Search Results for: economic growth
- Business News
Thai Finance Ministry enhances data use for economic growth
The Ministry of Finance is advancing its data utilisation efforts to develop comprehensive profiles of Thai citizens’ liabilities and assets, aiming to bolster economic development. Permanent Secretary Lavaron Sangsnit revealed that creating a data lake will enable the government to craft improved national development policies and identify regional strengths and weaknesses. This system will consolidate diverse information about citizens, including…
- Pattaya News
Pattaya City unveils Red Line monorail to boost economic growth
Pattaya City is gearing up to enhance its public transport with the introduction of a new monorail line, which promises to significantly boost the coastal city’s economic development. The Red Line, as it will be known, is set to include 10 stations and cover a distance of 17.37 kilometres. A recent feasibility study, presented during yesterday’s public hearing, confirmed the…
- Business News
Thailand’s economic growth forecast cut to 2.4% amid weak exports
Thailand’s economic growth is forecasted to slow to 2.4% this year, a decrease from the 2.8% projection made in April, primarily due to weaker-than-expected exports and public investment in the early months of the year, the World Bank announced. The World Bank today, July 3, highlighted that the growth of Southeast Asia’s second-largest economy will be supported by consumer spending,…
- Thailand News
Thai handicrafts to drive economic growth, says Deputy PM
The Deputy Prime Minister and Minister of Commerce has tasked the Institute for the Promotion of Thai Arts and Crafts (SACIT) with enhancing Thai handicrafts to boost the economy. This initiative aims to honour the legacy of Her Majesty Queen Sirikit, The Queen Mother. Deputy PM Phumtham announced policies to advance the SACIT at Bang Sai, Phra Nakhon Si Ayutthaya.…
- Business News
Vietnam prioritises economic growth despite global challenges
Vietnam will focus on bolstering economic growth despite ongoing challenges from weak global demand, announced Deputy Prime Minister Le Minh Khai. Addressing the National Assembly during its summer session, Khai noted that while gross domestic product (GDP) growth has improved, significant hurdles remain. Industrial activity is recovering, albeit at a slow pace. Vietnam, now a manufacturing hub benefiting from shifting…
- Business News
Thailand’s economic growth forecast revised down
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has revised Thailand’s economic growth forecast downward from a range of 2.8 to 3.3% to 2.2 to 2.7% for the year. The revised outlook is due to a slowdown in exports, which is negatively affecting the manufacturing sector. The panel also flagged a decrease in export expansion from 2% to…
- Retire in Thailand
Boosting economic growth in the face of rising retirement
In the continuously evolving landscape of global economies, the dynamics of retirement and their consequential impact on economic growth have ignited substantial discourse. One may be intrigued by how modifications in the retirement age and advancements in life expectancy are influencing our economic future. For those seeking a deeper understanding of the intricate relationship between retirement policies and economic vitality,…
- Business News
BoT holds policy rate, predicts consistent economic growth
The Bank of Thailand has kept the policy rate steady at 2.5% during its latest meeting, rejecting governmental calls for a decrease. The decision, marking the third consecutive meeting with no change, is based on the Thai economy’s consistent growth, which has already exceeded 2023 levels. Piti Disyatat, the secretary of the Bank of Thailand’s Monetary Policy Committee (MPC), stated…
- Thailand News
Boosting economic growth: Thailand-Hungary relationship
Hungary seeks to cultivate a stronger bilateral relationship with Thailand as part of the Central European country’s objective to achieve 4% economic growth in the current year, according to Péter Szijjártó, the country’s Minister of Foreign Affairs and Trade. Trade between Thailand and Hungary hit a new high last year, exceeding US$730 million (approximately 26 billion baht). Thailand made significant…
- Thailand News
Driving economic growth: Thailand’s quest for clean energy
The call to action resonates through Thailand’s corridors of power as demands surge for the nation to lead the clean energy revolution across the region, igniting economic growth. Burin Adulwattana, the managing director and chief economist at Kasikorn Research Centre (K-Research), underscores the urgency of this endeavour, stressing its pivotal role in ensuring competitive pricing for clean energy within Thailand.…
- Business News
OR’s SDG policy fuels Thailand’s sustainable economic growth
PTT Oil and Retail Business (OR) has adopted a Small-Diversified-Green (SDG) policy, aiming to stimulate Thailand’s economic growth through sustainable practices. This move aligns with the country’s broader strategy of reducing carbon footprints by 2030. The SDG policy focuses on empowering small communities as key drivers of economic recovery, particularly in the tourism sector tipped to fuel the national GDP…
- Thailand News
Thailand’s economic growth labelled underwhelming by government
The economic expansion of Thailand in the previous year and the anticipated growth in the current year have been labelled as underwhelming by the government, referencing a report from the Fiscal Policy Office (FPO). The assertion was made by Chai Wacharonke, the government spokesperson, through a Line chat group created for communication with reporters from the Government House. The FPO…
- Thailand News
Globalisation twist: Economic growth sizzles but income inequality and carbon clashes cloud horizon
The evolution of globalisation, while contributing to worldwide economic growth, has also introduced new economic challenges including increased income inequality and market failures due to carbon emissions. This was the view expressed by Eric S Maskin, Adams University Professor at Harvard’s Department of Economics. Maskin, a 2007 Nobel Laureate in Economics for his work in mechanism design theory, shed light…
- Thailand News
Thailand to boost tourism to drive economic growth
The Tourism Authority of Thailand (TAT) is on a mission to stimulate tourism, focusing on boosting revenue in 55 secondary provinces by a staggering 20%, aiming for a grand total of 91 million trips this year. This ambitious goal, however, falls short of the mark for key provinces. For the first nine months of the previous year, the 55 secondary tourism…
- Business News
UTCC lowers Thailand’s 2023 economic growth forecast to 2.5%
The University of the Thai Chamber of Commerce (UTCC) lowered its economic growth forecast for 2023 to 2.5%, a dip from the previous prediction of 3% made in October of the previous year. The UTCC also anticipates a growth rate of 3.2% for the current year. The UTCC’s president, Thanavath Phonvichai, linked this downgrade to the third quarter’s lower-than-expected 1.9%…
- Business News
Thailand’s economic growth potentially in decline, SCB EIC warns
The Siam Commercial Bank’s research wing, SCB Economic Intelligence Center (EIC), expressed concern over the potential decline in Thailand’s long-term economic growth. It has attributed this to enduring structural problems, such as low investment, diminished total factor productivity, and the economic impact of the pandemic. Chief Economist at SCB EIC, Somprawin Manprasert, revealed that Thailand’s economic recovery has been more…
- Business News
Thailand sees 2.3% rise in fuel consumption amid economic growth
Thailand has witnessed a 2.3% surge in fuel consumption in the initial nine months of this year, averaging at 154 million litres daily, in harmony with the country’s economic expansion, according to the Department of Energy Business. There was an upswing in the demand for most fuel types, except for diesel, which saw a minor decline of 4.5% to 69.2…
- Business News
World Bank revises Thailand’s economic growth forecast due to export contraction
The World Bank revised Thailand’s economic growth forecast downwards for 2023 and 2024, attributing the adjustment to a predicted contraction in the country’s exports due to reduced global demand. The primary engines of economic growth will be tourism and private consumption. A decrease from 3.6% to 3.4% is predicted for Thailand’s economic growth this year, as reported by the World…
- World News
PKNS urged to strategise for socio-economic growth in Selangor state
The Selangor State Development Corporation (PKNS) has been urged to continue strategising in order to drive socio-economic growth in the state, according to Selangor Menteri Besar Amirudin Shari. As an agency under the state government, PKNS is expected to have a clear focus and direction for development and new growth, particularly for the next 50 years. “PKNS will be celebrating…
- World News
Sarawak drafts biodiversity masterplan for sustainable economic growth
Sarawak’s state government is working on a biodiversity masterplan to integrate biodiversity and ecosystem management into the state’s legal framework and institutions, with the aim of promoting sustainable economic development. The draft masterplan is currently being discussed with relevant stakeholders before it can be officially endorsed by the state government. Sarawak is home to one of the world’s oldest rainforests,…
- Business News
Thai tycoon’s firm doubles spending amid tourism boom and economic growth
Asset World Corporation, the property and hotel development unit owned by Thailand‘s wealthiest individual, is set to more than double its spending on acquisitions and development of hotel resorts and commercial properties this year due to the tourism boom. The company plans to invest over 20 billion baht (US$590 million) in 2023, up from around 10 billion baht last year,…
- Thailand News
BJT’s ambitious plan to creating a ‘land bridge’ to boost economic growth in southern Thailand
The Bhumjaithai Party in Thailand vows to push forward with the development of a “land bridge” connecting the Andaman Sea with the Gulf of Thailand, which they believe will stimulate economic growth in the South. Itthidet Supong, spokesperson for Bhumjaithai leader Anutin Charnvirakul, stated that Anutin is particularly keen on constructing an overland freight route, which is slated to link…
- Politics News
Thavisin’s strategy: Replace conscription for economic growth
Conscription should be replaced with voluntary enlistment to provide economic benefits, according to Srettha Thavisin, prime ministerial candidate for the Pheu Thai Party. Thavisin expressed his disappointment with a particular politician’s staunch support for maintaining conscription in the name of national defence and patriotism. He asserted that compulsory military service is harmful to the economy, as it diverts skilled professionals…
- Thailand News
Bank of Thailand forecasts lower economic growth during Omicron outbreak
With the emergence of the Omicron variant in Thailand and an uptick of cases after the New Year holiday, the country’s central bank says the economy might grow slower in the first half of the year. The kingdom has seen a revival in tourism, especially over the past two months with the Test & Go quarantine exemption scheme. Registration for…
- Thailand News
Thai economic growth forecast projections up to 6% – World Bank
The World Bank is looking to boost projections for growth in the Thai economy. In the last financial quarter, expansion of the Thai economy hit a five-year high. Ulrich Zachau, the World Bank’s director for Thailand and regional partnerships, says that a stable outlook and signs that Thai business is investing again domestically are among the positive factors for the…
- Business News
Phuket’s infamous inflation linked to economic growth
PHUKET: Phuket inflation grew at a rate of 4.1 per cent in 2014, according to data released in C9 Hotelwork’s new Economic Overview of the island. What is clearly demonstrated in the numbers is how important tourism is as a driver of the economy. Using Gross Provincial Product (GPP) as the lead indicator, tourism directly accounts for 35.6 per cent…
- Education
Unlocking progress: How tech enablement fuels Thailand’s economic and educational growth
In the rapidly evolving digital landscape, tech enablement emerges as a pivotal factor driving Thailand’s development. As you delve into this exploration, you’ll uncover how integrating technology into various sectors is not just enhancing efficiency but also fuelling economic growth and innovation across the nation. This journey isn’t solely about adopting new tools; it’s about understanding the full spectrum of…
- Business News
China aims for 5% growth amid economic slowdown
China is poised to set its growth target for the year at about 5%, according to a government work report obtained by Bloomberg News. This growth target hints at the possibility of the government introducing more stimulus to boost the economy’s confidence, which is currently slowing. Premier Li Qiang is expected to disclose the annual gross domestic product (GDP) goal…
- Business News
Em District sees retail growth amid economic uncertainty in Thailand
Despite the economic uncertainty, Em District, the retail operator, witnessed growth from high-spending customers at its three malls in the final quarter of 2023. The chief executive, Kriengsak Tantiphipop, confirmed that Thailand continues to attract foreign tourists, leading to increased footfall from both local and international visitors, particularly high-spending independent tourists. Kriengsak observed that while the influx of Chinese tourists…
- Business News
Thailand’s Q2 economic recovery slows, full-year 2023 growth forecast revised
Thailand’s second quarter of 2023 saw a slowdown in economic recovery, with GDP growth falling from 2.6% year-on-year in the first quarter to 1.8%, as reported by the National Economic and Social Development Council on August 21. The figures fell significantly short of consensus estimates of 3.1% and growth projections of 2.9%. The economy’s quarter-on-quarter growth was a mere 0.2%,…
