ADB: Thailand’s economy to shrink by 8 percent in 2020
Despite relatively effective containment of Covid-19, the impact of the pandemic on Thailand's economy has been more severe than expected and economic recovery remains elusive, with annual GDP poised to shrink by 8 percent, says the Asian Development Bank (ADB).
Bangkok (VNA) - Despite relatively effective containment ofCovid-19, the impact of the pandemic on Thailand's economy has been more severethan expected and economic recovery remains elusive, with annual GDP poised toshrink by 8 percent, says the Asian Development Bank (ADB).
The latest projection is a big dip from the bank's April forecast of a 4.8percent contraction, local media reported.
External demand weakness is likely to continue in the near term, the BangkokPost newspaper cited a report titled "Asian Development Outlook 2020 Update:Wellness in Worrying Times". Even with trade partners gradually recoveringas the COVID-19 situation allows them to relax containment measures, economicactivity is projected to remain significantly below pre-pandemic norms in manycountries.
Thailand's earnings from exports of goods and services are now projected tocontract more deeply in dollar terms, by 22.3 percent in 2020, then rebound to7.6 percent growth in 2021, according to the ADB.
The deeper export contraction will weigh on private consumption and investment.Private investment is now expected to contract by 12.1 percent in 2020, thenrecover with 4 percent growth next year, the ADB said.
Weak demand at home and abroad, excess production capacity and persistentuncertainty about the course of the pandemic will undermine business confidenceand hamper investment this year, said the Manila-based lender.
Public spending seems to be almost the sole economic driver this year.
Public consumption is now expected to expand by 3.8 percent, revised up from2.4 percent projected in April, due to speedy disbursement of relief spending,the ADB said.
Meanwhile, public investment is predicted to expand, especially ininfrastructure projects for state-owned enterprises, and this will be the keyto sustaining the economy to the forecast horizon, the bank said.
The ADB forecasts Thailand's GDP to grow by 4.5 percent in 2021./.
Thailand's cross-border trade fell 8.5 percent year-on-year in January-July period, mostly due to the closure of border checkpoints amid COVID-19, according to the Thai Ministry of Commerce.
The Thai Cabinet has approved a Special Tourist Visa proposal to allow long-stay visitors to enter the country, subject to quarantine and other requirements, allowing eligible visitors to stay in the country for a maximum of 270 days.
Thai Deputy Prime Minister and Public Health Minister Anutin Charnvirakul and US Ambassador to Thailand Michael George DeSombre have agreed to strengthen cooperation between the two nations in COVID-19 vaccine development in Thailand.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Illustrative photo (Source: NKA) 
