Search Results for: deficit
- Phuket News
Blood rush: Urgent appeal for Type O donors in Phuket
An acute shortage of Type O blood has triggered an urgent appeal from the Vachira Phuket Hospital’s Blood Bank in Phuket Town. The announcement, marked “Most Urgent,” was made late yesterday, stating that supplies of this common blood type have run completely dry. This call for donations came today, February 2, at 10.46am, signifying the dire need for blood donors,…
- Business News
Thai baht heads for poorest January since 2020
The Thai baht, after experiencing a nearly 4% loss compared to the US dollar, is on track for its poorest January performance since 2020. The currency’s downfall signals further challenges ahead, given the significant outflows. Emerging Asia’s top-performing currency in the fourth quarter turned into this year’s biggest loser as global funds avoid Thai assets. This comes amid a dispute…
- Thailand News
Fewer Japanese tourists have visited Thailand in a historic first
Thailand found itself on the flip side of tourism dynamics, experiencing a historic tourism deficit with Japan in the first half of 2023. The numbers tell a startling tale: one million Thais ventured into Japan, while a mere 300,000 Japanese enthusiasts made their way to the tropical haven of Thailand. In a dramatic departure from the norm, Thailand, renowned for…
- Business News
Thai Cabinet ratifies 3.6 trillion baht budget for fiscal year 2025
The Thai Cabinet ratified a 3.6 trillion baht budget for the fiscal year 2025. This sees an expansion of the budget deficit to 713 billion baht, a 2.89% increase from the previous year. The new budget was approved by the Cabinet on Tuesday, following its presentation by the Budget Bureau. It was announced by the Deputy Government Spokesperson, Rudklao Suwankiri.…
- Economy News
Thailand’s headline CPI sees unanticipated drop in December
Thailand’s Commerce Ministry announced today that the country’s headline consumer price index (CPI) experienced a 0.83% decrease in December compared to the same period a year earlier. This figure is a steeper drop than the 0.44% year-on-year decrease seen in the preceding month. Contrasting with the anticipated 0.30% fall for December as per a Reuters poll, the actual result was…
- Thailand News
Democrat Jurin calls government budget plan ‘lame duck’
Jurin Laksanawisit, a Democrat party-list MP, slammed the Thai government, branding its budget a “lame duck catastrophe.” Unleashing a fiery critique, Jurin accused the ruling Pheu Thai Party of political trickery, leaving the nation teetering on an economic tightrope. Jurin took centre stage, launching an attack against the government’s budget yesterday, January 3. Describing it as a lame duck, he…
- Economy News
Thailand PM urges cautious monetary policy amid economic recovery
Prime Minister Srettha Thavisin urges the Bank of Thailand to consider the potential risks to the country’s delicate economic recovery when making decisions regarding monetary policy. He expressed concern that the decade-high borrowing costs, currently standing at 2.5%, could potentially impede the nation’s economic revival and affect the populace adversely. During a parliamentary budget debate, PM Srettha revealed that the…
- Business News
UTCC lowers Thailand’s 2023 economic growth forecast to 2.5%
The University of the Thai Chamber of Commerce (UTCC) lowered its economic growth forecast for 2023 to 2.5%, a dip from the previous prediction of 3% made in October of the previous year. The UTCC also anticipates a growth rate of 3.2% for the current year. The UTCC’s president, Thanavath Phonvichai, linked this downgrade to the third quarter’s lower-than-expected 1.9%…
- Thailand News
3.48 trillion budget approved by Cabinet for next year
Prime Minister Srettha, in a post-Cabinet meeting press conference declared that the budget bill, meticulously scrutinised by the Office of Council of State, will be delivered for approval. Typically, budget bills are sealed and delivered before the fiscal year kicks off in October. However, this year’s extravaganza faced a dramatic delay, thanks to the intricate dance of forming a coalition…
- Thailand News
Malaysia’s economic miracle: 2024 boom predicted with a twist
RAM Rating Services Berhad reveals Malaysia‘s economic future, promising significant growth next year. RAM Rating Services Berhad said in its Economic Outlook 2024 report to get ready for an economic renaissance. The tantalising revelations point towards a potential external demand turnaround, setting the stage for a dazzling economic performance. The domestic front is gearing up for a resilience revolution, riding…
- Business News
Exports grow for fourth consecutive month in Thailand misses projections
November marked the fourth consecutive month of growth for Thailand’s customs-based exports, which saw a 4.9% rise from the same period last year, according to data from the customs department. However, this fell short of the projected 6.3% year-on-year increase anticipated in a Reuters poll. Last month, October had witnessed an 8% year-on-year rise. In an unexpected turn, imports for…
- Thailand News
Thailand’s growing spa industry (video)
President of the Thai Spa Association, Sunai Wachirawarakarn, or Nai, talks about the secrets behind Thailand‘s spa industry meteoric rise and unveils the trends reshaping the wellness landscape. The Thai Spa Association, a non-profit powerhouse dedicated to propelling Thailand’s spa industry, boasts 200 privileged members relishing perks like exclusive newsletters, seminars, and high-profile networking events. Across the Middle East, spa…
- Tourism News
Thailand’s duty-free dream: Govt’s five-pronged plan to woo tourists and shoppers
In a move to transform Thailand into an irresistible haven for tourists and shoppers alike, the government has unleashed a five-pronged plan that could turn the Land of Smiles into a duty-free paradise. Say farewell to arrival duty-free shops as Thailand aims to redefine its status as the ultimate destination for globetrotters and shopaholics. Government spokesman Chai Wacharonke revealed yesterday,…
- Thailand News
Jatuporn criticises government’s proposed digital wallet scheme
The digital wallet initiative proposed by the government has come under fire from Jatuporn Prompan, a former red-shirt leader and co-leader of the Melting Pot Group. In a livestream on Facebook, Jatuporn voiced his concerns about the ruling Pheu Thai Party’s repeated withdrawal from pledges, including their initial vow not to form a government with ex-coalition parties from the previous…
- Hot News
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- Business News
Export growth: Thailand’s commerce ministry targets US$288 billion by 2024
The Commerce Ministry of Thailand has established an export growth goal for next year, aiming for an increase of 1.99%, which equates to approximately US$288 billion or 10 trillion baht. This information was shared by permanent commerce secretary, Keerati Rushchano, following a meeting attended by Commerce Minister Phumtham Wechayachai, other ministry heads and representatives from the private sector. The gathering…
- Business News
Global sugar shortage anticipated despite increased production in Brazil, Russia, China
A report by CovrigAnalytics released yesterday revealed an anticipated global sugar shortage. The deficit is estimated to be 2.4 million metric tonnes in the 2023/24 crop year, marking an increase of 200,000 tonnes from previous expectations. Despite increased sugar production in Brazil, Russia, and China, the shortfall in output from India and Thailand, due to inadequate humidity, will not be…
- Business News
The Energy Ministry crackdown on petrol retailers stockpiling fuel after price cut
The Energy Ministry has pledged to take stringent action against oil retailers found to be illegitimately stockpiling fuel. This decision comes in response to complaints about a sudden shortage of oil at petrol stations, following the government’s decision to lower the prices of gasohol 91 and gasohol 95. On the morning of November 7, petrol stations across the nation began…
- Business News
Thai shippers predict less than 1.5% contraction in 2023 exports
The Thai National Shippers’ Council (TNSC) expressed confidence in a less than 1.5% contraction in the country’s export performance for 2023. This optimistic outlook comes on the heels of export growth recorded in both August and September and an expectation for continued orders in the year’s final quarter. TNSC Chairman Chaichan Chareonsuk cited the Commerce Ministry’s latest data, which showed…
- Business News
Thailand economy: Fiscal position to suffer due to government policies like digital wallet scheme
Thailand’s fiscal position is predicted to face a downturn in the medium term, according to analysts, as the government advances populist policies such as the digital wallet scheme. BMI, a division of Fitch Solutions, forecasts that the nation’s budget deficit will escalate from 2.9% in the current fiscal year to 3.6% in the following fiscal year. This is due to…
- Business News
Thailand’s export hopes bloom in Q4, aiming to paint a brighter 2023 picture
The Ministry of Commerce in Thailand anticipates an uptick in the country’s exports for the last quarter of the year, potentially mitigating the projected contraction for 2023. This encouraging forecast is attributed to several factors, including a partnership between the government and private sector to boost export activities and address associated challenges, drought-induced spikes in agricultural and food product imports,…
- Business News
Thai court halts government’s wind power purchase scheme over selection irregularities
The Central Administrative Court‘s ruling to halt the government’s scheme to purchase 1,500 megawatts of wind power, on grounds of alleged irregularities in power plant selection, prompted the Energy Regulatory Commission (ERC) to gear up for an appeal. The judgement came in response to Khon Kaen Wind 2 Co, a subsidiary of the SET-listed Energy Absolute (EA), who had voiced…
- Economy News
FTI urges new regulatory body to curb cheap Chinese imports
The Federation of Thai Industries (FTI) urged the Industry Ministry to establish a novel regulatory body to supervise product standards. The move is intended to curb the influx of inexpensive Chinese imports, which the FTI claims are flooding the Thai market. The FTI did not clarify whether the proposed regulatory body would be governed by the state or the business…
- Economy News
Thai baht hits new low against US dollar amid gold price drop
The 2023 financial year has seen the Thai baht rank as one of the region’s poorest performing currencies, depreciating to a low of 37.14 to the US dollar on Tuesday – a level not seen since November of the previous year. The recent plummet in gold prices, with a decline of around 5% or US$7.45 (274.65 baht) per ounce, has…
- Business News
Stock slide stalls: Thai stock market slump set to stabilise as analysts predict limited decreases
The Stock Exchange of Thailand (SET) index has been subjected to a downward revision this year, dipping to a three-month low of roughly 1,470 points. This has led market analysts to believe that further decreases are now limited. Kasikorn Securities (KSEC) consequently altered its SET index target to 1,544 points by the close of 2023, a significant drop from the…
- Business News
Thailand’s finance ministry drops plan for financial transaction tax
Paopoom Rojanasakul, secretary to the finance minister, announced a reversal from the Finance Ministry’s initial plan to impose a financial transaction tax. This comes after Sirikanya Tansakul of the Move Forward Party (MFP) claimed the ministry’s mid-term fiscal blueprint for 2024 projected revenue of 14 billion baht from the proposed tax. Paopoom explained that the ministry aims for Thailand’s capital…
- Economy News
UOB report uncovers economic concerns and investment trends in ASEAN nations
The United Overseas Bank (UOB) released a significant report revealing the current economic sentiments of citizens and businesses across five ASEAN nations – Singapore, Malaysia, Indonesia, Vietnam, and Thailand. Two days ago, Yuthchai Tayaratchakul, the Executive Vice President of UOB, provided a statement regarding the ASEAN Consumer Sentiment Study (ACSS). The UOB report aimed to shed light on the top…
- Business News
US dollar surge hits Asian currencies: Thai baht suffers
Asian currencies experienced a dip today, with the Thai baht and Indonesian rupiah bearing the brunt of the losses. This was mainly due to the rising strength of the US dollar, bolstered by robust economic indicators and the threat of inflation from the Federal Reserve, which have pushed US bond yields to a 16-year peak. The baht saw a fall…
- Business News
El Niño effect forecasted to lower Thai rice production in 2023-24
The Agricultural Economics Office of the Agriculture and Cooperatives Ministry in Thailand forecasted a decline in rice production for the 2023-24 harvest season. The expected drop is approximately 871,000 tonnes, a decrease of 3.27%, totalling 25.8 million tonnes. This significant decrease is primarily due to the effects of the El Niño weather phenomenon. Deputy Secretary-General of the Agricultural Economics Department,…
- Business News
Bonding for the future: Thai govt sets sail with expanded issuance
The director-general of the Public Debt Management Office (PDMO) yesterday asserted that the planned issuance of government bonds in fiscal next year will be proportionate and appropriate. The limit for bond issuance for the said fiscal year has been expanded by approximately 160 billion baht. Patricia Mongkhonvanit revealed the increase is intended to counterbalance the budget deficit for fiscal next…
