Search Results for: GDP

  • Business NewsThailand advances its bid for OECD membership to boost economy

    Thailand advances its bid for OECD membership to boost economy

    Thailand is forging ahead with its application to become a member of the Organisation for Economic Cooperation and Development (OECD), a move that is anticipated to significantly enhance the country’s economic growth. The Thai Foreign Affairs Minister, Parnpree Bahiddha-Nukara, took a proactive step on Tuesday, April 16, by submitting an official letter of intent to Mathias Cormann, the secretary-general of…

  • Business NewsThailand’s revenue department ups tax amid economic slowdown

    Thailand’s revenue department ups tax amid economic slowdown

    The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…

  • Business NewsRevving up: Rever Leasing to drive BYD EV financing in Thailand

    Revving up: Rever Leasing to drive BYD EV financing in Thailand

    Rever Leasing, a vehicle finance subsidiary of Rever Automotive Co, the exclusive distributor for BYD electric vehicles (EVs) in Thailand, is set to launch operations next month. The firm has set a high target to become the top electric vehicle loan provider in Thailand within the next few years. Isara Wongrung, the CEO of Rever Leasing, expressed confidence in the…

  • Business NewsOil prices surge amid Middle East tensions and Russia-Ukraine war

    Oil prices surge amid Middle East tensions and Russia-Ukraine war

    Tensions in the Middle East and ongoing conflicts between Russia and Ukraine have elevated crude oil prices. Notwithstanding the fragile global economic climate, crude oil prices experienced a dip in the first quarter of the year, as the OPEC+ group of producers continued to restrict supply. Near the start of April 2024, the ICE Brent crude oil price has reached…

  • Thailand NewsThai government’s digital wallet scheme faces legality verification

    Thai government’s digital wallet scheme faces legality verification

    The Government of Thailand‘s plan to partially finance its 500-billion-baht digital wallet handout scheme through a 172.3 billion baht loan from the Bank of Agriculture and Agricultural Cooperative is set to undergo legality verification by the Council of State. The announcement was made by Prime Minister Srettha Thavisin, who also stated that the government will seek advice from its legal…

  • Business NewsBoT holds policy rate, predicts consistent economic growth

    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 NewsThai government’s 500-billion-baht digital wallet scheme launches this quarter

    Thai government’s 500-billion-baht digital wallet scheme launches this quarter

    Prime Minister Srettha Thavisin announced yesterday that the government’s 500-billion-baht digital wallet initiative will be launched in full swing in the fourth quarter to stimulate economic growth. This flagship policy of the ruling Pheu Thai Party plans to distribute 10,000 baht to 50 million Thai citizens for spending within their local communities over six months. PM Srettha, who also serves…

  • Business NewsThai govt plans huge digital wallet handout to boost economy

    Thai govt plans huge digital wallet handout to boost economy

    The Pheu Thai Party government, led by Prime Minister Srettha Thavisin, is set to roll out a massive digital wallet handout scheme worth 500 billion baht (US$13.75 billion) in the fourth quarter of this year. The scheme, which is designed to stimulate economic activity, involves transferring a sum of 10,000 baht (US$275) to 50 million Thai citizens, intended to be…

  • Business NewsAnalysts predict BoT to maintain policy rate despite weak baht

    Analysts predict BoT to maintain policy rate despite weak baht

    There’s a growing consensus among financial analysts that the Bank of Thailand (BoT) won’t lower its policy rate during its April 10 meeting, despite a weakening baht and economic outlook. This perspective is strongly held by Kasikorn Research Centre (K-Research), according to Kanjana Chockpisansin, the head of research. Kanjana stated that they believe the BoT’s Monetary Policy Committee (MPC) will…

  • Thailand NewsThai Stop Gambling Campaign criticises government’s plans

    Thai Stop Gambling Campaign criticises government’s plans

    The general secretary of the Stop Gambling Campaign Foundation responded to a recent statement by Prime Minister Srettha Thavisin on Tuesday regarding the potential establishment of an entertainment complex to address the issue of illicit gambling activities. The Thai PM had outlined plans for the Provincial Administration and National Security Departments to oversee the situation, acknowledging the existence of covert…

  • Business NewsFuelling fears: Thai diesel price hike won’t ignite retail inflation

    Fuelling fears: Thai diesel price hike won’t ignite retail inflation

    The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) stated that a potential increase in domestic diesel prices, which could surpass 30 baht a litre following the termination of the Oil Fuel Fund subsidy scheme on March 31, is unlikely to prompt manufacturers to raise the prices of their goods. Prime Minister Srettha Thavisin revealed on Tuesday, April 2,…

  • Business NewsThai government increases 2025 budget deficit for economic boost

    Thai government increases 2025 budget deficit for economic boost

    The Government of Thailand has sanctioned a rise in the 2025 budget deficit by an extra 153 billion baht, to instigate an economic boost. As a result, the budget will increase to 3.752 trillion baht, a significant hike from the previously planned 3.6 trillion, according to Chalermphol Pensoot, the Budget Bureau director at the Ministry of Finance. The budget deficit…

  • Business NewsThai SMEs urged to leverage Secured Transaction Act for loans

    Thai SMEs urged to leverage Secured Transaction Act for loans

    The Thai Commerce Ministry is encouraging small and medium-sized enterprises (SMEs) to capitalise on the Secured Transaction Act. This act allows businesses to use assets with economic value, such as machinery, high-value trees, and intellectual property, as collateral for securing loans. Deputy Commerce Minister Napintorn Srisunpang made these remarks during the opening of the Business Collateral Fair. The event was…

  • Thailand NewsMinimum wage rises to 400 baht in 10 Thai provinces

    Minimum wage rises to 400 baht in 10 Thai provinces

    The minimum wage in selected areas of 10 Thai provinces is set to rise to 400 baht per day, as decreed by the tripartite wage committee yesterday. This new wage increase, which comes into effect on April 13, will apply to tourism-related businesses and four-star hotels with a staff of 50 or more. Pairoj Chotikasathien, the committee’s chairman and permanent…

  • Thailand NewsCan Thailand achieve high-income status by 2037? (video)

    Can Thailand achieve high-income status by 2037? (video)

    As Thailand steers towards high-income status by 2037, a formidable obstacle looms large: rampant flooding wreaking havoc on its economy. In an exclusive interview with Thai PBS World, the World Bank unveils a groundbreaking strategy to expedite flood management, potentially transforming Thailand’s economic landscape. Read on to discover the game-changing insights and bold plans set to redefine Thailand’s future. Amid…

  • Thailand NewsSingapore tops Asia in World Happiness Report 2024 rankings

    Singapore tops Asia in World Happiness Report 2024 rankings

    Singapore has retained its position as the happiest country in Asia for the second consecutive year, according to the recently released World Happiness Report 2024. The city-state ranked 30th out of 143 surveyed countries globally but stood at the pinnacle in Asia, outshining its regional peers including Taiwan, Japan, South Korea, the Philippines, Vietnam, and Thailand. Thailand came in seventh…

  • Thailand NewsUS pledges boost in semiconductor investment for Thailand

    US pledges boost in semiconductor investment for Thailand

    To ramp up global semiconductor production, US Commerce Secretary Gina Raimondo promised investment in Thailand’s manufacturing sector. Raimondo, speaking at an event in Bangkok hosted by the American Chamber of Commerce, asserted that Thailand stood to benefit significantly from increased US investment in semiconductor production, stating that American firms were poised to supercharge their investments in the nation. Highlighting the…

  • Business NewsBank of Thailand likely to cut policy rate in April, predicts SCB EIC

    Bank of Thailand likely to cut policy rate in April, predicts SCB EIC

    Siam Commercial Bank’s research centre, SCB EIC, anticipates that the Bank of Thailand is likely to initiate a decrease in the policy rate in April due to structural economic issues. The research centre predicts that the Monetary Policy Committee (MPC) will slash the policy rate by 50 basis points in the first half of this year. The initial rate cut…

  • Thailand NewsDriving economic growth: Thailand’s quest for clean energy

    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 NewsHousehold debt surge impacts property and auto sectors

    Household debt surge impacts property and auto sectors

    The accumulated domestic debt and non-performing loans (NPLs), coupled with stagnant buying power, have continued to suppress domestic consumption since the previous year, with the property and automotive sectors suffering the most significant blow. This is reflected in the high rate of home loan refusals and car repossessions. The numerous interest rate increases last year exacerbated the financing issues, with…

  • Thailand NewsWage increase: EconThai’s projections for minimum daily wage

    Wage increase: EconThai’s projections for minimum daily wage

    An anticipated meeting of the tripartite wage committee later this month is expected to sanction a second increase in the minimum daily wage for this year. However, the Employers’ Confederation of Thai Trade and Industry (EconThai) suggests the approved hike is unlikely to take the wage to the 400 baht mark. According to Thanit Sorat, the vice-chair of EconThai, the…

  • Business NewsThai industrial sentiment dips despite tourism boost

    Thai industrial sentiment dips despite tourism boost

    The Federation of Thai Industries (FTI) reported a minor dip in the industrial sentiment index for February, which fell to 90.0 from 90.6 in the preceding month. This decline was attributed to a slowdown in both domestic demand and exports, despite a boost from the tourism sector. The FTI revealed that household concerns over high living costs and debt issues…

  • Business NewsThai industries federation urges stringent checks on imported produce

    Thai industries federation urges stringent checks on imported produce

    The Federation of Thai Industries (FTI) urged the government to intensify scrutiny of agricultural imports, particularly fruits and vegetables, from neighbouring nations and China, following the detection of pesticide contamination in some produce. Kriengkrai Thiennukul, the FTI chairman. stated that Thailand continues to import fruit and vegetables contaminated by chemicals banned in many countries. He emphasised the need for a…

  • Business NewsThai government plans six flagship AI projects in national strategy

    Thai government plans six flagship AI projects in national strategy

    Six flagship projects, including the development of an artificial intelligence (AI) workforce and the Thai large language model (ThaiLLM), are on the cards for the second phase of the national AI strategy and action plan. The initiation of these projects is pending approval from a new National AI Committee, appointed by Prime Minister Srettha Thavisin. An estimated budget of 1.5…

  • Business NewsThai economy predicted to bounce back in Q2 despite sluggish start

    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 NewsOR’s SDG policy fuels Thailand’s sustainable economic growth

    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…

  • Business NewsChina aims for 5% growth amid economic slowdown

    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…

  • Digital MarketingMaximising engagement: The impact of cookies on social media strategies

    Maximising engagement: The impact of cookies on social media strategies

    In today’s digital landscape, the way brands connect with you online is evolving rapidly, especially in social media marketing. At the heart of this transformation are social media trackers, a unique breed of cookies that play a pivotal role in how your online activities are monitored and how personalised content is served to you. Understanding the mechanics behind these trackers…

  • Digital MarketingCookies are more important for websites than you think

    Cookies are more important for websites than you think

    Navigating the digital landscape can be a minefield, especially when it comes to understanding the nuances of website cookies. You might have heard the term tossed around but are still left wondering, “Do I actually need cookies on my website?” Well, you’re not alone in this quest for clarity. The short answer is, it depends on what your website does…

  • Business NewsWeakening Thai baht forecast due to economic cost factors

    Weakening Thai baht forecast due to economic cost factors

    Analysts predict a decline in the value of the Thai baht, the nation’s currency, attributed to various factors such as sluggish economic growth, elevated freight expenses, and discord regarding reductions in interest rates. It is anticipated that the baht will fluctuate within the range of 36 to 36.50 against the US dollar throughout this month. On Wednesday, the baht recorded…