Thailand Roundup: $1 billion Google investment, $14 billion stimulus plan, extradition of Vietnamese activist
$1 billion Google investment
Thailand's digital economy, Google has announced a $1 billion investment to establish a data centre and cloud region in capital Bangkok and Chonburi, located in eastern Thailand. This development aims to bolster the country's digital infrastructure but is projected to boost Thailand's GDP by around $4 billion by 2029, alongside the creation of approximately 14,000 jobs annually from 2025 to 2029. Integral to this investment is a recent collaboration with the Royal Thai Government focused on responsible AI adoption and skills development, with an ambitious goal to train 150,000 Thais by 2026.
Typhoon Yagi forces electrocution of 125 crocodiles
In Thailand, Typhoon Yagi presented a dire situation for crocodile farmer Natthapak Khumkad, who had to make the difficult decision to electrocute 125 critically endangered Siamese crocodiles to prevent them from escaping into the local community after extensive damage to his farm. This decision, made within a 24-hour timeframe, underscores the balance between wildlife conservation and community safety. With a total of 500 baby crocodiles still on his farm, Khumkad continues his 17-year legacy, now also engaging in leather and meat production to sustain his business amid such adversity.
Improvements in household debt management
Thailand has seen recent improvements in household debt management, as reflected in a slight decline in the debt-to-GDP ratio to 89.6% in Q2 from 90.7% in Q1. This decrease comes amid a backdrop of tightened bank lending and heightened borrower repayments spurred by the highest interest rates in a decade. Total household liabilities have experienced a modest drop, highlighting an area of personal consumption and mortgage-related debts that remains critical. In response, Prime Minister Paetongtarn Shinawatra advocates for an all-encompassing debt restructuring plan to assist 14.5 million low-income citizens, BNN Bloomberg reports.
$14 billion stimulus plan
The Thai government has introduced a substantial $14 billion stimulus plan aimed at distributing 10,000 baht (approximately $309.22 ) to 45 million citizens, prioritising social welfare cardholders and disabled individuals in its first phase. The programme will be facilitated through a smartphone application to enhance local spending within a six-month timeframe. Although criticisms regarding fiscal responsibility have surfaced, the initiative aspires to underpin domestic consumption and drive the transition towards a cashless economy by 2024, promoting financial services that are open, inclusive, and resilient, Thailand Business News reports.
Extradition of Vietnamese activist
A Vietnamese activist faces extradition from Thailand. Y Quynh Bdap, co-founder of Montagnards Stand for Justice, was detained following a conviction in absentia related to anti-government protests that resulted in fatalities. Despite critiques from rights groups concerned for his safety, the Thai court's decision to extradite reflects ongoing tensions between political dissent and state obligations. According to AP News, advocates continue to call for the Thai government to exercise discretion to uphold human rights and safeguard vulnerable populations.
