BANGKOK(NNT) – The Bank of Thailand has released its latest overview of the Thai economy, which it expects will grow more than 3 percent in 2021. Meanwhile the latest report by the National Economic and Social Development Council (NESDC) reports 2.4 percent growth in 2019, but has downgraded 2020 GDP growth to only 1.5-2.5 percent.

These figures are lower than the previous expectations issued by the Bank of Thailand last December, when it expected 2019 to close with 2.5 percent growth, and foresaw 2020 GDP of 2.8 percent this year.

The low performing economy is affected by the drought disaster, delay of the 2020 government budget, and the unexpected outbreak of COVID-19 since late January, which has been an extraordinary development beyond the expectations of any observer.

The Bank of Thailand will be adjusting the new economic forecast on 25th March, prior to which it will be monitoring the development and effects of the COVID-19 virus which has had a significant negative impact this year. The bank expects the virus to cause most damage in Q1, before the situation gradually improves later.

The bank is confident the Thai economy will swing back and expand at more than 3 percent by 2021, should there be no additional negative factors.

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BANGKOK(NNT) – The Cabinet has approved a 1.7 billion baht budget for a project to construct an underwater electricity cable tunnel from Koh Pha Ngan to Kh Tao, in a bid to supply a rising demand for power.

Government Spokesperson Narumon Pinyosinwan, explained that 1.3 billion baht will be borrowed from local financial institutions, and the Provincial Electricity Authority will fund the remaining amount.

She further clarified that the project will cover the development of Koh Tao’s electricity grid, power distribution capacity and stability, as the southern island welcomes a rising number of visitors each year and enjoys expanding economic growth.

The three-year initiative that is expected to begin next year involves the construction of a tunnel to house the cable, the establishment of a power distribution system, and the installation of related equipment.

The project was initially begun in 2014 but was postponed until it was renewed by the current administration.

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BANGKOK (NNT) The Electricity Generating Authority of Thailand (EGAT) has collaborated with the Office of Natural Resources and Environment Policy and Planning as well as the International Cooperation Organization of Germany (GIZ) to compel nine air conditioning industry members in Thailand to adopt a high efficiency and environmentally-friendly refrigerant.

The effort has received funding from the Refrigeration and Air Conditioning Nationally Appropriate Mitigation Action (RAC NAMA), Thailand’s first fund, to develop financial mechanisms concerning climate change, which has received support from the governments of the United Kingdom (UK) and Germany via the NAMA Facility to develop Thailand’s air conditioning and refrigeration industry towards low carbon emissions; its target is to reduce greenhouse gas emissions by 20 to 25% by the year 2030.

The Deputy Governor of Power Stations and Renewable Energy for EGAT, Theprat Theppitak, said today that over 100,000 products using eco-friendly refrigerant would be introduced to the market this year with plans for export to Europe and Japan. Such products are expected to cut power consumption by 3.5 billion units per year between now and 2030.

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