Thailand yesterday downgraded its economic growth forecast for this year as it battles its worst COVID-19 wave, which has brought record numbers of new infections and deaths.
Last year, it experienced its worst full-year performance since the Asian financial crisis of 1997, with a 6.1 percent economic contraction.
The Thai Office of the National Economic and Social Development Council (NESDC) had initially given a cool forecast for recovery during the first quarter, estimating growth of 1.5 to 2.5 percent for this year.
However, NESDC Secretary-General Danucha Pichayanan yesterday announced it had to revise that figure down to 0.7 to 1.2 percent.
“This crisis caused by the [COVID-19] pandemic is unlike the financial crises of 1997 and 2009 — our estimation is based on domestic causes,” he told a news conference.
He added that the new forecast was dependent on the hope that the pandemic’s curve would flatten after the third quarter, thus enabling a relaxation of restrictions by October.
“But if the pandemic continues and relaxation cannot start in the fourth quarter ... the growth could be lower than 0.7 percent,” Danucha said.
Thailand’s GDP for the second quarter was up 7.5 percent from the same period last year, the first sign of recovery since the pandemic.
The growth was most visible in the agricultural, industrial and exports sectors, while tourism — once Thailand’s cash cow — remained sluggish.
Since the start of the pandemic Thailand has recorded 928,314 cases and 7,733 deaths, the bulk of them detected since April.
Taiwan would remain in the same international network for carrying out cross-border payments and would not be marginalized on the world stage, despite jostling among international powers, central bank Governor Yang Chin-long (楊金龍) said yesterday. Yang made the remarks during a speech at an annual event organized by Financial Information Service Co (財金資訊), which oversees Taiwan’s banking, payment and settlement systems. “The US dollar will remain the world’s major cross-border payment tool, given its high liquidity, legality and safe-haven status,” Yang said. Russia is pushing for a new cross-border payment system and highlighted the issue during a BRICS summit in October. The existing system
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to grow its revenue by about 25 percent to a new record high next year, driven by robust demand for advanced technologies used in artificial intelligence (AI) applications and crypto mining, International Data Corp (IDC) said yesterday. That would see TSMC secure a 67 percent share of the world’s foundry market next year, from 64 percent this year, IDC senior semiconductor research manager Galen Zeng (曾冠瑋) predicted. In the broader foundry definition, TSMC would see its market share rise to 36 percent next year from 33 percent this year, he said. To address concerns
Intel Corp chief financial officer Dave Zinsner said that a formal separation of the company’s factory and product development divisions is an open question that would be decided by the chipmaker’s next leader. Zinsner, who is serving as interim co-CEO following this month’s ouster of Pat Gelsinger, made the remarks on Thursday at the Barclays technology conference in San Francisco alongside co-CEO Michelle Johnston Holthaus. Intel’s struggles to keep pace with rivals — along with its deteriorating financial condition — have spurred speculation that the next CEO would make dramatic changes. That has included talk of a split of the company’s manufacturing
PROTECTIONISM: The tariffs would go into effect on Jan. 1 and are meant to protect the US’ clean energy sector from unfair Chinese practices, the US trade chief said US President Joe Biden’s administration plans to raise tariffs on solar wafers, polysilicon and some tungsten products from China to protect US clean energy businesses. The notice from the Office of US Trade Representative (USTR) said tariffs on Chinese-made solar wafers and polysilicon would rise to 50 percent from 25 percent and duties on certain tungsten products would increase from zero to 25 percent, effective on Jan. 1, following a review of Chinese trade practices under Section 301 of the US Trade Act of 1974. The decision followed a public comment period after the USTR said in September that it was considering
RSS