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Farmers across the agrarian heartland that makes Thailand the world's second-largest rice exporter should be poised to benefit. These pressures on the sector, reported in detail for the first time by Reuters, are squeezing debt-laden Thai farmers despite tens of billions of dollars in subsidies over the past decade. Successive governments have spent 1.2 trillion Thai baht ($33.85 billion) on price and income interventions for rice farmers in the last decade, estimates Somporn. The average Thai farmer's income has dwindled. Unstable income for Thai rice farmersIn the years since Sripai followed her family into the paddy fields, the challenges have multiplied, but current prices offer a rare opportunity.
Persons: Somporn, Sripai, Danai Saengthabthim, Srettha Thavisin, King Chulalongkorn, Nipon Poapongsakorn, Thailand's, KNIT's, Yingluck Shinawatra, Yingluck, Devjyot Ghoshal, Pasit, Katerina Ang, Kay Johnson Organizations: Farmers, Reuters, Research, Knowledge Network Institute of Thailand, Bank for Agriculture, Agricultural Cooperatives, Agriculture, El, National Water Resources, Thailand Development Research, Nipon, Thomson Locations: Thailand, Kaeo, Chai, India, East, Asia, Africa, Rice, Chai Nat, Bangkok, Bangladesh, Nepal, Vietnam
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrowth effects of Thailand's 'one-time stimulus' will probably slow after next year, economist saysKirida Bhaopichitr, director of the Thailand Development Research Institute's Economic Intelligence Service, discusses new Prime Minister Srettha Thavisin's policy statement.
Persons: Kirida Bhaopichitr, Srettha Organizations: Research, Economic Intelligence Service Locations: Thailand
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThailand's public debt expected to rise due to Covid relief plans, says economistKirida Bhaopichitr of the Thailand Development Research Institute says public debt in Thailand is currently 61% of GDP, and could increase to almost 70%.
Persons: Kirida Bhaopichitr Organizations: Thailand Development Research Institute Locations: Thailand
The sole breadwinner of a family of five is about 8 million baht ($236,000) in debt and has no cash savings. In February, it said that household debt levels should be brought down from 86.9% of GDP at the end of 2022 to below 80% to help reduce financial risks. Political parties' extravagant election promises could increase the macro-economic risks posed by debt, analysts say. "There was no warning," said Achin Chunglog, president of a nationwide group of volunteers that helps people struggling with debt. In the rural hinterland, 90% of farm households have outstanding loans, according to a March study that described a "vicious cycle of debt".
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