The stricter new policy also aims to tackle how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering or by allowing anonymous corporate ownership.

“We know that corruption hurts the poor, hinders economic opportunity and social mobility, undermines trust in institutions and causes social cohesion to unravel,” IMF Managing Director Christine Lagarde said in a statement.

“We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries.”

Corruption and poor governance sap economic growth and exacerbate inequality, according to the IMF, and the new policy framework attempts to ensure the institution will hold all members to the same standards — something the fund said it had not always done.

The new policy comes as Ukrainian authorities work to implement stringent new anticorruption reforms at the behest of the IMF, which has held up the latest instalment of a $17.5 billion aid package.

The revised good governance guidelines, which take effect on July 1, follow a recent review of the IMF’s 20-year-old policy framework which concluded the fund had sometimes employed euphemisms when discussing corruption in member states — leaving local officials unclear about IMF concerns.

– ‘More intrusive’ –

And IMF analysis sometimes failed to apply the same standards evenly to all members.

Under the new guidelines approved by the IMF board on April 6, the fund will discuss good governance concerns in all annual economic reviews of member countries.

IMF officials however say they do not expect the policy will lead to more stringent conditions on loans, which go to a minority of the fund’s 189 members and which already include anti-corruption provisions.

The fund also will rely on the findings of outside transparency campaigners who have criticized the existence of tax and corporate havens in advanced economies as a conduit for illicit financial flows to and from poorer countries.

However, the IMF will not investigate specific instances of corruption.

Rather, it will focus on the strength of key economic institutions: fiscal and central bank governance, market regulation, the rule of law and policies on money laundering and countering terrorism financing.

IMF analysis suggests falling 25 notches on a corruption index could shave as much as 0.5 percentage points off a country’s annual growth — amounting to tremendous economic losses over multiple years.

In unveiling the new policy on Sunday at the close of the IMF-World Bank spring meetings, Lagarde said the fund’s board supported a “more intrusive” approach to member state evaluations.

“Because it is a macroeconomic issue, the IMF is really perfectly legitimate in acting, especially when we have a program in a country,” she said.

This is higher than the country’s economic growth of 3.9 per cent last year.

Meanwhile, the first quarter of this year saw the economy grow by 4 per cent, the bank’s president and chief executive officer, Chatchai Payuhanaveechai, said on Sunday.

Jon Erik Steenslid, Southeast Asia regional director of the Norwegian Seafood Council, said that 2017 was an all-time high record value of export of Norwegian seafood with NOK 94.5 billion (Bt380 billion) in total value and 2.6 million tonnes in volume. Such export value was up by 3 per cent compared to 2016.

Breaking down into regions, the European Union is the largest market taking about 70 per cent of the export sales of all Norwegian seafood, and then Asia accounting for about 20 per cent.

“The potential in Thailand, especially for Norwegian salmon, is considerable. Over the past few years, we have seen very strong growth in export from Norway, and in 2017 alone it was close to 40 per cent. Thailand is one of our fastest growing markets. Thai consumers are becoming more trendy and international, and are demanding and appreciating high quality seafood. Consumption of salmon is especially growing as a result of the Thai’s love for Japanese food, and particularly sushi and sashimi where salmon is by far the most popular fish. However, most consumers believe the salmon they eat in Japanese restaurants is from Japan, when the fact it is from the cold clear waters of Norway. This is a trend we see in many countries and markets across Southeast Asia,” said Steenslid.

“The share for Southeast Asia is about 8 per cent of total Norwegian seafood export, and the key driving factor is increased consumption of salmon in particular,” he added.

“I believe in a continued growth in seafood export from Norway to Southeast Asia as this is a region with one of the highest levels of seafood consumption combined with increasing purchase power and stagnating local supply. It is however difficult to predict exactly how much, but I feel confident that a total growth of at least 4-5 per cent annually should be possible given normal market and product conditions,” said Steenslid.

Steenslid said that sustainability and protection of the environment are key principles to all development of the seafood industry in Norway, combined with what is considered by many as the world’s strictest regulation and management system. All our major wild fish stocks are responsibly managed and sustainably certified through continuous monitoring and research.

The same principles also apply to our aquaculture. The key challenge in salmon farming today is combating sea lice, a small crustacean that attaches itself to the skin of the salmon and can negatively affect the condition of the fish. It is important to note that this has no effect on food safety, it is an issue of animal welfare, another important condition in Norwegian aquaculture.

The Norwegian salmon industry together with research organizations are investing substantially to overcome and solve this challenge with promising results, which is a requirement for continued future growth in production of Norwegian salmon. The current annual production of Norwegian farmed Atlantic salmon is 1.3 million tonnes, which is 55 per cent of the world production, making Norway the world’s largest producer.

The Norwegian Seafood Council (NSC), the representative of the world’s number one salmon exporter, in partnership with Thammachart Seafood Retail Co Ltd, has introduced the “Seafood from Norway” country-of-origin logo, as a trademark of quality.

The NSC works with the Norwegian fisheries and aquaculture industry to develop markets for Norwegian seafood. In Thailand, Thammachart is using the NSC’s Seafood from Norway brand, particularly for salmon.

“Nobody knows salmon like the Norwegians”, said Steenslid. “Norway is a country with a long, celebrated tradition of living as one with the ocean. The locals over generations have worked to preserve the ocean with the utmost care, and it is this culture that makes Norway truly a nation of seafood, and the second largest seafood exporter in the world.”

The Incredible Flavours of Norway retail campaign is bringing Norwegian seafood to Bangkok. Thammachart will be the first retailer in Thailand to use the logo.

Julian Davies, CEO of Thammachart, said: “Thammachart Seafood is run by seafood experts who personally visit fisheries and farm owners to select the highest quality products, and ensure fair trade to farmers. We pride ourselves on supplying the freshest seafood and guarantee that all products sold are traceable to their places of origin. We believe that this ‘Seafood from Norway’ mark of origin will assure our consumers of the quality products we deliver to every seafood counter, fresh from Norway.”

The launch event at Siam Paragon hosted a giant Norwegian cod, flown from Norway. The promotion lasts until April 25 at the mall’s Gourmet Markets.

Thai subcontractors will be able to secure foreign deals and partners at an event “capable of generating more than 6,500 business matches” and “create business valued at over Bt12 billion”, BOI secretary general Duangjai Asawachintachit said.

“With the readiness of infrastructure and the government’s plan to move ahead with the Thailand 4.0 policy, Thailand has become one of the most attractive business destinations and the centre for attracting high-technology industrial investment,” he said.

“It has also become a bridge to link subcontracting and parts manufacturing industries. With this readiness, BOI has a policy to link Thai subcontracting industry to higher development for serving Industry 4.0, which is focusing on research and development, innovation and value added for future industry or New S-Curve, such as automation and robotic industry.”

Subcon Thailand 2018 will have a zone for Thai enterprises in automation and robotic clusters, along with enterprises in System Integrator-SI in engineering, electronics and software development.

More than 350 companies in Thailand and from “more than 10” other countries will exhibit.

There will be pavilions from Japan and Taiwan and more than 25,000 buyers from various industries, such as automotive, electronic and machinery and future industries including aviation, medical equipment, robotics and automation and digital.

SUBCON Thailand 2018 will be ASEAN’s largest industrial subcontracting and business matching event, held in conjunction with INTERMACH 2018. It will be held from May 16 to 19 at the Bangkok International & Trade Exhibition Centre (BITEC), Bangna Bangkok.

In a survey of 1,108 workers, 60 per cent of respondents said they were happy with their work, for an average ranking of 4.55 points on the “happiness index”.

The happiest workers were in management (4.95 points), administration and human resources (4.94), engineering (4.86), IT (4.74) and transportation (4.73).

Compared to their counterparts in Hong Kong, Vietnam, the Philippines, Malaysia, Singapore and Indonesia, Thais ranked fifth, slipping two spots from last year.

Indonesia was at 5.27 points, Vietnam at 5.19, the Philippines at 4.97, Malaysia at 4.65, Hong Kong at 4.45 and Singapore at 4.31.

In Thailand, the least happy workers were fresh graduates and employees with less than a year’s experience, together scoring 4.35 points, followed by people with 1-4 years’ experience at 4.45 points.

Top executives scored best, with an average of 5.19 points, while managers averaged 4.64 and supervisors 4.54.

Asked what would make them happier in the next six months, 37 per cent of the Thai respondents hoped for better opportunities and jobs elsewhere, 20 per cent were prepared to remain with their current job if they got a raise, and 8 per cent wanted more recognition or a promotion.

In the past, workers tended to prioritise job security, but now there is more ambition to rise to the executive level.

Younger employees put a high premium on “inspiration” as a factor in choosing which company to join. They’re not afraid of leaving their comfort zone.

However, both generations share keen interest in having a convenient work location, a company with a good reputation and good rapport with colleagues.

The factors that most make them want to quit are working with inefficient executives, chances elsewhere to advance in their careers and lacking challenges in the development of work skills.

Changes affecting the workforce in the past year have included the growth of the ageing society, robotics and AI technology, and startups attracting younger people who prefer to be self-employed.

There were also more young people using social media as earning tools.

The survey revealed that the key elements in retaining employees are to offer support and encouragement to enhance their capabilities, provide opportunities for career growth, and be able to see them as competent and successful role models.

IMF chief Christine Lagarde said escalating trade tensions could reverberate through the world economy, undermining confidence and choking off investment, urging the resolution of the disputes through dialogue.

“Investment and trade are two key engines that are finally picking up. We don’t want to damage that,” she said at a press briefing to open the spring meetings of the IMF and World Bank.

In its latest World Economic Outlook this week, the IMF listed the trade tensions as a key downside risk to the otherwise encouraging global recovery and warned they could harm the poorest the most through rising prices.

The outlook cites growing trade volumes and solid investment as driving the uptick in global growth to 3.9 percent this year and next.

US President Donald Trump last month imposed steep tariffs on steel and aluminum imports and threatened to impose more on tens of billions of dollars in Chinese imports, prompting Beijing to slap duties on US goods like pork and sorghum and to threaten even more sensitive US exports like soybeans.

Finance officials from member governments will discuss the trade disputes this week during the Washington meetings, which end Saturday.

Lagarde said the disputes threatened to cause damage beyond the two countries involved, due to the interconnected nature of global supply chains.

While she acknowledged “the actual impact on growth is not very substantial when you measure in terms of GDP,” she said the dispute could erode business confidence very quickly because of the uncertainty, which would make businesses “reluctant to invest.”

International cooperation “has served us so well and delivered more progress for more people than at any time in history,” but is now being questioned, Lagarde said.

‘Steer clear’ of protectionism

While she welcomed bilateral discussions between Washington and Beijing, she said disagreements should be resolved in a multilateral forum and every country should address its own trade barriers.

Lagarde again urged countries to “steer clear of all protectionism,” saying that “unilateral trade restrictions have not proven helpful.”

Instead, “countries should work together to resolve disagreements without using exceptional measures.”

EU Economic Affairs Commissioner Pierre Moscovici expressed optimism that US officials were coming around on resolving the trade issues.

“My feeling is that, little by little, the consciousness of the damage a trade war could do will be apparent and dialogue will resume,” he told AFP on the sidelines of the meeting.

“I hope that these IMF meetings will be marked by this spirit. On the American side, it seems to me that the climate is more receptive to the idea that protectionism is not the answer.”

Europe was also hit by the steel and aluminum tariffs but the US suspended the duties on imports from the EU, Canada, Mexico and four other countries, leaving China as the primary target.

German Finance Minister Olaf Scholz met with US Vice President Mike Pence and Trump economic adviser Larry Kudlow at the White House, and afterwards told reporters that “all sides are really working on finding a good solution.”

“I am convinced that it’s a good thing there are so many talks and that this is the basis for seeing a reasonable development in the end.”

Speaking later to a small group of reporters, Lagarde said the IMF has a role to play as mediator and as “a peaceful and technical forum for dialogue.”

“I think that if we can help facilitate a dialogue, productive exchanges going to solutions, it would avoid a trade war,” she said.

She praised the trade reforms recently offered by China’s President Xi Jinping — including lower tariffs on US cars, reducing investment restrictions and protections for intellectual property — which she said were “going in right direction.”

But it will be the implementation that matters, she said.

After the successful Amazing Thailand campaign in 2017, TAT’s new campaign positions Thailand as a destination that offers arts, culture, beaches, nature and gastronomy.

Pimpawee Nopakitgumjorn, director of Expedia, said: “Hoteliers can effectively reap the benefits of this new campaign by aligning their properties with one or more of its themes. When linked with relevant analytics and coupled with the appropriate outreach, such as Expedia Group’s package offerings, hotel partners can effectively target new markets and find travellers who may potentially be more interested in their hotel due to a match in what they are looking for and what the hotel has to offer.”

Expedia says from 675 million monthly website visits across the globe it learned that Chiang Rai and Sukhothai recorded healthy growth of over 50 per cent year on year in inbound demand.

Chiang Rai recorded an outstanding 80 per cent growth thanks to hill tribes and their distinctive customs that make for an intriguing cultural mix. Chiang Mai, on the other hand, experienced healthy growth of 30 per cent.

While Asian travellers seem more interested in experiencing Thai customs, European travellers from France, Germany and United Kingdom showed greater interest in exploring Thailand’s historical ruins.

Package bookings drove higher average daily rates in beach destinations while Khao Yai National Park registered three-digit growth.

The top five most visited beach destinations for international travellers remained the same as 2016, with Pattaya leading the pack with year on year growth at 40 per cent followed by Phuket and Hua Hin with its modest growth of 20 per cent. On the other hand, Koh Samui and Krabi recorded relatively slower growth at around 10 per cent.

While nearly seven in 10 bookings to Thailand comprise of one or more beach destinations, international visitors are also venturing beyond the beaten path. Destinations such as Koh Chang and Koh Lipe both recorded a healthy 30 per cent growth.

Khao Yai National Park, a Unesco World Heritage Site teeming with wildlife and primeval jungles, recorded growth of 160 per cent year on year. Over half of these visitors are from South East Asia with Singapore accounting for nearly 40 per cent of Khao Yai’s international visitors.

Bangkok attracted the attention of foodies worldwide when it was named the world’s top street food city. Michelin then launched its first edition of the Michelin Guide Bangkok, featuring 98 restaurants.

While Japanese travellers place the highest importance on food, Australians ranked food as the second most important factor influencing their choice of travel destination, according to Asia-Pacific Travel Trends research.

“We have seen a growing interest for our fine-dining restaurants from international guests who stay at our hotel. At the same time, over the last year, we have been receiving more enquiries from travellers requesting restaurant recommendations nearby our hotel that offer exquisite cuisine,” said Gary Tay of the Peninsula Bangkok Hotel. “Interestingly, most of these enquiries were from Japanese, Hong Kong and Singaporean travellers. Unlike decades ago where Asian travellers were shy from indulging in fine cuisine, Asian travellers have become the gourmet experts.”

Dai Xianglong, China’s former central bank governor, said Asia will remain the world’s fastest-growing region in the coming 20 years, or even by the middle of this century.

“An important driver will be China, whose intensified push to further open itself to the world will generate more opportunities for other Asian economies,” Dai said.

According to Dai, China’s GDP is expected to expand at around 6 per cent in the next decade. Though such a rate is slower than in previous years, the growth will be of higher quality and more consumption-driven.

The rising purchasing power of Chinese consumers will help boost China’s trade links with other Asian countries, Dai said, adding that India is also expected to post faster growth, which will also spur the overall development of the region.

Moreover, China’s Belt and Road Initiative will help build sprawling infrastructure connections among Asian countries, which will lay a sound base for closer economic ties, said Yasuyuki Sawada, chief economist of the Asian Development Bank.

Promoting free trade is one of the keys to maintaining the strong momentum of the Asian economy. To achieve that, it is of great importance to build broader infrastructure connections in transport, energy and information technology. That is exactly what the Belt and Road Initiative has been calling for, Sawada added.

His view was echoed by Qian Keming, China’s vice-minister of commerce. “The Belt and Road Initiative will play a big role in boosting Asian economic integration. On top of closer infrastructure links, it will also promote more dialogue in policy, trade and institutional mechanisms,” Qian said.

Amid rising trade protectionism, he said the initiative’s call for openness, inclusiveness and the common destiny of a shared future will help advance multilateral trade and drive the overall development of Asia.

“The past years have already seen significant progress in Asian economic integration. Currently, trade inside Asean accounts for 30 per cent of Asean’s overall trade volume. The figure in European countries is 70 per cent. This highlights huge potential for further development in Asia,” Qian added.