Somkid targets 2018 BOI filings worth Bt720bn, supported by infrastructure investment. He plans to invite foreign investors to invest at the seminar on March 19. BOI also said that 2017 BOI filings were higher than the target of Bt641bn. (Thai Post, 13/1/18)
EEC spending forecast to reach B600bn. The government expects investment in the Eastern Economic Corridor (EEC) to increase from 500 to 600 billion baht over the next five years, fuelled by stimulus measures and infrastructure projects, says Industry Minister Uttama Savanayana. Deputy Prime Minister Somkid Jatusripitak met with senior government officials and the industry minister yesterday to discuss the EEC plan the government will propose on Feb 1 to the EEC committee, which is chaired by Prime Minister Prayut Chan-o-cha. (Bangkok Post, 16/1/18)
The Center for International Trade studies said THB is likely to strengthen to Bt31.8/USD, the strongest in five years and lowering exports by 1.6%. It is recommending the Ministry of Finance and BOT to intervene. ( Matichon, 17/1/18)
Agribusiness Section 44 invoked to float sugar as price drop looms. The government has invoked Section 44 to float the local price of sugar, says Industry Minister Uttama Savanayana. (Bangkok Post, 17/1/18)
Treasury Department to introduce “Pracharat” homes. Construction on the homes is expected to start within this year. People can reserve rights to purchase in 1Q18. The monthly payment will be less than Bt2,000. ( Thai Post , 18/1/18)
ECB’s Hansson Says Bond Purchases Could End After September. The European Central Bank should adjust its policy guidance before the summer and shouldn’t have any problems ending net asset purchases in one swoop after September, Governing Council member Ardo Hansson said on Monday. (Bloomberg, 16/1/18)
China’s 2017 GDP growth accelerates for first time in seven years. China’s gross domestic product grew 6.8 percent in the October to December period from a year earlier. That was better than the 6.7 percent growth forecast by analysts in a Reuters poll and unchanged from the previous quarter. (Reuters, 19/1/18)
US weekly jobless claims total 220,000, vs 250,000 expected. Initial claims for state unemployment benefits dropped 41,000 to a seasonally adjusted 220,000 for the week ended Jan. 13, the lowest level since February 1973, the Labor Department said on Thursday. Claims for the prior week were unrevised. (CNBC, 19/1/18)
US retail sales rise, while core sales are revised sharply higher. U.S. retail sales increased in December as households bought a range of goods and figures for the prior month were revised higher, suggesting the economy exited 2017 with strong momentum. The Commerce Department said on Friday that retail sales rose 0.4 percent last month. Data for November was revised to show sales gaining 0.9 percent instead of the previously reported 0.8 percent increase. (Reuters, 12/1/18)
Dallas Fed chief Kaplan says there’s a chance unemployment will drop below 4% and overshoot full employment. The unemployment rate in the U.S. is on its way to below 4 percent, a level that Dallas Fed President Robert Kaplan believes is an “overshoot” of full employment and a potential danger sign for the economy. Consequently, he thinks the central bank ought to keep raising rates, at least three times this year, as a way to stop the economy from overheating. (CNBC, 12/1/18)
