Post by account_disabled on Dec 27, 2023 10:35:40 GMT
Mr. Lawan Saengsanit, Director of the Fiscal Policy Office As a spokesperson for the Ministry of Finance revealed, “Today the Office of the National Economic and Social Development Council has announced the rate of product expansion. Thailand's GDP in the 4th quarter of 2019 expanded at 1.6 percent and the Thai economy for the whole year 2019 expanded at 2.4 percent per year, expanding at a slower rate than in 2018, which expanded at 4.2 percent per year, with the main cause being The Thai economy in the 4th quarter expanded at a slower pace due to (1) the value of merchandise exports contracted by -4.9 percent, accelerating from the previous quarter which was stable at 0.0 percent due to the impact from the trade conflict between the United States and China and the global economic slowdown. (2) Industrial production contracted at a high level. Especially in the automotive category due to the reduction of production lines of existing car models in order to wait for the replacement of new car models. and the petroleum category from the temporary shutdown of refinery maintenance to increase production efficiency of many petroleum industry companies.
At present, normal production has resumed. Therefore, the impact on industrial production is considered a temporary factor and (3) public investment will slow down. This is due to the delay in enforcing the Budget Expenditure Act of 2020. However, the Budget Act of 2020 has already been passed by Parliament, while investment in state enterprises continues to disburse well. This is a result of the Ministry of Finance Email Marketing List continuously expediting the disbursement of investment budgets of state enterprises. By allowing state enterprises to expedite disbursement for projects that can be implemented first. (Front-Loaded) to allow government investment funds to enter the economic system in the 4th quarter of 2019 during that period. State enterprise disbursements expanded by 34 percent from the same period last year. The state enterprises that disbursed funds well include PTT Public Company Limited, the Mass Rapid Transit Authority of Thailand. Metropolitan Electricity Authority and the Provincial Electricity Authority, etc. In addition, there are also economic components that expand, such as private consumption that continues to expand well. This is partly due to the results of economic stimulus measures in the second half of 2019, such as the taste-shop-use measure. and government welfare card measures that affect private consumption to recover and increase spending. and the real estate sector expanded faster than the previous quarter.
This is partly a result of the Ministry of Finance issuing measures to take care of the real estate sector in December 2019. For the Thai economy in 2020, there are still factors that need to be closely monitored, including the COVID-19 virus outbreak situation that has affected the tourism sector. This is expected to cause the number of foreign tourists in the first quarter of 2020 to decrease, especially tourists from China. and has a continuous impact on the income of the tourism-related business sector. In this regard, the Ministry of Finance has implemented financial and fiscal measures to alleviate the impact on the tourism business sector in 2020 by helping to increase liquidity for those who Operate tourism through government financial institutions Ease the burden on hotel operators by allowing them to deduct expenses for money equal to expenses for improving the hotel business, an amount of 1.5 times. Promote domestic tourism by allowing agencies to deduct expenses for money equal to expenses for organizing training seminars within the country.
At present, normal production has resumed. Therefore, the impact on industrial production is considered a temporary factor and (3) public investment will slow down. This is due to the delay in enforcing the Budget Expenditure Act of 2020. However, the Budget Act of 2020 has already been passed by Parliament, while investment in state enterprises continues to disburse well. This is a result of the Ministry of Finance Email Marketing List continuously expediting the disbursement of investment budgets of state enterprises. By allowing state enterprises to expedite disbursement for projects that can be implemented first. (Front-Loaded) to allow government investment funds to enter the economic system in the 4th quarter of 2019 during that period. State enterprise disbursements expanded by 34 percent from the same period last year. The state enterprises that disbursed funds well include PTT Public Company Limited, the Mass Rapid Transit Authority of Thailand. Metropolitan Electricity Authority and the Provincial Electricity Authority, etc. In addition, there are also economic components that expand, such as private consumption that continues to expand well. This is partly due to the results of economic stimulus measures in the second half of 2019, such as the taste-shop-use measure. and government welfare card measures that affect private consumption to recover and increase spending. and the real estate sector expanded faster than the previous quarter.
This is partly a result of the Ministry of Finance issuing measures to take care of the real estate sector in December 2019. For the Thai economy in 2020, there are still factors that need to be closely monitored, including the COVID-19 virus outbreak situation that has affected the tourism sector. This is expected to cause the number of foreign tourists in the first quarter of 2020 to decrease, especially tourists from China. and has a continuous impact on the income of the tourism-related business sector. In this regard, the Ministry of Finance has implemented financial and fiscal measures to alleviate the impact on the tourism business sector in 2020 by helping to increase liquidity for those who Operate tourism through government financial institutions Ease the burden on hotel operators by allowing them to deduct expenses for money equal to expenses for improving the hotel business, an amount of 1.5 times. Promote domestic tourism by allowing agencies to deduct expenses for money equal to expenses for organizing training seminars within the country.