Posts Tagged ‘unrest’

Political stability to push GDP to 5.2%

Tuesday, June 29th, 2010

The Thai economy is recovering and if the political situation is stable and the financial crisis in Europe over, gross domestic product (GDP) could expand by 5.2 per cent this year, Thanawat Polwichai, director of the Economic and Business Forecasting Centre at the University of the Thai Chamber of Commerce, said on Tuesday.

Mr Thanawat said a survey of economic expansion in the first quarter of the year confirmed that the economy has rebounded in all regions due to global economic recovery that helped boost the country’s exports.

The survey found that first quarter GDP growth is projected at 9.2 per cent in the Northeast, 8.6 per cent in the North, 9.1 per cent in the South, 16 per cent in Central, and 11.1 per cent in Bangkok and its vicinity. These would make the country’s GDP expand by 12 per cent in the first quarter.

He projected that economic recovery in the region would help boost Thai economic growth to as high as 5.2 per cent at year-end — on the condition that politics is rapidly stabilised, the world economy has recovered as expected and there is no further financial crisis in Europe.

If there is no political stability, the world economy expands slower than expectations and the European financial problem continues, Thai GDP growth could be as low as 3.5 per cent, the director said.

The centre maintained its GDP growth forecast at 4.5-5.2 per cent for 2010.

The Bangkok Post

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GETTING TOURISM BACK ON TRACK TOPS AGENDA

Monday, May 31st, 2010

State authorities and private – sector organs will swing into action this week to thrash out immediate measures to resuscitate the tourism industry-one of the worst hit by the political convulsions.

The transport Ministry will also likely call a meeting with other agencies this week to evaluate the damage from the riots in Bangkok and devise remedies to restore businesses to health.

Although most official tourim bodies and private associations have prepared plans to revive the tourism bodies and private associations have prepared plans to revive the tourism industry that was crushed by the recent political turbulence, they all want to discuss through this week urent rescue efforts.

The Tourism Ministry will invite the private sector to talk tomorrow about the damage and needed assistance for operators.

Tourism Minister Chumpol Silparcha is expected to ask the Cabinet for an emergency budget of Bt30 billion to help stricken operators.

The Tourism Authority of Thailand (TAT) is scheduled to revise its strategy tomorrow. The authority has already identified three approaches to boost tourism.

They are to rebuild the entire industry, join international trade shows and events and encouraging domestic tourism. “TAT has already prepared recovery measures and is ready to implement them once the situation stabilises,” TAT governor Suraphol Svetasreni said last week.

Work would still proceed on organising activitie such as the “Amazing Thailand Grand sale”, set for next month to September, while online marketing activities would be reinforced. Tomorrow, the Thai Hotels Association (THA) will meet in Bangkok to conduct damage assessment from all regions.

One of the pressing needs is to ask the government to grant funds to help staff laid off by hotels and service businesses in the Rajprasong area.

The THA chapter in Chiang Mai will launch a campaign called “Amazing One price Chiang Mai to draw travellers back to the rgion.

The Association of Domestic Travel (ADT) will meet on Wednesday with members and some travel partners to discuss how to encourage local people to vacation within the country.

Ithipon Khunplom, mayor of Pattaya city, said his administration had earmarked Bt10 million to stimulate tourism.

Last week, the Bangkok Metropolitan Administration said it would spend Bt100 million on tourism reconstruction, with most of that going to renovate public areas destroyed by the demonstration.

The Nation

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2010 Thai GDP to grow 4.5-5.2%

Thursday, May 27th, 2010

Despite negative impact from political violence, the economy could expand by 4.5 per cent to 5.2 per cent this year, Thanawat Polwichai, director of the Economic and Business Forecasting Centre at the University of the Thai Chamber of Commerce, said on Thursday.

Dr Thanawat said the projection was based on the facts that the country has strong economic fundamental and the export sector, the key economic driver, was not hurt by the political turmoil. He expected exports to grow by 13 per cent in 2010.

Moreover, it is expected that the government’s measures to help business operators affected by the political unrest would help boost domestic consumption, he said, adding that the reconciliation road map would also help stabilize the Thai politics which would help boost confidence of investors.

The director forecast that economic expansion would be around 12 per cent in the first quarter of the year, 2 per cent in the second quarter and 3 per cent each in the third and fourth quarters. Thus, the gross domestic product growth rate for this year would be no les than 4.5 per cent to 5.2 per cent.

In the worst case scenario as another round of political riot takes place, the economy would grow by about 3.5 per cent, the academic said.

Bangkok Post

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Tourists assured Thailand is safe

Wednesday, May 26th, 2010

Tourists can visit safely, political unrest in Thailand is now completely under control and order has been restored in Bangkok and other provinces, the Ministry of Tourism and Sports said in a statement issued on Wednesday.

The statement said the ministry attaches high importance to the safety and security of international tourists.

“Major tourism destinations in provinces across the country are still pristine, peaceful and safe. Various measures have been implemented to return normalcy to the country and to assure foreign visitors that Thailand remains a quality and value for money destination,” it said.

Free travel insurance for foreign tourists and the waiver of tourist visa fees had been extended to March 31 next year.

The government had also introduced insurance measures to protect foreigners visiting Thailand who suffer as a result of civil unrest or were prevented from leaving the country.

“Major tourist destinations, facilities and services are still regularly being accessed by both domestic and foreign tourists.

“Public utilities and mass transportation services are fully operative. Suvarnabhumi airport and other international airports remain in operation without any disruption,” the statement said.

Bangkok Post

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UPDATE Bangkok Hotels Back To Business

Wednesday, May 26th, 2010

Hotels in Bangkok’s main commercial and shopping district which were closed during the ‘red shirt’ crisis are now reopening their doors.

On Wednesday such iconic properties as the Four Seasons, Grand

Hyatt Erawan, Dusit Thani and InterContinental will start welcoming guests back.

Already open are the Courtyard Marriott, Amari Watergate and MBK’s Pathumwan Princess. A number of others will resume operations in the next week including Centara Grand, Arnoma and the Indra Regent. While at the Holiday Inn, no announcement has been made yet at this time.

Both the BTS Skytrain and MRT are in service. Both Paragon and Gaysorn Shopping Center’s are working to take back shoppers in the next week. While at the Emporium, traffic levels have been exceptionally high from the displacement of Central World demand.

I was in Bangkok the past few days and seeing enthusiastic staff in front of the hotels cleaning, sweeping and working together to get back to work the mood has taken a decidedly optimistic shift from the high profile trouble of the past few months.

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BOT: Banks can open this weekend

Thursday, May 20th, 2010

Banks nationwide can be open Friday, Saturday and Sunday, Bank of Thailand (BOT) assistant governor Sorasit Soontornkes said on Thursday.

Mr Sorasit said the central bank had received many complaints from the public after it announced that all commercial banks and financial institutions will remain close this weekend due to the escalating political unrest in Bangkok and other provinces.

Debt payments had become a problem following the announcement, he said.

“To ease people’s financial difficulties, all banks, especially the ones in department stores, can open from Friday to Sunday without asking for the BOT’s permission,” the assistant governor said.

Bangkok Post

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