News Summary: 24-072013 | Bangkok Post: learning

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News Summary: 24-072013

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Apartments lead housing growth (average price 2.9 million), investment value up 47% & global economy storms continue to affect Thailand. 

REAL ESTATE 

Growth for Bangkok housing market

24 Jul 2013

A total of 124,080 new condo units, townhouses and other homes, with a combined value of 344.28 billion baht, will be offered for sale in the greater Bangkok area in 2013, an increase of 22% on 2012.

About 64% of the new accommodation, or 39,648 units, were condominium apartments, followed by townhouses (21%), single houses (9%) and other types of properties.

The average price of newly launched units in the first half of the year was 2.775 million baht, down 6% from 2.937 million in 2012, because developers are offering smaller units in order to reach a wider target market.

INVESTMENT 

BoI: First half investment value up 47%

24 Jul 2013 

A total of 1,055 investment applications with a combined worth of 632.8 billion baht were submitted to the Board of Investment (BoI) for investment privileges in the first six months of the year.

The number of applications over the first half of the year increased by 5.8% over the same period last year, and the value increased by 47%.

Most applications were for investment in the service and public utilities sector, including air cargo and electricity production, the minister said.

Industries with more investment potential in the second half of the year included agriculture, food, automobile and auto-parts and service and public utilities, while an investment in the light and labour intensive industry would be diminished.

The number of investment applications is expected to continue to grow in the second half of the year, boosted by several positive factors including the weakening baht, the improving economies of the Mekong River basin countries, the expansion in the domestic service and tourism industry and the possibility that foreign auto-part makers would invest more in Thailand.

ECONOMICS

External factors hurt locally

24/07/2013

Despite the nascent economic recovery in the US and Europe, the Thai economy still faces lingering global financial market volatility in the second half, says Bank of Thailand governor Prasarn Trairatvorakul.

Global financial markets have been volatile recently, ever since the US Federal Reserve hinted it would start tapering its monthly asset purchases if economic conditions improved.

The potential termination of the US central bank' s monetary easing stance has dented demand for emerging-market assets and triggered a repatriation of funds to the US.

In Thailand, the baht has weakened to about 31 to the US dollar after reaching a high of 28.55 in mid-April.

Weaker-than-expected 5.3% growth in the first quarter, ebbing domestic consumption and China's economic slowdown have compelled state agencies to trim 2013 growth projections.

Economic recovery in the US and Japan is a potential tailwind that could bolster growth of the Thai economy, as Thailand is a major part of the supply chain for products exported to those countries, said Mr Prasarn.

Bank of Thailand data show the country risks succumbing to the "middle-income trap".

Gross domestic product growth has been tepid since 2000, while income per person lags behind that of neighbouring Malaysia as well as Taiwan and South Korea.

Learn from listening

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Vocabulary:

accommodation: a place for someone to stay, live, or work - ที่พัก

application: a formal request for permission to do or have something; a piece of paper used to apply for something - การขอ, ใบสมัคร

asset: something owned by a person, company etc., particularly money and property - ทรัพย์สิน

bolster: to make something stronger or more effective - ทำให้เข้มแข็ง

boost: to increase - เพิ่ม

cargo: things that are being sent by ship, plane, train or truck - สินค้าที่บรรทุกและจัดส่งโดยเรือ เครื่องบินหรือรถไฟ

central bank: the main government bank in a country that controls the supply of loans (credit) and the supply of money in the country and provides financial services to the government and other banks - ธนาคารแห่งชาติ

combined: counted together - รวมกัน

demand: the need and desire of people to buy goods - อุปสงค์

dent: to hurt; to hurt slightly - ทำให้เสื่อมเสีย, ทำให้เป็นรอยตอก

developer: real estate developer, a person or company that builds new "real estate developments" including buildings, houses, shopping centers, etc - นักพัฒนาที่ดิน

domestic: inside the country being talked about - ภายในประเทศ

domestic consumption: the buying and use of goods and services within the country   - การจับจ่ายใช้สอยในประเทศ

ebb: to gradually become smaller or less vigilant - ลดลง

emerging market: countries that have fast economic growth and growing rich quickly but are still developing - กลุ่มตลาดเกิดใหม่

expansion: when something increases in size, number or importance - การขยายออก

export: the selling and transporting of goods to another country - สินค้าออก, การส่งสินค้าออกไปต่างประเทศ

external: of the outside part of something - ภายนอก

factor: a fact or situation which influences the result of something - ปัจจัย

financial: involving money - เกี่ยวกับเงิน, ทางการเงิน

fund: money provided for something - เงินทุน กองทุน

global: throughout the world - ทั่วโลก

gross domestic product: the total value of all goods and services produced in a country in a year, except for income received from money invested in other countries. It is often simply called GDP - ผลิตภัณฑ์มวลรวมภายในประเทศ

investment: the act of investing money in something - การลงทุน

launch: to start selling a new product or service to the public - เริ่มวางขาย

lingering: lasting of a long time, especially when this is unpleasant or not necessary - ที่อ้อยอิ่ง ยืดเยื้อมานาน

middle income trap: the common situation of a developing country getting stuck at a certain stage of development and wealth that it cannot move on from: "As wages rise, manufacturers often find themselves unable to compete in export markets with lower-cost producers elsewhere. Yet, they still find themselves behind the advanced economies in higher-value products. This is the middle-income trap which saw, for example, South Africa and Brazil languish for decades in what the World Bank call the "middle income" range (about $1,000 to $12,000 gross national income per person measured in 2010 money). Typically, countries trapped at middle-income level have: (1) low investment ratios; (2) slow manufacturing growth; (3) limited industrial diversification; and (4) poor labor market conditions" (Source: Wikipedia) -

monetary easing: an expansionary monetary policy that makes money and loans "easier" to get by reducing interests rates but at the same time risking greater inflation in the long-run -

nascent: just starting or beginning now, being born or starting to exist now - พึ่งเริ่มใหม่, ยังใหม่อยู่, พึ่งเริ่ม

neighbour: someone who lives near you, - เพื่อนบ้าน

offer: an act of saying that you are willing to do something for somebody or give something to somebody - เสนอเพื่อให้พิจารณา

positive: good - ที่ดี

potential: possible in the future - ที่อาจเป็นไปได้

privilege: a special benefit that is available only to a particular person or group - เอกสิทธิ์

production: the process of growing or making food, goods or materials, especially large quantities - การผลิต

property: land owned by someone - ที่ดิน, อสังหาริมทรัพย์

public utility: a company that provides gas, electricity or water for people to use - สาธารณูปโภค

purchase: to buy something - ซื้อ

recovery: the process of becoming normal and healthy again - การฟื้นตัว, การฟื้นฟู

repatriation: to send someone back to a country that is legally their own - การส่งกลับประเทศ

risk: the possibility that something dangerous or unpleasant might happen - ความเสี่ยง

slowdown: when the economy moves more slowly and worker incomes and company profits suffer and increase more slowly -

stance: the official position or policy of an organization or company -

submit: to formally give something to someone so that can make a decision about it - ยื่น (เอกสาร) เพื่อการพิจารณา

succumb: to lose your ability to fight against someone or something, and to allow them to control or persuade you - พ่ายแพ้ ยอมจำนน

supply chain: the series of processes involved in supplying a product to someone, including the companies that manufacture all the parts going into a product - โซ่อุปทาน, สายโซ่อาหาร, ห่วงโซ่อุปทาน

tailwind: the wind behind an airplane or boat that makes it go faster -

taper: reduce or grow smaller slowly and gradually -

target: a particular number or amount that you want to achieve - เป้าหมาย

tepid: warm when it should be hot; not very excited or enthusiastic when it should be -

termination: the act of ending something -

trigger: to cause - ก่อให้เกิด กระตุ้น

value: how much something is worth in money or other goods for which it can be exchanged - มูลค่า

volatile: of something that may change suddenly or become more dangerous - ที่ปะทุได้ง่าย

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