On Wednesday, the World Health Organization said that China’s coronavirus has infected nearly 6,000 people domestically so far, with an additional 68 confirmed cases in 15 other countries.
The primary impact is on human health. However, the risk of contagion is affecting economic activity and financial markets. The immediate and most significant economic impact is in China (A1 stable) but will reverberate globally, given the importance of China in global growth as well as in global company revenue.
By sector, the coronavirus will likely have the largest negative impact on goods and services sectors within and outside of China that rely on Chinese consumers and intermediary products.
China’s annual GDP growth forecast unchanged so far, but composition could shift
In our baseline, we expect the outbreak to have a temporary impact on China’s economy and for annual GDP growth in China to remain in line with our forecast of 5.8% in 2020.
However, the composition of growth will likely shift because of a dampening of consumption in the first quarter, potentially offset by stimulus measures.
Nonetheless, there is still a high level of uncertainty around the length and intensity of the outbreak, and we will review our forecasts as conditions evolve.
Author: Tae Yong Jung, Yonsei South Korea’s air quality has improved remarkably over the past 20 years. The annual average concentrations of particulate matter (PM) of 10 micrometres or less in diameter (PM10) nationwide and of PM2.5 in Seoul have decreased. The concentration of fine dust has also gradually decreased but still remains twice as […]
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Bangkok, 28 January, 2020 – The Tourism Authority of Thailand (TAT) would like to provide the latest update on the 2019 novel coronavirus (2019-nCoV) cases in Thailand.
As of today, the Ministry of Public Health has confirmed 14 cases in Thailand (13 Chinese and a Thai). Five of them (four Chinese and a Thai) recovered and returned home. The other nine Chinese patients remain at medical facilities.
The Ministry has confirmed that all 14 cases had not contracted the coronavirus infection in Thailand. Human-to-human transmission has not yet been reported in Thailand.
To prevent the spread of the 2019-nCoV in Thailand, health surveillance systems have been stepped up at the international points of entry, especially at Suvarnabhumi and Don Mueang International Airports. The screening now covers passengers and air crew on all flights from China.
Nationwide medical labs have been upgraded for a real-time RT-PCR (reverse transcription polymerase chain reaction) laboratory technique allowing blood test results to be obtained within three hours. This is part of the ongoing intensive screening and disease surveillance for the 2019-nCoV.
For regular updates on the 2019-nCoV situation in Thailand, tourists and travellers can visit https://ddc.moph.go.th/viralpneumonia/eng/index.php, which includes the following guidelines:
• The 2019 novel coronavirus can be prevented using the principles for respiratory disease prevention, i.e., washing hands, wearing masks and avoiding contact with patients who have a respiratory disease.
• People can still travel to China; however, it is recommended to avoid visiting crowded places and making contact with patients who have respiratory symptoms. If this is unavoidable, people should wear a mask.
• If anyone has symptoms including coughing, sneezing, panting or a runny nose within 14 days after departing from Wuhan, China, please seek medical care at a hospital immediately and inform the doctor regarding the history of recent travel to China
• It is recommended to avoid visiting markets selling carcasses or live animals. If touching or handling live animals, people should wear gloves.
• Regularly wash hands with water and soap or use alcohol gel. It is also recommended to avoid using your hands to touch your eyes, nose, and mouth.
• Do not use or share personal stuff with others (i.e. handkerchief, glasses, and towels) since pathogens causing respiratory disease can be transmitted to other people through secretions.
• It is recommended to avoid eating uncooked food.
Once again, TAT would like to advise Thai and international travellers, who are travelling from affected areas in China within 14 days to seek immediate medical advice and treatment if they are experiencing respiratory symptoms including those mentioned above. For additional questions and assistance, please call the Department of Disease Control Hotline 1422 or Tourist Police Hotline 1155.
Credit infographic images: Thailand’s Department of Disease Control
BANGKOK (NNT) – The Airport of Thailand (AOT) and the National Broadcasting and Telecommunications Commission (NBTC) have signed a memorandum of understanding (MOU) on the implementation of 5G technology in airport operations.
Signing the agreement were Transport Minister Saksayam Chidchob and NBTC Commissioner and Acting Chairman General Sukit Khamasundara.
Minister Saksayam said that the introduction of 5G technology to the airport environment will significantly boost the aviation industry, in accordance with the administration’s Thailand 4.0 economic model. He underlined the importance of using digital technology to reform airport operations and to develop a smart airport system.
According to NBTC Secretary-General Takorn Tantasith, the two agencies, in the initial stage, will determine which operations in Suvarnabhumi International Airport can be improved by the technology before coming up with an implementation plan. Other airports will also receive the upgrade after the experiment at Suvarnabhumi Airport concludes.
The auction of 5G operating licences will be held on February 16th, with the setting up of a 5G network expected in the following months.
ASEAN Secretariat today held a special lecture entitled “Trading for Development in the Age of Global Value Chains” which was delivered by Dr. Aaditya Mattoo, Chief Economist of the East Asia and Pacific Region of the World Bank. Deputy Secretary-General for the ASEAN Economic Community Dr. Aladdin D. Rillo opened the lecture and moderated the discussion.
BANGKOK(NNT) – The Ministry of Transport is working to increase the utilization of the railway network, to transport more passengers, ordering the Department of Rail Transport to improve services and make transportation by rail 30 percent of national logistics.
The Minister of Transport Saksayam Chidchob has delivered policies requiring the Department of Rail Transport to adopt operational practices from countries known for excellent rail network development, in Thailand, with the goal being to increase rail transport volume to 30 percent of the national logistics, helping reduce logistics costs and better serve passengers.
The Transport Minister has ordered the rail department to renovate level crossings and set up fences along railways to prevent accidents, as well as communicate with the general public on the necessity of infrastructure development projects, some of which may affect the livelihoods of certain communities.
He then urged the Office of Transport and Traffic Policy and Planning, to ensure that development projects are not only concentrated in urban areas; to ensure the effects of construction projects on villagers are carefully considered, and to work together with related agencies to help affected persons. The office is in charge of national logistic development planning for land, water, air and rail transport.
The Minister of Transport has ordered related agencies to follow up on other policy tasks, including the vehicle speed limit increase from 90 kilometers per hour to 120 on all roads with four or more lanes, and the implementation of technology for traffic and construction management.
BANGKOK(NNT) – The Government Housing Bank (GHB) has prepared some 100 billion baht in credit, to help people at all income levels to buy houses.
Finance Minister Uttama Savanayana delivered the policy for the GHB to help people buy a house of their own in an effort to reduce social inequality and stimulate the national economy by supporting the real estate sector, which includes construction and employment sectors.
Data on over 3.7 million customers of the GHB will be processed and linked with data on state welfare cards and the Taste-Shop-Spend campaign so that they can be of use in the future.
GHB Managing Director Chatchai Sirilai said the bank has prepared the 100 billion baht credit to support the government policy and stimulate the economy during the first half of this. The credit will cover 30 billion baht for the Baan Sarn Rak project, loans for those who earn a maximum of 35,000 baht monthly and buy a house for a maximum of three million baht. Such a house loan will carry a 3% interest rate per annum for the first three years. The GHB credit will include 10 billion baht for the Dream Home project for those who earn more than 35,000 baht monthly with a 2.65-2.7% interest rate for the first three years.
About 10,000 GHB customers, who are government employees, and currently owe a combined 8.3 billion baht in debt to the bank, will be provided a 50% cut in repayment installments and no interest for a six-month period. Such advantages for GHB customers will be considered by the bank’s executive board on Tuesday, before being forwarded to the cabinet for approval.
The Commerce Ministry reported on Wednesday that customs-cleared exports fetched $19.15 billion in December, down by 1.28%
For December, outbound shipments fell for the fifth straight month, but improved from a 7.39% plunge in November. Exports fell by 4.5% in October, 1.4% in September and 4% in August, respectively.
The Trade Policy and Strategy Office (TPSO) has indicated that the gross value of Thai exports last year was 246.244 billion U.S. dollars, showing a 2.65 percent decline from the previous year, due to the U.S.-China trade war and the strong Thai baht.
Apart from the global slowdown, we also have to deal with the strong baht which is too much to bear for Thai exports. But we are doing better than South Korea.
PIMCHANOK VONKORPON, DIRECTOR-GENERAL OF THE TRADE POLICY AND STRATEGY OFFICE
Exports to China decreased 3.8% to $29.1 billion. Companies are believed to be buying less parts for their Chinese production hubs, with shipments of rubber products down 15% and computers and parts down 9% according to a Nikkei report.
Thai exports to the U.S. increased 11.8% to $31.3 billion in 2019, while exports to China decreased 3.8% to $29.1 billion, as customers there looked for alternatives to Chinese-made products, making the U.S. Thailand’s biggest trade partner for the year over China.
The impact of the trade war on Thai exports has stabilised and begun to decline in recent months, owing…
