By Satawasin Staporncharnchai and Kitiphong Thaichareon
BANGKOK (Reuters) – Thailand’s economy is expected to contract between 7% and 9% this year from the impact of the coronavirus pandemic, while frequent anti-government protests are a concern, a group of the country’s top business associations said on Wednesday.
While most of virus restrictions have been removed, the tourism-and export-reliant economy remains under pressure as the outbreak cuts global demand, according to a joint standing committee on commerce, industry and banking.
“The economy is still very weak,” Payong Srivanich, chairman of the Thai Bankers’ Association, told a briefing.
“Domestic demand is fragile due to high uncertainty, which could hurt consumer and investor confidence,” he said.
Consumer confidence rose for a fourth month in August, helped by the reopening of businesses and relief measures, but consumer spending will remain very low until at least the fourth quarter, according to a university survey.
The business group said the labour market was worrying, with job losses estimated at more than 3.2 million, of which over 2.5 million people were not in the country’s social security programme.
Southeast Asia’s second largest economy posted the biggest shrinkage in over two decades in the second quarter as exports tumbled and foreign tourist numbers plunged to zero from April when the country imposed a travel ban to curb the spread.
The number of visitors from overseas is expected at only 6.7 million this year after last year’s record 39.8 million, according to the state planning agency.
Almost daily anti-government protests since mid-July, especially a major rally planned for Sept. 19, are another a concern, said Supant Mongkolsuthree, chairman of the Federation of Thai Industries.
“This has gone quite far already. If it goes much further, it will affect the economy… foreign investors have already slowed their investment,” he said.
(Writing by Orathai Sriring; Editing by Martin Petty)
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.
