Alex Morgan
- Business News
Isaan illuminates: Thai govt sparks tourism surge in the northeast for economic radiance
The northeast region of Thailand, known as Isaan, is set to become a new focal point for tourism growth. It is part of the government and the Tourism Authority of Thailand (TAT) initiative geared towards stimulating economic activity in secondary cities. The plan was unveiled last month during the China International Travel Mart 2023 where TAT promoted Isan to Chinese…
- Business News
Thailand’s revised GDP growth forecast met with caution due to global slowdown risks
Analysts expressed caution over the Bank of Thailand’s revised GDP growth forecast of 3.2 to 3.8% for the upcoming year, highlighting potential risks from an economic slowdown in China and the US. Doubts have also been raised about the efficacy of government stimulus to revive the economy. Nattaporn Triratanasirikul, the deputy managing director of Kasikorn Research Centre (K-Research), deemed the…
- Business News
Thailand’s EV policies and tech partnerships attract foreign investors
The Federation of Thai Industries (FTI) has projected that Thailand will become increasingly appealing to foreign investors, backed by distinct government policies encouraging investment. Prime Minister Srettha Thavisin recently endorsed a policy designed to stimulate Electric Vehicle (EV) production and consumption between 2024 and 2027. This incentive package, known as EV 3.5, is expected to be a significant determinant in…
- Business News
Thailand’s SET index forecasted to rise due to return of foreign investments
Asia Plus Securities (ASPS) forecasted a potential rise in the Stock Exchange of Thailand (SET) index to the 1,500-point level by year’s end, up from approximately 1,380 points last month. This optimistic prediction stems from the expected return on foreign investments and the impact of the recently approved Thailand ESG Fund (TESG) on trading. ASPS anticipates the index to climb…
- Pattaya News
German documentary reignites sex tourism concerns for Thailand’s Pattaya
Concerns are being raised about the potential damage to Thailand’s overall tourism market due to a documentary by German media organisation Deutsche Welle (DW), which highlights Pattaya as a sex tourism destination. This documentary is currently blocked in Thailand. Marisa Sukosol Nunbhakdi, the president of the Thai Hotels Association (THA), recalls a similar report about sex tourism in Pattaya from…
- Business News
Thai government approves 8 billion baht scheme to tackle PM2.5 pollution
To mitigate the escalating PM2.5 pollution problem, the government recently approved a scheme worth 8 billion baht designed to incentivise sugarcane farmers to modify their harvesting methods. The initiative, which is set to be implemented in the 2022/23 harvest year, encourages farmers to cut fresh sugarcane without burning the residue, a practice known to be a significant contributor to the…
- Business News
Thai PBS proposes 4K broadcasting trial to combat streaming threat
Thai Public Broadcasting Service (PBS), in a bid to stay in line with the global trend of upgrading broadcast technology, has proposed a trial of the 4K high-resolution broadcasting platform. This would broadcast content in 16 provinces across Thailand, said the public broadcaster. This move is seen as crucial to combat the rising threat of streaming platforms in the broadcasting…
- Business News
Thailand’s PM courts tech giants for digital sector investment
Prime Minister Srettha Thavisin has been courting major corporations in a bid to bolster foreign direct investment (FDI) in Thailand’s digital and high-tech sectors. This comes after the initial deals struck for tech investment under the previous administration. During his recent visit to the US, the 61 year old Thai PM engaged with several technology behemoths, imploring them to consider…
- Business News
Invest in foreign bonds, REITs, healthcare, and tech stocks for 2024, advises Tisco bank
Tisco Bank’s Head of Wealth Advisory, Nattakrit Laotaweesap, advises investors to focus on foreign bonds, real estate investment trusts (REITs), and healthcare and technology stocks in the next year as a safeguard against potential downturns. The global economy’s pace is anticipated to decelerate next year due to the impact of tighter monetary policies, which could result in a potential downgrade…
- Business News
AI accelerates: Dell’s 2024 forecast unveils tech integration triumph for business evolution
Dell Technologies predicts that by 2024, artificial intelligence (AI) will be the driving force behind the integration of other emerging technologies, including advanced hardware, edge devices and cybersecurity, all aimed at enhancing business transformation. The tech firm foresees a convergence of quantum computing and generative AI within the next five years. John Roese, Dell Technologies’ Global Chief Technology Officer, shared…
- Business News
Tax deductions and returns: key investment options in Thailand
Shrewd investors actively seek opportunities that provide tax deductions while ensuring respectable returns. Within this context, three primary investment options demand consideration. These options comprise insurance, long-term funding, and savings through provident and social security fund contributions. Investment choices are manifold. Social Security Fund, for instance, offers a tax deduction equivalent to the amount paid, capped at 9,000 baht per…
- Business News
Baconomics at play: Pork prices sizzle down, fuelling October’s inflation cool-off
A decline in pork prices significantly contributed to a reduction in the inflation rate in October, an anonymous figure within the Finance Ministry has revealed. The inflation experienced a year-on-year decrease of 0.31% in October, largely due to a 0.2% drop in energy prices, attributed to lower oil costs and employed subsidies to keep energy prices in check. Moreover, food…
- Business News
Rice production crisis forecast: Dry woes, dwindling waters, and El Nino brew trouble
Asian rice production during the off-season is predicted to suffer due to a blend of unfavourable weather conditions including dry planting, dwindling reservoirs and ongoing El Nino weather patterns. These issues are due to reduce the early 2024 yields, further squeezing supplies and potentially causing a rise in food inflation. Both India, the world’s largest rice exporter and Thailand, the…
- Business News
Thai Commerce Ministry plans new year mega sale
The Thai Commerce Ministry has unveiled plans for a new year mega sale, an extensive retail event, to alleviate living costs for the local population. The sale, which is being presented as a new year’s gift to the citizens, is set to take place at Muang Thong Thani from December 20 to December 24. The Commerce Minister, Phumtham Wechayachai, reported…
- Business News
Thailand leaps in digital competitiveness ranking, claims 35th spot globally
Thailand has made significant strides in its digital competitiveness, jumping five spots from the previous year to rank 35th out of 64 economic territories. This progress is revealed in the World Digital Competitiveness Ranking (WDCR) 2023, published by the International Institute for Management Development (IMD). The uplift in ranking is a result of advancements in three pivotal areas: technology, knowledge,…
- Business News
Singapore and Zurich rank as world’s most expensive cities in 2023
The Economist Intelligence Unit (EIU) recently revealed that Singapore and Zurich share the title of the world’s most expensive city in 2023. Following closely are Geneva, New York, and Hong Kong, maintaining that the worldwide cost-of-living crisis is yet unresolved. The research and analysis division of the Economist Group observed that prices for over 200 frequently utilised goods and services…
- Business News
Thai finance ministry considers beverage tax restructure to boost tourism
A proposed restructuring of the beverage tax framework is under consideration by the Finance Ministry, as revealed by the permanent finance secretary, Lavaron Sangsnit. The restructure aims to bolster tourism and domestic spending. This Friday, Lavaron plans to engage in a discussion with officials from the Customs Department and the Excise Department. The proposed measures align with Thai governmental policies…
- Business News
Thailand’s export sector sees recovery with third month of growth
The Director-General of the Fiscal Policy Office, Pornchai Thiraveja, announced that the export sector is showing signs of recovery, marking its third month of consecutive growth. Despite a year-on-year contraction of 2.7% in the value of exports between January and October, monthly figures indicate a resurgence, with an 8% rise in October to US$23.5 billion. Quarterly analysis shows a decrease…
- Business News
TAT forecasts surge of Chinese tourists into Thailand via land in 2023
The Tourism Authority of Thailand (TAT) predicts that over 300,000 Chinese tourists are expected to cross into Thailand overland next year. This surge is due to the China-Laos railway, contributing to visitor numbers, especially in the northeast’s second-tier cities. Chuwit Sirivejkul, TAT’s regional marketing director for East Asia, indicated that around 70,000 to 100,000 Chinese tourists, 2% to 3% of…
- Business News
Thailand’s shrimp exports forecasted to surge by 10% next year
A 10% surge in Thailand’s shrimp exports is on the horizon for the upcoming year, brought about by a minor uptick in local shrimp production and bolstered demand primarily from the United States. Thai Shrimp Association President Ekapoj Yodpinit disclosed that shrimp production in Thailand this year mirrored the previous year’s figure of 280,000 tonnes. Meanwhile, the country’s shrimp exports…
- Business News
Vietnam aligns corporate tax with global 15% minimum to attract investors
Vietnam has adopted a resolution to equalise its corporate income tax with the globally accepted minimum of 15% for multinational corporations. This move is aimed at countering the global trend of countries competing to attract investors by lowering their taxes. The resolution was supported by a vast majority, approximately 94% of the National Assembly delegates, as per the legislative records.…
- Business News
Thai businesses may face wage pressure after state officials’ salary increase
The Thai Chamber of Commerce predicts a potential ripple effect on businesses, following the Cabinet’s decision to approve a 10% salary increase for state officials. The chairman of the chamber, Sanan Angubolkul, anticipates that this move may compel businesses to raise their wages to attract skilled employees. The salary increase for new state employees will result in a monthly income…
- Business News
No evidence of naked short selling in Thai stock market, says ASCO
The Stock Exchange of Thailand (SET) and the Association of Securities Companies (ASCO) confirmed that there is no occurrence of naked short selling within the Thai exchange. This comes amidst the Securities and Exchange Commission’s (SEC) request for ASCO members to align their short-sell guidelines with those of the SEC. Pichet Sithi-Amnuai, ASCO president, revealed that regular inspections of short…
- Business News
Flight cancellations: Chinese airlines slash 40% of slots amid Thai tourism slowdown
The Civil Aviation Authority of Thailand (CAAT) witnessed a substantial number of flight slot cancellations by Chinese airlines, accounting for over 40% of total cancellations across Thailand’s airports. The CAAT director, Suttipong Kongpool, highlighted that such cancellations are not unusual and are often a result of fluctuating travel demand. Airline companies frequently resort to such measures in order to maintain…
- Business News
Combined tour packages: Thai proposal for Chinese tourists
Chinese tourists are the target of a new strategy suggested by Thai tourism operators, who propose selling combined tour packages to Thailand and Malaysia. This proposal comes in light of China granting visa exemptions to visitors from Malaysia and several European countries, but not Thailand. Songchai Mungprasithichai, president of the Songkhla Tourism Promotion Association, believes that since Hat Yai Airport…
- Tourism News
Doubts over Thai target of 8.2 million Chinese visitors in 2024
Analysts have expressed doubts over the Tourism Authority of Thailand’s (TAT) ambitious target of attracting 8.2 million Chinese visitors next year. This comes as predictions for overall foreign arrivals next year have been downscaled, amidst concerns over a sluggish global economy. Kasem Prunratanamala, who leads research at CGS-CIMB Securities in Thailand, stated that while the firm has kept its estimation…
- Business News
Thai Airways takes a smile: Reinstates nine cool-season routes for domestic delight
Thai Airways International reinstated nine domestic routes for the cool season, previously provided by its former affiliate, Thai Smile Airways. The services, which will run until March 30, utilise the Airbus A320 planes from the airline’s former subsidiary, Thai Smile. The re-established routes offer daily flights from Bangkok to nine destinations – Chiang Mai, Chiang Rai, Hat Yai, Khon Kaen,…
- Business News
Job-jitters in Thailand: Employment growth hits five-quarter low
The state planning agency of Thailand revealed today that the country’s employment growth has slowed to a five-quarter low of 1.3% year-on-year in the third quarter amid a sluggish economy and weak demand for exports. This comes as Southeast Asia’s second-largest economy recorded a meagre growth of 1.5% in the July-September period, marking the slowest pace witnessed this year. The…
- Tourism News
Visa-free travel policies boost global tourism and economy
Countries worldwide are recognising the importance of travel freedom in bolstering their economies and accelerating the recovery post-pandemic. As tourism and trade flourish without border restrictions, governments are implementing strategies to enhance their tourism competitiveness, such as visa-free travel policies and the digitalisation of pre-travel processes. Prominent countries like China and India, with their vast populations, are primary targets for…
- Business News
Thai and Malaysian PMs to boost border trade and tourism
A meeting slated for tomorrow between Thai Prime Minister Srettha Thavisin and Malaysian Prime Minister Anwar Ibrahim in Songkhla province is expected to tackle initiatives aimed at enhancing Thai-Malaysian border trade and tourism. A source revealed that the agenda includes a proposal from Thai tourism businesses to grant Tor Mor 6 immigration clearance form exemptions to Malaysian visitors at five…
