Five infrastructure projects will be put on the fast track. The PPP committee plans to expedite infrastructure investment, beginning with five projects worth more than Bt300bn, including three mass transit lines (Pink, Yellow and Blue) and two motorways (Bang Pa In – Ko Rach and Bang Yai – Kanchanaburi). The expedited plan is expected to be approved by the cabinet before year end. (INN 11/11/15)
Public debt amounts to Bt5.78trn as of end-Sept, up Bt46.7bn from a month earlier because of govt borrowing to finance fiscal deficit and debt refinancing, the Finance Ministry’s Public Debt Management Office says in a statement. Public debt stood at Bt5.74tr, or 42.81% of GDP in Aug. (Bloomberg, 09/11/15)
Ministry hopes public debts won’t exceed 46% of GDP in 2016 – The Finance Ministry expects Thailand’s public debts not to exceed 46 per cent of gross domestic product in fiscal year 2016 if all state agencies go ahead with their investments as planned. Public Debt Management Office said that for the Bt80 billion worth of road and water projects under Phase 2 of the economic stimulus measures, about Bt24 billion had been disbursed for project investment and a total disbursement of Bt35 disbursement was planned by the end of the year. This investment is expected to be injected into the economic system this quarter, which could result in 2015 GDP growth meeting the 3-per-cent target. (The Nation, 10/11/15)
BOT warned low interest could weaken savings which lead to asset price speculation. (Post Today 10/11/15) Government to speed up housing projects for low income people. It expects to complete 2.7 million units within 10 years. It also developed an urgent plan to finish 515,000 units and increase the budget to Bt 95 bn. (Kom Chad Luek, 10/11/2015)
BAAC launches Bt42bn scheme to assist farmers. The state-owned bank for Agriculture and Agricultural Cooperatives (BAAC) has launched three financial support programmes to help shore up paddy prices during 2015-2016 harvest season. (Bangkok Post, 11/11/15)
ECB: New limits mean ‘significant’ boost to QE pool. In September, the central bank raised the upper limit on the share of individual bonds it can buy under the quantitative easing programme it started in March. The ECB says the new 33 per cent limit (raised from 25 per cent) will kick in from tomorrow after a legal amendment. (FT, 10/11/15)
US adds 271,000 jobs in October, trouncing expectations – The US economy created 271,000 jobs in October. The unemployment rate was 5%, down from the 5.1% in September and in line with market expectations. The latest job gains follow increases of 173,000 in September and 136,000 in August. While this puts the three-month average at just over 181,000 — below the average in the first half of the year, which was just over 210,000, the sense that the economy is not decelerating might be enough to pave the way for a December rate rise. (Financial Times, 06/11/15)
China trade slumps on waning demand — Chinese imports fell 18.8 per cent in October from the same month a year earlier, a slight improvement from the 20.4 per cent year-on-year fall in September. Sharply lower prices of oil and other commodities also helped scythe the bill. Exports declined 6.9 per cent in October from a year earlier, deteriorating from the 3.7 per cent fall the previous month as weak global demand and higher Chinese costs led to slumping shipments of the cheap Chinese goods that have flowed to the world in the last decade. (Financial Times, 06/11/15)
China Rebalancing Takes Hold as Output Slows, Retail Jumps – Industrial output rose 5.6% in October YoY, matching March’s reading which was the weakest since 2008. Fixed-asset investment increased 10.2 percent in the first 10 months — the slowest pace since 2000 — while retail sales climbed 11 percent in October, the quickest gain this year. (Bloomberg, 12/11/2015)
China auto sales gain most in 10 months after tax cut. Wholesale deliveries of sedans, SUVs and multipurpose vehicles climbed 13 percent to 1.94 million vehicles in October, according to the state-backed China Association of Automobile Manufacturers. (Bloomberg, 11/11/15)
