BANGKOK, 21 June 2019 (NNT) – Uncertainties regarding the forming of a new government and trade war concerns, have resulted in confidence among business operators in May 2019 continuing to decline, reaching a 15-month low, as shown in the latest TCC Confidence Index.

The figure is however, expected to improve in June once the new government proceeds with proposed megaprojects, injecting the economy with cash flow expected to help the Thai economy grow by 3.5 percent this year.

The University of the Thai Chambers of Commerce (UTCC) has released the May 2019 TCC Confidence Index, showing results from a survey of 370 Thai Chambers of Commerce members nationwide.

The TCC Confidence Index figure in May 2019 is recorded at 47.7, which is the lowest in 15 months, with lower indication scores in all regions including Bangkok and neighbouring provinces.

Consumption and investment performance has decelerated due to concerns regarding the forming of a new government, low farm product pricing affecting purchasing power, and the ongoing trade war between the U.S. and China affecting the Thai exports sector, the industrial sector, and trading sector.

UTCC’s Center for Economic and Business Forecasting Director Thanawat Ponvichai has described the Thai economy, especially local economies, as not robust, with farm product pricing becoming an issue in all regions, with only the tourism and service sectors in the eastern and northern regions performing above the median value of 50, indicating that the tourism industry is the key economic driver at the moment.

He said positive attributes can now be seen from improving farm product pricing in…

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BANGKOK, 22 June 2019(NNT) – As the chair of the ASEAN Community this year, Thailand is raising awareness, among ASEAN member countries, of industrial transformation which is expected to affect 28 million workers in the ASEAN region over the next 10 years.

The Ministry of Commerce has joined the ASEAN Business Advisory Council in Thailand in arranging a Symposium on ’ ASEAN Human Empowerment and Development ’ (AHEAD) to exchange opinions, between government agencies and representatives of the private sector, on the effects of technological disruption in the industrial sector, and to create guidelines for labour skills development to support the future of the industrial sector.

The Ministry of Commerce Permanent Secretary Boonyarit Kalayanamit said at the symposium, that changes in the industrial sector will involve more technological implementation, such as automated systems and artificial intelligence (AI), while the Internet of Things (IoT) is set to play a greater role in industry, affecting 375 million workers around the globe. Some 28 million workers in the ASEAN Community are expected to be affected by these changes over the next 10 years.

He said Thailand, as the ASEAN Chair this year, would like to raise awareness among ASEAN members of these rapid changes and seek cooperation to create skills development guidelines. The conclusion reached at the symposium will be proposed at the ASEAN Economic Ministers Meeting for further endorsement.

Thailand is also set to use the opportunity of the ASEAN Summit to push an economic cooperation framework covering 20 areas, some of which have already been realized, such as trade and customs procedures facilitation, government procurement and hiring and plant protection measures. The remaining areas are still pending discussions with ASEAN member states.

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BANGKOK, 20 June 2019 (NNT) – Last year, Thai farmers earned more income and enjoyed better quality produce, thanks to the government’s marketing drive. This year, the output of rice, para rubber, fruit and corn has substantially increased.

The Permanent Secretary for Agriculture and Cooperatives, Anan Suwannarat, said a survey conducted by the Office of Agricultural Economics found that farming households earned an annual income of 197,373 baht in 2018, up by 22.64% year-on-year. At the same time, their spending increased to 122,890 baht, up by 20.53%. Farmers’ annual per capita income averaged 74,483 baht, up by 26.29%.

When considering the farmers’ sources of income last year, the survey found that many rice, fruit and field crop farmers earned more income. Although their operating costs had increased due to the economic situation, they still earned more income.

The government has placed great importance on strengthening farmers and agricultural institutions by raising their standards, implementing effective marketing planning, using technology and innovation to enhance their competencies, and carrying out the Sustainable Thainess scheme.

The government has also cooperated with the private sector and the civil society to encourage farmers to grow crops that are suitable to their environmental conditions, allocate water resources, and using good seed varieties. With the support from different sides, many farmers have expanded their farms and taken better care of their crops according to water supplies and weather conditions. As a result, the quality and quantity of their produce have increased improved.

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