Economic News in Thailand

[halfway inn]

THAI LABORERS IN DEBT

Almost all laborers are in deep debt

BANGKOK: 25-04-2014

Up to 93.7 per cent of Thai laborers have admitted that they are heavily in debt, amid signs of rising unemployment if the country's political stand-off prolonged into the second half of the year, according to the survey by the University of the Thai Chamber of Commerce (UTCC).

Thanavath Phonvichai, director of the UTCC's Economic and Business Forecasting Centre, said the UTCC survey conducted from April 17-21 with 1,200 samples revealed that more than 90 per cent of laborers, especially those who made less than Bt15,000 per month, were heavily in debt.

The survey shows that the debt of 60 per cent of laborers who made less than Bt15,000 per month actually exceeded their income while 50 per cent of them had to take loans in order to sustain their day-to-day expenses and to pay for their shelter.

Currently, according to the UTCC, Thai workers' debt-per-household is equal to Bt106,000 and most of them - 56 per cent - got their loans from outside the system while 43.9 per cent got their loans from within the system.

Most of them need an average of about Bt7,400 every month for loan repayment.

Thanavath said the ratio of outside-the-system debt to debt-per-household is the highest in six years when compared to previous UTCC surveys, which reflected that workers with lower wages are more in debt than their real income.

"Being in debt is now the number one concern for Thai labor, while last year it was ranked at number five," he said.

"Other concerns this year include future income, rising cost of living, losing their job, and political problem.

As of now, 90 per cent of the labor force does not have an extra job and 80 per cent of them are having problems
repaying their debt, a development that is worrisome," he added.

On the other findings, Thanavath said 51 per cent of the Thai labour force saw the economy getting worse and 39 per cent of them are beginning to worry about losing their jobs while believing that it has become harder to find a new job.

Minimum wage inadequate

About 24 per cent of them said the current minimum daily wage was not adequate and believe the minimum wage should be increased to Bt388.25 per day and proposed that the government increase it to Bt498.06 per day in three years and Bt579.74 in five years.

Thanavath revealed that according to a business survey, there will be no hiring at this time, but there will be no downsizing either.

However, if the political uncertainty prolongs and the economy remains sluggish, businesses might consider downsizing their work force in September and October this year.

Some businesses have already reduced their working hours and cut down on extra incomes, said Thanavath, adding he is worried that if operators cut their labor force, it would lead to a higher unemployment rate to 1.5-1.7 per cent - around 600,000 people - of the entire labor force, the highest in 10 years.

The unemployment rate last year was at 0.7 per cent - about 400,000 people of the entire labor force - and if the political stand-off prolonged into the second half of this year, more people will be out of jobs, said Thanavath.

Thanavath said he is against the decision to raise the value-added tax (VAT) to 10 per cent because it would exacerbate the economic crisis, which might fall into recession from rising expenditure and lower investment, tourism and domestic consumption.

He said he does not see an increase in VAT helping the government make up for the slowdown in revenue collection because the caretaker government cannot spend their previous budget effectively and there is no need to find extra income.

"The government should reconsider any moves to raise taxes in the coming one to two years aimed at stabilizing the fragile economy".

"Inflation has risen due to rising oil price, electricity costs have increased due to the weather, and the prices of goods have also increased".

"Therefore, there should not be any action that would add to the financial burden of businesses and the people," said Thanavath.



the nation (25-04-2014)

[mikelangelo]

Ας κανουν μια μεταφραση οι admin για οσους δε γνωριζουν Αγγλικα η απλα βαριουνται να το διαβασουν, για να παρουν μια ιδεα
για το τι κρυβεται πισω απο την λαμπερη βιτρινα που βλεπουν για 15 μερες τον χρονο.
Κοινως, παντου τα ιδια, με καποιες παραλλαγες παντα.
Οι Μικρασιατες σοφα ελεγαν..."Απ οσα ακους μην πιστευεις τιποτα..απ οσα βλεπεις πιστευε τα μισα.."

[halfway inn]

GOOD NEWS


Thailand aims at producing 3 million automobiles a year by 2017





BANGKOK: 25 April 2014 (NNT)


The Thailand Automotive Institute is aiming to achieve a production target of 3 million vehicles annually by 2017, as set by the Industry Ministry.

The institute’s new director Vichai Jirathiyuth made the declaration, adding he would also retain the institute’s main policy of pushing Thailand as the number one automobile producer among the ASEAN member countries.

The Thailand Automotive Institute has projected the number of this year’s automobile production to reach 2.45 million units, a 10% decrease year-on-year, thanks to the ailing economy.

Mr. Vichai was confident that the nation would be able to maintain the number one position despite the presence of Indonesia, a competent rival in the region whose auto industry has an expected growth of 15% this year.

Thailand’s automobile sector this year is expected to grow at 12%.

Mr. Vichai said, despite a modest projection the kingdom has higher potential at auto production, while holding advantage of having the Eco-Car Phase 2 Policy, the government’s campaign promoting the production of automobiles with low fuel consumption rate.

Director Vichai said currently Thailand ranks 9th in the world as automobile producer and the 13th auto exporter.

He said the current hurdles the institute is facing at the moment are the preparation for local SME operators related to auto production for the arrival of the ASEAN Economic Community in 2015.



NNT (25-04-2014)

[halfway inn]

NO PRICE INCREASE OF "MAMA" NOODLES

Prices of Mama noodles to remain unchanged



BANGKOK, 28 April 2014, (NNT) 

Thailand’s manufacturer of the famous 'Mama' instant noodle has affirmed that it will not increase the prices of its popular items, despite the fact that the company could be in the red.

According to Mr.Pipat Paniengvet, the CEO of the Thai President Foods Public Company Limited, the maker of Mama noodles, has confirmed that the company has no plan to increase the prices of its products at this time, even though production costs have been rising constantly.

Mama noodles are selling at 6 baht per pack.

The CEO has also affirmed that his company will stick with its philosophy of providing whatever little help it possibly could to consumers, who have been being affected by the high cost of living at present.

The claim has also been verified by the Department of Internal Trade (DIT), which stated it has not received any request to adjust up the prices of instant noodles.

According to DIT Deputy Director General Santi Sarathawanpat, the items’ wholesale prices will likely be slightly increased, as the manufacture will probably try to cut its costs by reducing the discount given to retailers.
He said he would look into the matter in details today.

Santi further explained that fierce competition in the instant noodles market and high demands for the products are the main reasons why manufacturers opt to maintain the same price tags over an extended period of time.



NNT (28-04-2014)

[halfway inn]

INFLATION in APRIL 2014


Thailand’s Inflation Accelerates in April



A gold shop clerk changes signs indicating the market price for gold at a shop in the Thai capital

BANGKOK (01-04-2014)

Thailand’s inflation accelerated in April, likely giving the country’s central bank less room to use interest rates to jump-start the economy.

Thailand’s consumer price index rose 2.45% in April to a 13-month high, up from 2.11% in March, due to food and energy prices, the Commerce Ministry said Thursday.

Core CPI, which excludes volatile energy and food prices, rose 1.66% from a year earlier, up from 1.31% in March, the ministry said.

Both figures exceeded the estimates of economists polled by The Wall Street Journal, whose median forecast for April CPI was 2.2% and for core CPI was 1.4%.

Core inflation fell within the Bank of Thailand’s target range of 0.5% to 3.0%.

Inflation is expected to rise 2.4% in the second quarter, said Amparwon Pichalai, an adviser to the Commerce Ministry.

Drought in some areas could result in shortages of agricultural products, pushing food prices higher, she said.

Higher prices for cooking gas, which have been rising since September, had pushed the prices of processed foods higher, Ms. Amparwon said.

Higher electricity rates and a weaker baht would also contribute to inflation, she said.

The ministry projected that overall inflation in the first six months this year would be 2.2%, Ms. Amparwon said.

Usara Wilaipich, senior economist at Standard Chartered Bank, said rising inflationary pressures would limit the central bank’s scope for cutting interest rates.

The Bank of Thailand kept its policy rate unchanged at 2% in April despite a weakening economy.

The country’s economy likely contracted in the first quarter, the Finance Ministry said Tuesday.

The official figure is due to be released later this month.

[halfway inn]

HOUSEHOLDS ECONOMIC STATUS


Saturday, 03 May 2014


Household economic index stays low


The household economic index fell to 41.9 points last month, below the 50-point threshold for a third consecutive month, a sign that people could remain prudent in spending and the economic slowdown could spill over into the second quarter.

The disappointing reading was attributed to households’ concern over the rising prices, in line with the rise in inflation, while high household debts continue to limit their spending, said Kasikorn Research Center (K-Research), a research unit of Kasikorn Bank.

Inflation accelerated to a 12-month high in April, with prices for fresh fruit and vegetables rising after a drought-induced drop in production.

The consumer price index based on 450 items rose by 2.45% year-on-year last month, up from 2.11% in March, 1.96% in February and 1.93% in January.

KR Household Economic Condition Index in April slipped from 42.1 in March and 44.5 in February.

The gauge of household three-month expectation also fell to 42.7 in April from 43.5 in March and 47.9 in February, K-Research said.

The 50-point threshold separates optimism from pessimism.

Household debt-to-gross domestic product rose to 82.3% at end-2013, from 77.3% at end-2012, according to Bank of Thailand data.

Household leverage has increased at a fast clip in recent years due mainly to the Pheu Thai Party-led government’s consumer stimulus policies, especially the first-time car buyers scheme.

“The figures reflected in the index could be a sign that purchasing power’s recovery cannot be sustained if the political situation remains murky in months ahead,” it said.

Even though the index did not fall at the same pace as in the past, the research house believes that the index has yet to hit the bottom because household confidence in the next three months remains negative, while the economy is still weak and political events need to be closely monitored, K-Research said.


Bangkok Post (03 May 2014)

 









 



 

[halfway inn]

CHEAP FOOD in SUPERMARKETS

Government to Put Cheap Food Stalls Inside Supermarkets

BANGKOK: The Department of Internal Trade has announced a plan to install food stalls selling inexpensive items inside major supermarkets across the country.

The "Blue Flag" stalls will open in branches of Big C and Lotus supermarket chains by early June, said Santichai Sarntawalpaet, deputy director of the Department of Internal Trade.

According to Mr. Santichai, the price of food sold by these "Blue Flag" stalls will be 20% cheaper than goods in the unsubsidized market.

Mr. Santichai said the program is meant to ease financial burdens during the economic slow-down, and to assist parents who are bound to face additional expenditures when school semesters start this June.

Mr. Santichai said the Department of Internal Trade will ask producers of commodity goods to freeze their prices in the next six months, while vendors who sell extraordinarily expensive goods will be punished.

Citizens are urged to report any violators to the Department's hotline at 1569.

Despite the economic fallout caused by the ongoing political crisis, Thailand will not face a shortage of commodity goods, Mr. Santichai insisted.

"There is no need for consumers to stockpile any goods," he said.


Khaosod

[halfway inn]

LIVING COSTS

Commerce Ministry tackles living costs

The Commerce Ministry has been tasked by the National Council for Peace and Order (NCPO) with speeding up tackling the cost of living and beefing up transparency.

Details of measures will be submitted to the NCPO in the coming days, commerce permanent secretary Srirat Rastapana said after meeting with Gen Chatchai Sarikalya, an assistant to army chief Prayuth Chan-ocha and deputy head overseeing economic affairs.

Gen Chatchai declined to be interviewed yesterday.

"The main focus of the measures for the Commerce Ministry under the NCPO is to integrate cooperation of all related agencies and how to tackle rising costs in Thailand," she said.

However, she said despite most international trade policies remaining intact, no new free trade agreements or government-to-government rice deals were likely to be made.

According to Ms Srirat, new rice auctions and sales through the Agricultural Futures Exchange of Thailand are also expected to be stalled until there is a clear policy from the NCPO and state warehouse inspections nationwide.

The fate of the rice-pledging scheme also remains unclear, she said, but noted that the NCPO stressed transparency and good governance.

The rice-pledging scheme was the key populist policy initiated by the former Yingluck Shinawatra government with the aim of boosting farmers' incomes and raising the market price of the grain.

However, the scheme backfired due to hefty losses when the pledging price was set 40-50% above market prices.

Moreover, the former government's caretaker status limited its ability to borrow funds to pay farmers, while the Commerce Ministry's sales failed to generate sufficient revenue to settle the debt.

In the 2013-14 main crop, 11.6 million tonnes of paddy worth 190 billion baht were pledged under the scheme. Farmers who pledged 6.29 million tonnes of paddy worth 103 billion baht have been paid.

Out of that total, 75 billion baht came from rice sold to the market by the Commerce Ministry, 1.05 billion from the Farmers Aid Fund and another 20 billion from the government's central budget.

The rice scheme, in operation since October 2011, has purchased 43 million tonnes of paddy from farmers, but the buy-high-sell-low scheme is expected to result in losses of more than 500 billion baht amid allegations of corruption, said a Finance Ministry source.

The NCPO was informed a couple of weeks ago that there were about 18 million tonnes of rice in stock. It ordered commerce officials to check the exact amount.

In a related development, Ms Srirat yesterday said the Commerce Ministry had agreed to cut its export growth target this year to 3.5% from 5% projected earlier.

The cut came shortly after the government's planning agency lowered its export growth projection to 3.7% from 5-7% this year, citing a slow export recovery mirroring a sluggish recovery of the global economy.

The ministry attributed the revision to a myriad risk factors both at home and abroad including the baht's weakness, trade protections, higher raw material costs and China's slowing economy.

Thailand's exports hit a two-year low in value last month due mainly to a sharp fall in agricultural and agribusiness products.

Exports, which account for 70% of GDP, fell by 0.87% year-on-year in April to UScopy7.3 billion. The drop followed a 3.12% decline in March, 2.43% growth in February and a 1.9% contraction in January.

Imports for April also dropped by 14.5% to copy8.7 billion, leaving a trade deficit of copy.45 billion.

For the first four months of this year, shipments totalled $73.5 billion, down by 0.97% year-on-year, with imports down by 15.2% to $74.2 billion. Also in the first four months, Thailand reported a trade deficit of $748 million.



Bangkok Post (30 May 2014)

[Oytopikos]

 Thai Rice Exporters Association Wednesday released rice export statistics from the beginning of the year up to May 20 indicating Thailand has once again reclaimed its position as the number one exporter of rice in the world. 

Thailand managed to export an estimated 3.93 million tons of rice closely followed by India at 3.74 million tons in second place and Vietnam in third place at 2.4 million tons.

This follows a two year period where Thailand fell to third place in the world ranking. The excitement in Thailand reclaiming first position must be tempered by the fact that Thailand’s rice prices have fallen dramatically to approximately 390 USD per ton.

Association president Chookiat Ophaswongse, meanwhile, said that the reason that Thailand has managed to reclaim its place as the prime exporter of rice in the world was due to the fact that Thailand’s rice prices are comparatively low when compared to those of India and Vietnam.

Furthermore, China’s demand for rice has risen tremendously and this is further helped by the rise in global climate calamities which has detrimentally affected rice production in many countries.

Mr Chookiat said further that the trend for global rice prices is on the rise but as Thailand’s stockpile of rice remains at almost 10 million tons, it can only raise rice  prices about US$10 – 20 per ton.

The association also presented long-term plans to restructure pricing that will ensure the stability of Thailand’s rice prices.

First and foremost, they stated that a check of all stocks of rice within the country must be made so that long-term plans can be made.

Following that, the release of rice stocks must be made through open, transparent bidding.

Strict control of new crops of paddy will also have to be put in place to ensure that no oversupply occurs which will result in a drop in prices.

 In the long term, they stated that a board overseeing rice policies must be set up and they must be comprised of rice farmers, millers, rice traders and rice exporters.

 This board must have the power to implement policies in accordance with market forces and eventually, must develop the sector so that it can compete in a free-market environment free from political interference.

A final critical issue is how to help farmers increase their cost to benefit ratio whereby their incomes can be increased while cost lowered.

thaipbs

[Oytopikos]

 The Chirathivat family has  now become Thailand's richest family beating agribusiness tycoon Dhanin Chearavanont for the top slot among Thailand's 50 richest families.

Fugitive prime minister Thaksin Shinawatra retains his status as the country’s 10th-richest man despite a decline in his net worth.

The Chirathivat family that owns Central Group, a retail and hotel conglomerate, jumped to No.1 for the first time, buoyed by 27% growth in group revenue to US$7 billion last year.

According to the “Thailand’s 50 Richest” rankings released yesterday by Forbes Thailand magazine, the Chirathivat came on top with  US$12.7 billion in retail and real estate.

http://www.forbes.com/thailand-billionaires/

Coming after are Dhanin  Chearavanont & family of US$11.5 billion,  Charoen Sirivadhabhakdi US$11.3 billion, Chalerm Yoovidhya US$9.9  billion B, and Krit Ratanarak US$5.1 billion.

Others are  6. Vanich Chaiyawan $3.9 billion, insurance, beverages, 7. Santi Bhirombhakdi & family $2.8 billion, energy drinks, 8 . Prasert Prasarttong-Osoth $2.3 billion, hospitals,  9. Vichai Maleenont & family $1.7 billion, media, and 10. Thaksin Shinawatra & family $1.7 billion, investments.


thaipbs

[mikelangelo]

O δευτερος εχει και επιχειρηματικα παρε δωσε ως μετοχος σε πολυτελη μεγαλη ξενοδοχειακη μοναδα, για ΣοβιετοΡωσους κυριως, στο Ρεθυμνο.
Και οχι μονο.

[Oytopikos]

Overall realty market expected to recover in H2
SOMLUCK SRIMALEE
THE NATION June 19, 2014 1:00 am
THE RESIDENTIAL, office and retail property markets in Bangkok and the provinces are expected to recover in the second half of the year, with confidence now returning following the coup on May 22, according to research by property agency Colliers International (Thailand).
Meanwhile, some 20 per cent of its clients' new investment projects have been delayed following the coup, executive chairman Simon Landy said yesterday.

Many developers had decided to delay their investment decisions since late last year because of concern about the country's political problems, and - even though the political situation is now more stable - some of them still prefer to wait and see whether the economy will recover following the junta's announcement of its economic road map, he said.

That said, 80 per cent of Colliers' residential customers are continuing to develop projects in line with their business plans, he added.

Landy said all of the company's foreign clients that already had experience of investing in Thailand remained confident about expanding their investment, and that demand for luxury villas was still growing in Phuket.

However, foreign investors that have never invested in Thailand before, but were planning to do so, have continued to delay their investment decisions and are in wait-and-see mode, he said.

At present, the company is advising its business customers in the development of Bt10 billion worth of property projects, some 70 per cent of which is for condominiums and the remainder for office and retail.

The company's associate director for research, Surachet Kongcheep, said the condominium market looked set to recover in the second half of the year, after new condo projects launched in Bangkok in the first five months came in at just 16,617 units - down 21.6 per cent from the same period last year.

New condominium launches in the first two weeks of June totalled 7,000 units, with up to 40 per cent of their overall project value already having been sold.

This means that property firms have regained confidence to launch condominium projects after most of them had delayed doing so in the first quarter, he said.

Associate director Suchai Kooakachai added that residential demand in Hua Hin was continuing to grow, especially when compared with other tourist destinations.

"Limited availability of land located close to Hua Hin beach has boosted land prices from an average Bt4 million per rai five years ago to Bt20 million now," he said.

Other tourist destinations such as Pattaya, Chiang Mai, Khao Yai and Phuket are still witnessing only slight growth after demand from foreign buyers dropped, he added.

Meanwhile, developers are concerned about commercial banks' tight restrictions on the provision of mortgages to customers.

Surachet said that with most residential transfers to customers taking place in the second half of the year, property firms would be directly affected if the banks continued with their tighter lending criteria and rejected housing-loan applications at the current rate.

Developers would in those circumstances be unable to generate sufficient income, and would have to resell their projects, he added.

Meanwhile, the overall office and retail sector continues to experience stable growth, said Surachet.

Office demand has continued to grow by an average of 5 per cent so far this year, although some foreign firms have delayed expansion of their office space.

The supply of office space in Bangkok remains limited, he added.

As to retail property, developers have continued to expand their investment in retail space this year.

Up to 700,000 square metres of new space will be completed and available for business use in the second half, indicating that demand for retail space remains despite only slight economic growth this year, said Surachet.

The Nation

[halfway inn]

HOUSEHOLD DEBTS

Poll shows household debts the worst in nine years



Household debts have increased to an average of 219,000 baht per household this year which are the highest level in nine years with 49 percent of the debts being unorganized debts, according to a study conducted by the University of Thai Chamber of Commerce.

Economic and Business Forecast Centre director Thanawat Pholvichai of the university said the centre conducted behaviourial spending of 1,200 households during July 14-20.

The findings from the study are as follows:

74.8 percent of the households polled said their debts have increased this year where as 25.2 percent said they have no debts;
average household debts amount to 219,000 baht representing an increase of 16.6 percent compared to last year’s average household debts which amounted to 188,000 baht.

The reason why many households resorted to unorganized money lenders because they had borrowed up to the limits permissible by financial institutions.

39.7 percent of the households said they borrowed for personal spending; 17 percent said they borrowed to repay unorganized debts and 10.9 percent said they borrowed to buy vehicles.

Asked about their ability to repay debts, 83 percent admitted that they used to have problem of repaying debts and 17 percent said that they did not have any problem.


thai pbs (25 July 2014)

[halfway inn]

FOOD EXPORTS

Thai producers urged to take advantage of Russian sanctions

Thailand's livestock products, fruits and vegetables, and canned tuna are expected to benefit most from Russia's recent ban on American and European Union food imports.

"Thai exporters need to take this opportunity to ramp up their exports to Russia," said Pornsil Patchrintanakul, vice-chairman of the Thai Chamber of Commerce.

On Thursday, Russia announced the suspension of billions of dollars in food imports from a number of countries — including Norway, Canada, Australia, the US and the 28-nation European Union — in retaliation for sanctions imposed on it by those nations over the past few weeks.

The measure, which targets meat, fish, fruit, vegetable and milk products and which will last a year, is expected to hit food supplies and drive up Russian food prices.

Russia spent nearly UScopy0 billion on food from those countries that will now be banned.

Thailand last year fetched 35.2 billion baht worth of exports to Russia in 2013, a marginal rise of 0.37% from 35 billion baht in 2012, according to the Customs Department.

For the first six months of this year, the figures rose 12.6% to 19.6 billion baht from 17.4 billion baht in the same period last year.

Key export products include automobiles and parts, gems and jewellery, plastic pellets, canned and processed fruit, and rubber products.

Mr Pornsil forecast overall Thai food shipments this year should grow about 5% to 900 billion baht mainly driven by rice, sugar and particularly frozen chicken, now allowed to be imported into Japan.

Japan agreed late last year to resume imports of Thai fresh chicken, banned for 10 years after a bird flu outbreak in 2004.

But it would take several years before exports of fresh chicken to Japan would reach 200,000 tonnes, the amount purchased by Japan before the ban.

Kukrit Arepogorn, manager of the Thai Broiler Processing Exporters Association, said the country was expected to ship 560,000 to 570,000 tonnes of fresh and processed broilers worth 78 billion baht this year, up from 530,000 tonnes worth 70 billion baht last year.

Thailand's chicken exports look promising in the second half thanks to higher shipments to Japan.

More importantly, from July Thailand can ship processed chicken to fast-food outlets in the Philippines after the lifting of a 10-year ban due to the avian flu, he said.

The latest outlook published by the UN Food and Agriculture Organization suggests global poultry production is expected to grow by 1.6% to 109 million tonnes this year.

The expansion is driven largely by developed economies as production in developing countries declines.

The global trade in poultry meat has doubled over the past decade. Growth slowed in 2012 and 2013, but a 2.4% increase is anticipated this year.

But Mr Pornsil said Thailand's food export industry is facing risks from higher production costs ignited mainly by the high minimum wage, labour shortage and high utility costs such as water and power bills.

Other risks include diminishing natural resources, limited arable land and foreign non-tariff measures such as labour and environmental standards.



bangkok post (11-08-2014)

[Oytopikos]

BANGKOK--The World Bank said Monday that Thailand's economy is expected to expand 1.5% this year, the slowest pace in Southeast Asia, mainly due to the collapse in domestic demand since the breakout of political unrest late last year.

The World Bank's latest projection was half that of its previous estimate of 3% in April.

The cut was "driven by relatively slow recovery of consumption and exports," said Ulrich Zachau, the World Bank's country director for Southeast Asia. "We do see a recovery, but it's slow."

High household debt and lingering economic and political uncertainty continue to weigh on private consumption, which is expected to expand 0.3% this year before it improves to 1.5% in 2015.

The Washington-based lender said exports are projected to increase by 0.7% as shipment of the country's major products--such as hard disk drives, metal and steel, petroleum products, chemical and agroproducts--fell. Exports in 2013 rose 4.2%.

Thailand is expected to expand 3.5% in 2015 as public and private investment continue to improve on the back of a more stable political situation.

Exports are likely to grow at a higher rate than this year, while the country's tourism sector is expected to perform better, the bank said.

http://www.marketwatch.com/story/world-bank-halves-growth-estimate-for-thailand-2014-10-06?reflink=zacks