Search Results for: Thailand's economy
- Business News
Driving Thailand’s economy into the high-tech fast lane
In a bid to supercharge Thailand’s sputtering economy, Industry Minister Akanat Promphan is rallying the manufacturing sector to shift gears and embrace high-tech innovation. With aspirations to increase GDP growth by 1% annually, Akanat is touting cutting-edge products as the next big play, given the triple threat of tech disruptions, geopolitical spats, and looming climate change. Since the pandemic, Thailand’s…
- Business News
Thailand’s economy threatened by Trumponomics 2.0 and China’s slowdown
Thailand’s economic future faces uncertainty as Trump’s economic policy revision, dubbed Trumponomics 2.0, emerges as a significant threat to its growth in 2025. An independent academic highlights this as a primary concern, alongside other challenges including household debt, investment and interest rates, China’s economic slowdown, and geopolitical tensions. Trumponomics 2.0 is poised to impact Thailand’s GDP adversely by an estimated…
- Business News
Thailand’s economy shifts into gear but auto industry hits a bump
Thailand’s economy is on a cautious upswing, buoyed by a surge in exports, a bustling tourism sector, and healthier private consumption. Yet, the road ahead isn’t entirely smooth, with the automotive industry hitting a bump. The Fiscal Policy Office (FPO) has laid bare the mixed fortunes in its recent October economic report, painting a picture of resilience tinged with challenges.…
- Thailand News
Thailand’s economy rebounds but experts warn of growth risks
Thailand’s economy is showing signs of recovery, yet economists warn of ongoing risks that could hinder its growth potential. Key challenges include elevated household debt, slow income recovery for vulnerable groups, and Thailand’s economic interdependence with China. Despite these issues, the Thai economy reported a growth of 1.9% in 2023, although this was below expectations. The economy is gaining strength,…
- Business News
Thailand’s economy to see 2.5% growth in 2024, EIC forecasts
Thailand is projected to experience a soft economic landing next year, according to the Siam Commercial Bank’s Economic Intelligence Centre (SCB EIC). The research centre has maintained its 2024 economic growth forecast for Thailand at 2.5% but has downgraded its 2025 outlook to 2.6%, down from previous forecasts of 2.9 to 3%. EIC chief economist Somprawin Manprasert explained that the downward…
- Business News
Thailand’s economy feels the squeeze as Q3 wraps up
Thailand’s economy is under severe strain, grappling with both internal and external pressures as the end of the third quarter looms. The kingdom is fighting to stabilise its financial footing while China, a vital trading partner, wrestles with its economic troubles. The Thai baht took a hit earlier this month, mirroring the ongoing turmoil in the world’s second-largest economy. The…
- Tourism News
Malaysian tourists boost Thailand’s economy by 100 million baht
The recent influx of tourists to Thailand’s southern region during Malaysia’s National Day, known as Merdeka Day, is poised to inject approximately 100 million baht into the local economy. Over 13,000 Malaysian tourists crossed into Songkhla through the Sadao checkpoint yesterday, August 31, with an additional 5,000 arriving via the Betong checkpoint in Yala, according to local officials. The substantial…
- Economy News
Thailand’s economy grows 2.3% in Q2, surpassing forecasts
Thailand’s economy roared back to life in the second quarter, fuelled by a surge in consumption, tourism, and exports, according to today’s eye-popping official data. This economic boost has prompted the government to up its growth forecast for the year. The National Economic and Social Development Council (NESDC) revealed that Southeast Asia’s second-largest economy expanded by 2.3% from the same…
- Thailand News
Srettha unveils plans for Thailand’s economy at UBS conference
At the UBS Asian Investment Conference 2024 in Hong Kong, Prime Minister Srettha Thavisin showcased a visionary blueprint for Thailand’s economic revolution. Addressing over 2,000 participants and 300 companies from the Asia-Pacific region, he laid out a series of strategic initiatives designed to attract global investment and drive innovation and sustainability. The 62 year old PM emphasised the nation’s readiness…
- Business News
Thailand’s economy grows 1.5% in Q1, beats forecasts
Thailand’s economy experienced a robust start to the year, expanding by 1.5% in the first quarter compared to the same period last year, according to official data released yesterday. This growth surpassed analysts’ expectations, indicating a positive shift for Southeast Asia’s second-largest economy. Every quarter, the economy grew by a seasonally adjusted 1.1% from January to March, as reported by…
- Thailand News
New Finance Minister Pichai pledges to boost Thailand’s economy
Newly appointed Finance Minister Pichai Chunhavajira pledged to accelerate initiatives aimed at addressing household debt, stimulating the economy, and raising personal income. Pichai, who previously held the chairman position at the Stock Exchange of Thailand and served as the prime minister’s advisor, observed a consistent decline in the country’s economic growth rate over the past two decades during his inaugural…
- Tourism News
Songkran expected to boost Thailand’s economy with billions
The Songkran festival in Thailand this year is anticipated to bring between 140 and 200 billion baht into the country’s economy. The festival, which has been recognised as an Intangible Cultural Heritage event by Unesco, is predicted to attract 10 million international visitors who will contribute 11.8 billion baht to the total spending. In light of the festival’s recognition, the…
- Business News
Q-Con’s land acquisition set to boost southern Thailand’s economy
The Industrial Estate Authority of Thailand (IEAT) anticipates its recent land sale to Quality Construction Products Plc (Q-Con), a lightweight brick manufacturer, to bolster the increasing demand for bricks and endorse the government’s economic upliftment plan for the southern region. Situated in the Southern Region Industrial Estate, the 35-rai land was acquired by Q-Con, which had committed to a purchase…
- Thailand News
Thailand’s economy set for 3.3% growth amid global uncertainties
Thailand’s economy is projected to grow by 3.3% this year, despite vulnerabilities from international politics, foreign wars, and unrest in neighbouring countries. These factors pose risks to the nation’s export sector. Tawee Piyapatana, the Senior Vice President of the Federation of Thai Industries, expressed concerns after representing the chair at a Joint Standing Committee on Commerce, Industry and Banking (JSCCIB)…
- Thailand News
Bangkok Gems and Jewellery Fair set to boost Thailand’s economy
The 69th Bangkok Gems and Jewellery Fair is set to take place from February 21 to 25 at the Queen Sirikit National Convention Center. The Department of International Trade Promotion and the Gem and Jewellery Institute of Thailand (GIT) are organising the event, in partnership with a joint committee that includes 13 government and private sector organisations. As one of…
- Business News
Thailand’s economy braces for slow growth
Thailand’s economy is set to experience slow growth in the coming years, with GDP forecasts for this year ranging between 3-3.4%. Several factors, including sluggish growth in exports, subdued Chinese demand for consumption and tourism, geopolitical risks, and a shortage of skilled workers, are expected to influence this. Despite these challenges, industry executives are optimistic and are devising strategies to…
- Business News
Thailand’s economy set to grow despite potential export decline
A prominent joint business group announced today that Thailand’s economy is set to grow by 2.5% to 3.0% this year, a prediction consistent with their previous forecast. This anticipated growth is attributed to government support measures and the tourism industry. However, the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), which represents these sectors, warned of a potential decline…
- Economy News
Thailand’s economy eyes rebound in 2023 buoyed by China’s booming influence
A light of hope has started to shine on the future of Thailand’s economy as we look forward to this year, and China’s influence as a significant driving force cannot be ignored, so suggests a leading Thai economist. The said economist, Kirida Bhaopichitr, who honours the position of Director for the Economic Intelligence Service at the Thailand Development Research Institute…
- Thailand News
Bank of Ayudhya predicts pivotal role of politics in Thailand’s economy
In light of the current political climate, a division of the renowned Bank of Ayudhya suggests that the upcoming political decisions could significantly steer Thailand’s economy this year. This report highlights the pivotal role of swift administrative formation in stabilising the economy and buoying investor confidence. However, the prospect of an emerging minority government raises considerable concerns over its potential…
- Business News
Tourism boom shields Thailand’s economy amid political uncertainty
As political uncertainty continues to loom over Thailand, the country’s economy is receiving a much-needed boost from the significant increase in foreign tourists. In the first quarter of 2023, Thailand welcomed 6.5 million visitors, a stark contrast to the 498,000 recorded in the same period a year earlier. This surge in tourism is expected to help bolster the nation’s economy,…
- Business News
Thailand’s economy grows faster than expected in Q1 due to tourism rebound
Data released today reveals that Thailand’s economy expanded faster than anticipated in the first quarter, with the return of private consumption and tourism helping to counterbalance slowing exports. As the country grapples with the effects of COVID-19, its recovery has been slower compared to regional neighbours. However, the resurgence of tourism – particularly the recent influx of Chinese visitors –…
- Politics News
Kanit Sangsubhan joins Palang Pracharath Party to boost southern Thailand’s economy
The Palang Pracharath Party (PPRP) recently announced the appointment of Kanit Sangsubhan, previously a special adviser to the Eastern Economic Corridor (EEC) Office, as a member of its economic team. This move is intended to bolster the economy in Thailand’s southern border provinces. PPRP leader Prawit Wongsuwon expressed his delight at welcoming Kanit as a key member of the party,…
- Thailand News
Military conscription in Russia could benefit Thailand’s economy
Thailand could be an attractive and realistic option for men fleeing military conscription in Russia. Reports say that men are fleeing Russia after President Vladimir Putin announced a plan to conscript 300,000 civilians into military service in Ukraine. Several European countries such as Lithuania have already closed their doors to Russian citizens, citing widespread support for Putin’s unprovoked invasion of…
- Tourism News
Thailand’s economy grows but it still misses China’s cash
A new poll revealed Thailand’s economy grew at its fastest in a year over the last quarter but the kingdom’s outlook is still threatened by the high cost of living and China’s decision to maintain a zero-Covid-19 policy. The Thai economy grew largely because of tourism and the government’s decision to relax entry rules into Thailand such as the Thai…
- Covid-19 News
“Thailand’s economy will take 2-3 years to recover” – Krungthai
Across the world the hopes of a quick recovery in countries’ economies evaporate as the effects of either the coronavirus, or the effects of the lockdowns, drag on. Even though Thailand has effectively contained Covid-19 at this stage with zero local transmissions for over 2 months, the economy is now stumbling with many businesses shuttered and no tourists coming into…
- Economy News
Thailand’s economy facing bleakest prediction in Asia
“The Bank of Thailand predicts that its gross domestic product will shrink by more than 8% this year.” While Thailand appears to have been successful in suppressing the Covid-19 virus, a report in The Bangkok Post today says the outlook for the country’s economy is far from favourable, calling it the worst in Asia. The Bank of Thailand predictions are…
- Economy News
Strong baht and divisive politics threatening Thailand’s economy
The director of the Economic and Business Research Centre for Reform at Thailand’s Rangsit University, says that if the US Federal Reserve cuts the policy rate by another 25 basis points this month, the baht could reach 29 baht to the US dollar. Anusorn Tamajai says such a cut would put pressure on Thailand’s currency, which has been seen as…
- Business News
Thailand’s Pride Celebration 2025 boosts rainbow tourism economy
Central Pattana Plc (CPN), part of Central Group and operator of Central shopping centres, is reinforcing its dedication to diversity and equality with the launch of Thailand’s Pride Celebration 2025: Pride For All. Nattakit Tangpoonsinthana, CPN’s chief marketing officer, highlighted that the campaign celebrates Pride Month as a recognition of human rights and a strategic element for economic expansion. Thailand’s…
- Environment News
Mekong River dams threaten Thailand’s environment and economy, warns NHRC
Transboundary hydropower dam projects along the Mekong River could jeopardise Thailand’s environment, economy, and community welfare, according to the National Human Rights Commission (NHRC). In a letter addressed to Prime Minister Paetongtarn Shinawatra on October 3, the NHRC highlighted its concerns about four hydropower dam projects: Ban Koum Dam, Sanakham Dam, Phou Ngoy Dam, and Pak Chom Dam, all situated…
- Business News
Thailand’s tourism confidence index drops amid floods, economy
Thailand’s tourism confidence index for the third quarter saw a significant drop year-on-year, remaining below the benchmark due to challenges such as factory closures, rising unemployment, increasing non-performing loans, and severe flooding both domestically and internationally, according to the Tourism Council of Thailand (TCT). The TCT has scheduled a meeting with the Tourism Authority of Thailand‘s board chairman tomorrow to…
