Thailand’s Ministry of Finance this year will focus on three areas to revive the national economy amid slower-than-expected recovery and a second wave of COVID-19.
The seal of Thailand’s Ministry of Finance (Photo: nationthailand.com)
Hanoi (VNA) –💫 Thailand’sMinistry of Finance this year will focus on three areas to revive the nationaleconomy amid slower-than-expected recovery and a second wave of COVID-19.
First, the ministry will urgently push foreconomic revival by speeding up budget disbursement and state spending. It alsowould streamline the tax structure to fit well with the economic and socialchange. Second, the ministry will adjust thecountry's economic structure by seeking ways to promote investment in newtechnologies, such as the next generation automotive, digital business andcomprehensive medical business. This will enable Thailand to offer products andservices with high economic values. The ministry will also push for therevision of rules to increase its own performance in providing services to thepublic. Kulaya Tantitemit, spokesperson of the ThaiMinistry of Finance and Acting Director-General of the Fiscal Policy Office,said that a challenge this year would be how to restore Thailand's economicgrowth to the pre-COVID-19 era. The management of macroeconomic policy inthe next step would have to take into account the prevention of a second waveof the outbreak and the equitable distribution of anti-virus vaccine. The Thai economy is projected to grow 3 to4 percent this year after contracting by almost 10 percent in 2020. It will not be until the end of 2022 beforethe Thai economy returns to its pre-pandemic level of 2019. However, if thereis another wave of COVID-19 in Thailand, or if effective vaccines are delayed,the recovery could be slower than anticipated./.
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Thailand’s Centre for COVID-19 Situation Administration (CCSA) has declared stricter measures for 28 "red zone" provinces, including the capital of Bangkok, amid COVID-19 spikes across the country.
Cambodia has stepped up checks along its borders with Vietnam and Thailand, as the new strain of the coronavirus SARS-CoV-2, which causes the COVID-19, has been detected in the two countries.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
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Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Indonesia ranks as the world's sixth-largest gold reserve holder, producing an estimated 160 to 200 tonnes annually, mainly through major state-owned enterprises. Despite this, much of the mined gold is held or traded abroad. In 2024 alone, Indonesia exported gold worth 5.4 billion USD while reimporting 2.6 billion USD worth of the metal.
Cambodia and Thailand vowed not to undertake provocative actions that may escalate tensions, including entering the other side’s air space and territory, and refrain from constructing or enhancing military infrastructure.
The seal of Thailand’s Ministry of Finance (Photo: nationthailand.com) 
