Moody’s Investors Service reported last week that Thailand’s bond rating remains at Baa1 as it is supported by the government’s strong financial position and its credit is in a good position in comparison to its peers. The country’s debt carrying capacity and monetary policy management remain the country’s core strengths but the ratings service warned that if the political situation continues on into the second half it could lead to the service lowering the country’s credit rating.

The Revenue Department has instructed officials to speed up the processing of personal income tax returns, 70% of the taxes owed have already been refunded but the remaining 30% are valued at 20 billion baht The Department believes the refunds will help to stimulate consumer spending and help boost the economy. Most people use their tax refunds to buy goods and other items the Department has found.. As of now, the department has refunded at least 70 percent of these taxes and needs to refund the remaining 30 percent, which is worth a total of 20 billion baht. The move is intended to stimulate consumer spending and increase the circulation of money across the economy, as most people usually spend their tax returns to buy goods and other items. About 10.2 million people have filed taxes this year, an increase of 400,000 people or 2.8% from last year although tax revenues are down.

The Bangkok Expressway Plc (BECL) is opening a new expressway route from Asoke to Srinagarinda next month that is expected to be open for service on May 2. The new route will ease outbound traffic to Bankok’s Eastern suburbs during rush how for those in commuting from Sri Ayutthaya Road to Ratchaprarop Road, Victory Monument, Petchaburi Road, Din Daeng Road, and Makkasan passing through Chaturathit Road and continuing to the Sri Rat Expressway (from Asoke to Srinagarinda), reaching Suvarnabhumi International Airport (Motorway) or Chalongrat Expressway to reach Ladprao Road and Ramindra Road. Around 12,000 vehicles are expected to use the new route with projected revenue of 7.5 million baht a month.

Although Standard & Chartered is projecting a 1.4% quarter-on-quarter contraction in GDP in the first quarter, the bank’s annual growth forecast for Thailand remains optimistic at 3.5% on hopes of a recovery in exports. The Bank said that they remain positive about the economy because the effect the global economic recovery will have on exports as well as the weakening baht allowing Thai products to remain competitively priced in the global economy and indications of higher output by local manufacturers. Thai exports are projected to rise by 9% ths year. Additionally once the BOI board has been approved Japanese investors are expected to return and although tourism to Bangkok has dropped the country still sees 2 million tourists visit the country each month and tourism
to the North and the South has seen growth.
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