Search Results for: GDP growth
- Business News
Debate over Thai government’s digital wallet handout impact on public debt
The Thai government’s proposed 10,000-baht digital wallet handout has sparked debate, with concerns regarding its potential impact on public debt. Deputy Finance Minister Julapun Amornvivat stated that this economic stimulus is necessary as economic growth has averaged only 2% annually over the past decade, insufficient to support the country’s ageing population in the future. With low GDP growth, the government’s…
- Thailand News
Thai government seeks urgent economic stimulus amid rising household debt
The Thai economy is in a dire state and in urgent need of a stimulus package to prevent further deterioration, according to the government. This stance arises amid ongoing discussions about the true state of the economy, with some expressing doubts about the actual need for the government’s proposed US$313 million handout scheme, which would necessitate a loan of US$15.6…
- Business News
Digital wallet and e-refund schemes in Thailand face legal and funding challenges
The proposed digital wallet and e-refund schemes considered significant growth drivers for Thailand’s GDP next year, are potentially at risk due to legal and funding obstacles. Analysts have indicated that these challenges could lead to a substantial reduction in the implementation of these costly digital schemes in Thailand, which are scheduled for rollout next year. Maybank Securities notes that legal…
- Business News
Thailand’s inflation drop fuels economic slowdown fears
Concerns are heightening among analysts over Thailand’s first year-on-year inflation decline in 25 months. The drop in the Consumer Price Index (CPI) is viewed as an indication of increasing risks of economic deceleration and deflation. BofA Securities, previously known as Bank of America Merrill Lynch, highlighted that the inflation figure for October signified the first year-on-year decline since August 2021.…
- Business News
Thai economy’s Q3 bounce-back: Warming up after a cool Q2
The Thai economy’s growth rate for the third quarter of this year is anticipated to surpass that of the second, according to the Bank of Thailand. This forecast comes after the nation’s economic expansion fell short of the central bank’s estimations for the preceding quarter. Chayawadee Chai-anant, the assistant governor for the corporate relations group at the central bank, reported…
- Thailand News
Thailand refines 10,000-baht digital handout eligibility amid wealth exclusion fears
Prime Minister Srettha Thavisin announced that the government is developing criteria to determine eligibility for a 10,000-baht digital money handout amid speculation that affluent individuals might be exempted from the scheme. The prime minister, also serving as finance minister, stated that the government is refining the scheme following recommendations from diverse sectors. “I am listening to opinions. There will be…
- Business News
Impending drought poses significant threat to Thai export sector
The Thai economy braces for another challenge as impending drought threatens its critical export sector, following last month’s extensive flooding. Despite an improvement in exports in August, marking a recovery from an 11 month decline, the impending drought could significantly impact food manufacturing and shipments. The Federation of Thai Industries (FTI) highlighted concerns over the potential repercussions of water shortages…
- Business News
Commerce Ministry revises inflation forecast, amid falling prices
Revising its earlier forecast, the Commerce Ministry now anticipates headline inflation to be within 1-1.7% for the current year, with an average of 1.35%. This comes as a result of expected lowered inflation in the last quarter. In July, the forecasted range was 1-2% with an average of 1.5%. Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, revealed…
- 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
Thai retailers urge government to reassess import taxes on luxury goods
The Thai government is being implored to reassess the import taxes imposed on luxury goods to mirror the tax rates in neighbouring countries. This is a strategic move aimed at attracting foreign tourists and bolstering the competitiveness of Thai small and medium-sized enterprises (SMEs) against established foreign brands in the country. The call for this revision comes from Yol Phokasub,…
- 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…
- Business News
Thailand reviews taxes and launches digital wallet to tackle income disparity
The Finance Ministry of Thailand is set to review the new land and building tax and the inheritance tax and launch the digital wallet following an order from Prime Minister Srettha Thavisin. The move aims to mitigate income disparity in the nation. PM Srettha, who also holds the Finance Minister post, gave the directive subsequent to the appointment of a new…
- Economy News
New Thai Cabinet prioritises economic recovery, property and tourism sectors
The newly confirmed Cabinet, featuring many Pheu Thai Party members, is focusing on economic recovery matters and pledged to reduce energy costs to ease financial burdens. Prime Minister Srettha Thavisin engaged with various business sectors but concerns about potential bias make it unlikely that the property sector will receive preferential treatment. Tritecha Tangmatitham, MD of SET-listed developer Supalai, believes the…
- Economy News
Government economy plan: Cost of living cuts, fuel and electricity price adjustments
The government plans to announce initiatives to reduce living costs and boost the economy in an upcoming Cabinet meeting. Deputy Finance Minister Julapun Amornvivat revealed these measures would involve changes to diesel and electricity prices. A reduction in diesel excise tax is under consideration to lower retail prices at the pump and help the economy. A potential freeze on government…
- Business News
Srettha Thavisin urged to address economic challenges swiftly
Thailand’s political stalemate came to a close yesterday as property tycoon Srettha Thavisin was elected as the country’s 30th prime minister following a majority vote in both houses of Parliament. Now, the nation’s business community is urging the newly appointed leader to hasten the process of organising his government. The aim is to promptly address a sequence of pressing challenges…
- Business News
Flavorful finances: Thailand’s July inflation stays mild
The Ministry of Commerce in Thailand revealed that July’s headline inflation saw less acceleration than anticipated, credited largely to a dip in food and energy costs. Meanwhile, forecasts by the agency anticipate the inflation rate’s upturn by less than 1% per month until the year concludes. July’s year-on-year headline inflation amounted to a 0.38% rise, measured via the consumer price…
- Business News
China’s exports shrink, imports fall amid weak global demand
Chinese exports experienced a sharper decline than anticipated in May, while imports also fell, reflecting weak international demand and sluggish domestic consumption. In May, exports from the world’s second-largest economy dropped 7.5% year-on-year, the largest decrease since January, compared to 8.5% growth in April. Imports shrank by 4.5%, a slower rate than the 7.9% decline in the previous month. The…
- World News
China’s May exports plunge as domestic consumption falters
China experienced a sharp decline in exports in May, with a 7.5% year-on-year drop, marking the largest decrease since January. This slump in exports is attributed to weakened demand for Chinese goods, while imports also fell by 4.5%. The decline in exports has led to increased pressure on the government to boost domestic consumption for the remainder of the year,…
- Business News
HSBC Thailand seeks licence, raises capital for local business expansion
In preparation for local business expansion, HSBC Thailand is working to raise additional funds and secure a new licence, in line with the nation’s economic growth. The bank’s capital is set to increase by 3.1 billion baht, reaching 25.7 billion, according to chief executive Giorgio Gamba. Furthermore, HSBC Thailand is seeking a new business licence from the regulator to bolster…
- Business News
Krungsri bank expects Thai government to boost Japanese investment
Krungsri, also known as the Bank of Ayudhya, believes that the new Thai government will continue to encourage Japanese investment in the country. Japan is currently Thailand’s largest foreign investor, contributing 28.6% of total investment, or 23.3 billion baht. As political parties form a coalition government, Japanese investors are closely monitoring the situation. Bunsei Okubo, the head of Japanese corporate and…
- Business News
Baht volatility looms amid political risk and new government formation
Kasikornbank (KBank) has warned investors that the formation of a new government and political risk may result in increased baht volatility over the next month. The bank forecasts that the baht will fluctuate between 33.80-35.40 per US dollar during this period due to various internal and external factors. The primary determinant is the direction of the US Federal Reserve’s policy…
- Business News
Rising interest rates boost mortgage NPLs, Bank of Thailand urges debt restructuring
In the first quarter of this year, non-performing mortgage loans (NPLs) experienced an increase due to rising interest rates, prompting the Bank of Thailand (BoT) to encourage banks to assist borrowers through debt restructuring. The central bank recently revealed a housing loan NPL ratio of 3.16% in the commercial banking system, up from 3.01% in the previous quarter. The primary…
- Thailand News
Thailand’s economy defies global recession fears with post-election boost
Thailand’s economy is predicted to gain momentum during the last three quarters of this year, despite the looming threat of a global recession, partly due to the boost from the May 14 General Election, according to analysts. The country’s GDP growth for the first quarter was 2.7% year-on-year, surpassing the expected 2.3% and marking an improvement from the 1.4% growth…
- Business News
Thailand’s economy grows faster than expected in Q1 due to tourism rebound
Data released today reveals that Thailand’s economy expanded faster than anticipated in the first quarter, with the return of private consumption and tourism helping to counterbalance slowing exports. As the country grapples with the effects of COVID-19, its recovery has been slower compared to regional neighbours. However, the resurgence of tourism – particularly the recent influx of Chinese visitors –…
- Tourism News
Bank of Thailand predicts 28 million foreign tourists this year
The Bank of Thailand (BoT) predicts that the Land of Smiles will see 28 million tourists this year. The BoT’s governor, Sethaput Suthiwartnarueput, said the BoT expects a 3.6% expansion in the gross domestic product (GDP) for this year. The BoT predicts a GDP growth of 2.9% in the first half of this year from the same period last year,…
- Thailand video news
Thailand News Today | Baht continues surge against strong dollar
With the US dollar strengthening and Thailand’s struggling economy, economic experts predict the baht to reach 38 to the dollar by the end of this year. The head of capital markets research for Kasikorn Bank believes the baht will continue its instability along with the global money markets as a result of domestic and international factors. While the US…
- Economy News
Economists foresee 38 baht to 1 US dollar this year
With the US dollar strengthening and Thailand’s struggling economy, economic experts predict the baht may fall to 38 to the dollar by the end of this year. The head of capital markets research for Kasikorn Bank believes the baht will continue its instability along with the global money markets as a result of domestic and international factors. While the US…
- World News
Thailand retail giant target’s resilient Vietnam to expand business
Thailand retail giant Central Group is once again targeting Vietnam’s resilient economy and growing middle class to expand its brand in the southeast Asia nation. Central Group plans to invest 30 billion baht in Vietnam over the next four years to hike investment to 100 billion baht over the next five years from 38.5 billion baht last year. Olivier Langlet,…
- Thailand video news
Thailand News Update | Energy & Food Price raises inflation rate for 2022
The body of the Iranian tourist who went missing on Tuesday after a white water rafting accident in Phang Nga province, just north of Phuket, has been found. Police are now investigating everyone involved in the incident.The 42 year old was white water rafting in Song Phraek with his four friends and two tour operators when their rubber boat hit…
- Property
Thailand’s property market slated to return to pre-pandemic levels by 2023
Experts are pointing to 2023 as the year in which Thailand’s property market is expected to return to pre-pandemic levels. The estimation is sooner than previously thought, with the easing of housing loan regulations and the country’s reopening speeding up the recovery. Last month, the central bank relaxed mortage regulations to help revive the property sector, which accounts for 10%…
