World Bank projects Thai economy to grow 3.5% this year

The World Bank has projected that the Thai economy will grow 3.5 per cent this year and 4 per cent next year, rebounding from last year, when it contracted 2.7 per cent.

Dr Kirida Bhaopichitr, country economist for Thailand at the World Bank’s Bangkok office said Thai exports are projected to expand 15 per cent this year thanks to improved economy of Thailand’s trade partners and recovery of the tourism sector.

Advertisements

Thailand to lose Bt3-4 billion revenue from AFTA tariff cuts

Thailand’s Customs Department expects revenue from import and export duties will decline by Bt3-4 billon (US$90-120 million) in the wake of the ASEAN Free Trade Agreement (AFTA) cuts which became effective on January 1, with the department adjusting its role from tariff collector to facilitator, a senior customs official said on Friday.

Economy moving downtrend / Suan Dusit Poll

The majority respondents of a survey conducted by the Suan Dusit Rajabhat University agreed that the country’s economy is worsening.

The Suan Dusit poll was conducted among 1,327 people from Dec 1 to 3 on their viewpoints towards their confidence in economic recovery. The poll showed that the majority of the respondents or 71.43% said the country’s economy was moving downward. 56.55% stated that the household expenses were rising and 49.70% said they held the same income.

Expat Survey and Thailand on International Ranking Track

Thailand ko phi phi: Flickr.com

Thailand thus far has been included in many surveys and rankings conducted by various international organizations. Some of the released results can indeed bring fame to the nation in different areas despite the ongoing political instability and persisting street protests. However, some rankings have tarnished the national image and have warned the responsible authorities to fix the problem to put the country back on track.

In the beginning of June, the Political and Economic Risk Consultancy Co. Ltd (PERC) ranked Thailand third place in regards to efficiency of the public sector system in Asia, after Singapore and Hong Kong. Then, at the beginning of November, Thailand was ranked second for the world’s best value destination by the Lonely Planet in its ‘Best In Travel 2010’ guide as one of the cheapest long haul holidays for European tourists. At the end of November, Thailand won top honors in the November issue of Condé Nast Traveler Readers’ Choice Awards 2009 in several categories including the Top 100 list of hotels.

Fashion for export: Thai-made Muslim costumes go international

Muslim Fashion Project: Flickr.com

How could a decent economy bring stability to local residents in Thailand’s far South when the ongoing southern insurgency continues? The violence that erupted in early 2004 and has continued since has left thousands of people dead in its wake and has severely affected daily life of many of the locals who see their incomes sharply depleted.

Muslim apparel and costume accessories made by villagers in the southern border provinces are one of the incentives that government-related agencies have been trying to push forward to compete in international markets so as to improve the quality of life of local residents.

Members of local dressmaking groups have been trained to improve their skills in designing, tailoring, lacing and embroidering Muslim clothing, thanks to the Industrial Promotion Department’s Industrial Development Project for Muslim Costume Products in Thailand’s Five Southernmost Provinces.

No need for special measure over Dubai crisis and Dong Depreciation

The decoration of Dubai airport is dazzling: Flickr.com

The Bank of Thailand (BOT) asked Thai citizens not to panic with Dong depreciation and the Dubai Crisis.

Deputy Governor of BOT Achana Waikuamdee stated that the Dubai World’s debt repayment adjournment would slightly affect the Thai economy as the number of Thai investments in Dubai were rather low. While the weakening of the Vietnam Dong would not cause a great impact on the Thai economy as Thailand used US dollars in the global trade and investment.

Cultural capital for creative economy project to be held every month next year

The Director-General of the Office of Contemporary Art and Culture (OCAC), indicated that OCAC had formulated an action plan for the Cultural Capital of the Creative Economy project as 12 Months, 12 Events, 12 Sites which would be held in all five regions across the country.

The Director-General of OCAC, Prisana Pongtadsirikul said that the project was aimed to disseminate the cultural contemporary arts such as visual art, sculpture, performing art, musical, literature, architecture, decorative art, to be participated by the national artists, and local artists in each area to raise cultural awareness among children and the general public.

Economy to improve next year

The economy next year will be improving but will yield no benefits to the infrastructure development of the country if the management of the government remains poor, according to Kasikorn Bank CEO, Bantoon Lamsam.

Mr Bantoon believed that the national economy next year would improve, particularly the Thai exports sector, while financial institutions remain stable and can move forward with the economic revival.

The CEO however admitted that the national infrastructure management in educational, legal, and communication aspects had not received enough attention from the public sector. He deemed that the Strong Thailand scheme of the government was only a temporary solution for short-term economic stimulation, and there had been no projects for infrastructure development.

SME BANK stays on right track on loan provision

The Small and Medium Enterprise Development Bank of Thailand (SME Bank) approved over 33.6 billion THB worth of loans during the past 10 months, nearly doubling the amount released last year.

SME Bank spokesperson Wichaya Witheethum said that the 10-month figure was 99.96% higher than that approved in the same period of last year. The loans had benefited 7,282 entrepreneurs, complementing the government policy to provide urgent assistance to major industries of the country.

Thailand Creativity Fund set up according to Creative Economy Scheme

The Government financial institutions cooperated with the Thai private sector to launch the Thailand Creativity Fund worth 800 million THB, aiming at product development and value adding for competitiveness in the global market under the Strong Thailand Scheme.

Deputy Minister of Finance, MD. Pruttichai Damrongrat cited that government financial institutions and the private sector had joined forces in setting up the Thailand Creativity Fund worth 800 million THB. It was the first scheme of funding for direct investment in the Equity Instrument, Bond, and Hybrid Fund as well as to invest in the creative business ideas. This was to encourage the private sector to emphasize in creative ideas, modern designs, and value adding to products, which would help in building competitiveness in the global market in accordance with Creative Economy Scheme, initiated by the Government’s Strong Thailand Project.