP to shrink from 9.4 to 11.4 percent The Thai Chamber of Commerce (UTCC) has predicted that the Thai GDP this year will shrink between 9.4 to 11.4 percent due to the COVID-19 pandemic. The Center for Economic and Business Forecasting (CEBF) of the University of the Thai Chamber of Commerce (UTCC) has predicted…
UTCC: 11.4% contraction in GDP forecast for 2020 Thailand’s economy is likely to contract by as much as 11.4% this year, its worst showing, attributed largely to the pandemic impact, volatile foreign exchange, widespread drought and the continued US-China trade spat. Thanavath Phonvichai, president of the University of the Thai Chamber of Commerce, said the…
Thailand Sees 8.5% GDP Contraction as Virus Ravages Economy (Bloomberg) — Thailand’s economy will likely contract 8.5% in 2020, worse than previously estimated and the biggest decline of any Asian nation this year. The Finance Ministry’s forecast, released in Bangkok on Thursday, compares with a previous projection of 2.4% growth. The central bank is estimating…
Central bank mulls severing baht’s gold link to weaken gains Thailand’s central Bank is mulling breaking the baht’s link to gold as a way to weaken it without being labelled a currency manipulator by Washington. According to US Census Bureau data, Thailand’s trade surplus surpassed US$20 billion in the 12 months up to the end…