Thai Industry Demands Tougher Currency Measures to Save Exports (Bloomberg) — Thailand must check the runaway gain in its currency as it makes it harder for exporters to compete in the global market and drive an economic recovery, according to the nation’s largest industry group. Authorities should curb foreign capital inflows if they continue to…
Thai central bank announces series of measures to contain baht rise BANGKOK (CNA) – Thailand’s central bank unveiled yesterday new measures aimed at balancing capital flows after warning a rapid jump in the baht risked undermining the economy amid renewed inflows into emerging markets. The Bank of Thailand will allow Thais to freely deposit and…
Thai Economy Sees Slower Contraction With Stimulus Spending (Bloomberg) — Thailand’s economy improved in the third quarter after the government eased restrictions on movement and implemented a series of stimulus measures while getting the country’s Covid-19 outbreak largely under control. Gross domestic product shrank 6.4% from a year ago, the National Economic and Social Development…
Thailand’s GDP contraction moderates to 6.4% in Q3 Worst days of COVID-19 are already past, economic planning agency insists BANGKOK — Thailand’s economic contraction slowed in the third quarter as exports and domestic tourism started picking up from the pandemic-induced slump, the kingdom’s economic planning agency said Monday. Gross domestic product shrank 6.4% on the…
Employment key to reopening economy Finance Minister Arkhom Termpittayapaisith has instructed ministry departments to devise measures to tackle unemployment and propel the economic recovery in preparation for a full reopening of Thailand’s economy. “Businesses without money cannot hire people, therefore one of the measures to tackle unemployment is to maintain existing employment. The government can…
UPDATE 2-Thai c.bank avoids further stimulus, upgrades 2020 GDP forecast * Committee votes unanimously to hold rates at record low of 0.50% * 2020 GDP forecast raised to -7.8% versus -8.1% in June * 2020 exports to fall 8.2% versus -10.3% seen earlier * Further rate cuts unlikely, economists say (Adds details, analysts’ comments) BANGKOK,…
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…
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…
Federation of Thai Industries says unemployment could hit 8m The prolonged Covid-19 pandemic will likely leave up to 8 million people unemployed by the end of this year, says the Federation of Thai Industries. The economy in the second half of 2020 will not fully recover because the stimulus packages will take time to boost…
Somkid’s departure sees baht drop further The baht’s current shine as the ‘safe’ current in Asia has lost its lustre. After riding high as Asia’s best performing currency last year, the baht has wiped out all of its 8% gains this year during the Covid-19 crisis, and yesterday’s announcement of the resignations of Deputy PM Somkid Jatusripitak…