Search Results for: GDP growth
- Business News
Thailand’s revenue department ups tax amid economic slowdown
The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…
- Business News
Revving up: Rever Leasing to drive BYD EV financing in Thailand
Rever Leasing, a vehicle finance subsidiary of Rever Automotive Co, the exclusive distributor for BYD electric vehicles (EVs) in Thailand, is set to launch operations next month. The firm has set a high target to become the top electric vehicle loan provider in Thailand within the next few years. Isara Wongrung, the CEO of Rever Leasing, expressed confidence in the…
- Business News
Bank of Thailand likely to cut policy rate, predicts CIMB Thai Bank
The Bank of Thailand (BoT) is predicted to lower its policy rate tomorrow, providing a short-term stimulus to the nation’s economy, which has been hampered by budget disbursement delays. Amonthep Chawla, lead economist at CIMB Thai Bank (CIMBT), believes the central bank’s Monetary Policy Committee (MPC) will favour a reduction in the policy rate at the upcoming meeting, with a…
- Business News
Analysts predict BoT to maintain policy rate despite weak baht
There’s a growing consensus among financial analysts that the Bank of Thailand (BoT) won’t lower its policy rate during its April 10 meeting, despite a weakening baht and economic outlook. This perspective is strongly held by Kasikorn Research Centre (K-Research), according to Kanjana Chockpisansin, the head of research. Kanjana stated that they believe the BoT’s Monetary Policy Committee (MPC) will…
- Business News
Fuelling fears: Thai diesel price hike won’t ignite retail inflation
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) stated that a potential increase in domestic diesel prices, which could surpass 30 baht a litre following the termination of the Oil Fuel Fund subsidy scheme on March 31, is unlikely to prompt manufacturers to raise the prices of their goods. Prime Minister Srettha Thavisin revealed on Tuesday, April 2,…
- Business News
Thai government increases 2025 budget deficit for economic boost
The Government of Thailand has sanctioned a rise in the 2025 budget deficit by an extra 153 billion baht, to instigate an economic boost. As a result, the budget will increase to 3.752 trillion baht, a significant hike from the previously planned 3.6 trillion, according to Chalermphol Pensoot, the Budget Bureau director at the Ministry of Finance. The budget deficit…
- Business News
Thai government stakes its future on casino complex amid pressure
The Government of Thailand is under pressure to review the specifics of the proposed casino and entertainment complex, aimed at boosting economic growth. According to Senator Sangsit Piriyarangsan, who has been investigating casino legalisation, the current plan requires adjustments. Sangsit argues that the bidding process for the casino complex project should not be exclusive to Thai companies. By enabling foreign…
- Business News
Bank of Thailand likely to cut policy rate in April, predicts SCB EIC
Siam Commercial Bank’s research centre, SCB EIC, anticipates that the Bank of Thailand is likely to initiate a decrease in the policy rate in April due to structural economic issues. The research centre predicts that the Monetary Policy Committee (MPC) will slash the policy rate by 50 basis points in the first half of this year. The initial rate cut…
- Business News
Thai economy predicted to bounce back in Q2 despite sluggish start
The Joint Standing Committee on Commerce, Industry and Bangkok (JSCCIB) indicated that the Thai economy, which is set to experience sluggish growth this year, is expected to pick up in the second quarter. This projection is attributed to the anticipated state budget spending and a reduction in tension within the Red Sea region. The National Economic and Social Development Council…
- Business News
Weakening Thai baht forecast due to economic cost factors
Analysts predict a decline in the value of the Thai baht, the nation’s currency, attributed to various factors such as sluggish economic growth, elevated freight expenses, and discord regarding reductions in interest rates. It is anticipated that the baht will fluctuate within the range of 36 to 36.50 against the US dollar throughout this month. On Wednesday, the baht recorded…
- Tourism News
Chinese economic stimulus to boost Thai tourism and economy
Analysts predict that China’s economic stimulus measures will spur an increase in Chinese tourists visiting Thailand, potentially driving the Thai economy to achieve a growth rate of at least 3% this year. This is due to the expectation that Beijing’s financial initiatives will simultaneously boost the economies of both nations. Asia Plus Securities (APS) highlighted that China has rolled out…
- Business News
Thai government’s revenue collection could fall short in 2024
Deputy Finance Minister Krisada Chinavicharana expressed concerns that the government’s revenue collection for fiscal 2024 might not surpass the target, unlike the 174 billion baht (US$4.8 billion) surplus witnessed the previous year. This was announced at the Outstanding Revolving Fund Award event held yesterday. The government has projected an expenditure budget of 3.48 trillion baht (US$96 billion) for fiscal 2024,…
- Business News
Thai baht’s future forecast: Dollar domination looms on the horizon
Predictions by Kasikorn Research Center (K-Research) indicate a potential decline in the baht to 37 against the US dollar in the coming year. This anticipated depreciation is linked to a combination of a faltering Thai economy and a delay in American interest rate reductions, thereby placing the Thai currency under considerable strain. Kanjana Chockpisansin, K-Research’s head of banking and financial…
- Business News
Thonburi Healthcare Group expands operations in Myanmar
Thonburi Healthcare Group Plc (THG) is set to broaden its hospital operations in Myanmar in response to the rising demand for medical treatments. The executive chief, Tanatip Suppradit, disclosed that a feasibility study on the new investment is currently underway with results anticipated imminently. In 2021, THG opted to postpone new investments due to the political upheaval caused by the…
- Thailand News
Cabinet meeting to discuss constitutional amendment referendum parameters
Phumtham Wechayachai, the Deputy Prime Minister and Commerce Minister, announced that next month’s Cabinet meeting will focus on the parameters required for a constitutional amendment referendum. Phumtham, who is also the head of a panel examining the referendum requirements for the charter amendment, has stated that the report will be submitted to Prime Minister Srettha Thavisin and the Cabinet for…
- Business News
Thai consumers riding high for sixth straight month
Consumer confidence in Thailand has been on a steady rise, marking its sixth successive month of growth last month in January. Levels have reached a high unseen since March 2020, attributed to the government’s strategic stimulus measures, including spending boosts and reductions in electricity and fuel prices. Yesterday’s report from the University of the Thai Chamber of Commerce (UTCC) revealed…
- Thailand News
Thailand’s 10,000-baht digital wallet scheme delayed due to legal complications
The anticipated 10,000-baht digital wallet scheme, initially scheduled for a May launch, has encountered delays due to a study by the National Anti-Corruption Commission (NACC) warning of potential legal complications. Prime Minister Srettha Thavisin, who is also the finance minister, emphasised on Saturday the need for expedited discussions with Deputy Finance Minister Julapun Amornvivat to determine the next steps for…
- Business News
Thai government and central bank clash over interest rates
The ongoing discord between government officials and central bankers regarding interest rate adjustments is creating uncertainty for local banks and could potentially trigger further foreign investor withdrawals. Thailand Prime Minister Srettha Thavisin, along with key advisors, is advocating for a reduction in rates by the Bank of Thailand (BoT) to stimulate an economy the Thai PM describes as being in…
- Business News
Free visa policy to boost Thai tourism stocks amid Chinese arrivals
An agreement for a free visa policy between Thailand and China is set to greatly boost seven Thai tourism-related stocks, as projected by brokerages. This policy, signed earlier this week, is anticipated to cause a significant uptick in Chinese arrivals in Thailand this year. The Tourism Authority of Thailand (TAT) set a target of attracting 8.2 million Chinese tourists in…
- Business News
Thai baht surges as US dollar weakens ahead of Federal Reserve meeting
The Thai baht experienced an upturn against a weakening US dollar, with investors predicting the US Federal Reserve to hold its policy rate steady in the upcoming meeting this week. The baht yesterday, January 30, initiated at 35.38 to the dollar, a rise from Monday’s close at 35.58. The local currency fluctuated between 35.28 and 35.45 against the dollar and…
- Business News
Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
- 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
Pressure mounts on Bank of Thailand to reduce high interest rates
Thailand Deputy Finance Minister Julapun Amornvivat expressed concern that the country’s current interest rates are excessively high, putting strain on citizens’ disposable income and stunting the nation’s economic growth. This stance encourages the Bank of Thailand to reconsider its monetary policies. “The Thai people’s spending power is in jeopardy due to these high rates. I hope the Bank of Thailand…
- Business News
Thai retail investors now unrestricted in real estate, infrastructure-backed ICOs
Retail investors in Thailand will no longer face restrictions on investment in real estate and infrastructure-backed initial coin offerings (ICOs), according to an announcement by the Securities and Exchange Commission (SEC). The change, effective from January 16, was made to encourage technology use for fundraising and to support sustainable capital market growth and the digital economy’s development. The SEC’s role,…
- Business News
Bank of Thailand maintains policy rate for economic revival
The existing policy rate of the Bank of Thailand is deemed suitable for the nation’s economic revival, while inflation is anticipated to remain within its target range, according to the central bank. This decision, the Monetary Policy Committee (MPC) of the central bank states, is based on a comprehensive analysis of various scenarios. Piti Disyatat, Assistant Governor and MPC Secretary…
- Business News
Bank of Thailand forecasted to initiate rate cuts later this year
Leading economists anticipate that the Bank of Thailand will initiate rate cuts in the second half of this year, potentially reducing the policy rate to 2%. This prediction aligns with the current economic status of the country and the assumption of an impending rate cut by the US Federal Reserve in the second quarter. Amonthep Chawla, the chief economist at…
- Thailand News
Thailand’s triumph and tribulations: OECD report urges bold reforms
Thailand has made good economic recovery post-pandemic, with tourism as a major boost, however, a recent report from the Organisation for Co-operation and Development (OECD) highlights the need for bold reforms to solidify and extend this triumph. The second OECD Economic Survey of Thailand commends the nation for averting a severe economic downturn during the pandemic, crediting robust fiscal support.…
- Business News
Thailand’s 2024 inflation target approved: 1% to 3% range maintained
The Bank of Thailand’s (BoT) headline inflation target range for the year 2024 has been given the green light by the cabinet. The approved target, set between 1% and 3%, remains unaltered from the current year, as reported by Deputy Finance Minister Julapun Amornvivat yesterday. This target, which serves as a guiding beacon for monetary policy, is subjected to an…
- Business News
Thai outbound tourism recovery slower than expected due to high costs
This year has been bleak for both inbound and outbound tourism in Thailand, with a weaker recovery than anticipated. Only 60-70% of Thais who travelled abroad in 2019 are expected to do so present year. High living costs, household debt, and a slump in the stock market have made most Thais prefer saving over spending on outbound trips, which usually…
- Business News
Thai high-value sectors to boost economy, exports in 2024 says FTI
The Federation of Thai Industries (FTI) forecasted that the country’s high-value sectors such as agriculture, food, automotive, and bio-, circular and green (BCG) manufacturing will bolster the economy and exports in the coming year. The BCG initiative, launched as a national agenda in 2021, aligns with global environmental campaigns, encouraging manufacturers to adopt environmentally friendly technologies. Kriengkrai Thiennukul, FTI chairman,…
