Search Results for: GDP growth
- Business News
Thailand’s economy braces for slow growth
Thailand’s economy is set to experience slow growth in the coming years, with GDP forecasts for this year ranging between 3-3.4%. Several factors, including sluggish growth in exports, subdued Chinese demand for consumption and tourism, geopolitical risks, and a shortage of skilled workers, are expected to influence this. Despite these challenges, industry executives are optimistic and are devising strategies to…
- Business News
Thailand aims to boost SME contribution to GDP by 300 billion baht in 2024
Aiming to raise small and medium-sized enterprises (SMEs) contribution to the nation’s GDP to 6.6 trillion baht in the next year. Thailand’s Commerce Ministry is set to collaborate with private firms. This expected increase of 300 billion baht from the current year is part of the ministry’s strategic roadmap for SME development. Deputy Commerce Minister Napintorn Srisanpang unveiled the plan,…
- 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…
- Thailand News
EconThai: Thailand’s job market faces limited growth in key sectors predicted for 2024
The Employers’ Confederation of Thai Trade and Industry (EconThai) painted a gloomy picture of Thailand‘s job market in 2024. The Employers’ Confederation of Thai Trade and Industry (EconThai) is sounding the alarm, predicting a continued slump in Thailand’s job market in the coming year. According to Tanit Sorat, Vice-Chairman of EconThai, the country’s employment landscape remains bleak in the aftermath…
- Thailand News
Airbnb’s Thai-cation: Boosting GDP and jobs in the Land of Smiles, study shows
A recent study by Oxford Economics highlights the significant role played by Airbnb in Thailand’s tourism sector, making a substantial contribution to the country’s GDP and job market. According to the report commissioned by Airbnb, the platform made a substantial 31 billion baht contribution to Thailand’s Gross Domestic Product in 2022, supporting almost 56,500 jobs. This translates to approximately 1.7%…
- Business News
Thai stock market plunges amid public debt concerns and reduced GDP forecast
Following a decline of over 1.5% yesterday, the Stock Exchange of Thailand (SET) dropped below the 1,450 points mark. This follows mounting apprehensions concerning escalating public debt and economic growth after the World Bank scaled down its forecast for the Thai GDP. Daol Securities (Thailand) noted selling pressure from the majority of investor groups due to persisting worries about the…
- 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…
- Business News
World Bank’s growth forecast dips in East Asia: A downward spiral
The World Bank‘s most recent semi-annual report reveals a downward revision in growth predictions for developing economies across East Asia and the Pacific for the years 2023 and 2024. This downward adjustment can be attributed to various factors, including the constraints imposed by tighter financial conditions and the ongoing challenges within the global economic environment. According to the report, the…
- Economy News
Thai economy loses steam: UTCC’s growth forecast trims to 3%
With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of…
- Business News
Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
- Business News
Thailand’s car rental sector shifts gears: 2023 growth outlook takes a modest dip of 2-3%
Thailand’s car rental sector is anticipated to witness a modest growth of 2-3% this year, as per Krungthai Car Rent & Lease Plc (Kcar). This is a step down from the previous annual growth of 4-5%, a dip attributed to numerous elements such as a stagnating economy, slow resurgence of tourism, diminished buying power, and escalating household debt. Pichit Chantarasereekul,…
- Business News
Baht-ing for growth: Pheu Thai Party’s digital policy to boost Thai economy
The 10,000-baht digital currency policy handout by Pheu Thai is expected to inject an estimated 2 trillion baht into the country’s economy, according to Deputy Finance Minister Julapun Amornvivat. This initiative aims to contribute to a growth of at least 5% in the GDP by 2024. Julapun Amornvivat stated that the economy would get a boost from the widespread use…
- 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%,…
- Economy News
Household debt in Thailand soars to 86.9% of GDP, dampening consumer spending
Thailand’s mounting household debt is raising concerns, as it continues to hinder consumer spending, affecting various industries and impeding economic growth. The latest data from the National Economic and Social Development Council shows debt in the nation reached 15.1 trillion baht in the fourth quarter of 2022, a 3.5% increase year on year, and accounting for 86.9% of GDP. Debt…
- World News
Malaysia’s trade outlook brightens with global growth upgrade
The recent upgrade in the global economic growth forecast for this year is expected to have a positive impact on Malaysia’s trade performance, according to Investment, Trade, and Industry Minister, Tengku Zafrul Abdul Aziz. The World Bank has increased its global growth projections to 2.1% in 2023, up from the 1.7% predicted in January. Additionally, the growth forecasts for the…
- Business News
OECD raises global growth outlook as inflation eases, warns of long road
The Organisation for Economic Co-operation and Development (OECD) has marginally increased its global economic growth forecast to 2.7%, up from 2.6% in its previous report. This revision is attributed to easing inflation, China lifting Covid restrictions, falling energy prices, and supply chain improvements. However, the recovery remains below the 3.3% growth recorded in 2022, and the organisation warns of a…
- Thailand News
Thai MFP pledges higher welfare, minimum wage, and economic growth
The Move Forward Party (MFP) in Thailand announced its commitment to increasing welfare spending and raising the minimum wage, while simultaneously promoting economic growth through opening up the market to competition and reducing corruption. The Thai economy experienced a 2.6% growth last year as it gradually recovered from the global pandemic. The MFP, which is striving to lead a coalition after…
- World News
Mobile phone growth to increase 400% in next 3 years across Asia Pacific
Over the next three years, the expansion of 5G connectivity in the Asia Pacific region is expected to increase by 400%. GSM Association, a conglomerate of telecom operators worldwide, says the ‘metaverse’ and greater uptake in the latest generation of smartphones is fuelling the growth. The GSM Association is an industry organisation that represents the interests of mobile network operators…
- Thailand News
Thailand’s central bank may revise inflation rate, GDP to battle economic downturn
The Bank of Thailand’s rate-setting committee with meet today to discuss a possible revision of key economic figures such as interest rates and GDP, as the country battles an economic climate that has soured high hopes for the year. Various factors include a weakened baht, rising inflation and the impact of the war in Ukraine, which has resulted in spiking…
- 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…
- Economy News
GDP forecast dropped to 1-2% with best, middle and worst case scenarios
Mass vaccination will be the key stop the slump in economic growth after the Bank of Thailand revised their 2021 GDP forecast to between 1 – 2%. They had previously estimated a 3% growth in the gross domestic product but are now creating tiered predictions of a base level, worse situation, and a worst-case scenario, according to the Bank of…
- Economy News
Covid-19 again lowers Thai economic growth forecast to 2.3%
Thailand’s economic growth forecast was lowered to 2.3% as the tourism outlook remains bleak as Covid-19’s third wave pummels the country. Back in October 2020, the Finance Ministry’s Fiscal Policy Office had originally predicted a 4.5% growth for Thailand’s GDP, when Covid-19 seemed to be waning in the country. By January, as the second wave hit, projections were reeled in…
- Thailand News
Thailand News Today | Holiday road toll, protests tomorrow, GDP recovery | November 24
There’s been some heavy downpours around sections of Bangkok over the past few days. We start with some video of the flooded streets. Then, into the news… 139 killed, 653 injured, as Thailand’s holiday weekend sees surge in road accidents The Ministry of Transport has confirmed that hundreds of road traffic accidents have taken place over Thailand’s 4 day holiday…
- Thailand News
Finance Minister says Thailand’s GDP will take 2 years to recover
Thailand’s finance minister says the countrys GDP will take 2 years to recover the 9% it has lost since the Covid pandemic ravaged the economy. Arkhom Termpittayapaisith, the Finance Minister, says the economy would have expanded by 3% this year if it weren’t for the pandemic. “The pandemic crisis will make the economy contract by around 6% in 2020, therefore…
- Economy News
Thai GDP drops nearly 2% in first quarter
The Thai economy’s slumped by nearly 2% year-on-year during Q1, 2020. In it’s full-year forecast, the National Economic and Social Development Council forecasts that the Thai GDP would drop 5-6% for the year. As a comparison, the economy tanked 7.6% during the 1997 financial crisis. The Gross Domestic Product in Q1 dropped by 1.8%, compared to a rise of 1.5% in the…
- Politics News
Thai finance minister confident GDP will pick up next quarter
Deputy PM Somkid Jatusripitak says he is confident Thailand’s gross domestic product will pick up in the fourth quarter as a result of the launch of 316 billion baht economic stimulus package from the Thai government. He claims the new rice price guarantee scheme will also assist the agricultural sector. The Cabinet approved the new packages at its Tuesday meeting.…
- Business News
Post-election uncertainties see World Bank downgrade GDP further
Thai GDP growth is projected to fall from 4.1% last year to 3.5% in 2019, according to a World Bank report out today. The Thailand Economic Monitor noted that exports contracted by 4% in the first quarter of 2019 – the first quarterly contraction in three years. Private investment and household consumption continued to grow close to their three-year high, helped…
- Business News
Somkid blames sluggish formation of Thai government for GDP downgrading
Deputy PM Somkid Jatusripitak is saying the delay in forming Thailand’s next government caused the downgrading of the country’s GDP projections from 3.8% to 3.3%. The Bank of Thailand downgraded their forecasts at a meeting this morning. But Somkid noted that he was confident that Thailand’s GDP growth will pick up again once the new cabinet had been announced and…
- Business News
Thai economy’s growth in 2018 projected at 4.5% – World Bank
Things are looking up for more economic smiles in the Land of Smiles with more positive news coming out of the World Bank. Projections are being revised upward, again. The World Bank says it’s adjusted its projections for Thailand’s economic growth upward, for the whole of 2018, to 4.5%, from the previous projection of 4.1%. The announcement comes from Kiattiphong…
- 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…
