economic growth
- Thailand News
Thai handicrafts to drive economic growth, says Deputy PM
The Deputy Prime Minister and Minister of Commerce has tasked the Institute for the Promotion of Thai Arts and Crafts (SACIT) with enhancing Thai handicrafts to boost the economy. This initiative aims to honour the legacy of Her Majesty Queen Sirikit, The Queen Mother. Deputy PM Phumtham announced policies to advance the SACIT at Bang Sai, Phra Nakhon Si Ayutthaya.…
- Thailand News
Deputy PM defends mammoth borrowing to jump start growth
In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…
- Business News
Inflate debate: BoT warns against raising inflation target
Bank of Thailand (BoT) cautioned against raising the inflation target to match the range established by the monetary authority, citing concerns that such a move may destabilise expectations and accelerate price increases. BoT Governor Sethaput Suthiwartnarueput stated that the current range is appropriate. “The current inflation target range is appropriate for the circumstances and it has worked well in terms…
- Thailand News
Thailand’s 44,410 trillion baht mineral reserves unveiled
Thailand harbours over 30 trillion tonnes of mineral reserves, with 40 types of minerals, estimated at a staggering value of 44,410 trillion baht, which could prove pivotal for securing the country’s raw material needs in the coming years, according to the Department of Mineral Resources (DMR). In a recent press conference, the DMR Director-General, Phichit Sombatmak revealed that the National…
- Economy News
Thailand aims to be global hub for skilled foreign workers
Thailand is aiming to enhance its global competitiveness by becoming a hub for skilled foreign workers, as part of a long-term strategy to drive and sustain economic growth. Prime Minister Srettha Thavisin is spearheading this initiative by introducing a range of new visa types designed to attract international talent, according to government spokesman Chai Wacharonke. This announcement was made yesterday,…
- Business News
Thailand PM calls urgent meeting with economy ministers
Thailand Prime Minister Srettha Thavisin called for an urgent meeting with economy ministers to discuss short-term economic stimulus measures to address Thailand’s sluggish economic performance in the first quarter of 2024. The National Economic and Social Development Council (NESDC) reported that Thailand’s economy grew by only 1.5% year-on-year for the first three months of 2024. This lacklustre growth has prompted…
- Thailand News
Thailand’s economic crisis: An ageing population
Thailand is facing a looming economic crisis as demographic shifts threaten to cripple its domestic consumption, the Kasikorn Research Centre (KRC) warns. With an increasingly elderly population and declining birth rate, the nation’s key driver of economic growth is at risk. In 2022, domestic consumption accounted for 58% of Thailand’s economic growth, up from 53% a decade ago. This reliance…
- Business News
Vietnam prioritises economic growth despite global challenges
Vietnam will focus on bolstering economic growth despite ongoing challenges from weak global demand, announced Deputy Prime Minister Le Minh Khai. Addressing the National Assembly during its summer session, Khai noted that while gross domestic product (GDP) growth has improved, significant hurdles remain. Industrial activity is recovering, albeit at a slow pace. Vietnam, now a manufacturing hub benefiting from shifting…
- Business News
Thailand’s economic growth forecast revised down
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has revised Thailand’s economic growth forecast downward from a range of 2.8 to 3.3% to 2.2 to 2.7% for the year. The revised outlook is due to a slowdown in exports, which is negatively affecting the manufacturing sector. The panel also flagged a decrease in export expansion from 2% to…
- Business News
Thai-tanic surge: Thailand investment pledges make waves
According to data released by the Board of Investment (BOI) today, Thailand’s investment pledges surged 31% in the first quarter of 2024. This promising growth was recorded in comparison to the corresponding period of last year. The information revealed that the aggregate value of all investment applications in the first three months, leading up to March, soared to 228 billion baht…
- Business News
Thai banks set for expansion amid ASEAN economies’ growth
A surge in regional business expansion is forecasted for major local banks in Thailand due to the growth potential of ASEAN economies. This outlook has been provided by Fitch Ratings Thailand, indicating promising revenue prospects for these banks through increased regional operations. In 2023, a noticeable upturn in the regional business of large local banks was observed, primarily due to…
- Tourism News
Songkran expected to boost Thailand’s economy with billions
The Songkran festival in Thailand this year is anticipated to bring between 140 and 200 billion baht into the country’s economy. The festival, which has been recognised as an Intangible Cultural Heritage event by Unesco, is predicted to attract 10 million international visitors who will contribute 11.8 billion baht to the total spending. In light of the festival’s recognition, the…
- Business News
World Bank predicts 2.8% economic growth for Thailand
The World Bank predicted a modest economic growth of 2.8% for Thailand in 2024, with an acceleration of 3.0% in 2025. This forecast announced today, April 1, is underpinned by the nation’s struggling exports and a postponed budget. This projection for 2024 and 2025 marks a decrease from the previously estimated figures of 3.2% and 3.1%, respectively, set in December.…
- 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
Bangkok’s residential market downturn with 22.5% annual decline
Greater Bangkok’s residential market saw a downturn in the final quarter of last year, with new units sold shrinking by 14.5% compared to the previous year. This contributed to an overall annual decline of 22.5%, as reported by the Real Estate Information Center (REIC). Vichai Viratkapan, the acting director-general of the centre, attributed this to a mismatch between supply and…
- Thailand News
Thai products flood Vietnam: Mini Thailand Week 2024
Hundreds of Thailand’s finest commodities are set to make waves in Vietnam as the third Mini Thailand Week 2024 kicks off in the seaside city of Ha Long. The event, part of Thailand’s strategic push to integrate its businesses into Vietnam’s booming economy, kicked off yesterday, March 28, at the Centre of Planning Fair and Exhibition in Ha Long, Quang…
- Thailand News
Driving economic growth: Thailand’s quest for clean energy
The call to action resonates through Thailand’s corridors of power as demands surge for the nation to lead the clean energy revolution across the region, igniting economic growth. Burin Adulwattana, the managing director and chief economist at Kasikorn Research Centre (K-Research), underscores the urgency of this endeavour, stressing its pivotal role in ensuring competitive pricing for clean energy within Thailand.…
- 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
OR’s SDG policy fuels Thailand’s sustainable economic growth
PTT Oil and Retail Business (OR) has adopted a Small-Diversified-Green (SDG) policy, aiming to stimulate Thailand’s economic growth through sustainable practices. This move aligns with the country’s broader strategy of reducing carbon footprints by 2030. The SDG policy focuses on empowering small communities as key drivers of economic recovery, particularly in the tourism sector tipped to fuel the national GDP…
- Thailand News
Thailand DIP organises online cartoon script competition
In a collaboration between the Department of Intellectual Property (DIP), KP Comics Studios, and Kakao Webtoon Thailand, an online cartoon competition promises to be a game-changer for aspiring writers. Director-General of the DIP, Wuttikrai Leewiraphan, champions the cause. “We’re putting the spotlight on intellectual property, blending Thai cultural influence with cutting-edge digital trends like webtoons.” With over 3 million monthly…
- Thailand News
Thailand gears up for 4 expressway projects worth 120 billion baht
The Expressway Authority of Thailand (EXAT) is set to launch four expressway projects amounting to approximately 120 billion baht (US$3.3 billion). The projects, once approved and operational, are anticipated to stimulate economic growth and create job opportunities across the nation. Surachet Laophulsuk, the head of EXAT, revealed that the four proposals are ready for submission to the Cabinet for approval.…
- 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…
- Cannabis
Thailand’s cannabis boom: Mega economic impact unveiled
Thailand’s journey into the cannabis market is a tale that’s capturing the attention of many across the globe. With the country’s recent move to legalize medical cannabis in 2018, it’s not just the local landscape that’s changing—there’s a ripple effect being felt far and wide. This bold step is positioning Thailand as a key player in the global cannabis scene,…
- 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
SET-listed banks’ net profit surges 15.6% due to rate hikes
Interest income growth due to policy rate hikes has contributed to a 15.6% year-on-year increase in consolidated net profit for ten Stock Exchange of Thailand (SET) -listed commercial banks in 2023, reaching a total of 232 billion baht. The previous year’s profit was around 201 billion baht. In the context of these rising interest rates, the banking sector demonstrated a…
- Thailand News
Thai economy experts predict 3% growth despite digital wallet scheme delay
Leading economist Somchai Phakapaswiwat foresees a 3% economic growth despite the government’s 500-billion baht handout scheme‘s potential delay. Renowned economist Somchai Phakapaswiwat set tongues wagging yesterday, January 22, when he confidently declared that Thailand’s economic trajectory remains unscathed, poised for an impressive 3% growth, despite uncertainties surrounding the government’s 500-billion baht handout scheme. According to Somchai, the delay in the…
- Thailand News
PM Srettha reassures public on Land Bridge megaproject amid concerns
Prime Minister Srettha Thavisin voiced his administration’s commitment to addressing the concerns of groups opposing the Land Bridge megaproject. Today, PM Srettha is visiting the proposed construction site in Ranong, where a mobile cabinet meeting is scheduled for tomorrow. The 61 year old Thai prime minister acknowledged the government’s shortcomings in effectively communicating the project’s economic advantages to international investors.…
- Business News
Thai tourism sector optimistic about Chinese arrivals despite economic concerns
Despite the Thai tourism sector experiencing a drop in Chinese visitors last year, the government remains optimistic about an increase in arrivals this year, targeting eight million visitors from the mainland. This optimism is fuelled by the prospect of the visa-free policy becoming permanent in March. The Chinese government has been advocating for its citizens to travel domestically during the…
- Business News
Thailand’s economy braces for slow growth
Thailand’s economy is set to experience slow growth in the coming years, with GDP forecasts for this year ranging between 3-3.4%. Several factors, including sluggish growth in exports, subdued Chinese demand for consumption and tourism, geopolitical risks, and a shortage of skilled workers, are expected to influence this. Despite these challenges, industry executives are optimistic and are devising strategies to…
- Business News
Thailand’s economic growth potentially in decline, SCB EIC warns
The Siam Commercial Bank’s research wing, SCB Economic Intelligence Center (EIC), expressed concern over the potential decline in Thailand’s long-term economic growth. It has attributed this to enduring structural problems, such as low investment, diminished total factor productivity, and the economic impact of the pandemic. Chief Economist at SCB EIC, Somprawin Manprasert, revealed that Thailand’s economic recovery has been more…
