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Thailand’s GDP forecast to fall up to 9% this year

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Thailand’s GDP forecast to fall up to 9% this year | Thaiger

Thailand’s GDP is set to fall 7-9%, year-on-year, according to the Joint Standing Committee on Commerce, Industry and Banking. The fall is, not surprisingly, being fallout from the catastrophic drop in tourism and lower exports.

Kalin Sarasin, chairman of the Board of Trade of Thailand, says the expected contraction was revised downwards from 5-8%. The committee also predicted exports would drop by 10-12% instead of 7-10% this year.

“There was no economic thrust from tourism and exports, stimulus measures were about to end and employment remained fragile.”

“Generally the Thai economy is highly vulnerable regarding exports, tourism and local spending. The Thai economy may contract by a two-digit rate in the second quarter of 2020.”

The JSCCIB expected the Thai economy will continue to contract for the rest of 2020 as the global economy was slowing down with little signs of active recovery, while Covid-19 was spreading in countries. The pandemic continues to pop up again in some countries including, regionally, China, Japan, Vietnam and Hong Kong.

Mr Kalin said the Thai baht was appreciating against the US and other currencies “which would obstruct export competitiveness”.

He suggested Thailand promote wellness tourism, high-value farm products, small and medium-sized enterprises and its status as a trade and investment hub.

Meanwhile the Stock Exchange of Thailand Index fell 4.13 points or 0.31%, closing at 1,333.22 yesterday despite new injections of cash from the US Federal Reserve and rising price of crude oil.

• China’s Shanghai SE Composite Index closed at 3,386.46, up 8.90 points, or 0.26%, while Shenzhen SE Component Index closed at 13,863.13, down 97.79 points, or 0.70%.

• Hong Kong’s Hang Seng Index closed at 24,930.58, down 171.96 points, or 0.69%.

• South Korea’s KOSPI Index closed at 2,342.61, up 30.75 points, or 1.33%.

• Taiwan’s TAIEX Index closed at 12,913.50, up 111.20 points, or 0.87%.

SOURCE: Thailand News Agency

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Business

Bitcoin sheds nearly 15% of its ‘value’ in one day

Tim Newton

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Bitcoin sheds nearly 15% of its ‘value’ in one day | Thaiger

After a meteoric, and probably unsustainable rise and rise over the past 12 months, Bitcoin has suffered a short and sharp mini-crash over the weekend, dropping nearly 15% of its value in less than an hour – a stark warning of the cryptocurrency’s unpredictable volatility.

Bitcoin dropped in ‘value’ from about US$59,000 to US$51,000 before rebounding. Ethereum and Dogecoin also suffered dramatic and sudden losses, before clawing back some of their losses.

This time last year Bitcoin was simmering around US$7,725 after bumping up and down on the spot since 2018. But last year, fuelled by fears of an over-heated US stock market, Covid volatility (whatever that is), government handouts and people-with-too-much-time-on-their-hands, Bitcoin went on a spectacular climb to peak at US$63,588 last Tuesday. But Newton’s first law (the scientist, not me) kicked into action, and with venom.

The price of a single Bitcoin hit a low of US$52,810.06 Saturday after tumbling more than US$7,000 in just one hour, before stabilising.

The drop on Saturday appears to have been triggered by a Twitter rumour that the US Treasury would crack down on money laundering schemes involving cryptocurrencies. Separately, Reuters reported a power blackout in China’s Xinjiang region, where a lot of Bitcoin ‘mining’ happens, was blamed for the steep dive.

That information came from data website CoinMarketCap.

The sudden rise of the cryptocurrencies over the past 12 months has drawn a lot of attention from governments and investors, and RobinHood-esque day trade brigade. Coinbass went public, and therefore ‘mainstream’, last Wednesday.

“All eyes are on Coinbase… as the cryptocurrency exchange prepares for its first day of trading as a public company on Nasdaq under the ticker symbol ‘COIN’.

Coinbase’s market debut is a special event for several reasons. First, it will be Nasdaq’s first major direct listing, an unusual route for companies to go public without the underwriting of an investment bank.” – USA Today

Then Dogecoin had a 500% rally – an ‘asset’ that was created as a joke 8 years ago – on April 16. 500%!!!

The fervent supports of cryptocurrencies, almost a cult, are having their moment and proving, for now, that they can have their day in the financial sun as well. With Coinbase’s successful debut on Wall Street last week, they’ve gone all suit and tie.

Last year’s sharp, and very tempting, rise in Bitcoin values has the wider financial market talking about the bubble in the cryptocurrency market – Bitcoin has more than doubled in value since the start of this year. The market will decide whether that bubble will continue to grow or do what bubbles eventually do.

At the end of 2017 the Bitcoin digital token rose in value to nearly US$20,000 before crashing to almost US$3,000 the following year.

For now, it’s all eyes on the cryptos to see which way they move. The only thing that can be guaranteed is that their valuations will remain volatile and that there will be winners and losers.

Bitcoin sheds nearly 15% of its 'value' in one day | News by Thaiger

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Business

The Thaiger joins forces with Masii to bring you hassle-free Thailand re-entry packages and much more

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The Thaiger joins forces with Masii to bring you hassle-free Thailand re-entry packages and much more | Thaiger

PRESS RELEASE

The Thiager and its sister company Tadoo, have announced they will enter a strategic partnership with the Bangkok-based fintech company, Masii.

Having joined forces with Masii, The Thaiger aims to provide its 6 million-plus monthly users with exclusive deals and packages such as the Thailand re-entry package, comprising of the Certificate of Entry (COE), Covid-19 Travel Insurance and a Covid-19 Test.

Sapir Matmon, of Tadoo, says “This tie-up will allow us to provide our readers with all-inclusive packages specifically designed to make the whole process of coming back to Thailand as simple as possible. And by booking through us, all service fees will be waived – a saving of more than 1,000 Baht. We’re confident you won’t find a better price in the market right now.”

The Thaiger joins forces with Masii to bring you hassle-free Thailand re-entry packages and much more | News by Thaiger

“We can provide everything you need to enter Thailand hassle-free and within 12 hours, which is the fastest in the market.” Says Maxwell Meyer, CEO of Masii.

Covid-19 has drastically accelerated the industry’s movement toward shifting products and services online.

Sapir says “We are tremendously pleased to welcome the Masii team and work alongside Maxwell, as one of the stars of the local fintech scene.”

Tadoo, The Thiager’s sister company, has also teamed up with Masii on their Thai price comparison platform, tadoo.co, which offers a similar range of products including, insurance, finance, internet, and mobile.

The goal of Tadoo is to bring clarity to the Thai market and assist consumers in making better-informed choices by offering a quick and convenient solution for getting the products they want without the hassle.

For more information on the Thailand Re-Entry Full Package, click HERE.

The Thaiger joins forces with Masii to bring you hassle-free Thailand re-entry packages and much more | News by Thaiger

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Coronavirus (Covid-19)

Aviation authority calling for 20,000 vaccine doses for crew, ground staff

Maya Taylor

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Aviation authority calling for 20,000 vaccine doses for crew, ground staff | Thaiger
PHOTO: Christian Junker on Flickr

The Civil Aviation Authority of Thailand is calling for vaccine doses to protect around 20,000 airline crew and ground staff before the country re-opens to international tourists. The CAAT says it’s vital that those working in the aviation industry are protected and has submitted its request to the Centre for Covid-19 Situation Administration.

According to Suthipong Kongpool from the CAAT, there are around 20,000 airline employees, including crew and ground staff, who will need to be vaccinated. As 2 doses are required, a total of 40,000 doses are needed to fully protect staff. The Bangkok Post reports that the CAAT will meet on Thursday to review the aviation sector’s readiness for when the country re-opens without international arrivals having to quarantine.

Suthipong says they are seeking enough vaccine doses to protect employees of Thai-registered carriers.

“It’s a confidence-building measure for tourists and those providing the services to them.”

From July, the southern island of Phuket will be the first part of the country to waive quarantine for vaccinated international arrivals, subject to 70% of local residents being vaccinated. The “sandbox” project is a pilot programme that will be expanded to other areas if it proves successful. Between October and the end of the year, 5 other provinces – Phang Nga, Surat Thani, Krabi, Chon Buri, and Chiang Mai – are expected to adopt the programme. Officials hope to be able to re-open the country fully from January 2022.

According to the CAAT, the first foreign visitors expected to return to Phuket will be Chinese tourists, given that country’s success in managing the pandemic. Meanwhile, the CAAT says Thailand will see a 7% increase in air traffic this month compared to last, with a total of 36,150 domestic and international flights.

SOURCE: Bangkok Post

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