boost economy

  • 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…

  • Thailand News

    Thailand eyes MICE supremacy in Southeast Asia

    Thailand is pulling out all the stops to become the epicentre of MICE tourism in Southeast Asia, with Vietnam emerging as a potential powerhouse partner. This ambitious vision, spearheaded by Puripan Bunnag, Senior Vice President of the Thailand Convention and Exhibition Bureau (TCEB), aims to harness the post-pandemic resurgence in the MICE sector to bolster Thailand’s economy. “The MICE segment…

  • 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…

  • Thailand News

    Thai halal boom targets 84 trillion baht market

    In a move to capture a share of the burgeoning US$2.3 trillion (approximately 84 trillion baht) global halal market, the Ministry of Industry has launched the Thai Halal Industry Centre. This strategic initiative aims to position Thailand as the regional hub for halal products and services, with the market value expected to soar to US$2.8 trillion by 2025, driven by…

  • Thailand News

    Alipay+ partners with TAT to redefine travel experience

    Thai tourism is undergoing a digital revolution as Alipay+ teams up with the Tourism Authority of Thailand (TAT) to redefine the travel experience. With an aim to attract more tourists and enhance their journey, the duo unveils an array of innovations that promise seamless exploration and unforgettable memories. In a joint statement, Alipay+ and TAT announced groundbreaking developments set to…

  • Thailand News

    Thai govt’s digital wallet project: A cash splash on the horizon

    The Government of Thailand is still finalising its digital wallet project, a financial aid initiative which promises a 10,000 baht disbursement to eligible citizens. The specific criteria for eligibility include an age threshold, and a deposit cap to ensure the aid reaches those intended. Citizens who are 16 years old as of September 30 of this year, or born before…

  • Business News

    IBM Thailand Director emphasises AI’s impact on economy

    As Thailand grapples with geopolitical conflicts, economic barriers, and technological disruptions, the newly appointed managing director of IBM Thailand shared his vision for the nation’s future. Anothai Wettayakorn emphasised the critical importance of focusing on controllable factors in a complex world and said that strategic planning and positivity could bring about positive change. Anothai went on to highlight the exceptional convergence…

  • Thailand News

    Brewing herbal revolution: Thai herbs poised to spice up global markets

    Government spokesman Chai Wacharonke unveiled Prime Minister Srettha Thavisin’s master plan to transform Thai herbs into a formidable soft power product, captivating domestic and international markets. “Prime Minister Thavisin’s vision is crystal clear: to propel Thailand’s herbal industry to unprecedented heights, elevating the status of Thai herbs worldwide.” Harnessing the innate medicinal prowess, rich biodiversity, and indigenous knowledge embedded within…

  • 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…

  • Thailand News

    Parliament in favour of legalising gambling to boost economy

    The House of Representatives voted in favour of legalising gambling while boosting the nation’s economy. The special commission championing the creation of integrated entertainment complexes unveiled its plan, urging the government to join hands with the private sector. The commission stressed that public involvement is key, advocating for the legalisation of specific gambling forms like Thai boxing to drive this…

  • Thailand News

    PM Srettha: Legalise casinos to save Thailand’s economy

    Prime Minister Srettha Thavisin advocated for the legalisation of casinos to combat the shadowy underworld economy in Thailand. PM Srettha outlined his vision for a new law permitting entertainment complexes housing legal casinos, aiming to drag illicit activities into the light and bolster national revenue streams. “We have to bring the grey [underground] economy into the light to allow us…

  • Thailand News

    China-Laos high-speed rail to transform northeast Thailand

    Krungthai COMPASS Research Centre unveiled a groundbreaking vision, identifying the China-Laos high-speed railway as the cornerstone for transforming the northeast of Thailand into an economic juggernaut within the Greater Mekong Subregion. The centre disclosed that the China-Laos high-speed railway, now operational for both passenger and freight services along the Kunming-Vientiane route, will directly turbocharge trade and investment in Thailand’s northeastern region,…

  • 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…

  • Thailand News

    Thailand to boost tourism to drive economic growth

    The Tourism Authority of Thailand (TAT) is on a mission to stimulate tourism, focusing on boosting revenue in 55 secondary provinces by a staggering 20%, aiming for a grand total of 91 million trips this year. This ambitious goal, however, falls short of the mark for key provinces. For the first nine months of the previous year, the 55 secondary tourism…

  • Thailand News

    Thailand to boost trade with India

    The Commerce Ministry is joining forces with the government’s Team Thailand to boost economic growth by tapping into the vast potential of India. The aim is to boost exports to India by an impressive 4% this year. Deputy Commerce Minister Napintorn Srisunpang highlighted the allure of the Indian market, citing its robust economic growth, resilient domestic consumption, and active industrial activity.…

  • Thailand News

    Essential ascent: Despite fiscal twists, analysts predict vital goods to drive economic lift-off

    Despite the financial rollercoaster, essential goods are set to expand. Analysts declare that essential goods will help boost the economy. The Thai Chamber of Commerce’s recent survey predicts a 1.5% dip in purchasing power, attributed to escalating interest rates, inflation, and the lingering pandemic hangover. Undeterred, consumers are rallying around staples like food, beverages, personal care products, household items, and…

  • Thailand News

    Thai government considers extending nightlife hours

    The Thai government is currently contemplating the extension of operating hours for bars, clubs and other entertainment hubs until 4am, in more provinces as a means to stimulate the economy, as reported by Interior Minister Anutin Charnvirakul. The minister shared this information following a late-night inspection of Khao San Road nightspots on Saturday. This marked the second night clubs and…

  • Business News

    Thanapiriya Plc plans 120 million baht expansion

    Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…

  • Business News

    Thailand aims to boost SME contribution to GDP by 300 billion baht in 2024

    Aiming to raise small and medium-sized enterprises (SMEs) contribution to the nation’s GDP to 6.6 trillion baht in the next year. Thailand’s Commerce Ministry is set to collaborate with private firms. This expected increase of 300 billion baht from the current year is part of the ministry’s strategic roadmap for SME development. Deputy Commerce Minister Napintorn Srisanpang unveiled the plan,…

  • Economy News

    Thai economy rebound: PM unveils bold plan to tackle challenges

    Prime Minister Srettha Thavisin outlined a comprehensive plan to tackle pressing economic issues in Thailand spanning agriculture, industry, and debt-related concerns. He unveiled his intentions during a keynote speech at The Standard Economic Forum, stating that the Thai economy’s current state is a subject of contention between himself and the Bank of Thailand’s governor. Despite the debate, the Thai PM…

  • Thailand News

    Government counters MFP allegations over 10,000 baht digital handout scheme

    A counter-strike against the Move Forward Party’s (MFP) allegations has been launched by the government, concerning the unlikely reception of its 10,000 baht digital money handout. The opposition party has claimed that the government, with the details of the scheme unveiled on Friday, is attempting to backpedal on its promise of financial assistance. Prime Minister Srettha Thavisin rebuked MFP Deputy…

  • Thailand News

    Digital wallet boost: Thai government to inject 600,000 million baht into economy

    The government is set to inject 600,000 million baht into the economy through the well-documented digital wallet initiative. This programme will provide 10,000 baht to Thai citizens aged 16 and above, with an income not exceeding 70,000 baht and savings of no more than 500,000 baht. The initiative, set to run for six months, will be applicable within the citizen’s…

  • Business News

    Consumer confidence in Thailand soars to 44 month high

    Last month witnessed a surge in consumer confidence for the third consecutive month, reaching its highest point in 44 months, according to the University of the Thai Chamber of Commerce (UTCC). Factors contributing to this uplift include the government’s initiatives to curb living costs, a boost in foreign arrivals, and a revival in exports. The UTCC reported that the consumer…

  • Business News

    Content creator economy thrives in Thailand with Meta’s support

    Meta, the company behind Facebook and Instagram, is cultivating a thriving content creator economy in Thailand, offering local creative talent numerous avenues to monetise their output. This initiative allows creators to offer unique content and experiences to their subscribers, thereby establishing a new stream of revenue. According to Meta, these revenue-earning opportunities encompass branded content, partnership ads, and Instagram subscriptions.…

  • Economy News

    Trade negotiations with EFTA set to boost Thai GDP

    The Trade Negotiations Department of the Commerce Ministry gears up for the seventh round of trade negotiations with the European Free Trade Association (EFTA), to seal the deal by mid-2024. The announcement was made by Auramon Supthaweethum, the director-general of the department, who confirmed that the negotiations will take place from November 6 to November 9 in Geneva, Switzerland. The…

  • Thailand News

    Thailand persists with 10,000-baht digital money giveaway to reboot economy

    The Thailand government is standing firm on its decision to proceed with the 10,000-baht digital money giveaway, despite various calls for its reconsideration. The government maintains that while the specifics of the project can be tweaked, the fundamental principle of using it as a tool to reboot the economy remains steadfast. According to Deputy Prime Minister Phumtham Wechayachai, the Thai…

  • Thailand News

    Hong Kong investment spurs expansion in Thai manufacturing and logistics

    Thailand is attracting the attention of Hong Kong-based investment companies keen to establish manufacturing and logistic firms within its borders, revealed Thai trade representative Nalinee Taveesin. This follows a recent dialogue with Ronald Ho, the director of Hong Kong Trade Development Council’s Southeast Asia and South Asia, in Bangkok. The two nations have long enjoyed a prosperous relationship in trade,…

  • Business News

    Thai tourism bodies urge government to rebuild confidence with Chinese tourists

    The Association of Thai Travel Agents (ATTA) and the Tourism Council of Thailand (TCT) called on the government to restore confidence in Chinese tourists via mainland tour agents, emphasising that this approach can guarantee tourist safety. TCT president, Chamnan Srisawat, suggested that the government should exercise caution before deciding on a permanent exemption from visas for the Chinese market. The…

  • Thailand News

    Safety concerns for tourists spur diplomatic talks: Thailand-China relations under spotlight

    Amid concerns for the safety of foreign residents and tourists in Bangkok following a recent shooting incident at Siam Paragon mall, ensuring a positive international relationship between Thailand and China has become a key focus of discussions between Thailand Prime Minister Srettha Thavisin and China President Xi Jinping. PM Srettha also offered his sympathy regarding the tragedy which saw one…

  • Business News

    Sunny-side up: Thai exports set to crack 3.6% growth in 2023

    Positive prospects are forecasted for Thai exports next year, with an anticipated growth rate of 3.6%. This rebound follows a projected 2% drop this year, according to a recent report by the University of the Thai Chamber of Commerce (UTCC). UTCC’s president, Thanavath Phonvichai, attributes this optimistic projection to several factors including lower interest rates and easing inflation globally, which…