Search Results for: Thai economy

  • Business News

    Pride Month to boost Thai economy by 4.5 billion baht

    June’s Pride Month is anticipated to stimulate over 4.5 billion baht in economic activity, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham announced yesterday that the government, led by Prime Minister Srettha Thavisin, is actively endorsing sexual diversity and collaborating with the private sector to organise additional Pride Month festivities. These events aim to attract LGBTQ+ tourists…

  • Cannabis

    Thai economy will be affected by heavy cannabis regulation

    Let’s chat about a hot topic, shall we? Cannabis regulation in Thailand is like trying to find your way through a maze with no map. Now, on one hand, we’ve got this booming black market that’s ready to party when the government says no fun allowed and puts restrictions on recreational use. But on the other side of the coin,…

  • Business News

    Israel-Iran conflict threatens Thai economy in Q2

    The ongoing conflict between Israel and Iran poses a potential threat to the Thai economy in the second quarter. Anticipated challenges include currency depreciation, an increase in oil prices, and a decrease in purchasing power. This comes after the International Monetary Fund reduced its Thai GDP forecast significantly from 4.4% to 2.7% growth, due to a slump in domestic consumption.…

  • Business News

    Thai economy forecasts growth between 2.8% and 3.3%

    The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports. Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected…

  • Business News

    Thai economy falters as high interest rates impact major sectors

    The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…

  • Business News

    Thai economy predicted to bounce back in Q2 despite sluggish start

    The Joint Standing Committee on Commerce, Industry and Bangkok (JSCCIB) indicated that the Thai economy, which is set to experience sluggish growth this year, is expected to pick up in the second quarter. This projection is attributed to the anticipated state budget spending and a reduction in tension within the Red Sea region. The National Economic and Social Development Council…

  • Business News

    Thai economy set for revival amid global uncertainties

    The Federation of Thai Capital Market Organizations (FETCO) anticipates a revival of the Thai economy in the latter half of the year, supported by potential interest rate reductions. This optimistic outlook emerges amidst global economic uncertainties, with possible recessions in the UK and Japan, and China grappling with a prolonged property crisis. FETCO chairman Kobsak Pootrakool believes that the global…

  • Business News

    Thai economy needs more stimulus amidst global challenges

    Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…

  • Thailand News

    Experts warn of looming crisis for Thai economy

    Dr Pipat Leungnamritchai, the chief economist at Kiatnakin Phatra Bank warned that the Thai economy is treading on thin ice, relying on unsustainable factors for growth. According to a recent exposé by Krungthep Thurakij on January 20, the nation’s financial stability is hanging by a thread. Dr Pipat highlighted the precarious reliance on low-interest rates, fiscal stimuli, and the booming tourism…

  • Thailand News

    Thai economy experts predict 3% growth despite digital wallet scheme delay

    Leading economist Somchai Phakapaswiwat foresees a 3% economic growth despite the government’s 500-billion baht handout scheme‘s potential delay. Renowned economist Somchai Phakapaswiwat set tongues wagging yesterday, January 22, when he confidently declared that Thailand’s economic trajectory remains unscathed, poised for an impressive 3% growth, despite uncertainties surrounding the government’s 500-billion baht handout scheme. According to Somchai, the delay in the…

  • Thailand News

    Thai economy set to boom with 106 billion baht splash with new year expenses

    The University of the Thai Chamber of Commerce (UTCC) predicts a staggering 106 billion baht surge in consumer spending during the upcoming New Year festivities – a four-year high that could inject new life into the nation’s financial veins. President Thanavath Phonvichai, the maestro behind this optimistic symphony, attributes the spending spree to the government’s strategic new year’s gift measures.…

  • Thailand News

    Will the 2024 fiscal year save the Thai economy?

    Deputy Finance Minister Julapun Amornvivat revealed that Thailand‘s eagerly awaited 3.48 trillion baht budget for the 2024 fiscal year won’t see the light until early May. Originally set to kick off on October 1, the budget got tangled in the web of politics, with May’s election and the lengthy government formation process pushing the official start to September 5. According…

  • Business News

    Thai economy in crisis: Government seeks foreign investment and tackles debt

    The economy in Thailand is in crisis and needs some significant stimulation, according to the nation’s Prime Minister Srettha Thavisin, who also acts as the Thai Finance Minister. The nation’s reliance on tourism has been heavily impacted by lower-than-expected foreign arrivals, resulting in a need to prioritise foreign investment and tackle household debt. The 61 year old prime minister made…

  • Business News

    Thai economy’s Q3 bounce-back: Warming up after a cool Q2

    The Thai economy’s growth rate for the third quarter of this year is anticipated to surpass that of the second, according to the Bank of Thailand. This forecast comes after the nation’s economic expansion fell short of the central bank’s estimations for the preceding quarter. Chayawadee Chai-anant, the assistant governor for the corporate relations group at the central bank, reported…

  • Economy News

    Thai economy caught in global crossfire as Israel-Hamas tensions fuel price hike fears

    The Thai economy, already tested by geopolitical conflicts over the past few years, is facing potential consequences from the hostilities between Israel and Hamas in the Middle East, as governments and corporations all over the world look for excuses and justifications to hike prices to obscene heights. It’s a well-worn tactic last seen in the conflict between Russia and Ukraine…

  • Thailand News

    Phuket’s vegetarian festival to boost Thai economy with 9 billion baht (video)

    Anticipations are high as the annual 10-day vegetarian festival in Phuket is set to yield more than 9 billion baht in revenue, as estimated by the Tourism Authority of Thailand (TAT). Meanwhile, the Phuket Provincial Commercial Office reports a drop in vegetable prices compared to the corresponding period last year. Thanet Tantipiriyakit, who presides over the Phuket Tourist Association, noted…

  • Economy News

    Thai economy loses steam: UTCC’s growth forecast trims to 3%

    With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of…

  • Business News

    Thai economy to be driven by private consumption, tourism in 2023

    Stimulating private consumption is a reasonable strategy for the government to maintain economic growth amidst global uncertainties, according to Tim Leelahaphan, an economist at Standard Chartered Bank Thailand. The first half of 2023 saw a 7% year-on-year increase in the country’s private consumption. Expectations are high for private consumption and tourism to be the main drivers of economic growth in…

  • Economy News

    Thai economy faces scrutiny amid recession fears and slow pandemic recovery

    The Thai economy is in the spotlight as concerns over a looming recession persist due to the nation’s weak export outlook and slow recovery from the pandemic. Last week, the government faced heavy criticism from opposition parties and business leaders during a Thai economy policy debate, with the latter expressing concerns over the lack of detail in the 43-page policy…

  • Economy News

    Fiscal budget deficits risks Thai economy, chief economist warns

    Kiatnakin Phatra Securities’ chief economist issued a stark warning over the government’s increasing reliance on fiscal budget deficits, cautioning that such an approach could harm the economy over an extended period. Pipat Luengnaruemitchai openly criticised the government’s latest populist strategies, including a digital money initiative and reduced oil costs, stating that these measures could erode fiscal discipline. He further warned…

  • Business News

    Climate change hits Thai economy, calls for smart agriculture surge

    The economy has been negatively impacted due to the challenges presented by climate change, leading to a decrease in farmers’ income because of reduced production, and affecting foreign investment. This has subsequently resulted in higher inflation and cost of living and impacted the export of agricultural products and food. This insight is according to a recent study conducted by the…

  • Economy News

    Foreign investments bolster Thai economy with 58.9 billion baht boost

    From January through July of this year, Thailand welcomed a foreign investment sum of 58.9 billion baht. A notable chunk of this influx originated from Japan, whose companies lavished the largest amount of capital on developing their businesses within Thai borders. Estimates suggest that the Japanese investors led the pack with a total outlay of 19.9 billion baht. They were…

  • Thailand News

    Hua Hin Airport upgrade to attract tourists and boost Thai economy

    In a move poised to encourage tourism, Hua Hin Airport, operated by the Department of Airports (DoA), is set for a vast upgrade that will escalate it to international status, as confirmed by acting director Rattapol Charoenphon recently. The Hua Hin Airport has already made significant strides towards this goal, extending its runway to reach a length of 2.1 kilometres…

  • Economy News

    Thai economy booms as government’s fiscal income beats projections with 122bn baht surplus

    The Thai economy demonstrates strong recovery and active imports as the Thai government’s net income during the first two-thirds of fiscal 2023 has surpassed projections by 122 billion baht, revealed Fiscal Policy Office Director-General, Pornchai Thiraveja, 42 years old. Between October 2022 and May 2023, the Thai government raked in a total of 1.64 trillion baht, which is an 8%…

  • Business News

    Economic slowdown, drought risk to hinder Thai economy in H2

    The prospect of a domestic economic slowdown in the latter half of the year has been raised due to multiple factors, including potential drought, political uncertainties, and a slow global economy, according to the Employers’ Confederation of Thai Trade and Industry (EconThai). EconThai’s vice-chairman, Tanit Sorat, highlighted that the global economy is predicted to experience growth of less than 2.1%…

  • Economy News

    Thai economy boost: Bank forecasts GDP growth, increased tourism

    Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…

  • Thailand News

    Thai economy set for boost as tourism and domestic consumption surge

    The Thai economy is predicted to experience a boost in the second half of the year, driven by a surge in tourism and domestic consumption, according to the Economic Intelligence Service (EIS) of the Thailand Development Research Institute (TDRI). However, ongoing political instability remains a factor to watch. The EIS forecasts that Chinese tourist arrivals in Thailand will increase by…

  • Business News

    Thai economy could face 36 billion baht hit from extreme weather

    Extreme weather conditions, including drought and floods, could potentially inflict a 36 billion baht blow to Thailand‘s economy this year, warns the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). Drought, in particular, is a significant concern as it may severely affect the agricultural and manufacturing sectors, further hindering the country’s already sluggish exports. “Manufacturers are worried about drought…

  • Economy News

    Moon landing: can the space industry revive the Thai economy?

    The National Innovation Agency urged citizens to understand that the solution to saving the struggling economy may not be found in Thailand, but on the moon. The agency revealed a new launch pad on Friday for the space industry to use in shuttle missions such as a lunar orbit that Thailand has been dreaming of and striving for in recent…

  • World News

    Saudi deal to inject ‘billions’ into Thai economy

    Thailand is to welcome a delegation from oil-rich Saudi Arabia in July which could potentially inject “billions” into the nation’s economy. Board of Trade of Thailand Chairman Sanan Angubolkul yesterday revealed delegations from both the private and public sector of Saudi Arabia are scheduled to visit the kingdom from July 4-7 to discuss trade and investment between the two countries.…