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Fex Bluse

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Posts posted by Fex Bluse

  1. 6 hours ago, webfact said:

    Thailand downgrades economic outlook despite smaller fourth quarter GDP fall

    By Orathai Sriring and Kitiphong Thaichareon

     

    2021-02-15T025637Z_1_LYNXMPEH1E03J_RTROPTP_4_THAILAND-ECONOMY-CONSUMERSENTIMENT.JPG

    FILE PHOTO: People visit shopping center to celebrate New Year Eve during the coronavirus disease (COVID-19) outbreak in Bangkok, Thailand December 31, 2020. REUTERS/Soe Zeya Tun

     

    BANGKOK (Reuters) - Thailand cut its estimate for economic growth this year to 2.5-3.5% after suffering its worst slump in more than two decades in 2020 due to the shock from the COVID-19 pandemic.

     

    The government had previously forecast growth of 3.5-4.5% for this year, and the downward revision comes despite latest data showing the economy shrank less than expected in the October-December quarter as domestic activity and exports recovered after coronavirus restrictions were eased.

     

    The vital tourism sector remains in limbo because of international travel restrictions, and a COVID-19 outbreak in December has dealt a further blow to the country's fledgling recovery.

     

    Southeast Asia's second-largest economy shrank 4.2% in the final quarter of 2020 from a year earlier, after a 6.4% contraction in the previous three months, National Economic and Social Development Council data showed on Monday.

     

    On a quarterly basis, the economy expanded a seasonally adjusted 1.3% in the December quarter, after a revised 6.2% expansion in the September quarter.

     

    Economists in a Reuters poll had forecast the economy would shrink 5.4% year-on-year and grow 0.8% quarter-on-quarter.

     

    Somprawin Manprasert, chief economist of Bank of Ayudhya, said the GDP data was not a surprise and the economy should return to pre-pandemic levels in the third quarter of 2022, slower than earlier expected.

     

    "Having had a bad crash, the economy was hit on the back by the second wave, so it's difficult to recover," he said.

     

    The main stock index rose 0.6% after the GDP data while the baht gained slightly to 28.83 per dollar.

     

    In 2020, the economy contracted 6.1%, the biggest fall since 1998, during the Asian financial crisis.

     

    Thailand had largely contained the spread of coronavirus by mid-2020 but new cases detected in December have led to infections across the country and slowed consumption and domestic travel.

     

    The NESDC now expects exports, also a key driver of growth, to rise 5.8% this year, rather than expand 4.2%.

     

    But it also forecasts just 3.2 million foreign tourists this year, down from an earlier forecast of 5 million arrivals.

     

    Last year, there were only 6.7 million foreign tourists versus nearly 40 million arrivals in 2019.

     

    "Fiscal support will be key to underpin the recovery this year as monetary easing runs its course," said DBS economist Radhika Rao.

     

    The government has supported the economy with a 1.9 trillion baht ($63.61 billion) stimulus package, while the central bank has slashed interest rates by 75 basis points last year to a record low of 0.50%.

     

    ($1 = 29.87 baht)

     

     

    reuters_logo.jpg

    -- © Copyright Reuters 2021-02-15
     

    Must be that "9%" GDP from foreign tourism... ????

     

    I'm surprised their friends in China haven't helped them. ????

    • Like 1
  2. 30 minutes ago, Morch said:

     

    How is the alleged change in posture 'global'? Does it include Russia? South America? Africa? All countries in Asia and SE Asia?

     

    Trump is not 'likely' to be back in 4 years, other than in the imagination of his supporters. He might have a second go, or maybe not. Who knows. As for him winning such an attempt, time to replace your (probably) Made-in-China crystal ball toy.

     

    The Chinese destroyed the Chinese culture 'as a people'? And here I was thinking they were Chinese. Kinda complicated. Maybe you meant the Communist Party in China? Who knows. Was their culture of old 'beautiful'? Guess not so much if there was enough sentiment to tear it down.

     

    China's ways were well known to pretty much anyone with even a minor stake in things. Trump did not 'expose' anything new.

     

    There isn't going to be any global universal fight against China. There's no common ground, there's no trust and there's no practical way of carrying it through. It's a fantasy.

     

     

     

    Good luck 

  3. 1 hour ago, rooster59 said:

    Travelers who see the mark can be sure the business meets standards of hygiene, safety and cultural significance.

    This is a perfect representation of Thailand's capabilities. They are really great at making cartoons and saying lots of words. 

     

    That's about it. 

    • Like 1
  4. 11 hours ago, noone223 said:

    The best thing that came out of covid is the narrative shift within Thailand.

    From 2016 there has clearly been a huge rise in Xenophobia .

     

    Covid manifested exactly what many of them wanted,

    The farang is officially OUT.

     

    Hence the famous saying, "Be careful what you wish for..."

     

     

     

    The other positive is the pressure China will be under since the Trump awoke the world to how much a threat China is. Trump may have singlehandedly delayed your pubs being converted to dim sum restaurants. We should all send him thank you cards. 

     

    • Like 1
  5. It's a poorly kept secret that much of Asia, and especially Sino-dominant Asian countries, is eager to see the West replaced by China as the dominant global power. 

     

    It's why you hear very few in this part of the world blaming China for all this pain and suffering. Suspiciously quiet, correct? Yes, they understand that they, too, must sacrifice and endure some pain to get a point where whites don't dominate. 

     

    We all witnessed Thailand become suddenly anti Farang during the past few years, seemingly eager to replace us with their cousins the Chinese. This is all related. 

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