Thailand - International Political Economy

Thai Economy Expects Auto Output to Decline

admin — Thu, 18 Dec 2008 20:12:31 +0000

Thailand, the Detroit of South East Asia, expects automobile output to decline significantly in 2009 leaving the Thai economy yet another challenge to overcome as cut backs impact employment according to Reuters.

The Automotive Institute of Thailand predicts auto output to fall by 1.2 million units in 2009 as global demand shrinks in the wake of the current global economic crisis.

Abhisit Vejjajiva Elected as New Thai Government PM

tbs — Mon, 15 Dec 2008 20:04:24 +0000

Abhisit Vejjajiva, the Democrat Party leader, has been elected as the Thai government’s new prime minister after years of political turmoil since Thaksin Shinawatra 2006 coup according to the International Herald Tribune.

Vejjajiva, 44 and Oxford educated, faces one of Thailand’s biggest challenges as he attempts heal the Thailand economy and maintain the political peace.

For more on Abhisit Vejjajiva see: Who is Abhisit Vejjajiva?

Thailand Economy Gets Rate Cut

tbs — Wed, 03 Dec 2008 18:56:38 +0000

In a reaction to the recent Thai political turmoil rather than the current global economic crisis, the Bank of Thailand cut interest rates a full basis point in an effort to spur the Thailand economy according to Reuters.

The move by the Bank of Thailand was a surprise to the markets and marks the biggest marginal rate cut in eight years.

The Thai baht has fallen to 35.72 against the US dollar over the past few weeks. (more…)

Thai Government PM Somchai Wongsawat Steps Down

tbs — Tue, 02 Dec 2008 18:54:09 +0000

The Thailand government’s Prime Minister Somchai Wongsawat has stepped down after a ruling by a top Thai court that the brother-in-law of Thaksin Shinawatra is guilty of election fraud according to the BBC.

The news comes as anti Thai government protestors who support the People’s Alliance for Democracy (PAD) continue to take control of Bangkok’s two airports Suvarnabhumi international and Don Mueang.

With Thailand’s tourist season well into high gear, the anti Thai government protestors have forced the Thai government and the Thai military in a position to choose either a peaceful resolution by having the PM step down or violence.

The Thailand tourist industry continues to loose millions as its airports strand foreign tourist and restrict them from there destinations. With Somchai Wongsawat’s removal, protestors will likely let the airports resume operations. (more…)

S&P and Fitch Cut Thailand Economic Outlook

tbs — Mon, 01 Dec 2008 18:47:15 +0000

Standard & Poor’s (S&P) and Fitch, two key rating agencies, both cut Thailand’s economic outlook to negative according to MarketWatch.

The key driver of the rating cut is the current Thai political turmoil that is causing a significant deterioration of the Thai government’s bank assets.

Thai Economic Growth Misses Expectations

tbs — Mon, 24 Nov 2008 18:45:28 +0000

The Thailand economy grew less than expected in the third quarter of this year according to Bloomberg.

Anti Thai government protest and soft exports are blamed for the soft gross domestic product (GDP) news as the Thai economy grew only 4 percent compared to the 4.3 percent GDP grow that was expected.

The Thailand government’s National Economic and Social Development Board now expects the Thai economy to only grow by 3 percent in 2009. (more…)

Former Thai Government PM Divorces Wife

tbs — Tue, 18 Nov 2008 12:07:36 +0000

Former Thai government Prime Minister Thaksin Shinawatra has announced he will divorce is wife of 32 years according to AFP.

The announcement came at a People Power Party (PPP) dinner held in Hong Kong last weekend and is likely for legal or financial reasons rather than personal as both Thaksin Shinawatra and his wife face jail time for corruption charges. (more…)

Chery to Invest in Thailand

tbs — Mon, 17 Nov 2008 18:43:23 +0000

Chery Automobile Co., China’s biggest automobile manufacture, has announced it will invest in Thailand according to Gasgoo.

The Thai investment is estimated at $32 million and involves a partnership with Thai Chery Yarnyon to produce an initial capacity of 5,000 cars for both the South East Asian and domestic markets.

Thai Yarnyon currently distributes Volkswagen and BMW in Thailand. (more…)

WTO Investigates Thai Trade Practices of Foreign Cigarettes

tbs — Mon, 17 Nov 2008 18:40:38 +0000

Due to a complaint by the Philippines, the World Trade Organization (WTO) has opened and investigation of Thailand trade practices with regard to foreign cigarettes according to AP.

The complaint suggests that Thailand trade rules surrounding the imports of cigarettes from the Philippines where being targeted for additional import charges. (more…)

Thaksin’s UK Visa Revoked

tbs — Tue, 11 Nov 2008 13:44:18 +0000

In a somewhat surprise move, the British government has revoked both former Thai Prime Minister Thaksin Shinawatra and his wife’s UK visas according to CNN.

The news comes weeks after the Thailand government and the Thailand Supreme Court convicted Thaksin Shinawatra of power abuse when he conducted business with government agencies.

The news is certainly a blow to Thaksin but a big win for the PAD opposition party that in recent weeks has organized protest in Bangkok with the intend to have the current PPP run Thai government removed completely from office.

For more see:
Thaksin Sentenced to Two Years Imprisonment (more…)