Search Results for: GDP
- Thailand News
Myanmar civil war boosts maritime trade at Thailand’s Ranong Port
Myanmar’s shift to maritime transport for exports due to its civil war is increasing activity at Ranong Port in Thailand, potentially boosting the government’s Land Bridge project. Deputy Transport Minister Manaporn Charoensri indicated that the civil war in Myanmar has disrupted cross-border trade with Thailand, prompting entrepreneurs to use Ranong Port instead of land routes through Tak’s Mae Sot district.…
- Business News
Thailand tackles household debt crisis, slow economic recovery
The Economic Cabinet directed the Finance Ministry and the Bank of Thailand (BoT) to quickly address household debt issues, focusing on bad debts in housing, cars, motorcycles, credit cards, and student loans, amid an economy still showing sluggish recovery signs. Finance Minister Pichai Chunhavajira, after the economic ministers’ meeting chaired by Prime Minister Srettha Thavisin, stated that the premier instructed…
- Business News
Thai factory closures, a victim of Chinese imports surge
Chinese electric vehicle (EV) manufacturer BYD recently opened its inaugural Southeast Asian factory in Thailand, garnering considerable attention and praise for the country’s industrial foresight. However, this development also adversely affected long-established Japanese automakers, leading to a ripple effect across numerous Thai factories. A crucial development went relatively unnoticed as Suzuki Motor announced the closure of its Thai factory, with…
- Business News
Thailand disburses 3.48 trillion baht budget to boost economy
An injection of 3.48 trillion baht from the 2024 fiscal budget has finally been disbursed in the second quarter of this year, following delays that began on October 1 last year due to political setbacks after the General Election in May 2023. With economic growth stagnating, public expenditure is seen as a crucial factor to revive subdued private spending and…
- Business News
Thailand vehicle sales plummet 24% as debt pressures rise
Thailand’s vehicle market faces a challenging 2024 as initial optimism fades amid weaker-than-expected sales and increasing debt pressures. Vehicle sales in Thailand declined sharply by 24% year-on-year in the first four months, totalling only 46,738 units, according to the Asean Automotive Federation (Asean Autofed). This marks a significant drop from the 59,530 units sold during the same period in 2023.…
- Thailand News
Seoul-searching: South korea & Thailand kickstart trade pact talks
The Trade Ministry of South Korea yesterday announced the initiation of negotiations with Thailand to establish an Economic Partnership Agreement (EPA) to enhance bilateral trade and investment. The South Korean delegation, headed by Deputy Minister for FTA Negotiations Roh Keon-ki, is set to engage in discussions with his Thai counterpart, Chotima Iemsawasdikul, in Bangkok through until tomorrow, as reported by…
- Business News
CIMB Thai Bank predicts BoT policy rate cut to 1.5% by 2025
CIMB Thai Bank (CIMBT) predicts a significant reduction in the Bank of Thailand’s policy rate by one percentage point between December and next year, aligning with anticipated cuts in the US policy rate. Amonthep Chawla, the bank’s chief economist, stated that the Monetary Policy Committee (MPC) is likely to reduce the policy rate by 0.25 percentage points in December, bringing…
- Thailand News
Pheu Thai tries to regain public confidence after unfulfilled promises
Pheu Thai faces significant challenges as it struggles to regain public confidence amid unfulfilled economic promises. Just a year ago, many Thais were optimistic that Pheu Thai’s return to power would alleviate the nation’s economic difficulties by boosting consumer purchasing power, reducing household debt, and reversing slowing economic growth. Pheu Thai’s election campaign emphasised economic policies, promising to achieve an…
- Thailand News
Cash in the cloud: Thailand gears up for digital wallet launch
Thailand’s deputy finance minister recently disclosed that the prime minister will announce details about the digital wallet project, including registration and identity verification steps, on Wednesday, July 24. The project aims to distribute 10,000 baht through digital wallets, pending approval from various authorities. Deputy Finance Minister Paopum Rojanasakul addressed concerns raised by Deputy Leader of the Move Forward Party, Sirikanya…
- Thailand News
Thief steals 2.5 million baht worth of gold in Chiang Mai mall heist
A gold heist at a prominent Chiang Mai shopping mall saw a thief steal approximately 60 baht of gold, worth roughly 2.5 million baht before fleeing in a white Toyota sedan. The suspect remains at large and police checkpoints were established city-wide as the suspect was last seen driving towards the Super Highway. At 11.30am today, July 8, the Chiang…
- Thailand News
Thailand’s aviation hub vision depends on domestic travel options
For Thailand to recognise its goal of becoming a regional aviation hub by 2030, a stronger emphasis must be placed on enhancing its domestic travel capabilities by integrating and developing the various transport modes currently available. Managing Director of Alton Aviation Consultancy, Mabel Kwan emphasised the importance of collaboration within the aviation ecosystem, involving airlines, airports, customers, ground handling, and…
- Thailand News
Revised debt management plan pushes borrowing to 1.03t baht
The Thai Cabinet approved a revised public debt management plan for the 2024 fiscal year, incorporating an additional 275.87 billion baht in borrowing. Of this, 269 billion baht is designated for direct government use and lending to state enterprises for debt restructuring. According to Deputy government spokesperson Rudklao Suwankiri, this revision increases the total new borrowing for the current fiscal…
- Thailand News
Thai Cabinet to scrap duty-free stores on arrival after 3 billion baht loss
The Thai Cabinet plans to scrap duty-free stores on arrival at eight airports in Thailand after losing an estimated 3 billion baht in customs revenue. This cancellation is also aimed at making Thailand a hub of tourism and shopping. The Prime Minister’s Office deputy spokesperson, Ratchada Thanadirek, reported in a press conference after today’s Cabinet meeting. The Cabinet agreed to…
- Thailand News
SEC bill to launch 1-trillion-baht Land Bridge project by 2026
The draft of the Southern Economic Corridor (SEC) bill is on track to be submitted to the Cabinet by the end of September, aiming to kickstart the 1-trillion-baht Land Bridge megaproject in 2026, Transport Minister Suriya Jungrungreangkit announced yesterday. The blueprint for the project is currently being adjusted to align with the expectations of foreign investors and locals. These adjustments…
- Thailand News
Thailand and Singapore bolster regional stability through civil ties
Singapore and Thailand’s foreign ministers affirmed that enhanced civil service collaboration will deepen bilateral ties and contribute to regional development. Speaking at the 14th Civil Service Exchange Programme (CSEP), co-hosted by the Thai and Singaporean foreign affairs ministries, officials highlighted the importance of sharing knowledge and best practices among civil service officers from both nations. The ministers emphasised that such…
- Business News
Bank of Thailand predicts slower third and fourth quarter growth
The Bank of Thailand anticipates slower economic growth in the upcoming third and fourth quarters, attributing this to a high base effect. According to Piti Disyatat, secretary of the central bank’s Monetary Policy Committee (MPC), second-quarter GDP is expected to grow by 1% from the previous quarter, a decline from the 1.5% growth observed in the first quarter. These projections…
- Thailand News
Thailand to adopt offset policy for military procurements
Prime Minister Srettha Thavisin emphasised the necessity for the armed forces to adopt an offset policy when procuring weapons and military hardware. This policy aims to secure reciprocal benefits as a precondition for approving new procurement deals. The Thai premier said the policy should include opportunities for Thailand to participate in the development of new defence technology from the country…
- Business News
Weak economy and loan restrictions further plummets pickup sales
Domestic car sales are facing significant challenges as pure pickup sales dropped by 40.8% in the first five months of 2024, primarily due to a weak economy and difficulties in accessing loans, according to the Federation of Thai Industries (FTI). From January to May, sales of pickup trucks fell by 40.8% year-on-year to 75,510 units. While sales of pickup passenger…
- Thailand News
Thailand ranked among top 50 in World Happiness Report 2024
Thailand ranks among the top 50 countries in the World Happiness Report 2024 as a potential destination for young people seeking happiness, highlighting a high level of joy among those under 30 years old in the country. The World Happiness Report, conducted jointly by the United Nations (UN), the University of Oxford, and the analytics and advisory firm Gallup, drew…
- Thailand News
PM Srettha races to transform Rayong and Chon Buri
Prime Minister Srettha Thavisin led a delegation to Rayong and Chon Buri last Sunday, June 23, to inspect pivotal projects within the Eastern Economic Corridor (EEC). At Rayong’s U-Tapao International Airport, PM Srettha scrutinised the progress of an ambitious project aimed at linking the airport with a high-speed rail network that will connect three major airports. “This network is set to…
- Thailand News
Budget deficit: Government to unveil new economic measures
Amidst budget deficit concerns, the government will introduce new measures to boost the struggling economy next week, Prime Minister Srettha Thavisin announced today. Discussions about economic stimuli and the stock market were held with Finance Minister Pichai Chunhavajira yesterday evening. “A significant announcement on short-term, medium-term, and long-term measures will be made tomorrow or the day after.” When asked if…
- Thailand News
MFP urges budget reform, reassures public with its scrutiny efforts
In a heated budget debate, the Move Forward Party (MFP) claims a significant victory in its relentless scrutiny of the 2025 budget. Party leaders assure the public that their meticulous examination has met expectations, confident that their efforts won’t disappoint. Natthapong Rueangpanyawut, a party-list MP from MFP, highlighted a pressing issue during the debate: the need for fundamental budgetary reform.…
- Thailand News
PM Srettha in talks with BoT chief over handout scheme
Thailand Prime Minister Srettha Thavisin has yet to address Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput’s staunch opposition to the government’s colossal 500-billion-baht handout scheme. Acknowledging the brewing conflict, PM Srettha admitted he and the central bank governor held divergent views, necessitating urgent discussions. Governor Sethaput, in a candid Bloomberg interview, criticised the sweeping economic stimulus, suggesting it was excessive…
- Thailand News
Lazada denies divestment plans in Thailand amid growing rumours
Lazada Group has firmly denied any plans for divestment in Thailand, asserting that there are no ongoing discussions with investors regarding such a move. A company spokesperson addressed the circulating rumours. “Lazada Group is not considering any divestment of our business in Thailand and is not in discussion with any investors on this topic. Any rumours stating otherwise are untrue.”…
- Thailand News
Thailand unveils 3.75 trillion baht budget bill to boost economy
As the House of Representatives kicked off a three-day debate, Prime Minister Srettha Thavisin introduced a 3.75 trillion baht budget bill for the 2025 fiscal year, aimed at revitalising Thailand’s sluggish economy. Simultaneously, he remains focused on advancing the digital wallet scheme. The budget intends to stimulate economic growth, with forecasts suggesting an increase of 2.5% to 3.5% in 2025…
- Business News
Political risks threaten foreign investment in Thailand
Siam Commercial Bank (SCB) EIC Research Centre warns that heightened political risks are casting a shadow over foreign investment in Thailand’s financial, capital, and long-term direct investment markets EIC Chief Economist Somprawin Manprasert warned that various political risks and uncertainties could significantly impact foreign investor confidence and lead to substantial capital outflows from offshore investors in the Thai equity market.…
- Search Engine Marketing (SEM)
Is linkedin really a good source for lead generation
LinkedIn, the renowned platform for professional connections, holds significant magnitudes of potential for lead generation a possibility that’s been intriguing marketers over the recent past. Its algorithm, purposed to emphasise engaging, relevant content, offers a potentially fertile landscape for businesses seeking to broaden their exposure. However, traversing this realm may not be as simple as it first appears. The algorithm…
- Thailand News
Thai condo market hit by economic woes and Myanmar restrictions
The Thai condo market is experiencing a downturn due to the current economic situation, with banks tightening lending and household debt remaining high. The recent stringent regulations by the Myanmar government have further impacted sales, as Myanmar buyers are significant customers second only to Chinese buyers. Thailand’s real estate market has been negatively affected by the Myanmar government’s restrictions on…
- Thailand News
Ambassadors from Islamic Cooperation visits South Thailand
A delegation of ambassadors from eight Organisation of Islamic Cooperation (OIC) countries recently visited Thailand’s southern border provinces, aiming to understand the region’s multicultural society and assess potential areas for trade, investment, tourism, and education. The delegation included ambassadors from Brunei, Egypt, and Iran, along with chargés d’affaires from Malaysia, Nigeria, and the Maldives. Deputy chiefs of mission from Indonesia…
- Business News
Thailand boosts SMEs growth in upcoming Synergy Expo 2024
Thailand is set to boost marketing opportunities for small and medium-sized enterprises (SMEs) through the newly announced Thailand SME Synergy Expo 2024. This five-day trade show, running from June 19 to 23 at the Queen Sirikit National Convention Center in Bangkok, is a collaborative effort by the Business Development Department (DBD), the Office of SMEs Promotion (Osmep), and several governmental…
