Search Results for: Thailand's economy
- Business News
TikTok teams up with Thailand’s biz dept to boost SME impact
TikTok Shop has taken a significant step by signing a memorandum of understanding (MoU) with Thailand’s Department of Business Development to boost the contribution of small and medium-sized enterprises (SMEs) to 40% of the GDP by 2027, up from the current 35%. TikTok Live data from Thailand shows that in 2023, there were 700,000 Thai creators live streaming on the…
- Thailand News
Thailand’s food delivery apps dish out tasty profits
Thailand’s food delivery and on-demand super apps have demonstrated moderate growth despite economic hurdles, with major players generating significant revenue increases in 2023. Business data provider creden.co reports that total revenue for these apps reached 31.7 billion baht last year, rising from 27 billion baht in 2022. Grab Taxi (Thailand) achieved a profit for the second year running, with revenue…
- Thailand News
Thailand’s Pacific-to-Indian Ocean Land Bridge project
Thailand’s anticipated land bridge project, aiming to connect the Pacific and Indian Oceans, is set to become reality, with bidding anticipated by late next year, the Transport Ministry confirmed. The colossal 1-trillion-baht project will construct deep-sea ports in Chumphon on the Gulf of Thailand and Ranong on the Andaman coast, linked by a state-of-the-art transport route. This ambitious infrastructure aims…
- Business News
Thailand’s steel sales slump 11 to 12% due to weak car market
Thailand’s sluggish car sales prompted an 11 to 12% decline in premium-grade steel sales during the first four months of 2024, raising concerns about reduced steel consumption this year, according to the Federation of Thai Industries (FTI). FTI Iron and Steel Industry Club Vice-Chairman Nava Chantanasurakon stated that local steel manufacturers are bracing for a tough period, with expectations of…
- Thailand News
Lack of digital literacy in Thai workforce likely to effect economy
The National Economic and Social Development Council (NESDC) raised concerns over the state of literacy and digital skills among the youth and workforce, citing potential detrimental effects on the economy in the coming years. According to NESDC Secretary-General Danucha Pichayanan, recent surveys indicate alarming figures with 64.7% of individuals possessing literacy skills below international standards, while 74.1% exhibit substandard digital…
- Thailand News
Thailand’s Pride Month to attract 860,000 visitors
The Thai government is preparing to champion gender equality, anticipating that Pride Month activities will provide a significant economic boost. Deputy government spokeswoman Kenika Ounjit highlighted that Prime Minister Srettha Thavisin’s administration had announced this initiative as he assumed office. “The government aims to foster a society that embraces diversity and equality across age, gender, religion, and social status, positioning…
- Guides
Circular economy in Thailand: An innovative approach to sustainability
Thailand is advancing its commitment to sustainability by embracing circular economy principles to reduce waste and enhance recycling. Recent collaborations in Thailand showcase the potential of a circular economy. For instance, a partnership with Thai Beverage Can Company Limited collected 45 metric tonnes of post-consumption packaging, while another initiative with SCG Chemicals expanded plastic packaging recycling efforts across multiple buildings.…
- Business News
Thailand’s smartphone market set to grow 3% to 5% in 2024
Thailand’s smartphone market contracted by 2% in the first quarter due to slow economic recovery, a research paper revealed. However, the government’s digital wallet scheme is projected to stimulate industry growth by 3% to 5% in 2024, according to Counterpoint Technology Market Research’s Thailand Smartphone Tracker report. 5G smartphone shipments accounted for 52% of total smartphone sales in the first…
- Thailand News
Thailand’s MICE industry shakes up IMEX Frankfurt 2024
A dazzling display of Thai hospitality took centre stage at IMEX Frankfurt 2024 as 36 Thai exhibitors united under the Thailand Pavilion. Representing Bangkok, Phuket, Pattaya, and Phang-nga (Khao Lak), the delegation comprised 20 hotels and resorts, 11 DMCs and organisers, two venues, one airline, one association, and the Thailand Convention and Exhibition Bureau (TCEB). TCEB President Chiruit Isarangkun Na…
- Business News
Thailand’s hydrogen hype: Fuelling a cleaner future
Thailand is gearing up to construct a hydrogen economy, motivated by both state and business initiatives to advance hydrogen fuel ventures and foster cleaner energy usage. The nation’s potential for a low carbon-driven economy is gaining traction following a joint announcement by PTT Global Chemical (PTTGC), the largest petrochemical producer in Thailand, and Bangkok Industrial Gas, the country’s leading industrial…
- Cannabis
Thai economy will be affected by heavy cannabis regulation
Let’s chat about a hot topic, shall we? Cannabis regulation in Thailand is like trying to find your way through a maze with no map. Now, on one hand, we’ve got this booming black market that’s ready to party when the government says no fun allowed and puts restrictions on recreational use. But on the other side of the coin,…
- Thailand News
Thailand’s unemployment crisis soars despite tourism boom
Thailand’s unemployment rate continues to climb, with a staggering 410,000 people out of work in the first quarter of this year, according to the National Statistical Office. The hardest-hit group is those with higher education degrees. Office director Piyanuch Wuttisorn revealed that of the total, around 79,000 people have been unemployed for more than a year.” The statistics paint a…
- Business News
Thai industry leader defends Bank of Thailand’s financial autonomy
Federation of Thai Industries (FTI) Vice Chairman Montri Mahaplerkpong voiced opposition to any proposals that would impede the Bank of Thailand‘s (BoT) authority over its financial stability management. Montri argued that the government should explore more palatable solutions to its disagreement with the BoT over policy rates, rather than attempting to curtail its power, which he sees as a contentious…
- Thailand News
Thailand’s ultimate 72 must-do activities revealed for tourists
To reignite tourism during the off-peak season, the Tourism Authority of Thailand (TAT) is set to roll out a groundbreaking project showcasing the nation’s top 72 must-do activities. Moreover, the initiative is also geared towards commemorating His Majesty King Vajiralongkorn’s sixth cycle birthday anniversary on July 28 this year, revealed TAT governor Thapanee Kiatphaibool. From the electrifying world of Muay…
- Education
Unlocking progress: How tech enablement fuels Thailand’s economic and educational growth
In the rapidly evolving digital landscape, tech enablement emerges as a pivotal factor driving Thailand’s development. As you delve into this exploration, you’ll uncover how integrating technology into various sectors is not just enhancing efficiency but also fuelling economic growth and innovation across the nation. This journey isn’t solely about adopting new tools; it’s about understanding the full spectrum of…
- Thailand News
Thailand’s silver screen success with ‘Mother of the Bride’ in Phuket
Thailand’s tropical gem, Phuket, steals the spotlight in the upcoming Netflix rom-com Mother of the Bride, set against the stunning backdrop of Anantara Layan Phuket Resort and Anantara Mai Khao Phuket Villas. Directed by Mark Waters and featuring Hollywood heavyweights including Brooke Shields, Miranda Cosgrove, and Benjamin Bratt, this film not only showcases Thailand’s natural beauty but also cements its…
- Property
How proptech shapes Thailand’s real estate future
Thailand is experiencing a pivotal technological transformation in the real estate sector, reshaping our understanding of residential and commercial spaces. With an increasing demand for innovative office solutions in Bangkok, traditional setups are transitioning to modern concepts such as hotdesking, collaborative team spaces, and telecommuting options. This progression towards smarter and more flexible space utilisation indicates a shift in workspace…
- Business News
Bank of Thailand’s independence crucial for economic stability
Economists emphasise the importance of the Bank of Thailand’s independence in its mission to maintain economic stability. They note that while interest rates have a negligible effect on bolstering economic growth, they could influence the stability of the baht and trigger an increase in household debt. Despite persistent appeals from Prime Minister Srettha Thavisin for a collaborative effort between monetary…
- Business News
Thailand’s headline CPI rises unexpectedly in April, ends slump.
Commerce Ministry officials in Thailand announced today that the country’s headline consumer price index (CPI) experienced a year-on-year increase of 0.19% this April. This is a notable shift from the previous month’s 0.47% year-on-year decrease and considerably exceeds the 0.25% fall projected by a Reuters poll. Such a rise in inflation after a seven-month negative streak indicates a significant change in…
- Business News
Thailand’s daily online fraud falls to 110 million baht in April
Online fraud damage in April was reported at 110 million baht daily, indicating a 26% decrease from the 149 million baht experienced daily in March. This significant reduction is a result of the intensified crackdown on online fraud by authorities. On the first of April, Prime Minister Srettha Thavisin delegated several organisations to yield tangible results from their efforts to…
- Business News
Thailand’s DES ministry to establish national AI committee
Plans are underway by the Digital Economy and Society (DES) Ministry in Thailand to establish a new national artificial intelligence (AI) committee. The initiative is part of the second phase of the national AI strategy. The strategy is a cornerstone of Thailand’s ASEAN Digital Economy and AI Hub Plan, a key driver for the country’s digital economy. The ministry also…
- Guides
Unlocking Thailand’s startup ecosystem: Opportunities & challenges
Thailand presently ranks as the fifth most attractive destination for investments in Southeast Asia. Indeed, it serves as a dynamic hub for startup ventures, despite facing certain challenges. Despite experiencing a slight decline from its former fourth-place position, having been surpassed by nations such as the Philippines, Thailand continues to thrive with opportunity and promise for emerging entrepreneurs and investors…
- Business News
Thailand’s tourism seeks boost after Cabinet reshuffle cooperation
Following the recent Cabinet reshuffle, Thailand’s tourism operators are urging for enhanced cooperation among ministries and related authorities to sustain the country’s transformation into a tourism and aviation hub. Khao San Road Business Association President Sanga Ruangwattanakul asserted that the Cabinet reshuffle would not destabilise the government, provided its key policies, particularly the 2030 Ignite Thailand vision, are sustained. This…
- Guides
Thailand’s eSports Evolution: A premier southeast asian hub
Thailand is emerging as a premier eSports hub within Southeast Asia, transitioning beyond mere recreational gaming. The nation is alive with fervent activity, uniting competitors committed to excellence and victory, underscored by significant financial stakes. The exponential growth of eSports in this region can be attributed to the dedication of its players, the excellence of its teams, and the unwavering…
- Business News
Sweet sorrow: Thailand’s sugarcane harvest takes a hit
A significant reduction in Thailand’s sugarcane yield in the 2023–24 crop year has been reported by the Office of the Cane and Sugar Board (OCSB). This decrease in production is attributed to severe drought conditions and is expected to have an impact on the worldwide sugar supply. Thailand is the second-largest exporter of sugar globally, following Brazil. Therefore, any decrease…
- Business News
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 News
Chinese firms eye EV supply chain in Thailand’s Smart Park
Chinese companies have shown keen interest in the EV supply chain and energy sectors of the Smart Park Industrial Estate, situated in Rayong, Thailand. This industrial estate is due to open by the end of the current year, according to the Industrial Estate Authority of Thailand (IEAT). The companies aim to establish factories manufacturing EV components to cater to the…
- Thailand News
The dark secrets of Thailand’s elephant tourism industry
In a recent interview, concerns about the welfare of domesticated elephants have surged. These gentle giants, pivotal to Thailand’s economy since ancient times, now face a crisis that threatens their very existence. During the Rattanakosin era, domesticated elephants bolstered Thailand’s economy by logging. However, a tragic turn in 1988, when floods and landslides claimed lives, forced a shift. Former Agriculture…
- Thailand News
Thailand’s cybercrime problem persists despite efforts
Thailand’s digital economy and society (DES) minister, Prasert Jantararuangthong, revealed that despite efforts to curb cybercrime, the problem remains rampant with damages averaging 100 million baht daily. The Anti-Online Scam Operation Centre (AOC), set up to address this issue, is yet to see a decline in the number of cases. The ongoing scams are attributed to the scammers’ increasingly sophisticated…
- Tourism News
Thailand’s tourism sector set to generate 614 billion baht in Q2
Despite the second quarter often being perceived as the off-peak season, the Tourism Authority of Thailand (TAT) anticipates that the country’s tourism sector will generate a revenue of 614 billion baht (US$ 16.7 billion). This optimistic prediction is attributed to a surge in domestic trips during the Songkran festivities scheduled for this month, which are set to surpass the number…
