economic growth
- 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…
- Thailand News
Economic ties in focus: Thai PM extends invitation to Biden
Thailand Prime Minister Srettha Thavisin recently extended an invitation for an official visit to US President, Joe Biden. This invitation was extended during the Asia-Pacific Economic Cooperation (APEC) Summit that took place in San Francisco. The Thai PM used this platform to assure President Biden of Thailand’s readiness to serve as a base for major American companies’ production, boosting their…
- 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…
- Economy News
World Bank identifies growth potential in Thailand’s secondary cities
The World Bank has highlighted the potential for growth in Thailand’s secondary cities such as Chiang Mai, Khon Kaen and Rayong in a recent study. The report, Thailand Urban Infrastructure Finance Assessment, suggests that these cities could boost Thailand’s economy if they invest in urban infrastructure improvements, such as mass transit systems and renewable energy sources. However, the study points…
- 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
Vegetarian festival expected to boost Thai economy with record high spending
The annual vegetarian festival, set to take place from October 15 to 23, is predicted to spur a record 10-year high spending of 44.6 billion baht (US$ 1,207,363,478), marking a 5.5% growth compared to the previous year, as revealed by Thanavath Phonvichai, the President of the University of the Thai Chamber of Commerce (UTCC). The rise in expected expenditure is…
- Business News
World Bank revises Thailand’s economic growth forecast due to export contraction
The World Bank revised Thailand’s economic growth forecast downwards for 2023 and 2024, attributing the adjustment to a predicted contraction in the country’s exports due to reduced global demand. The primary engines of economic growth will be tourism and private consumption. A decrease from 3.6% to 3.4% is predicted for Thailand’s economic growth this year, as reported by the World…
- Economy News
Thai economy loses steam: UTCC’s growth forecast trims to 3%
With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of…
- Business News
Thai govt greenlights 500 billion baht boost for state-owned enterprises in 2024 budget bonanza
The Thai government yesterday approved a massive investment budget of 500 billion baht dedicated to 46 state-owned enterprises for the fiscal year 2024, commencing this October. The substantial budget aims to stimulate the national economy and bolster fiscal growth. Government spokesperson Chai Wacharonke detailed the budget allocation, stating that the funding includes 209 billion baht earmarked for ongoing and routine…
- Politics News
Srettha Thavisin endorsed by US, EU, and Singapore
Srettha Thavisin, recently elected as Thailand’s 30th prime minister, received a warm welcome and expression of support from the United States, the European Union, and Singapore. The allies are enthusiastic about further strengthening their strategic alliances with Thailand under the new leadership. Antony Blinken, the US secretary of state, emphasized the shared values between the two nations and their joint…
- Economy News
Foreign investments bolster Thai economy with 58.9 billion baht boost
From January through July of this year, Thailand welcomed a foreign investment sum of 58.9 billion baht. A notable chunk of this influx originated from Japan, whose companies lavished the largest amount of capital on developing their businesses within Thai borders. Estimates suggest that the Japanese investors led the pack with a total outlay of 19.9 billion baht. They were…
- Economy News
Thailand’s economy eyes rebound in 2023 buoyed by China’s booming influence
A light of hope has started to shine on the future of Thailand’s economy as we look forward to this year, and China’s influence as a significant driving force cannot be ignored, so suggests a leading Thai economist. The said economist, Kirida Bhaopichitr, who honours the position of Director for the Economic Intelligence Service at the Thailand Development Research Institute…
- Economy News
Saudi-Thailand relations: Leaders discuss tourism and investment amid strengthening ties
The chairman of Saudi Arabia’s Consultative Assembly, Abdullah Mohammed Ibrahim Al-Sheikh, was heartily welcomed by Thailand’s Prime Minister, Prayut Chan-o-cha yesterday for a constructive dialogue on potential collaboration for tourism and investment in Thailand’s Eastern Economic Corridor (EEC). The Saudi-Thailand relations discussion was announced by Tipanan Sirichana, deputy government spokesperson for Thailand. Al-Sheikh, leading the delegation from Saudi Arabia, had…
- Business News
HomePro invests 4 billion baht in eco-friendly store, diversifies product portfolio in Thailand
Home decor and upgrade specialist, Home Product Center Plc, under the HomePro banner, declared a business expansion investment of 4 billion baht this year for store diffusion. Ittaporn Srisukwattana, the firm’s senior vice president of design and product development, articulated that this financial plan would be deployed towards the inauguration of two HomePro and eight Mega Home shops this year.…
- Business News
Thailand’s PC market set for 7.9% growth amid business transformation demand
The personal computer (PC) market in Thailand is predicted to expand by 7.9% this year, driven by the increasing demand from businesses seeking digital transformation, according to IDC Thailand’s market analyst. The first quarter of 2023 saw the market contract by 20.3% year-on-year, but it experienced a 12.9% growth quarter-on-quarter due to consumer spending through the government’s “Shop Dee Mee…
