Sharp decline in Thailand economy

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KoratCat
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Sharp decline in Thailand economy

Ungelesener Beitragvon KoratCat » Mo Feb 23, 2009 7:54 pm

Sharp decline in Thailand economy

Thailand's economy shrank at a record pace in the last three months of 2008 amid plummeting exports and tourism.

The economy shrank 6.1% in the October to December period from the previous quarter, the National Economic and Social Development Board (NESDB) said.

This was the largest contraction since records began in 1993. The NESDB said the economy might contract 1% in 2009.

The export-oriented Asian economy has been hit by the global downturn and political unrest at the end of 2008.

Anti-government protesters shut down Bangkok's airports, hitting tourism, one of the key sectors of the economy.

'Surprise to everyone'

Compared with the same period a year earlier, the economy contracted by 4.3% in the fourth quarter.

Exports, which account for more than 60% of Thailand's gross domestic product, dropped 9.4%.

The NESDB also forecast that exports would fall 13.1% in 2009 after growing by 16.8% in 2008.

Carl Rajoo, an economist at Forecast, said: "The numbers are bad, and well below market and government expectations.

"While we have been consistently expecting weakness in economic growth, the extremely sharp drop in manufacturing and trade data towards the year-end came as a surprise to everyone, indicating the clear susceptibility of the nation to external demand pressures."

The Bank of Thailand has reduced its key lending rate by a combined 1.75 percentage point to 2% since December in an attempt to save the economy from sliding into its first recession in over a decade.

BBC Feb. 23, 2009
Es gibt nichts Gutes, ausser man tut es! Erich Kästner, 1899 - 1974

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KoratCat
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1,307 companies go bankrupt in Jan

Ungelesener Beitragvon KoratCat » Di Feb 24, 2009 8:02 pm

1,307 companies go bankrupt in Jan

The Department of Business Development said 1,307 companies went out of business in January, 53.7 per cent higher than the same period of 2008.

Many were construction, real estate and service-related companies, and 459 of them were in Bangkok while the other 848 were in other provinces.

The rising number of insolvent companies showed that the global economic crisis had already hit different businesses in the country.

The department, however, said the country had the advantage of relocating workers from the commercial sector to the agricultural sector.

The Fiscal Police Office also expected that about 1.2 million workers, or about 4.2 per cent of the total work force, would be unemployed this year, while the government's economic stimulus measures may only provide 180,000 new jobs.

Bangkok Post Feb. 24, 2009

Sure, they can work on farms again but can the output of agriculture by "re-locating" manual labour be increased enough to feed additional mouths? :twisted:
Es gibt nichts Gutes, ausser man tut es! Erich Kästner, 1899 - 1974


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