boost economy

  • 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,…

  • 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

    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…

  • 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…

  • 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…

  • 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

    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.…

  • 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…

  • 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

    Thai PM to kickstart Naga Fire: Miracle of Faith 2023, boosting tourism

    Thailand Prime Minister Srettha Thavisin is set to grace the grand opening of the Naga Fire: Miracle of Faith 2023 event in Phon Phisai District, Nong Khai on Sunday, October 29, according to the government’s spokesperson, Chai Wacharonke. This visit marks the premier’s first official journey to Laos, set to commence the day after his overnight stay in Udon Thani.…

  • 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…

  • Business News

    Thailand’s commerce ministry aims for 20% cross-border trade boost

    The Commerce Ministry of Thailand has an ambitious vision for the upcoming year – pushing cross-border trade value to 1.2 trillion baht, marking a 20% increase from this year’s estimated 1 trillion baht. Deputy Commerce Minister Napintorn Srisunpang, the overseer of the Business Development Department, Trade Negotiations Department and Foreign Trade Department, disclosed the ministry’s strategy to achieve this. They…

  • Business News

    Thai government’s 5% GDP growth aim deemed optimistic amidst challenges

    The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed its…

  • Business News

    China’s rise as global superpower lauded by Thai-Chinese Cultural Council president

    Pinit Jarusombat, the president of the Thai-Chinese Cultural and Relationship Council (TCCRC), has acknowledged China’s ascension to the ranks of global superpower in terms of technology and economic might. The statement was made in light of the upcoming National Day of China, marking the 74th anniversary of the People’s Republic of China’s establishment. Pinit appraised China’s development, pointing out the significant…

  • Business News

    Thai exports spring back to life: A global manufacturing and clean energy surge

    After 11 months in decline, Thai exports have made a surprising return to growth, largely due to a resurgence in global manufacturing, consumer spending and a thriving service sector among trading partners. This upturn has been further fuelled by the promotion of clean energy policies, increased demand for technological products and the relative depreciation of the baht, according to the…

  • Thailand News

    Thailand’s 1 trillion baht land bridge project seeks foreign investors

    Thailand’s Transport Ministry is actively seeking investors for a megaproject, dubbed the land bridge, which aims to connect Chumphon on the Gulf of Thailand’s eastern coastline to Ranong along the Andaman Sea. The mission to attract funds will involve roadshows in China, Europe, and the United States. Suriya Jungrungreangkit, the Transport Minister, shared these updates on the project’s progress in…

  • Thailand News

    Government Savings Bank unveils 100,000 baht loan scheme for struggling self-employed workers in Thailand

    The Government Savings Bank (GSB) is launching a loan scheme targeting small-scale self-employed individuals, such as taxi drivers, motorcycle taxi drivers, riders, and online sellers. The bank is offering loans of up to 100,000 baht, repayable over eight years, to support these workers who have been adversely affected by the rising cost of living, resulting in reduced income and financial…

  • Thailand News

    Thailand eyes growth in pink economy by attracting international LGBTQ+ retirees

    Thailand’s potential to expand its pink economy through the attraction of international LGBTQ+ retirees was the highlight of a recent conference held in Bangkok. Dr Chaiwat Songsiriphan, who is the founder and medical director of the Safe Clinic, emphasised that Thailand’s high tolerance for gender diversity could make it an ideal retirement destination for the LGBTQ+ community. He further noted that…

  • Thailand News

    Thailand’s expressway authority digs into land values with market survey

    The Expressway Authority of Thailand (EXAT) initiated a market survey concerning its plots of land located under and close to its elevated expressways. These 17 regions, which include prime business districts in Bangkok such as Silom, Phloenchit, Wacharaphon, and Asok, show significant potential for commercial EXAT land development. The survey aims to gather the perspectives of potential private investors, which…

  • Thailand News

    Thailand’s PM plans secondary city airport revitalisation to boost tourism

    Prime Minister Srettha Thavisin’s recent plan to revitalise airports in secondary cities has been warmly received by tourism operators in Nakhon Ratchasima. The airport revitalisation proposal, aimed at driving up tourist arrivals and stimulating the economy, was announced yesterday. Local tourism promotion association’s leader, Pongthep Malachasing, sees this as a golden opportunity to invigorate Nakhon Ratchasima Airport. The airport, despite…

  • Thailand News

    Prime time for Thai tourism: Thailand’s new PM heads south for strategic talks

    The new Prime Minister of Thailand is set to visit Phuket and Phang Nga this weekend to deliberate with local communities and seek input from the private sector on how to boost Thai tourism in the southern provinces, according to an announcement by the Phuket office of the Public Relations Department (PR Phuket). Prime Minister Srettha Thavisin and the tourism…

  • Economy News

    Pheu Thai leadership welcomed by tourism operators

    The Pheu Thai political party’s potential leadership of the Tourism and Sports Ministry has been warmly welcomed by tourism operators. This development arises from growing speculation around the formation of the new Cabinet. Numerous news outlets suggest that the ministry might transition from the Bhumjaithai Party to Pheu Thai. Adith Chairattananon, the honorary secretary-general of the Association of Thai Travel…

  • Thailand News

    Phuket Chamber President awaits PM’s swift action on 3000 million baht projects

    Phuket’s Chamber of Commerce President is keenly awaiting the immediate action of Thailand’s 30th Prime Minister, Srettha Thavisin. There are a myriad of pressing issues regarding Phuket projects waiting to be addressed. Kongsak Khupongsakorn, confident in his province’s ongoing economic development, is ready to collaborate with all political parties. Regardless of who assumes the role of prime minister or even…