Thailand’s economy grew 4.8 percent in the second quarter of this year, higher than that of the first quarter and the highest level in five years, according to a report from the Bank of Thailand (BoT).
Thailand's economic growth is boosted by strong exports. (Photo: Reuters)
Bangkok (VNA) – Thailand’s economy grew 4.8 percent in the secondquarter of this year, higher than that of the first quarter and the highestlevel in five years, according to a report from the Bank of Thailand (BoT).
Earlier, research units of large banks in the country like Karikorn and GSBforecast that the country’s GDP for the whole year will range between 4.5-4.9percent.
The report said that the economic growth was boosted by strong exports,tourism, and private investment. Meanwhile, risk factors for the economy werethe US-China trade war, adjustment in policies of large economies, andThailand’s imbalance in debt structure.
In June, Thailand exported 21.75 billion USD worth of products, a year-on-yearincrease of 10 percent. Quarter 2’s shipments rose 12.3 percent to 63 billionUSD, and the purchasing managers’ index (PMI) increased in 14 consecutivemonths and stood at 4.7 percent in June.
Meanwhile, the Ministry of Commerce has been upbeat on substantial gain in theshipments of Hom Mali rice, particularly to the US market.
In the first half of the year, the country exported 220,000 tonnes of Hom Malirice worth 250 million USD to the US, rising 2.8 percent in terms of volumefrom the same time last year.
A deputy-ministerial level delegation was sent to the American nation tobolster rice exports. Preparation has been made to increase the shipment ofthis staple in Singapore, Australia, China, and ASEAN countries.
As of July 20, Thailand sold 6.15 million tonnes of rice abroad, earning 3.1billion USD. The country targets exports of 10 million tonnes this year. HomMali or Thai Jasmine is leading rice in Thailand, and demands for this type ofrice are high, especially in high-end markets.-VNA
The Thai Government has approved a rice aid package worth 97.95 billion THB (2.94 billion USD) for the 2018-19 crop, aiming to encourage farmers to delay their paddy sales and improve harvesting and price quality.
The Thai National Shippers’ Council has forecast export growth this year at between 8 and 9 percent, after June exports grew in almost every market and there was a smaller-than-expected impact from recent trade barriers.
Thailand’s central bank plans to keep its interest rate unchanged again on August 8 to aid economic growth as inflation remains benign and policymakers say capital outflows are not currently a concern, according to Reuters.
Thai envoys to neighbouring countries and 32 governors of its border provinces will meet in a two-day meeting since August 9 with the theme of “Synergised efforts to enhance security, prosperity, and sustainable development in the Border Provinces”.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
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Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
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.
Thailand's economic growth is boosted by strong exports. (Photo: Reuters) 
