Search Results for: Thailand's economy
- Business News
ETDA plugs in: Powering up Thailand’s digital economy for 2024
Thailand’s Electronic Transactions Development Agency (ETDA) unveiled plans to further its role as a co-creation regulator and promoter next year, aiming to boost the digital economy’s value and generate positive social impact. The ETDA intends to enhance the nation’s digital infrastructure, focusing on promoting e-document management, improving governance of digital platform services, and leveraging artificial intelligence (AI) for good governance…
- Business News
Reforming Thailand’s creative sector to boost economy globally
Thailand’s creative industry requires a comprehensive reform to foster growth both domestically and internationally, as emphasised by the soft power development subcommittee. The government has identified the creative sector as a crucial driver for economic enhancement and international recognition, leveraging Thailand’s soft power. The 5F approach, encompassing Thai food, films and videos, fabric and fashion design, martial arts, and traditional…
- Thailand News
Thailand’s industrial ethanol: A game-changer in green economy?
Thailand is on the cusp of an industrial transformation as experts push for a major shift in ethanol production. Isares Rattanadilok na Phuket, Vice President of the Federation of Thai Industries (FTI) called to liberate the country’s ethanol potential, aiming to slash reliance on imports and catapult Thailand into a green economic powerhouse. The FTI has unearthed Thailand’s abundant capacity…
- Business News
Thailand’s Land Bridge project eyed for boosting economy amid local concerns
Thailand’s Land Bridge project, a major infrastructure initiative resembling a proposed shortcut through Southeast Asia, dominated the recent mobile Cabinet meeting in Ranong. Residents expressed apprehensions to Prime Minister Srettha Thavisin, highlighting potential environmental damage and disruptions to their lifestyle. In the face of forecasted stagnant GDP growth, the government views the Land Bridge project as a promising solution for…
- Business News
Thailand’s tourism recovery under threat from safety concerns and sluggish Chinese economy
The future of Thailand tour packages hangs in the balance as safety concerns plague the minds of tourism operators in China. They forecast that tourism levels might only return to pre-pandemic figures by 2025. Tourism bookings take an immediate hit whenever safety incidents occur in Thailand, and Chinese social media plays a significant role in the rapid dissemination of such…
- Business News
Slowing Chinese economy may impact Thailand’s exports, tourism and investment
Economic experts are voicing apprehension over the slowing Chinese economy, citing that the mainland’s deceleration and escalating tensions with the US could potentially affect Thailand in terms of exports, tourism, direct investment, and property. Despite China’s economy surpassing estimates by growing 4.5% in the first quarter, it has since experienced a slowdown. The disappointing figures in terms of investment, consumption,…
- Thailand News
Thailand’s tourist districts may extend nightlife hours to boost economy
The Interior Ministry announced yesterday that before entertainment venues in key tourist districts can prolong their extended nightlight hours until 4am, public hearings and amendments to some regulations will be necessary. This plan forms part of the government’s attempts to stimulate the economy in the upcoming high tourist season, a measure championed by Prime Minister Srettha Thavisin. Interior Minister Anutin…
- Thailand News
Thailand’s digital economy ministry sparks ‘byte’-sized revolution for national growth
Thailand’s Digital Economy and Society (DES) Ministry, led by Prasert Chantararuangthong, is turning to digital technology in a bid to propel the nation’s development. As outlined in an interview with the Bangkok Post, Prasert revealed the DES Ministry has a policy to position digital technology as the fifth driver of the country’s growth. “I underlined ‘the Growth Engine of Thailand’…
- Thailand News
Thailand’s Big Data Institute to shape policies and boost economy
In a bid to harness the power of big data for social and economic progress, the Thai government has announced the creation of the Big Data Institute (BDI). This new public agency will focus on managing the vast amounts of data generated by the public and state agencies, and will be operational within 180 days. The BDI will replace the…
- Business News
Thailand’s One Drone, One Community project aims to boost smart farming and economy
The Digital Economy Promotion Agency (Depa) has announced its plan to launch a pioneering project in Thailand that will provide large drones to communities and offer training in drone maintenance to encourage smart farming development. The initiative, titled “One Drone, One Community,” is backed by the Digital Economy Fund and aims to create an economic impact exceeding 800 million baht…
- Thai Law News
Thailand’s Digital Economy and Society Minister says e-cigarettes should be legalised
Thailand’s Digital Economy and Society Minister says it’s about time that e-cigarettes be legalised. The Minister, Chaiwut Thanakamanusorn, thinks Thailand should amend the law to reflect the lives of many people in developed countries. According to Thai PBS World, Chaiwut added that Thailand’s neighbouring countries of Singapore and Malaysia have already legalised electronic smoking devices. “The key issue is to…
- World News
Bio, circular, green – Thailand’s BCG offers APEC sustainable economy
Thailand is preparing to welcome the 21 APEC members to Bangkok next month with a new business code of conduct that espouses a Bio-Circular-Green (BCG) economic model. The BCG model is both environmentally-friendly and responsible, the Foreign Ministry’s senior APEC official Cherdchai Chaivaivid said during an interview with The Nation. The director-general of the Department of International Economic Affairs noted…
- Economy News
Thailand’s Prayut to hold public forum on economy
Thailand’s PM Prayut Chan-o-cha announced yesterday at a cabinet meeting that the government will hold a public forum on the economy. The date for the forum has not yet been announced. PM Prayut said the government is trying to ensure better welfare for elderly citizens and vulnerable groups in Thailand. He said it wants to introduce measures to help medium-sized…
- Thailand News
Thailand’s Digital Economy and Society Minister infected with Covid-19
Thailand’s Digital Economy and Society Minister has Covid-19. The minister, Chaiwut Thanakamanusorn, is currently in hospital with a fever and headache. He says he may have contracted the virus on a trip to Chiang Mai last Thursday. It remains unknown which variant he contracted. The infection has not reached his lungs, however, other members of the ruling Palang Pracharath Party…
- Economy News
Chief ASEAN economist says protests not helping Thailand’s weak economy recover
Chief ASEAN economist of Nomura, Euben Paracuelles, says Thailand’s current protests are not helping Thailand’s weak economy recover. In fact, Pracuelles says Thailand’s economy is the weakest and slowest in the region, noting that it is in “pretty bad shape”. He further says that the last thing the kingdom needs is something to weaken its recovery and that the current…
- Covid-19 News
Thailand’s over-zealous virus control is killing the economy
Investors and economists are saying that “fear” and concerns over a second wave of Covid-19 is stopping Thailand’s economy recover. “Thailand should overcome concern of a second wave of Covid-19 and instead relax restrictions on foreign investors and tourists in order to shore up its falling economy.” Prominent local investor Dr. Niwes Hemvachiravarakorn says that the Thai Government… “shouldn’t worry…
- Cannabis News
Thailand’s cannabis recriminalisation: What’s the damage?
Thailand has recently reversed its decision to decriminalise cannabis, with the Health Minister Somsak Thepsutin signing an order on June 23, preventing stores from selling cannabis without a prescription. The new regulations restrict cannabis use solely to medical purposes, essentially reclassifying the plant as a controlled herb. The move also marks the end of the country’s three-year experiment with recreational…
- Business News
Thai political instability threatens economy amid US tariff concerns
Political instability between Thailand’s ruling Pheu Thai Party and its coalition partner, the Bhumjaithai Party, is expected to further weaken investor confidence. This comes amid threats of a 36% US tariff on Thai exports. Poonyawat Sreesing, a senior economist at Siam Commercial Bank’s Economic Intelligence Centre (SCB EIC), highlighted that the Thai economy has been enduring political uncertainty for some…
- Thailand News
Thailand’s 157 billion baht stimulus budget pending approval
The government’s economic stimulus budget of 157 billion baht is pending final approval this month, while funding requests from various ministries have exceeded 400 billion baht. There is concern over transparency and the economic impact of these proposals, with fears that some projects might serve electoral or specific group interests. The Commerce Ministry requested a budget of 3 billion baht,…
- Economy News
Thailand eyes F1 street race to boost tourism and economy
Prime Minister Paetongtarn Shinawatra has indicated promising developments for Thailand as the government continues its pursuit to host a Formula 1 street circuit race in the country. Yesterday, May 24, the PM engaged in discussions with Stefano Domenicali, CEO of Formula One Group, at the Monaco Grand Prix to assess the possibility of organising an F1 race in Thailand. This…
- Business News
Thai finance minister to address US tariff impacts on economy
Thailand’s Finance Minister Pichai Chunhavajira is set to engage with the Bank of Thailand governor regarding the United States‘ reciprocal tariff measures ahead of his visit to the United States. Aiming for a formal meeting with the central bank governor by tomorrow, April 17, Pichai intends to evaluate the impacts of US trade policy, global economic trends, and the US’s…
- Politics News
Prawit blasts Paetongtarn over economy, security, and casino plan
Palang Pracharath Party leader General Prawit Wongsuwan launched a blistering attack on Prime Minister Paetongtarn Shinawatra, accusing her of mismanaging Thailand’s economy and security, while criticising her integrity and controversial policies, including casino legalisation. During the first day of the two-day confidence debate, Prawit, who has largely avoided attending House meetings in recent years, delivered a scathing speech, accusing the…
- Thailand News
Experts warn Thailand’s digital wallet plan could be a short-term fix
As Thailand plans its next round of digital wallet handouts, experts are raising concerns. The government’s initiative, aimed at distributing funds to teenagers, may not have the desired economic impact. In fact, some argue it could do more harm than good in the long run. The Thailand Development Research Institute (TDRI) urged the government to reconsider its approach, advising a…
- Business News
Tech it to the bank: Thailand’s data boom lures global giants
Thailand is quickly establishing itself as a key player in the global digital landscape, attracting major international data centre investments worth over 100 billion baht. The Board of Investment (BoI) reported that existing giants from the US, China, Japan, and South Korea are eager to expand their operations in the country, which is anticipated to exceed last year’s investment levels.…
- Bangkok News
New entertainment complex law to shake up Thailand’s nightlife
A controversial new law that could revolutionise Thailand’s entertainment industry is set to be reviewed by the Cabinet on March 11, sparking curiosity and speculation about the future of nightlife in the country. The Entertainment Complex Business Act aims to regulate entertainment venues more strictly, impacting nightclubs, bars, and other entertainment establishments nationwide. The Council of State recently returned the…
- Thailand News
Thailand’s economic growth hits a snag but hope remains
Thailand’s financial fortunes took a slight dip as the latest economic figures failed to meet the lofty heights analysts had anticipated. Official data reveals a respectable 3.2% growth in the last quarter of 2024 compared to the previous year, which, while promising, didn’t quite hit the 3.9% growth mark predicted by a Reuters poll of analysts. The National Economic and…
- Business News
Going green: Thailand’s solvent solution sparks eco-revolution
As zero-emission vehicles race to the forefront of Thailand’s climate action, it’s not just the cars that are grabbing the green spotlight in the eco-revolution. Behind the scenes, a silent revolution in solvent recycling is powering the country’s eco-commitments while ensuring a cleaner, more sustainable future. In the bustling auto industry of Thailand, an unsung hero is emerging in the…
- Thailand News
Thailand’s content creators on the rise as online ad spend soars
Move over, television, Thailand’s digital dawn is upon us as the nation experiences an explosive rise in online content creators, set to hit a staggering 3 million this year. That’s up from 2 million just last year, according to insights from the Media Intelligence Group Co. The burgeoning influencer economy now represents about 5% of the entire Thai population, observed…
- Thailand News
Thailand plans integrated casino complexes to boost economy
Deputy Finance Minister Julapun Amornvivat announced yesterday, January 27, that discussions had taken place with the Council of State regarding a draft bill proposed by the Finance Ministry. This bill concerns the establishment of integrated entertainment complexes, which would include a casino. He anticipates that the draft bill will be presented to the House for consideration during the current session.…
- Thailand News
Thailand’s game industry act set for Cabinet review in February
The draft of the Game Industry Act is scheduled for Cabinet review next month following the conclusion of public hearings. The legislation is anticipated to be implemented by the end of 2025. Nuttapon Nimmanphatcharin, President and Chief Executive of the Digital Economy Promotion Agency (DEPA), stated that the law aims to address the development of the computer game industry, valued…
