Jewellery and rubber have emerged as the two industries
in which Thailand has the highest potential in Asean, while the
country lags behind in food processing, electronics and textiles,
a study by the Commerece Ministry shows.
In terms of competitiveness based on factors such
as outlook, operators' competitiveness, productiion factors, support
industries, local demand and government support , Thailand leads
in two industries, jewellery and rubber. It comes second in automobiles,
appliances, chemicals and furniture, and third in food, electronics
Mrs Apiradi said Thai operators should keep abreast
of new global trends such as climate change, environment, urbanisation
and links to regional and global production chains. and IT and
telecommunication developments, in addition to changes within
specific industries. To do so, the competitiveness of Thai operators
could be enhanced through upgrades in facilities, infrastructure,
designs, production technology research and development. Thai
operators should also take advantage of the upcoming Asean Economic
Community and regional suply chains, she said.
Political gridlock and street protests
that culminated in a military takeover of the government in Thailand
in May reduced business and consumer confidence in the first half
of 2014, such that gross domestic product (GDP) contracted by
0.1%. Fixed investment dropped, and privated consumption fell
slightly. Tourist arrivals fell by 10.4 % in the first half. Net
external demand rose as imports of goods and services fell more
than exports, which statistically moderated the decline in GDP
caused by weak domestic demand.
The restoration of public spending programmes
that were blocked by political and legal challenges will stimulate
the economy. A backlog of applications for investment privileges
is being cleared, and a revised medium -term infrastructiure programme
has been approved. Economic growth is expected term infrastructure
programme has been approved. Economic grownth is expected to improve
by the end of 2014, though it will undershoot the Asian Development
Outlook (ADO) 2014 forecast in April. A Recovery in investment
and better export performance is seen generating GDP grownth next
year at 4.5%
Grownth should get support from a reduction
last March in the policy interest rate, decided in response to
the econimic contraction and modest inflation. Over the first
8 months, inflation averaged 2.2%, and it is expected to stay
around this rate for the rest of 2014, slightly below the previous
forecast. Next year, inflation is still seen rising to 2.6% as
domestic demand strenghens.
The steep decline in imports contributed
to a turnaround in the trade balance and generated a large current
account surplus in the first half. A current account surplus is
now projected for the year as a whole, instead of a small deficit
previously anticipated. Exports will pick up in 2015 in line with
better grownth in the major industrial economics, and tourism
will recover from a contraction this year, but imports will also
rebound, narrowing the current account surplus in 2015.
The Thai Phuangmalai, or garland of flowers, is a traditional offering
in Buddhist religious ceremonies, and in Thai cultural events. This
Award Winning Jewellery, designed and created by Gem Production
Co., Ltd. a leading Thai Jewellery manufacturer, retailer and exporter
based in Bangkok, incorporates
Gold 18K 112.68 gms.
Diamond 1.62 cts.
Ruby 97.93 cts.
Tsavorite 1.86 cts.