boost economy
- Business News
Thailand’s economy to grow 2.7% this year
Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance. Deputy Finance Minister Paopoom Rojanasakul highlighted the positive outlook, attributing it to improving economic conditions among trading partners. He noted that growth could potentially reach 3% this year,…
- Thailand News
TAT shines on Sri Racha tourism with magical island light show
The Tourism Authority of Thailand (TAT), in partnership with Sri Racha Municipality, is set to present the Vijitr Chon Buri The Lighting Illumination: The Magical Island. This event will take place from tomorrow, July 20 to July 28 at Koh Loy in Sri Racha. Mayor of Sri Racha District Chatchai Timkrajang and Nat Khrutasutta, the Director of the Activities Department…
- Business News
Transport Ministry execs visit Phuket to boost economic development
Senior executives from the Ministry of Transport gathered at Phuket Provincial Hall yesterday, engaging in a two-day study tour aimed at boosting economic development in the region through transportation initiatives. This initiative, part of a broader training programme organised by the Ministry of Transport, targets government officials and employees from state enterprises. Running from May 27 to August 16, the…
- Business News
Thailand disburses 3.48 trillion baht budget to boost economy
An injection of 3.48 trillion baht from the 2024 fiscal budget has finally been disbursed in the second quarter of this year, following delays that began on October 1 last year due to political setbacks after the General Election in May 2023. With economic growth stagnating, public expenditure is seen as a crucial factor to revive subdued private spending and…
- Business News
Northeast plans NEC to boost economy at mobile Cabinet meeting
Private sector representatives in the northeast are set to present a series of economic stimulation projects, including the establishment of the Northeastern Economic Corridor (NEC), during the mobile Cabinet meeting in Nakhon Ratchasima on July 2. Hatsadin Suwattanapongchet, Secretary of the Northeastern Industrial Federations, announced that the NEC, traversing Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, will emulate…
- Business News
International visitors boost Thailand’s MICE sector by 5%
International visitors are set to drive Thailand’s MICE (meetings, incentives, conferences, and exhibitions) sector beyond its annual target by 5%, helping to offset a sluggish domestic market. Chiruit Isarangkun Na Ayuthaya, President of the Thailand Convention and Exhibition Bureau (TCEB), reported a robust recovery in the international market during the first three quarters of the 2024 fiscal year, spanning from…
- 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
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…
- Business News
Govt to boost 2024 budget by 122 billion baht for handout scheme
According to the Budget Bureau Chief, the Thai government plans to increase the 2024 fiscal budget by 122 billion baht to support its primary handout initiative. This announcement follows the recent approval of a delayed 3.48 trillion baht budget. The government is continuing to push forward with fiscal stimulus plans, aiming to distribute 500 billion baht by the fourth quarter…
- 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…
- 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
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
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
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,…
- Guides
How Thailand’s tourism boom is changing everything
Thailand’s tourism industry, once a beacon of economic prosperity, has experienced a rollercoaster of highs and lows. The late 1980s and early 1990s marked an era of unprecedented growth, with the country becoming a must-visit destination for travellers worldwide. However, this boom was not without its consequences. As the number of visitors surged, the industry faced challenges that threatened the…
- 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
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…
- Economy News
Long-haul tourism to boost Thai tourism revenue in 2024
The Tourism Authority of Thailand (TAT) anticipates that long-haul tourism will significantly bolster Thai tourism revenue in 2024, contributing seven percentage points more than pre-pandemic levels. This was discussed last week as the Minister for Tourism and Sports, Sudawan Wangsuphakijkosol, met with TAT executives to deliberate on next year’s market strategies. The government has set a goal of 3.5 trillion…
- 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…
- 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…
- Business News
Generative AI takes center stage: Chinese tech giants intensify development to compete globally
Leading technology corporations in China are escalating their efforts in the development of generative artificial intelligence (AI), aiming to compete with their US counterparts. They are launching extensive language models (LLM) that will support a wide array of applications, from weather prediction and financial analysis to 3D e-commerce, with the primary objective of enhancing enterprise productivity and user experience. McKinsey,…
- 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
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.…
- Thailand News
Thai govt reduces foreign worker visa fees to 500 baht to boost economy
Foreign worker visa fees for four nationalities have been reduced to 500 baht, with the fee changes expected to be enforced from November 11 for a duration of four years. This reduction aims to stimulate the Thai economy’s recovery by promoting the legal employment of migrant workers from Cambodia, Laos, Myanmar, and Vietnam. Somchai Morakotsriwan, currently acting as the Director-General…
