Export growth provides ray of light: Expansion reaches 11-year high as outbound shipments in June surge almost 44%. Despite the country facing its worst outbreak of Covid-19, exports are continuing to maintain growth momentum, surging by 43.8% year-on-year in June, representing the highest uptick in 11 years. Bangkok Post
Prayut orders stimulus rejig: Prime Minister Prayut Chan-o-cha has ordered responsible state agencies to re-evaluate existing consumption stimulus packages, particularly the “Ying Chai Ying Dai” (the more you spend, the more you get) e-voucher cashback scheme, which has attracted fewer participants than expected. Bangkok Post
Tourism to hit all-time low in 2021: International arrivals may only reach 1m. Thai tourism this year is likely to be at an all-time low as international arrivals may reach just 1 million, while domestic tourism could plunge to 50-60 million trips if the worsening Covid-19 situation demands lockdown last for up to three months, according to the Tourism Authority of Thailand (TAT). Bangkok Post
PTT forms unit for EV services: National oil and gas conglomerate PTT Group continues to strengthen its presence in the electric vehicle (EV) industry by establishing a new subsidiary – EVME Plus Co – to operate a range of services from EV rental to charging and maintenance. Bangkok Post
Fiscal Policy Office (FPO) sees July exports growth +43.8% yoy to US$23.699b the highest in 11 years, rubber, tapioca & agricultural production posted biggest jump followed by WFH, appliances & living products, disposable med supplies and production related items (steel, plastic beads, PCB) show sign of recovery.
B23bn relief aid focuses on education: The cabinet has approved an additional 23 billion baht to further finance the nation’s Covid-19 relief packages, including a handout of 2,000 baht to parents per child, said government spokesman Anucha Burapachaisri. Bangkok Post
Government mulls 2-week lockdown extension, issues an announcement banning the distribution of “fake news” or info causing public fear across all media platforms, in what he says is an effort to stem disinformation undermining the government’s handling of the Covid pandemic.
The Phuket governor has ordered the entire island sealed off, with travellers from other provinces not allowed to enter Phuket starting from Aug 3, while the fate of the Phuket Sandbox scheme is yet to be determined.
Fiscal Policy Office cuts GDP growth forecast to 1.3%, sets to be the worst economic performer in SEA this year, with economists continuing to slash forecast amid surging infections, mounting political tensions and fading hopes for a tourism revival, Bloomberg.
AIA expects digital to make up 50% of sales by year-end: AIA Thailand expects insurance sales via digital channels to reach 50% by the end of this year, up from 40% at present, spurred by work from home and social distancing during the pandemic. Bangkok Post