Thailand’s state planning agency, the National Economic and Social Development Board (NESDB), today said the country’s gross domestic product (GDP) contracted by 7.1 per cent in the first quarter of this year, putting Thai economy into a recession for the first time in a decade.

NESDB secretary-general Ampon Kittiampon said the 7.1-percent contraction when compared with the same period last year, further falling from 4.3 percent drop in the fourth quarter of last year, is the heaviest fall of the country’s economy since the financial crisis in 1997.
Ampon said the country’s economy during …

Deputy premier Korbsak
 
 

Thailand’s economic ministers yesterday gave green light to the second round of economic stimulus package worth about 1.57 trillion baht in a bid to jumpstart the country’s economy during 2010-2012.
According to Deputy Prime Minister Korbsak Sabhavasu, a total of 486.14 billion baht in government investment will be spent during fiscal year 2010, which will begin from October 1 this year to the end of September next year, while 510.56 billion baht will be in fiscal year 2011 and 570.16 billion in fiscal year 2012. The investment will be …

Prime Minister Abhisit (front, right) hands a special cheque to the first recipient Kongjai Harnchai (front, left) while Finance Minister Korn (centre), Deputy Finance Minister Pruttichai Damrongrat (left) and Labour Minister Paitoon Kaewthong (second right) look on.

Thai government today begins handing out 2,000-baht cheques to low-income earners nationwide as a short term measure out of its stimulus programmes to revive the country’s economy in midst of the global financial crisis.
The first lot of “Help-the-Nation” cheques will be given to those earning less than 15,000 baht a month and making contribution …

Thai government’s revenue collections in the first four months of fiscal 2009, starting October last year, dropped 16.2 percent from its earlier target to about 363.7 billion baht and is expected to further retreat.
Dr.Somchai Sujjapongse, director-general of the Ministry of Finance’s Fiscal Policy Office (FPO), yesterday said the government’s revenue during the first four months of fiscal 2009 declined by nearly 70.5 billion baht from its target to some 363.7 billion baht.
Dr.Somchai disclosed that he had already informed the meeting of economic ministers of such figures and the estimation that …

The Bank of Thailand (BoT) yesterday cut its policy interest rate by 50 basis points to 1.50 percent with an aim to support economic recovery and safeguard price stability.
The central bank’s assistant governor Duangmanee Vongpradhip said the Monetary Policy Committee (MPC) found that the ongoing global financial crisis had resulted in an economic slowdown worldwide with high uncertainty surrounding the economic outlook.
She said the sharp decline in external demand adversely affected Thailand as well as other countries in this region through a marked contraction in exports.
The MPC, she said, also …

The Export-Import Bank of Thailand (EXIM Bank) saw its loans and export credit insurance during last year increase by 47.3 percent while the business turnover rise 2.7 percent, when compared with those of the previous year.
Dr.Apichai Boontherawara, president of the EXIM Bank, yesterday disclosed that the total value of new loans and guarantees to Thai exporters, export-related businessmen and oversea Thai investors have reached nearly 29.8 billion baht, an increase of 47.3 percent from 2007, and the bank’s business turnover slightly gone up to almost 120.7 billion baht, about 2.7 …