People waiting to board a commuter train in Bangkok on Wednesday. The government announced measures worth 68.5 billion baht to add jobs and spur consumption. – AFPPIXA selloff in the Thai baht, underperforming stocks and pressure on the bond market reflect growing concern from global investors over political instability and the growth outlook in Southeast Asia's second-biggest economy, analysts and fund managers say.
"I think no other country has these two or three problems going on at the same time, as if the Covid-19 situation isn't bad enough," said OCBC Bank economist Howie Lee. The government announced measures on Wednesday worth 68.5 billion baht to add jobs and spur consumption.Experts say his departure could create uncertainty in policymaking and the government's efforts in managing billions of dollars of stimulus to aid an economy that could shrink a record 8.5% this year.
"We hope they can get the right people as soon as possible," said Stanley Kang, chairman of the Joint Foreign Chambers of Commerce in Thailand."This position cannot be vacant for a long time ... this is a very challenging time"."I want everyone to be confident and I want to convey my message overseas. We are moving forward in all dimensions like before," he said.
"The only foreigners left in Thai equities really are the passive investors, the ETFs and the funds which track the index. The active managers are gone," said Jeep Chatikavanij, founder of the Ton Poh Fund which manages US$150 million .
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