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The Bank of Thailand and the Center for International Trade Studies at the University of the Thai Chamber of Commerce (UTCC) forecast exports to contract by 7-8 percent this year.
The Center for International Trade Studies at the University of the Thai Chamber of Commerce said that under the worst-case scenario in which the coronavirus crisis exceeds nine months (beyond September), exports could contract by as much as 7.1% in 2020.
Thailand’s export value contracted by 2.7 percent to 246.25 billion USD in 2019 but the COVID-19 pandemic could remove 17.42 billion USD from Thai export value this year, showing the sector’s worst performance in a decade.
However, if the crisis is contained in September, the downturn could be limited to -3.7%.
The Trade Policy and Strategy Office (TPSO) has indicated that the gross value of Thai exports in 2019 was 246.244 billion U.S. dollars, showing a 2.65 percent decline from the previous…
The Thailand Board of Investment (BOI) said in a statement that it remains as committed as ever to serve the needs of investors, and announced practical measures to ensure the continuity of service to support companies as economic activity in this critical period is affected by the spread of the coronavirus disease 2019 (COVID-19) and the Emergency Decree put in place by the government to control the situation.
“The BOI, as always, is there to help in any way it can,” Duangjai Asawachintachit, Secretary General, Thailand Board of Investment (BOI), said in the statement addressed to executives of both local and international companies invested in Thailand.
The measures taken by the BOI to facilitate companies during this period include the following:
– In accordance with the announcement by the Ministry of Finance to postpone corporate income tax submission for the 2019 accounting year (Por.Ngor.Dor.50) to 31 August 2020, the BOI has e…
Due to the coronavirus (COVID-19) outbreak, the Thai economy would contract significantly in 2020 and headline inflation would become negative, said the Bank of Thailand in a Press Release.According to the Bank of Thailand’s latest data release, Thailand’s GDP could contract by 5.3 per cent in 2020, a sharp lowering from its 2.8 per cent previous projections in December.
Nonetheless, the financial system was sound overall, with financial markets starting to function normally. Headline inflation is also forecast to contract in negative value with -1 per cent instead of 0.8% previous projections.Policy rate at 0.75 percent
The Committee viewed that targeted measures designed to address liquidity needs would be of great importance. Most members thus voted to maintain the policy rate at this meeting. However, two members voted to cut the policy rate by 0.25 percentage point due to the significant economic contraction.