National
Reuters: Thai Q2 GDP growth higher than forecast, boosts up baht
However, the National Economic and Social Development Board (NESDB) predicted that Thai exports would drop lower than earlier forecast.
Tourist industry accounted for 10 per cent of Gross Domestic Product though revenues might probably drop throughout the rest of the year after a wave of bombings in southern resort towns recently.
Being Southeast Asia’s second largest economy, Thailand’s economic growth accounted for a 0.8 per cent increase from a previous quarter, according to the NESDB.
The pace was slower than the revised 1.0 per cent in the first quarter but above the 0.5 per cent forecast in a Reuters poll.
The second quarter’s growth was reported at 3.5 per cent, compared to the first quarter’s 3.2 per cent and that marked the highest for the corresponding quarter of previous years.
The agency said the latest blasts in southern Thailand would not have a severe impact on the country’s tourism.
Meanwhile, the baht hit its strongest level in over a year following the growth report. It gained as much as 0.2 per cent to 34.685 per US dollar, its strongest since July 22, 2015.
Thailand’s trade-dependent economy struggled to expand and lagged regional peers since the army seized power in May, 2014 to end prolonged political turmoils.
Domestic demands have been sluggish and exports – worth about two-thirds of GDP – have decreased over the past three years due to lowered global demands and China’s economic slowdown. Increased household debt, meanwhile, has restrained domestic consumption.
The NESDB expected the Thai economy to grow 3.0-3.5 per cent throughout this year, unchanged from its previous forecast. The exports were predicted to shrink 1.9 per cent this year, compared to 1.7 per cent earlier speculated.
The Reuters poll marked a 3.0 per cent growth in 2016, up from 2.8 per cent last year. In a bid to spur activity, the ruling Thai junta has introduced economic stimulus measures and bolstered investment although big infrastructure projects have been started at a slow pace.
Government investments rose 10.4 per cent while private investments only increased 0.1 per cent between April and June. Tourist arrivals in the second quarter rose eight per cent from a year earlier.
Benjamin Shatil, Asean economist at JPMorgan, said that looking beyond tourism and government spending, there’s still “a fragile base for activity in the Thai economy.This points to the possibility of alleviated monetary measures from the central bank if activity softens more noticeably into the second half of the year.”
National
National News Bureau Of Thailand
A former vice premier of the People’s Republic of China and his entourage on Tuesday signed a book to express his condolences on the passing of HM the late King at the Grand Palace. Another important person who paid respects to HM the late King is President of the Asian Infrastructure Investment Bank Jin Liqun. The president laid a wreath before the body of HM the late King and signed the condolence book.
Meanwhile, people from many provinces continuously traveled to the Grand Palace to pay respects before the body of HM the late King. HM King Maha Vajiralongkorn sponsored ancient Thai desserts to be given to the mourners.
National
National News Bureau Of Thailand
Addressing the press Wednesday, Deputy Education Minister M.L. Panadda Disakul said Thailand’s top production companies and China International Broadcasting Network have struck a deal to produce a TV series that features the teachings of His Majesty King Rama IX.
M.L. Panadda, who presided over the signing ceremony, said the program is aimed at inspiring the public to be more productive and successful through the promotion of favorite recreation activities of His Majesty.
The series will be aired in Thailand and China, said the Deputy Minister, remarking that it would play a vital role in promoting Thai culture abroad.
The Deputy Education Minister also disclosed that the love and respect for the revered monarch remain strong among Thai citizens and would be so for many years to come.
National
Nakhon Sawan holds exhibition “Still on my mind” commemorating King Bhumibol
The exhibition, taking place in front of Nakhon Sawan Municipality, features a model of a royal rainmaking aircraft and the Chai Pattana water turbine, both being outstanding projects undertaken by His Majesty for the benefit of the people of Thailand.
Also on display at the exhibition is a Chinese puppet lion traditionally used in the funeral ceremonies of respected elders and teachers. The puppet lion is the only piece of its kind in Thailand and will be included in the royal cremation ceremony for King Bhumibol. It will also be burned at the end of the ceremony.
In addition, the venue features an exhibition of 89 photographs telling the story of the lives of Nakhon Sawan residents and their personal impressions of King Bhumibol Adulyadej. The exhibition in front of Nakhon Sawan Municipality continues until February 1st; there is no charge for entry.
Meanwhile at Somdet Phra Srinakarindra Park in Roi Et Province, Governor Sarit Witoon along with the local Red Cross Society, government officials, and the general public took part in a merit-making ceremony, giving alms to 200 monks from Wat Pa Kung, in dedication to King Bhumibol. Monks at the ceremony also gave special talks for the purpose of acknowledging the generosity of those in attendance and to lift their spirits.
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