Economy News
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Steel dreams: Thai infrastructure boost sparks sector revival hopes
Hopes of a revival in the stagnant steel consumption sector in the country are being pinned on the government’s impending infrastructure development projects. The fiscal 2024 state budget, yet to be approved, is anticipated to propel these initiatives, according to Chaichalerm Bunyanuwat, the president of the EAF Long Product Steel Producers Association. He noted that the steel and iron industry…
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Anticipated US interest rate cut to boost gold prices in May
Gold prices in the domestic market, which had earlier witnessed a surge to 34,550 baht (US$956) per baht-weight during the Lunar New Year, are anticipated to rise again in May. This forecast comes as traders expect the Federal Reserve to begin a cut in US interest rates, thereby potentially driving global prices to US$2,100 per ounce. Gold Traders Association (GTA)…
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CRC projects 9-11% revenue growth driven by tourism boost
Central Retail Corporation (CRC) is expecting revenue growth of 9-11% in 2024, with the primary drivers being a resurgence in tourism and increased consumption. However, concerns have been raised about a potential influx of inexpensive imported goods. Yol Phokasub, CRC’s chief executive, articulated that despite the sluggish economic growth, the overall spending confidence in Thailand remains above average for the…
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Thailand govt cuts informal debts by 670 million baht in two months
The Government of Thailand has slashed the nation’s informal debts by 670 million baht (US$18.69 million) in a span of two months, successfully resolving 102,000 out of the 140,000 reported cases. This significant reduction is part of an initiative to alleviate the household debt burden. Prime Minister Srettha Thavisin, who also holds the position of Finance Minister, attributed this progress…
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Thai PM defends 10,000-baht digital wallet scheme amid criticism
The implementation of the controversial 10,000-baht digital wallet scheme was defended yesterday by Prime Minister Srettha Thavisin. This came following a statement by Move Forward Party Deputy Leader Sirikanya Tansakul, suggesting the government develop a backup plan due to the scheme’s uncertain future. Tansakul pointed out that the scheme’s success hinges on the decision of the government’s digital wallet policy…
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FTI urges protection for SMEs against cheap Chinese imports surge
The Federation of Thai Industries (FTI) is advocating for enhanced protection of small and medium-sized enterprises (SMEs) against the surge of inexpensive Chinese products. Kriengkrai Thiennukul, FTI chairman, revealed that the importation of these products has caused certain local manufacturers, predominantly SMEs, to cut their production by 50%. The FTI asserts that some imported goods require comprehensive inspection, as they…
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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…
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Indonesia reassures no rice shortage despite retail restrictions
The Indonesian government affirmed today that there is no shortage in the country’s rice stocks, despite increasing restrictions on sales in mini markets and supermarkets that have been in place since the close of 2023. Arief Prasetyo Adi, the Head of the National Food Agency (NFA), made this assurance following a coordination meeting with the president. He also highlighted the…
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Thai govt to set up asset management firm to tackle household debt
Thailand Prime Minister Srettha Thavisin today announced that an asset management firm is to be established by the Thai government in the first quarter of the year to address the persistent issue of high household debt. The initiative confronts numerous challenges, including the reluctance of some creditors to participate in the process. With 90.9% of its GDP equalling household debt…
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Thailand capitalises on halal market amid renewed Saudi ties
Thailand and Saudi Arabia’s reestablishment of diplomatic ties in 2022, after a three-decade hiatus, has presented the Land of Smiles with fresh avenues to capitalise on its halal products’ demand in the Middle Eastern markets. The global Muslim population, approximately 2 billion, is projected to constitute 25% of the total populace by 2030. Thaweelap Rittapirom, the President of the Islamic…
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Thai workers invited to apply for high-paying oil rig jobs in Brunei
A Thailand government spokesperson announced a significant recruitment drive by the Department of Employment for 40 positions on oil rigs in Brunei, offering high annual salaries, free accommodation, and excellent benefits. The application window for these coveted roles opened on February 9 and will close on February 23, inviting experienced professionals with a minimum of eight years in the industry,…
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Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
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Less than 5% pay rise for Thai employees this year
According to Aon Plc’s latest survey, Thai employees are set to experience a modest 4.9% pay rise this year, trailing behind their regional counterparts. The forecast anticipates a slight uptick from 4.7% last year but still falls short of the salary growth expected in Indonesia (6.5%), the Philippines (5.5%), and Malaysia (5%). Meanwhile, Singapore is projected to witness a 4%…
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Thai tourism index for Q4 2023 signals risk of deflation
The Tourism Council of Thailand’s (TCT) quarterly index has reported a lower-than-normal confidence level for the fourth quarter of 2023, signalling concerns among operators about the risk of deflation and delayed fiscal budget disbursement. The Thai tourism index for the last quarter of the year scored 77, with 100 being the average; this is an increase from the third quarter’s…
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Pheu Thai Party dismisses corruption concerns on 10,000-baht digital wallet scheme
The Pheu Thai Party dismissed a warning by the National Anti-Corruption Commission (NACC) concerning the government’s proposed 10,000-baht digital wallet scheme. Anusorn Iamsa-ard, a Pheu Thai list-MP, maintained that the government is open to feedback from all quarters and that the NACC’s concerns are premature as the scheme has not been implemented yet. “If the digital wallet scheme is delayed…
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Chamber of Thailand calls for cut in interest rates to boost recovery
The Thai Chamber of Commerce (TCC) expressed its expectations for the Bank of Thailand to consider a reduction in interest rates in its forthcoming meeting. The TCC argues that although the economy is on a recovery trajectory, it remains susceptible to various challenges. Sanan Angubolkul, the chairman of the chamber, acknowledged the decisions made by the Monetary Policy Committee (MPC)…
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Sea-change agenda: Phuket sets sail for luxury ship entry
Senate Tourism Committee Chairman General Thanasak Patimaprakon and his delegation visited Phuket yesterday to discuss transforming the popular holiday resort island into a point of entry for small luxury ships. The visit was in response to plans to develop Phuket Deep Sea Port at Ao Makham to serve as a home port for small cruise ships. This move aims to…
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Making waves: Phuket water projects dive deep into billion-baht territory
The Phuket Provincial Water Resources Subcommittee delved into water projects exceeding 1 billion baht yesterday and made quite a splash. The meeting, held at Phuket Provincial Hall and chaired by Phuket Vice Governor Norasak Suksombun, saw a flood of attendees from various government agencies. The discussion navigated through the island’s rainfall patterns, water levels in its three main reservoirs, water…
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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)…
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Thai rice exporters stir in choppy waters as challenges loom ahead
Rice exporters in Thailand are bracing for a challenging year ahead due to a host of risk factors, including fluctuating exchange rates, waning competitiveness of Thai rice, fierce price competition, the potential impact of the El Niño weather phenomenon, and India’s restrictive export policies, as reported by the Thai Rice Exporters Association. The association’s honorary president, Chookiat Ophaswongse, referred to…
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Promising future for Thai SET in healthcare, tourism, food sectors
Despite the slow recovery of the Stock Exchange of Thailand (SET) from last year’s significant slump, executives see a promising future in healthcare, tourism, and food stocks. They believe these sectors can offer attractive opportunities for investors and encourage more companies to enlist on the bourse. Manpong Senanarong, SET Senior Executive Vice-President and head of the Issuer and Listing Division,…
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Thailand taps Chinese influencers to boost exports
The Thai government launched an initiative to boost the country’s exports to China, the world’s second-largest economy. The plan involves inviting 30 to 50 of China’s leading social media influencers to visit Thailand in May. During their stay, these influencers will livestream their Thai experiences, promoting local products from traditional elephant pants to native sweet treats to their followers back…
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Corruption potential in the 10,000-baht digital wallet scheme
Despite potential warnings from the National Anti-Corruption Commission (NACC), the government has confirmed plans to proceed with the 10,000-baht digital wallet scheme. Prime Minister Srettha Thavisin and Deputy Finance Minister Julapun Amornvivat agreed to let the digital wallet policy committee begin work next week. The focus of the forthcoming meeting will be on the potential for corruption during the handout…
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Trunk trouble: Illegal elephant pants imports surge sparks probe
A surge of illegal imports of Thai elephant pants from China and neighbouring countries led to an official investigation on February 5. Phumtham Wechayachai, the Deputy Prime Minister and Minister of Commerce, directed the Department of Intellectual Property (DIP) to look into this matter. These infringing items were spotted at various tourist hotspots, being sold at prices significantly lower than…
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Thai condo market surge fuelled by visa-free policy and Chinese
The Thai condominium market is experiencing a surge in activity, largely due to a permanent visa-free policy for Chinese nationals, which has led to a significant increase in property purchases by foreigners. In the first three quarters of the year 2023, foreign buyers transferred ownership of 10,703 units valued at 52,259 million baht (US$1.46 million). This momentum is expected to…
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Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
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Labour costs outpace revenue growth in Thai tourism sector
Rising labour costs in the tourism sector are outpacing revenue growth, resulting in increased hotel expenses, as revealed by hospitality market analyst STR. Jesper Palmqvist, senior director for Asia-Pacific at STR, warned that the only risk for hotels this year is maintaining cost controls in light of the extraordinary growth of labour costs and room rates. Over the past one…
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Samsung’s Galaxy S24 series boasts strong pre-orders in Thailand
Thai Samsung Electronics’ Vice-President of Mobile Experience, Sitthichoke Nopchinabutr, expressed confidence in the company’s position in Thailand’s competitive smartphone segment. This follows the recent launch of Samsung’s Galaxy S24 series, equipped with advanced artificial intelligence (AI) capabilities. Sitthichoke revealed that the volume of pre-orders for the S24 series places Thailand among the top five markets globally. Moreover, it leads to…
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Thailand’s 10,000-baht digital wallet scheme delayed due to legal complications
The anticipated 10,000-baht digital wallet scheme, initially scheduled for a May launch, has encountered delays due to a study by the National Anti-Corruption Commission (NACC) warning of potential legal complications. Prime Minister Srettha Thavisin, who is also the finance minister, emphasised on Saturday the need for expedited discussions with Deputy Finance Minister Julapun Amornvivat to determine the next steps for…
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Thai Hong Kong Trade Association signs MoU with Industries Federation
The Federation of Hong Kong Industries (FHKI) and the Thai Hong Kong Trade Association (THKTA) have joined forces, signing a Memorandum of Understanding (MoU) that promises to revolutionise bilateral trade. FHKI Chair Steve Chuang made the announcement on January 24, declaring that the Association is strategically eyeing ASEAN and Thailand as prime territories for Hong Kong manufacturers looking to navigate…
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