Thailand’s growth forecast cut on back of COVID-19 spikes
Kasikorn Research Centre, a think tank of Thailand, has lowered its forecast for the country's economic growth this year to 1 percent from a previous estimate of 1.8 percent as a prolonged wave of COVID-19 outbreaks has dampened growth outlook.
Commuters wearing protective face masks walk on Pratunam pier in Bangkok on April 26, 2021. (Photo: Reuters/VNA)
Hanoi (VNA) – Kasikorn Research Centre, a thinktank of Thailand, has lowered its forecast for the country's economic growththis year to 1 percent from a previous estimate of 1.8 percent as a prolonged waveof COVID-19 outbreaks has dampened growth outlook.
Due to limitations of Thailand's public health system, morestringent COVID-19 containment measures have been implemented, which wouldfurther affect the business sector and employment and in turn the purchasingpower and confidence of consumers, China’s Xinhua News Agency quoted theresearch centre as saying.
The emergence of new COVID-19 variants and rapid increasesin infections in many countries, including Thailand, have forced the researchcentre to cut its 2021 forecast for the number of international touristarrivals to between 250,000 and 650,000, from a prior projection of up to 1.2million.
On July 26, Thailand reported 15,376 new COVID-19 cases, arecord daily rise for the second day in a row, taking the total number ofinfections to 512,678.
The worsening situation has been overwhelming the country'smedical system and prompted the government to tighten restrictions, includingthe closure of shopping centres, a night-time curfew and curbing travels inworst-hit regions.
If the pandemic persists, the research centre expected theThai government to introduce additional relief measures to boost economicgrowth.
The research centre said the global economy is set torecover faster than expected, which would lift Thailand's exports. It projectedthe country's exports to grow 11.5 percent from one year earlier in 2021.
Thailand's economy plunged 6.1 percent year on year in 2020,its worst performance in more than two decades./.
Thailand’s Food and Drug Administration (FDA) has approved the use of Favipiravir tablets manufactured by the Government Pharmaceutical Organisation (GPO) in Thailand for the treatment of COVID-19 to meet rising demand in the country.
Thailand’s exports have risen to the highest level in 11 years because of an increase in global demand, according to the country’s Deputy Prime Minister and Commerce Minister Jurin Laksanawisit.
Around 20 large overseas online platform operators plan to register as value-added tax (VAT) payers in Thailand, according to Ekniti Nitithanprapas, director-general of the Revenue Department of Thailand.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Commuters wearing protective face masks walk on Pratunam pier in Bangkok on April 26, 2021. (Photo: Reuters/VNA)
