economic recovery
- Thailand News
Thailand advised to limit economic stimulus as recovery progresses
The Government of Thailand is being urged to reconsider its approach to economic stimulus as the country’s economy shows signs of recovery. The Thailand Development Research Institute (TDRI) advised against implementing large-scale economic stimulus measures, arguing that the economy is on a path to sustainable growth. Nonarit Bisonyabut, a research fellow at TDRI, likened the private sector’s reliance on government…
- Business News
Thailand’s manufacturing index poised for growth after 2024 dip
Thailand’s Manufacturing Production Index (MPI) is set to see a turnaround next year, with expectations of a 1.5 to 2.5% growth. This forecast comes as a recovery from the anticipated 1.6% contraction in 2024, largely attributed to weak consumer purchasing power and high household debt, as reported by the Office of Industrial Economics (OIE). OIE Director General Passakorn Chairat expressed…
- Business News
Thailand cuts interest rate to boost economic recovery
Thailand’s central bank has strategically positioned its policy interest rate to counter economic challenges as financial conditions tighten and recovery remains uneven. Minutes from the October 16 meeting of the Bank of Thailand (BoT) revealed that the Monetary Policy Committee (MPC) made an unexpected decision to lower the one-day repurchase rate by 25 basis points to 2.25%, marking the first…
- Thailand News
Thailand unveils 110 billion baht economic recovery plan
Thailand’s government rolled out a comprehensive economic recovery initiative, aiming to inject up to 110 billion baht into the economy by supporting small businesses through collaborations with major corporations. This campaign, running from September to January, encompasses three main strategies: reducing expenses, generating income, and creating opportunities. The focus is primarily on small operators, who constitute 90% of the country’s…
- Thailand News
Nationwide daily minimum wage to be raised to 400 baht tomorrow
Labour Minister Phiphat Ratchakitprakarn confirmed plans to raise the daily minimum wage to 400 baht nationwide starting tomorrow, September 10, despite echoing concerns that the increase could negatively impact businesses. Phiphat announced that after discussions with business operators and a thorough study by a subcommittee from the Ministry of Labour, the decision to implement the minimum wage hike will proceed…
- Business News
Foreign funds return to Thai stocks amid Fed rate cuts
Foreign fund inflows show signs of returning to the Thai stock market in the second half of 2024, driven by the anticipated US Federal Reserve interest rate cut, a rebounding Thai economy, and the financial results of listed companies. Soraphol Tulayasathien, Senior Executive Vice-President, highlighted that developing countries are experiencing increased production capacity for exports, signalling a global economic recovery.…
- Thailand News
Pheu Thai tries to regain public confidence after unfulfilled promises
Pheu Thai faces significant challenges as it struggles to regain public confidence amid unfulfilled economic promises. Just a year ago, many Thais were optimistic that Pheu Thai’s return to power would alleviate the nation’s economic difficulties by boosting consumer purchasing power, reducing household debt, and reversing slowing economic growth. Pheu Thai’s election campaign emphasised economic policies, promising to achieve an…
- Business News
Bank of Thailand predicts slower third and fourth quarter growth
The Bank of Thailand anticipates slower economic growth in the upcoming third and fourth quarters, attributing this to a high base effect. According to Piti Disyatat, secretary of the central bank’s Monetary Policy Committee (MPC), second-quarter GDP is expected to grow by 1% from the previous quarter, a decline from the 1.5% growth observed in the first quarter. These projections…
- Business News
SET unveils plan to boost foreign and family business investments
The Stock Exchange of Thailand (SET) unveiled a strategic business plan targeting foreign industries operating in Thailand and family businesses, aiming to boost market capitalisation. SET executives highlighted the shift in investment trends, particularly post-pandemic, with technology stocks rising as traditional businesses adapt to the digital age. SET officials noted that the Thai market has faced trust and confidence issues…
- Business News
Thailand predicts 2.7% growth amid slow export recovery, high debt
Thailand’s economy is experiencing a gradual recovery, with projected growth of between 2.2% and 2.7% this year, according to a recent announcement by a prominent joint business consortium. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which includes key stakeholders from these sectors, has maintained its previous growth forecast. Exports, a crucial component of Thailand’s economic engine, are…
- Business News
Thailand faces first consumer confidence dip in eight months
A recent survey has revealed a decline in Thailand’s consumer confidence for the first time in eight months. This dip in March is attributed to a sluggish economic recovery and escalating living expenses. The University of the Thai Chamber of Commerce (UTCC), which conducted the survey, reported a decrease in the consumer index to 63.0 in March, down from 63.8…
- Thailand News
Chinese government awards US$4.1m for local projects in Thailand
A robust financial boost of US$4.1 million, equivalent to 151 million baht, is being awarded by the Chinese government to 18 local projects in Thailand. This generous funding is being dispensed under the 2021 Mekong-Lancang Cooperation Special Fund (MLCSF), as revealed by the Ministry of Foreign Affairs (MFA). A total of 106 projects were put forth for consideration by government…
- Economy News
Thailand’s headline CPI sees unanticipated drop in December
Thailand’s Commerce Ministry announced today that the country’s headline consumer price index (CPI) experienced a 0.83% decrease in December compared to the same period a year earlier. This figure is a steeper drop than the 0.44% year-on-year decrease seen in the preceding month. Contrasting with the anticipated 0.30% fall for December as per a Reuters poll, the actual result was…
- Economy News
Thailand PM urges cautious monetary policy amid economic recovery
Prime Minister Srettha Thavisin urges the Bank of Thailand to consider the potential risks to the country’s delicate economic recovery when making decisions regarding monetary policy. He expressed concern that the decade-high borrowing costs, currently standing at 2.5%, could potentially impede the nation’s economic revival and affect the populace adversely. During a parliamentary budget debate, PM Srettha revealed that the…
- Business News
Electronics firms poised for a shocking surge in the new year
Electronics companies listed on the stock market are set to witness a performance upturn in the new year, owing to a forecasted global recovery across all industry sub-sectors, according to KGI Securities. The firm predicts a higher growth rate in the second half of the year on the back of continuing inventory restocking. The outlook is based on the steady…
- Business News
Flight cancellations: Chinese airlines slash 40% of slots amid Thai tourism slowdown
The Civil Aviation Authority of Thailand (CAAT) witnessed a substantial number of flight slot cancellations by Chinese airlines, accounting for over 40% of total cancellations across Thailand’s airports. The CAAT director, Suttipong Kongpool, highlighted that such cancellations are not unusual and are often a result of fluctuating travel demand. Airline companies frequently resort to such measures in order to maintain…
- Business News
Inheritance tax law changes aim to reduce economic inequality
A revenue department insider has revealed plans for the adoption of the prime minister’s proposal to make changes to the inheritance tax law. The objective of the amendment is to reduce economic inequality, according to the anonymous source. The source disclosed three key points that form the guidelines for the amendment. The first is the application of the inheritance tax…
- Economy News
Thai economy faces scrutiny amid recession fears and slow pandemic recovery
The Thai economy is in the spotlight as concerns over a looming recession persist due to the nation’s weak export outlook and slow recovery from the pandemic. Last week, the government faced heavy criticism from opposition parties and business leaders during a Thai economy policy debate, with the latter expressing concerns over the lack of detail in the 43-page policy…
- Economy News
Thai tourism faces strain from sluggish Chinese, Japanese economies
Tourism operators in Thailand are facing significant challenges due to the sluggish economies of China and Japan and an uneven recovery in Thai tourism that benefits larger operators. A recent survey by the Thai Hotels Association (THA) and the Bank of Thailand revealed that 29% of three-star or lower-rated hotels have been severely impacted by interest rate hikes and may…
- Business News
Thai economic recovery slower than expected, Bank of Thailand governor confirms
Economic recovery in Thailand is underway but progress is slower than anticipated, particularly in the areas of tourism and exports, according to Sethaput Suthiwartnarueput, governor of the Bank of Thailand (BoT). In a recent business seminar, Sethaput expressed concerns over a less-than-rosy picture of the nation’s economy, with exports and tourism spending falling short of expectations. Despite these challenges, he…
- Economy News
Household debt hits 15 year high amid uncertain economic outlook in Thailand
A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year. UTCC…
- Business News
Thai finance minister proposes high-value fruit insurance, EV premium changes
Exuding a wave of fresh optimism for the agricultural and green sectors, Finance Minister Arkhom Termpittayapaisith has floated a revolutionary proposal – the launch of insurance for high-value fruits. A measure aimed at fortifying the faith of fruit farmers, the proposal was made during a compelling keynote speech at the CEO Insurance Forum 2023. The main theme for the forum,…
- Business News
THAI lags as Centara Grand emerges Thailand’s strongest brand
The sluggish revival of business tourism, coupled with Thailand’s failure to establish itself as a global connection hub, has resulted in the brand value of Thai Airways (THAI) lagging behind its rivals. Conversely, Centara Grand Hotels & Resorts has emerged as the strongest brand in the nation this year. According to Alex Haigh, who serves as the Asia-Pacific Managing Director at…
- Economy News
Migrant amnesty programme extended for half a million foreign labourers in Thailand
In a bid to alleviate Thailand’s labour shortage and lay the groundwork for post-pandemic economic recovery, the country’s Cabinet has decided to lengthen its foreign migrants’ amnesty programme until the close of the month. This initiative allows close to half a million workers from neighbouring nations, namely Cambodia, Laos, Myanmar, and Vietnam, to effectively organise the permits necessary for legal…
- Economy News
Thai industries call for government aid to stimulate export growth amid falling rates
Industry leaders are soliciting governmental assistance in a bid to boost export growth, following steady declines observed over a streak of eight months, according to recent insights sourced from the Federation of Thai Industries (FTI). Discussions with 210 executives from 45 sectors of the industry revealed that an overwhelming 80% of respondents were in favour of government initiatives to trim…
- Economy News
Thai tourism-linked businesses experience booming growth amid economic recovery
Amid escalating tourist arrivals and robust economic recovery, Thai tourism-associated enterprises have been reaping lucrative rewards, particularly in the fields of foreign exchange, travel agencies, tour guides, dining establishments, and the accommodation industry. Such industries have experienced impressive growth within the initial five months of this year, as revealed by data garnered through the Business Development Department of the Commerce…
- Business News
Philippine annual inflation on track for government target as food prices ease
Philippine yearly inflation is predicted to remain within the government’s 2% to 4% target range in Q4, following a decrease in April due to reduced food prices. The consumer price index increased by 6.6% YoY in April, the lowest rate since August, and lower than the 7.0% predicted in a Reuters poll. As a result, the Bangko Sentral ng Pilipinas…
- Economy News
Government economic agency says China’s zero-Covid policy hurting Thai economy
China’s relentless pursuit of a zero-Covid status, coupled with tough import restrictions, is having a negative impact on the Thai economy. So says the Thai economic planning agency, the National Economic and Social Development Council. According to a Nation Thailand report, the NESDC says it’s watching China closely, after a strict lockdown was enforced in Shanghai and other cities. “China’s…
- Economy News
PM says government will make tackling household debt a priority in 2022
The Thai PM has used his New Year address on Facebook to reassure citizens that 2022 will be the year the government tackles household debt. PM Prayut Chan-o-cha says the government will focus on accelerating economic recovery and dealing with household debt in 2022. According to a Bangkok Post report, he acknowledges the economic hardships caused by the pandemic and…
- Economy News
Finance Minister: economy of Thailand will recover in 2023
Minister of Finance Arkhom Termpittayapaisith says that the economy of Thailand should see a full recovery, not next year, but by 2023. The economy is expected to grow by about 4% next year so 2022 would begin economic recovery, but it will take longer for Thailand definitely bounce back after the devastation of the Covid-19 pandemic. The Finance Minister believes…
