Search Results for: Thailand's economy
- Business News
Grain gain: Thailand’s rice exports sprout an impressive 12% surge
The Commerce Ministry reported a significant increase in Thailand’s rice exports. Data reveals an 11.91% rise in exports from January to August 29, compared to the same duration last year. During this period, Thailand managed to export a hefty 5.29 million metric tonnes of rice. Despite the impressive rice export figures, the agricultural sector in Southeast Asia has been grappling…
- Thailand News
Thailand’s PM plans secondary city airport revitalisation to boost tourism
Prime Minister Srettha Thavisin’s recent plan to revitalise airports in secondary cities has been warmly received by tourism operators in Nakhon Ratchasima. The airport revitalisation proposal, aimed at driving up tourist arrivals and stimulating the economy, was announced yesterday. Local tourism promotion association’s leader, Pongthep Malachasing, sees this as a golden opportunity to invigorate Nakhon Ratchasima Airport. The airport, despite…
- 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%,…
- Business News
Thailand’s household debt soars as auto loans and cooperative debts spike
The secretary-general of the National Economic and Social Development Council (NESDC) issued a warning over the steady increase in Thailand‘s household debt. The critical areas requiring stringent monitoring were identified as auto loans and debt originating from savings cooperatives. During a press conference outlining the nation’s social outlook for the second quarter of 2023, Danucha Pichayanan revealed that household debt…
- Pattaya News
American-Thai couple arrested for running Thailand’s largest online escort service
A significant breakthrough in the fight against online prostitution rings came to light last Friday when Thai Police revealed the capture of an American-Thai couple. The authorities believe they were the brains behind Thailand’s most extensive online escort service and sex agency website, tailormade to cater to an international clientele. The website, which was revealed in a joint press briefing…
- Business News
Thailand’s DES Ministry plans legal action against Facebook over scam complicity
Thailand’s Digital Economy and Society (DES) Ministry is preparing a legal case seeking the shutdown of Facebook within the country, accusing the social media giant of collusion with fraudulent operators. The ministry alleges that Facebook has been complicit in aiding scammers, who utilised the platform’s sponsored pages to deceive Thai citizens into making investments. The ministry plans to invoke the…
- Economy News
Foreign investments bolster Thai economy with 58.9 billion baht boost
From January through July of this year, Thailand welcomed a foreign investment sum of 58.9 billion baht. A notable chunk of this influx originated from Japan, whose companies lavished the largest amount of capital on developing their businesses within Thai borders. Estimates suggest that the Japanese investors led the pack with a total outlay of 19.9 billion baht. They were…
- Business News
Thailand’s baht leads Asian currency downturn amid China’s economic worry
Asian currencies experienced a downturn yesterday, led by Thailand‘s baht, as concerns heighten surrounding the recovery status of the global economy’s second-largest player, China. The baht plunged by a substantial 0.8%, marking it as the largest depreciation against the US dollar in half a dozen weeks. Across the waters of offshore markets yesterday afternoon, it was changing hands at approximately…
- Crime News
Online fraudsters prompt Thailand’s DES Minister to call for halt on unauthorised bank transactions
Thailand’s Minister of Digital Economy and Society (DES) strongly urged banks to halt unauthorised transactions following a request by their customers. This suggests an effort to mitigate the financial damages inflicted by online fraudsters on unsuspecting victims. The directive comes in light of the recent enactment of the Royal Decree on Cyber Crime Prevention and Suppression, which came into effect…
- Business News
Flavorful finances: Thailand’s July inflation stays mild
The Ministry of Commerce in Thailand revealed that July’s headline inflation saw less acceleration than anticipated, credited largely to a dip in food and energy costs. Meanwhile, forecasts by the agency anticipate the inflation rate’s upturn by less than 1% per month until the year concludes. July’s year-on-year headline inflation amounted to a 0.38% rise, measured via the consumer price…
- Thailand News
Hua Hin Airport upgrade to attract tourists and boost Thai economy
In a move poised to encourage tourism, Hua Hin Airport, operated by the Department of Airports (DoA), is set for a vast upgrade that will escalate it to international status, as confirmed by acting director Rattapol Charoenphon recently. The Hua Hin Airport has already made significant strides towards this goal, extending its runway to reach a length of 2.1 kilometres…
- Business News
Thailand’s bid to become smart, eco-friendly logistics hub in ASEAN
In the realm of business and industry, a campaign is gaining traction in which the government is being urged to bolster the country’s standing as a prospective eco-friendly hub for logistics within the prominent Southeast East Asian alliance, the Association of Southeast Asian Nations (ASEAN). Moreover, there is a strong emphasis on preparing businesses to adapt to the dawn of…
- Business News
Thailand’s smartphone market holds promise despite economic strain
In these difficult financial times, Thailand’s smartphone market still carries incredible potential for device makers, particularly in high-end models, despite reduced support of handset subsidies by mobile operators, according to Oppo, a leading Chinese smartphone maker. With a market value exceeding 100 billion baht, Thailand’s smartphone market is regarded as a gem within Southeast Asia. The Senior Executive Vice-President at…
- Thailand News
Thailand aims to boost economy with health tourism campaign
The Thai government has launched an ambitious campaign, “Discover the New You” to entice international visitors to spend upwards of 18 million baht (US$510,000) by September of this year. This initiative is a concerted effort by the government, the Tourism Authority of Thailand (TAT), and over 130 healthcare, wellness businesses and service providers including hotels, spas, health resorts, hospitals, and clinics.…
- Business News
French firms eye big ticket investment in Thailand’s EEC
In a bid to fortify its economy, the Thai government is extending an invitation to French corporations to make significant investments in the Eastern Economic Corridor (EEC). Identified as an ideal zone for the development of a high-tech industrial park, the EEC comprises sections of Chachoengsao, Chon Buri, and Rayong. The authorities have identified aviation alongside 11 other S-curve industries…
- Thailand News
Taking the insurgency by storm: Southern Thailand’s military withdrawal sets off in full swing
The forthcoming military withdrawal in the southern region of Thailand, which has seen 19 years of insurgent unrest, is currently in its initial phase, according to Fourth Region Army commander, Lt. Gen. Santi Sakuntanak. The four-year plan aims to gradually decrease military presence and remove the state of emergency that has been prevalent in the area. Since 2004, Yala, Narathiwat,…
- Business News
Thailand’s real estate sector eyes foreign investment boost
With an eye on boosting the economy, real estate developers and consultants are urging Thailand‘s new government to implement policies that promote foreign investment. They believe such measures will stimulate a more positive environment for overseas buyers in the property market, suggesting promotional efforts to increase awareness among foreign investors. Artitaya Kasemlawan, head of residential sales projects at CBRE Thailand,…
- Business News
Sustainable financing: Unlocking Thailand’s net-zero pathway challenge
The urgency of tackling climate change and transitioning towards a sustainable future has drawn increased attention to the importance of sustainable financing in recent years. With every investment decision holding the potential to mould the fate of the planet, governments, corporations, and financial institutions are recognising the significance of funding environmentally friendly initiatives. The push for a net-zero carbon economy…
- Thailand News
Thai economy stimulus: Government plans 1.9 trillion baht boost during government transition
Thailand’s National Economic and Social Development Council (NESDC) unveiled plans to inject 1.9 trillion baht into the Thai economy to bridge the gap before the new government can budget for the year 2024, emphasising fiscal reforms and monitoring household debt. Secretary-General Danucha Pichayanan highlighted the need for industry restructuring and government action in response to shrinking exports, which is affecting…
- Business News
Unlocking digital potential: Foreign software companies ‘Thai’ the knot with Thailand’s growing tech scene
Thailand is witnessing an increase in foreign software companies setting up offices in the nation, tapping into its digital growth and the demands of local enterprises. This development has attracted big data centres and cloud service providers from various countries, including the US, Japan, and China. Among the firms choosing Thailand is Adobe Inc., an American creator of design tools…
- Economy News
Thailand’s tourism rebounds with 11.4 million visitors
Thailand has experienced a surge in foreign tourist arrivals, with 11.4 million visitors recorded from January to June 11, according to a statement released by the Ministry of Tourism and Sports. This figure has already surpassed the total number of tourists in 2022, which reached 11.15 million. The statement also revealed that tourist spending during this period amounted to 472…
- Economy News
Eggs-traordinary crisis: Thailand’s soaring egg prices crack traders and consumers alike
The soaring cost of eggs in Thailand has left traders and consumers concerned, with some attributing the price hike to a shortage of supplies at farms and increased export demand. Wanchai Rungmitcharatsaeng, a 65 year old egg shop owner in Khon Kaen’s Mueang district, has been in the business for over 20 years and claims that egg prices have reached…
- Business News
Thailand’s NBTC mulls supervision of OTT platforms for fair telecoms
The National Broadcasting and Telecommunications Commission (NBTC) is weighing the potential regulation of over-the-top (OTT) platforms in Thailand to create a level playing field and ensure equal treatment in the telecom sector. Despite major foreign OTT platform providers having established operations offices in Thailand and adhering to value-added tax (VAT) payment rules, the regulator is contemplating whether these operators should…
- Business News
Thai economy could face 36 billion baht hit from extreme weather
Extreme weather conditions, including drought and floods, could potentially inflict a 36 billion baht blow to Thailand‘s economy this year, warns the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). Drought, in particular, is a significant concern as it may severely affect the agricultural and manufacturing sectors, further hindering the country’s already sluggish exports. “Manufacturers are worried about drought…
- Business News
Thailand’s PC market set for 7.9% growth amid business transformation demand
The personal computer (PC) market in Thailand is predicted to expand by 7.9% this year, driven by the increasing demand from businesses seeking digital transformation, according to IDC Thailand’s market analyst. The first quarter of 2023 saw the market contract by 20.3% year-on-year, but it experienced a 12.9% growth quarter-on-quarter due to consumer spending through the government’s “Shop Dee Mee…
- Business News
Thailand’s soaring household debt risks economic slowdown, warns NESDC
The National Economic and Social Development Council (NESDC) issued a warning concerning Thailand’s mounting household debt, stating that it could become a significant issue if the economy and employment rates decline. NESDC Secretary-General Danucha Pichayanan emphasised the need for debt restructuring alongside financial and fiscal discipline at both individual and corporate levels. During a press conference discussing the economic outlook…
- Business News
Accessible tourism potential for Thailand’s post-pandemic resilience
The World Tourism Organization emphasizes the importance of accessible tourism as the industry aims to recover post-pandemic. An estimated 10% of the global population is aged over 65, while approximately 16% have some form of disability. As Thailand’s economy increasingly relies on tourism, developments in accessible infrastructure are being implemented in both public and private sectors. Despite existing accessibility laws…
- Thailand News
Southern Thailand’s struggle to attract foreign investors
The Southern Region Industrial Estate in Songkhla province of Thailand is unusually quiet. Long winding roads, usually bustling with heavy vehicles, are mostly empty. There are only two industrial estates in southern Thailand, the other being the Songkla Industrial Estate. In total, there are 67 industrial estates across the country. Sirianya Pornsuwankun, a tenant of the Southern Region Industrial Estate…
- Business News
TNSC lowers Thailand’s export growth forecast due to global economic challenges
The Thai National Shippers’ Council (TNSC) has revised its export growth forecast for Thailand, predicting a 0-1% increase due to negative factors and uncertainty in the US and Chinese economies, as well as ongoing geopolitical conflicts. Despite the downward revision, the group remains confident that Thailand’s exports will not contract this year. Chaichan Chareonsuk, chairman of the TNSC, stated that…
- Business News
Thailand’s export forecast for 2023 suggests 1% growth due to China’s economic recovery
Thailand’s exports are predicted to experience a 1% increase in 2023, with a more significant improvement anticipated later in the year due to the recovery of China’s economy, according to the Thai National Shippers’ Council (TNSC). In a news conference, council chairman Chaichan Chareonsuk stated that although exports faced a downturn in the first quarter, a resurgence is predicted for…
