Thailand Roundup: Currency agreement, enforced disappearances, power shortages
Thailand's economy
Thailand's economy grew by 1.5% in the first quarter of 2024, surpassing expectations and avoiding a recession. Factors driving the growth include diversified exports, a strong tourism industry, and continued foreign direct investment, according to Thailand Business News, the government's stimulus scheme could further boost growth to reach 3.3% for the year.
China-Thailand currency agreement
China and Thailand signed an MOU to promote bilateral transactions in local currencies. The central banks of China and Thailand agreed to cooperate on this framework. The MOU was signed by the governors of both central banks in Beijing. They also discussed bilateral financial cooperation, Nation Thailand reports.
Thailand ratifies UN treaty on enforced disappearances
Thailand has ratified the UN treaty on enforced disappearances, bringing the total number of states party to the convention to 74. However, rights groups are skeptical about Bangkok's commitment to enforcing it, as the country has been criticised for trading exiled dissidents and assisting neighbouring governments in taking unlawful action against refugees and dissidents from abroad, according to the Herald Malaysia. Human Rights Watch released a report detailing an upsurge in repression of foreign nationals seeking refugee protection in Thailand, including cases of harassment, surveillance, and physical violence. The report also highlighted cases of dissidents and activists from neighboring countries being targeted while in Thailand, indicating a concerning trend of cross-border disappearances.
Potential power shortages in Thailand’s industrial parks
Thailand's industrial parks may face power shortages as new factories producing printed circuit boards come online. Nearly 30 investments in PCBs were announced in Thailand between January 2023 and April this year, posing a potential strain on the country's power supply. Taiwan Printed Circuit Association Chairman Maurice Lee told Nikkei Asia that most of the new factories will go online by the end of next year.
Return of ancient statues to Thailand
Thailand welcomed the return of two ancient statues from the Metropolitan Museum of Art in New York. The statues were illegally trafficked from Thailand and are thought to be 1,000 years old. According to Fox News, the museum has also committed to responsible collecting of antiquities and collaborated with Thailand on art exchanges. "The Met initiated the return of these two objects after reviewing information and established that the works rightly belonged to the Kingdom of Thailand," the Museum’s curator of Asian and Southeast Asian art, John Guy said. The return comes as many museums in the U.S. and Europe reckon with collections containing looted objects from Asia and Africa, Fox News reports.
