• Thai’s 2023 economic growth and inflation to be lower

    Thailand’s 2023 economic growth and inflation are expected to be lower than previously forecast due to softer-than-expected exports and tourism spending, the central bank chief said on Tuesday.

    Southeast Asia’s second-largest economy has been impacted by slowing global growth, a faltering recovery in its main trading partner China, and falling investor confidence due to prolonged political uncertainty after an election in Thailand in May.
    Advertisement · Scroll to continue

    Thailand’s king swore in the new 11-party coalition government on Tuesday.

    Overall, the economic recovery remains intact, with 29 million foreign arrivals still expected throughout the year, Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput said during two economic seminars he addressed on Tuesday.

    The economy “is still in recovery, even though it’s weaker than expected”, he said.

    “The recovery of tourism remains clear, although spending may not be much as expected,” he added. Tourism is a key driver, accounting for about 12% of GDP before the pandemic.
    Advertisement · Scroll to continue

    Updated forecasts due later this month would see downward revisions to the earlier projection for 3.6% economic growth for 2023 and headline inflation of 2.5%, he said. Last year’s economic growth was 2.6%.

    Thailand’s annual headline inflation rate was 0.88% in August, more than forecast but below the BOT’s target range of 1% to 3%. Sethaput said inflation would gradually return to the target range.

    Fitch said in a statement that Thailand’s recovery could be constrained by a global slowdown, while the new coalition government’s economic stimulus policies could lead to higher government debt although it would support growth in the short term.

    After being sworn in on Tuesday, Prime Minister Srettha Thavisin, who is also finance minister, said his government would focus on addressing people’s needs, as it seeks to boost the economy and deliver key campaign promises.

    Speaking virtually at a Fitch seminar, Sethaput reiterated the current policy interest rate was close to a neutral level. Last month, the BOT raised its key interest rate (THCBIR=ECI) for a seventh straight meeting to 2.25%. It will next review monetary policy on Sept. 27.

    “A neutral rate means it helps inflation stay in a sustainable range, and GDP grow at its potential of 3-4% without creating financial imbalances,” he said.

    At the bank’s seminar, Sethaput said high household debt was a big problem, which would take time to tackle.

    Sethaput said the baht was highly volatile, adding “We don’t want to see too much volatility but won’t go against market forces”.

    At the Fitch seminar, Sethaput said second-quarter GDP was disappointing.

    Thailand’s economy grew 1.8% in the April-June period on the year and 0.2% on the quarter, sharply slowing from the previous quarter’s 2.6% and 1.7%, respectively, as exports slumped.

    On Tuesday, the country’s shippers’ council forecast exports would fall 1% this year.

    ($1 = 35.46 baht)

    Reporting by Orathai Sriring and Satawasin Staporncharnchai; Writing by Kanupriya Kapoor; Editing by Kim Coghill & Simon Cameron-Moore

    Join Crypto play and earn.
    Click Here


    Visit our blog often or follow us on X.

  • Buddhist monks have reversed roles in Thailand – now they are the ones donating goods to others

    Buddhist monks pass packs of water after their devotees donated water to a temple in Bangkok.
    AP Photo/Sakchai Lalit

    Brooke Schedneck, Rhodes College

    The offering of food and material goods to monks is an essential part of the daily practice of Buddhism in Thailand. The belief is that through the act of giving, lay Buddhists – followers of the faith who have not been ordained – receive, or make, merit.

    This making of merit is believed to negate the effect of past evils in the giver’s present life, as well as the next. Scholars call this the “Buddhist moral economy,” or economy of merit. This exchange binds monks and laity together. Lay Buddhists make merit in many ways, donating time, goods and money, depending on their circumstances.

    As a scholar of contemporary Buddhism in Thailand, I am researching the adaptation of the economy of merit during the coronavirus pandemic. I’ve found that as a result of the pandemic, monks are increasingly providing material goods, such as hot meals and nonperishable items, for laypeople – thereby reversing roles within this moral economy.

    The traditional economy of merit

    Since the time of the Buddha, around the sixth century B.C., donations have sustained monastic communities. Laypeople provided food, clothing, shelter and medicine to monks that allowed Buddhism to be spread from India to East Asia, Southeast Asia and the Himalayan regions.

    Monks, at the top of the Buddhist social hierarchy, are considered to have the most merit. Through a disciplined lifestyle and dedication to study and practice, they are considered worthy recipients of gifts and offerings.

    As translated by Bhikkhu Bodhi, an American monk in the Theravada tradition, the Buddha called his disciples “the unsurpassed field of merit for the world.” Hiroko Kawanami, an anthropologist who studies Myanmar, writes that monks are considered a field of merit “into which lay donors ‘plant’ their goodwill offering and later ‘reap’ improved karmic states.”

    Thai Buddhist monks accepting food donations.
    AP Photo/David Longstreath

    This economy of merit links laypeople and monks together like a family. I have heard many Thai Buddhist monks refer to laity like their children, and conversely, laypeople take care of monks like respected elders.

    Monks are mostly receivers of this generosity, except on few occasions when they redistribute some of their offerings to laity. These special days could include a senior monk’s birthday.

    There might be other times too when monks donate. During my time in Chiang Mai, Thailand, in May 2018, I observed monastic programs that collected clothing and canned foods from laypeople in order to donate to poor villages.

    In Myanmar, monks and nuns give away surplus donations as a show of gratitude to their supporters.

    In times of major societal disruption, such as when the 2004 tsunami hit southern Thailand, temples acted as shelters, while monks and nuns helped with relief efforts. Monks also volunteered to assist in delivering food and shoring up dikes during the 2011 major flood in Bangkok.

    This reversal of traditional roles within the economy of merit is happening now in Thailand and other countries with large Buddhist populations, such as Sri Lanka.

    Buddhist monks are mobilizing to provide basic necessities for lay communities due to the economic difficulties caused by the coronavirus.

    Reversal of roles

    It is estimated that over 8 million people – about 12% of the Thai population – might lose their sources of livelihood as a result of the pandemic.

    To alleviate their plight, many temples in Thailand are working with their communities to feed those in need.

    I spoke with monks in Chiang Mai, northern Thailand, in June and July 2020, and they told me how monks throughout the country are receiving and distributing food to their communities.

    Monks generally post an announcement on Facebook for community members to donate what they can. Wat Sansai Don Kok in Chiang Mai, for example, set up an offering table in the temple where about 200 people donated each day in May.

    With the money and food collected, monks and temple supporters make meals to help feed the community.

    The idea of monks cooking is unusual in Thailand, as it is typically against monastic rules. But given the circumstances, preparing food is considered acceptable, said a Chiang Mai monk during a conversation with me on July 1, 2020.

    Monks collect and redistribute offerings for those in their immediate surroundings and also travel to villages to support those in need.

    [Deep knowledge, daily. Sign up for The Conversation’s newsletter.]

    At Wat Tha Luang in Phichit Province, northern Thailand, the abbot has made efforts to feed one meal per day per person during the quarantine period. Media reports showed thousands of villagers, including children, elderly and disabled, lined up to receive boxed lunches.

    A long, socially distanced line also stretched outside Wat Songdhammakalyani, the temple where Dhammananda Bhikkhuni, the first female monk of Thailand, resides. People were handed instant noodle packages, bags of rice, snacks and vegetables.

    This reversal of roles between monks and lay Buddhists has helped improve the image of monks in Thai media, which prior to the coronavirus had a tendency to focus on monastic excesses, such as riding in a private jet, taking trips to the mall and embezzling money.

    It has also shown that material goods do not always have to flow exclusively from laypeople to monks.The Conversation

    Brooke Schedneck, Assistant Professor of Religious Studies, Rhodes College

    This article is republished from The Conversation under a Creative Commons license. Read the original article.

    Join Crypto play and earn.
    Click Here


    Visit our blog often or follow us on X.