BANGKOK (Reuters) – Thailand is planning additional measures to boost investment to support Southeast Asia’s second-largest economy hit by weak exports and a strong baht , its deputy prime minister said on Wednesday.
The country needs higher private investment, which has been low at only 16% of gross domestic product (GDP), Somkid Jatusripitak told a business seminar.
“We have to stimulate private investment at a time of the strong baht,” he said. “I’ve already talked with the customs and revenue departments, and there will be a package,” he added.
The Board of Investment (BOI) is working on the package, which will be offered to firms that must invest within six months and install equipment within a year.
Thailand usually promotes investment with tax incentives. The BOI’s board will meet on the package early next month, the agency has said.
Last year, the government launched a relocation package, including tax breaks and special investment zones, to draw foreign companies seeking to move production due to Sino-U.S. trade tensions.
Thailand’s trade-reliant economy has been hit by global trade tensions. A strong baht, which was Asia’s best performing currency with a nearly 9% rise against the U.S. dollar in 2019, has cut export competitiveness.
In bid to lift growth, the government aims to accelerate spending of 1 trillion baht ($33.04 billion) in the current quarter, Somkid said.
Spending has been slow as the 2020 fiscal budget, which was due to start last October, just won parliamentary approval on Saturday. Budget approval was impeded by the delayed formation of a new government after an election in March.
Growth in the final quarter of 2019 was particularly affected by the delayed budget, which has stalled large investment projects, he said.
Official 2019 gross domestic product data is due on Feb 17.
The central bank estimated 2019 growth at 2.5%, a five-year low, and forecast 2.8% growth for this year.
(Writing by Orathai Sriring; Editing by Jacqueline Wong)
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.
