S&P maintains Thailand’s credit rating at BBB+ with stable outlook

Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.

Government Spokesman Thanakorn Wangboonkongchana said the agency maintained Thailand’s credit rating at BBB with a stable outlook. In its report, S&P expects the country’s economic recovery to be driven by export and tourism, thanks to the higher vaccination uptake and COVID-19 containment measures.

The government’s continued investment promotion campaign will result in the overall economy rebounding to the pre-pandemic level from 2023.

S&P’s assessment shows Thailand’s external finance sector remains robust from the current account surplus, high liquidity, and high foreign exchange reserves. In addition, the country’s monetary and pricing stability policies have contributed positively to the c…

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Use 1xBet mobile app for convenient betting on Atletico

In the previous season Atletico Madrid often spoiled the nerves of their fans, now and then missing a huge advantage over competitors. In the current season, the start is not yet very good, but all newcomers haven’t yet been involved; the team signed enough of them to strengthen the roster.

You can watch the results of the Mattress Makers in any place where there is Internet using the 1xBet mobile app. The utility allows you to perform all actions similar to the official portal, therefore it will be possible to place bets, play in the casino and enjoy other types of entertainment.

Diego Simeone is pleased with the roster, because the management has done a great job. Saul Niguez left, but they wanted to sell the Spaniard anyway. His place will be taken by the equally talented Rodrigo De Paul. High-quality reinforcement will allow the club to compete not only for national trophies but also for the Champions League. It is worth highlighting the followi…

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Thailand’s economic growth expected to return to 2019 levels in mid-2023

The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.

 The SCB Economic Intelligence Center (EIC) revised Thailand’s economic forecast for 2021 downward to 0.7% from 0.9% previously following a severe and prolonged third-wave outbreak which led to adverse impacts on private consumption.

For 2022, EIC forecasts Thailand’s economy to grow 3.4% with recoveries in both domestic and external demand.

EIC expects the situation to improve in the beginning of the fourth quarter from a significantly higher rate of fully-vaccinated individuals, which would benefit confidence and domestic economic activity recovery.

Exports have continued to expand but should slightly slow throughout the rest of the year from a higher base and the spread of the Delta variant, w…

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Free Credit Bonuses Help Build Client Trust on Casinos

The name practically speaks for itself. It is the amount credited to a player’s account, for free. It is one of the privileges awarded to new players upon sign-up and a form of incentive to encourage players to explore what the casino has to offer and of course, build trust. 

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Thailand aims to push its games and content industry

Currently, key digital organizations involved in the economy are joining forces to push the Thai gaming industry, so as to attain the level of a regional hub.

In past decades, Thailand has relied on traditional sectors like agriculture, vehicle building and exports, textiles and garments to drive the engines of development. Though Thailand has successfully diversified its economy base into tourism, health care, and other services, the country appears to be in the midst of a prolonged middle-income malaise.

Recently, the government has stepped up its activities by launching a national master plan to move into the higher-value segment of economic activity generating larger incoming revenue for all parties. Then, the digital industry was chosen as one of the new S-curve industries expected to propel a new round of growth.

The Digital Economy Promotion Agency (DEPA)

The Digital Economy Promotion Agency (DEPA) was established in 2017. Among…

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Thailand Raises Public Debt Ceiling from 60% to 70% of GDP

Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60% to 70%, which will allow further public sector borrowing to rehabilitate the economy battered by COVID-19.

Finance Minister Arkhom Termpittayapaisith said the decision is intended to provide the government with more fiscal manoeuvrability should the need arise for the government to borrow more money to carry out medium-term financial policies.

He said the ministry will propose the new limit at Tuesday’s Cabinet meeting and assured that the government still has the ability to repay debts. The government has, so far, borrowed 1.5 trillion baht to fund COVID-19 relief and stimulus programs, 500 billion baht of which was approved this year.

Mr. Arkhom said the raising of the ceiling is in line with Section 50 of the 2018 State Fiscal and Financial Discipline Act, which authorizes the committee to revise the ratio every…

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Thailand Approves Package to Attract Wealthy Foreigners and Professionals

Thailand’s Cabinet has approved an economic stimulus and investment promotion package aimed at attracting wealthy foreigners and highly skilled professionals from overseas to help revive the post-COVID economy.

Government spokesman Thanakorn Wangboonkongchana said benefits in the package include a 10-year Thai visa for not only approved special visitors but also their spouses and children, automatic work permits, the same rates of income tax as Thai citizens, tax exemption for income earned abroad and ownership of property and land.

He said the goal is to attract one million wealthy foreigners within five years, generating about 1 trillion baht of spending, 800 billion baht of investment and 270 billion baht in tax income.

The new measures will offer long-term residency visas for four categories of foreigners: rich global citizens, wealthy pensioners, professionals working in Thailand and highly-skilled workers.

Mr. Thanakorn adde…

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Climate Change Could Force 49 Million People to Migrate in East Asia and the Pacific

The World Bank’s updated Groundswell report released today finds that climate change, an increasingly potent driver of migration, could force 216 million people across six world regions to move within their countries by 2050.

Hotspots of internal climate migration could emerge as early as 2030 and continue to spread and intensify by 2050.

The report also finds that immediate and concerted action to reduce global emissions, and support green, inclusive, and resilient development, could reduce the scale of climate migration by as much as 80 percent.

Climate change is a powerful driver of internal migration because of its impacts on people’s livelihoods and loss of livability in highly exposed locations.

By 2050, Sub-Saharan Africa could see as many as 86 million internal climate migrants; East Asia and the Pacific, 49 million; South Asia, 40 million; North Africa, 19 million; Latin America, 17 million; and Eastern Europe and Cent…

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Thailand relaxes COVID-19 measures to help revive economy

Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.

During the past couple weeks, new infection cases have been down from roughly 20,000 daily cases to 17,000 -19,000. Moreover, the number of daily discharges is exceeding infections, which has led to the conclusion that the situation is improving.

Therefore, the Center for the COVID-19 Situation’s Administration decided at the end of August to lift some lockdown measures in 29 provinces designated “Maximum and Strict Controlled Areas” or dark-red zone provinces from September 1st onward. Restaurants, and Malls have reopened under strict hygienic measures.

Flights between provinces have resumed, while night entertainment venues, schools and other businesses remain closed.

The …

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Coronavirus raises asset risks but Thai banks will maintain adequate solvency

A resurgence of coronavirus infections in Thailand will hamper the country’s economic recovery and raise asset risks for banks in the country.

Yet government measures to support borrowers will limit the deterioration of banks’ asset quality, and banks have sufficient buffers to absorb expected credit losses.

Thailand’s economic recovery will lag that of its ASEAN peers amid a resurgence of coronavirus infections, and this will result in increases in nonperforming loans (NPLs).

Slow economic recovery in Thailand will weigh on asset quality for banks

We project that Thailand’s GDP will grow at the slowest pace among large ASEAN economies in 2021 as the tourism sector continues to suffer from the pandemic amid low vaccination rates.

Loans to small and medium enterprises (SMEs), many of which are tied to tourism, will drive growth in nonperforming loans (NPLs).

Thai banks will maintain adequate sol…
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