(Bloomberg) — Thailand’s economic conditions are expected to deteriorate further this year as the nation battles a resurgence in the coronavirus, according to a national survey.
About 52.2% of the respondents in the study undertaken by Bangkok-based National Institute of Development Administration predict the economy will be even worse in 2021 than it was last year, while 14.6% anticipate an improvement.
At the same time, the impact of Covid-19 may be even more deadly than in 2020, according to 48.1% of the respondents. Just 28.8% expect it to be less severe, the institute said in a statement released Sunday.
Thailand is set to impose a new set of restrictions on businesses and gatherings in 28 of its worst-affected provinces from Monday to stem the latest flareup in an outbreak that’s infected more than 3,000 people since the middle of December. Bangkok, a city of more than 10 million people, has already closed businesses including pubs, bars, gyms and other entertainment venues besides shuttering schools until the end of the month.
The central bank at its December policy meeting said gross domestic product probably shrank by 6.6% in 2020 due to the impact of the pandemic. At the same gathering, it cut its forecast for this year to growth of 3.2%, from an earlier estimate of 3.6%.
Thailand reported 315 new virus cases on Sunday with 294 of them locally transmitted, according to the Center for Covid-19 Situation Administration. The nation’s total caseload climbed to 7,694 with the capital Bangkok and the provinces of Samut Sakhon and Rayong the major hotspots.
Prime Minister Prayuth Chan-Ocha has refrained from re-imposing a national lockdown, saying the nation can contain the recent outbreak. Still, the surge in infections is likely to delay plans to reopen the country to tourism with a nationwide state of emergency remaining in place to allow authorities impose restrictions quickly if deemed necessary.
‘Strong Medicine’
The authorities aren’t pushing for a nationwide uniform restrictions as they are seeking to minimize the impact on the community, Center for Covid-19 Situation Administration spokesman Taweesilp Witsanuyotin said at a briefing on Sunday. Provincial authorities will be allowed to impose “tailor-made measures” to contain the outbreak, he said.
“Even though we know that we need strong medicine today, strong medicine has many side effects,” Taweesilp said. “We have learned our lessons from using strong doses across the board earlier. Those who suffer the most are normal people who try to live their lives.”
Thailand may face additional hurdles to reviving its economy from a recurrence of anti-government protests, according to the institute’s survey. While almost 77% of respondents said they expected the political situation to remain chaotic or get worse, 43.2% participants predicted pro-democracy protests will take place again this year.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
