Stability of northern economy continues
Tourism continues to grow
The Bank of Thailand released their report on the state of the Northern
economy for the fourth quarter of 2014. Dr. Singchai Boonyayotin, Senior
Director of the Northern Bank of Thailand, said that the economy of
Thailand has improved slightly after the political crisis and is still
slowly recovering. The tourism sector has been the most important part
of expanding the economy as has the release of the budgets for
The private sectors are doing well but farmers are having financial
difficulties due to the drop in prices of vegetables and rice. Private
investments are still on the mend, slowly, due to investors’ hesitation
to make sure that the economy has fully restored before making further
Agricultural production is stable while the industrial production of
beverages has slightly dropped. However, overall the economy at present
is still in good shape because both inflation and the numbers of
unemployed are low.
Deposits and loans are down, compared to the previous quarter. While
expenses in private sectors are slower than expected and consumption was
expected to improve but the low income of farmers caused the overall
rate to drop.
People in general are still paying debts, so he said that everybody must
be careful and watch their expenses, especially investing in motorized
vehicles like cars and motorbikes that are dropping gradually. Private
investment is slow and dropped 3.8 out of 100 comparing to last year due
to the new investors who are waiting for the clarification of the
Exported products have increased 8.9 out of 100 comparing to last year,
especially to ASEAN countries with items such as mobile phones,
electronic equipment, gas and alcohol are exported to Myanmar, Malaysia
and Singapore. Imported products have also increased by 6.8 including
raw materials and electronic gadgets and equipment.
Tourism continues to gradually expand and prove itself the most
important sector of the Northern economy. Various festivals and events
have greatly enhanced the tourism industry while the cancellation of
visa fees for Chinese tourist has made a great change according to the
recent updates from the previous quarter. The numbers of Chinese
tourists have increased over 93,628 people in 3 months. Chinese tourists
are arriving in direct flights and also reserved package flights, which
has increased up to 29.5% in Chiang Mai International Airport and
accommodation up to 62.2%.
BOI approves 700 billion baht worth of investment projects
The Prime Minister revealed that the Board of Investment (BOI) has already
approved more than 1,000 investment projects worth close to 700 billion
During his speech on the weekly program "Returning Happiness to the People”,
Prime Minister and Chief of the National Council for Peace and Order Gen.
Prayut Chan-o-cha said the government is accelerating the approval of
investment privileges and incentives for all the projects. Thus far, the BOI
has approved 1,050 projects with a combined investment fund of 680 billion
Meanwhile, there are more than 2,000 other projects with a total fund of 1.4
trillion baht waiting for the BOI's approval. The Prime Minister has ordered
the board to particularly speed up the consideration process for projects on
infrastructure and others which would help accelerate the nation's economic
Gen. Prayut emphasized the necessity of developing the country's
infrastructure, technology, personnel and also logistics in order to support
the growth of investment and trade and increase competitiveness of the
industrial sector. (NNT)
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