Fitch

Economic recovery in Thailand could be constrained by a global slowdown, according to Fitch Ratings . (Photo: AFP/VNA) Bangkok (VNA) – Fitch Ratings has warned that Thailand's economic recovery could be constrained by a global slowdown while the new coalition government 's economic stimulus policies could lead to higher government debt. The credit rating agency said Thailand is not immune to the weaker global backdrop, with merchandise exports contracting year on year since October 2022 and tourist arrivals, while rising, remaining well below pre-pandemic levels. The recent formation of the multi-party coalition government could encourage consensus-led policymaking, but wide-ranging views within the coalition will complicate the process and may delay the budget for fiscal 2024, which begins on October 1, 2023, Fitch said. It noted that fiscal consolidation is likely to be constrained by parties' campaign pledges to raise social spending. This would support … [Read more...] about Thailand’s economy affected by global headwinds: Fitch Ratings

Improved market access is helping operators across ASEAN and other regions, photo Le Toan This month, at a summit on the deal (RCEP) in Indonesia, a review of its implementation is expected to be conducted, with member states agreeing on new measures to intensify intra-deal trade and investment flows. Additionally, it is expected that the bloc will also discuss how RCEP membership can be expanded to other economies wishing to partake in the deal, which currently covers a market of 2.3 billion people and $26.2 trillion in global output. Taking off in June and involving the 10 ASEAN member states as well as Australia, China, Japan, South Korea, and New Zealand, the RCEP accounts for around one-third of the world’s GDP. ASEAN economic ministers are also working on procedures to allow other economies to join the agreement. According to an RCEP document, any economy can become a member of the trade pact 18 months after its entry into force. The Vietnamese government has also … [Read more...] about RCEP states already looking to expand trade participation