economic
- Business News
IMF predicts six top global economies in 2024 to be from Sub-Saharan Africa
Six of the top-performing global economies in 2024 will be from Sub-Saharan Africa, predicts the International Monetary Fund (IMF). Despite the limited scale of these economies, they’re contributing positively to a region plagued by poverty and inequality. The economic growth of this region is set to rise from 3.3% in 2023 to 4% in 2024, with standout performances from Ivory…
- 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
Thai graduates form largest group of unemployed, says NSO
Concerning statistics were unveiled by Thailand’s National Statistical Office (NSO) yesterday, revealing that newly minted graduates now comprise the largest segment of the country’s unemployed. Results from October’s employment survey disclosed that around 150,000 recent graduates were jobless, a worrying trend that Suwannee Wangkarn, NSO’s Deputy Director, labelled alarming. Every month, the NSO conducts an employment survey among Thai citizens.…
- Economy News
Thailand ESG funds miss target but optimism remains for increased sales
Despite the Thai government’s target of 10 billion baht (US$290 million), Thailand ESG (TESG) funds only managed to reach sales of 5.2 billion baht (US$150 million) from December 8 to 28 in the previous year. The shortfall has been attributed to the brief sales period, although the Association of Investment Management Companies’ chairwoman, Chavinda Hanratanakool, acknowledged the funds’ popularity among…
- Economy News
Gold prices take a dip in Thailand: 50 baht decrease reported
The price of gold fell again on the morning market today, with a decrease of 50 baht (US$1.46) compared to the closing price yesterday. As reported at 9.05am today, the cost of gold ornament was selling at 34,050 baht (US$99.4) per baht, according to the Gold Traders Association (GTA). Meanwhile, the 96.5% gold bar was bought at 33,450 baht (US$976.93)…
- Economy News
Thailand’s delayed 2024 budget bill presented in Parliament
The delayed budget bill for this year, amounting to 3.48 trillion baht (US$101.52 billion), was presented today by Prime Minister and Finance Minister Srettha Thavisin in the House of Representatives. This event marked the start of a three-day debate among lawmakers. PM Srettha emphasised the importance of the budget to Parliament. “The budget is crucial in moving the economy forward.”…
- Business News
Thai industries foresee slow growth, tourism still below 2019 levels
The Federation of Thai Industries (FTI) anticipates sluggish growth for the steel and internal combustion engine (ICE) industries this year, whilst the tourism sector remains unlikely to reach 2019 levels. FTI chairman Kriengkrai Thiennukul emphasised the need for economic measures to support certain industries due to these projected declines. The steel and iron industry faces a slowdown as state construction…
- 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 cabinet approves one-year import permits for animal feed raw materials
The cabinet has greenlit policies for next year’s import of raw materials required in animal feed production, such as animal feed corn, soybean meal, and fish meal. The intention behind this move is to back local production. A significant change in this year’s policy is the annual approval of import permits, a reduction from the previous term of three years.…
- Economy News
Shocking poverty report exposes Thailand’s hidden crisis: Top 10 struggling provinces revealed
In a groundbreaking summit titled Bridging the Gap: Thailand’s Path to Inclusive Prosperity, the National Economic and Social Development Council (NESDC), in collaboration with the World Bank, has unravelled an alarming reality about poverty persisting in certain provinces despite an overall reduction in inequality. According to the latest assessment of Thailand’s situation last year, the nation has witnessed a commendable…
- Thailand News
Thai government approves 10% increase for civil servants starting at 18,000 baht
The Thai government approved a 10% salary increase for civil servants over a two-year period, beginning with new recruits. According to Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), the first increment is expected to come into effect once the budget for 2024 is approved. Danucha explained that the salary adjustment will initially target newly inducted…
- Thailand News
Top Thai diplomats convene at forum to strategise foreign policy
Foreign Minister Parnpree Bahiddha-nukara yesterday inaugurated a forum for top-ranking diplomats. The forum’s objective is to navigate foreign policy to protect and promote the nation’s interests amidst a progressively divided world. Held in Bangkok, the annual forum concludes on November 24, with 97 Thai ambassadors, consuls-general, charges d’affaires, heads of Thai permanent missions and trade representatives in attendance. In his…
- Business News
Global stocks take a rollercoaster ride as investors chase ‘oil-usive’ recovery
Global stocks experienced a mixed performance yesterday, as investors sought recovery from the significant drop in the previous session, induced by a sharp dip in oil prices. The 10-year US Treasury note, which reached a 16-year high on Tuesday, experienced a retreat after a disappointing US recruitment report surfaced. Adam Sarhan of 50 Park Investments stated that investors are entering…
- Business News
World Bank’s growth forecast dips in East Asia: A downward spiral
The World Bank‘s most recent semi-annual report reveals a downward revision in growth predictions for developing economies across East Asia and the Pacific for the years 2023 and 2024. This downward adjustment can be attributed to various factors, including the constraints imposed by tighter financial conditions and the ongoing challenges within the global economic environment. According to the report, the…
- Thailand Weather Updates
Dams draining, Ubon drowning: PM voices dual flooding woes in Thailand
Prime Minister Srettha Thavisin voiced concerns regarding the diminishing water levels in major reservoirs and dams across the nation, even as the province of Ubon Ratchathani endures severe flooding. The prime minister, accompanied by the agriculture minister, Captain Thammanat Prompow, was apprised of the situation at the Royal Irrigation Department (RID) on Wednesday. In the briefing, the 61 year old…
- Thailand News
Thai PM’s digital wallet pick: Pao Tang app unlocks blockchain integration
Prime Minister Srettha Thavisin announced yesterday that the government has chosen the Pao Tang app, operated by Krungthai Bank, for its digital wallet initiative. The integration of the app with blockchain technology was confirmed by Srettha during a policy meeting with executives from the Finance Ministry. The government is prepared with a sufficient budget to roll out a 10,000 baht…
- Economy News
New Thai Cabinet prioritises economic recovery, property and tourism sectors
The newly confirmed Cabinet, featuring many Pheu Thai Party members, is focusing on economic recovery matters and pledged to reduce energy costs to ease financial burdens. Prime Minister Srettha Thavisin engaged with various business sectors but concerns about potential bias make it unlikely that the property sector will receive preferential treatment. Tritecha Tangmatitham, MD of SET-listed developer Supalai, believes the…
- Business News
Pheu Thai Party’s digital handout scheme could boost Thailand’s GDP by 3%
The Pheu Thai Party‘s proposed digital handout scheme, requiring around 500 billion baht, could potentially boost Thailand’s GDP growth by 3% in the next year, according to the Bank of Thailand. Sakkapop Panyanukul, the central bank‘s director of the economic and policy department, mentioned the digital handout contribution depends on the economic multiplier. The 3% GDP projection uses a cash…
- Business News
Siam Cement delays SCGC IPO citing adverse economic climate
The initial public offering (IPO) of Siam Cement Group‘s subsidiary, SCG Chemicals Plc (SCGC), has been delayed. Citing the company’s large size and the current adverse economic and investment climate, the parent company, Siam Cement Group (SCG), did not provide a new timeline for the IPO. This announcement was made by Roongrote Rangsiyopash, the President and Chief Executive of SCG.…
- Phuket News
Phuket’s international convention centre supported by new PM
Phuket’s stalled international convention centre project might see new life with Prime Minister Srettha Thavisin‘s promise to revisit it for local economic stimulation. During a recent visit to Phuket and Phangnga, PM Srettha engaged local tourism representatives, acknowledging their suggestions. Thaneth Tantipiriyakij, President of the Phuket Tourist Association, is confident the prime minister and Pheu Thai Tourism committee will seriously…
- Politics News
Pheu Thai Party reviews one-year performance, addressing overdue Bangkok transit fees
Thailand’s Pheu Thai party passed satisfactory judgment on its Bangkok councillors’ performance following a one year tenure, despite a less than stellar display in the General Election held on May 14 last year. The party members, celebrating the anniversary of their councillors’ induction into office, were determined in expressing the successful implementation of several campaign promises. Pheu Thai managed to…
- Thailand News
Thailand sets sights on “wealthy foreign tourists” to recover economy
The Tourism Authority of Thailand, or TAT, is again going to target “wealthy group of tourists” as it works out its marketing plan as it contributes to the recovery the Thai economy following a 2 year hiatus due to closed borders and restrictions. The TAT claims that, focussing on the “rich groups”, 1.93 trillion baht will be generated in 2024…
- Politics News
Diplomatic spat between China and Australia, Chinese suspend economic dialogue
A diplomatic spat between China and Australia has the Communist State suspending all economic dialogue “indefinitely” between the 2 countries as of today. A statement by China’s National Development and Reform Commission detailed some of the reasoning behind the move, which is under the China-Australia Strategic Economic Dialogue. “Recently, some Australian Commonwealth Government officials launched a series of measures to…
- World News
Myanmar cancels Thai investment in the Dawei Special Economic Zone
The Dawei Special Economic Zone Management Committee has announced the cancellation on the deep seaport project contract with Italian-Thai Development (ITD), one of Thailand’s leading industrial firms, by saying that they “lost confidence” in the company after long, controversial issues. The Dawei Special Economic Zone Management Committee said that the Thai company has caused them “repeated delays, continuing breaches of…
- Politics News
Cabinet reshuffle coming as 4 economic ministers resign
PM Prayut Chan-o-cha says he’ll reshuffle the Cabinet following the resignations of 4 economic ministers from the ruling Palang Pracharat Party. The finance minister, energy minister, the minister of higher education, science, research and innovation and the deputy secretary-general to the PM and secretary to the Council of Economic Ministers held a joint press conference to announce their resignations. Political…
- World News
Thailand’s eastern economic zone lobbies for increase in foreign business visitors
Thailand’s Eastern Economic Corridor is pushing for more foreign business people to be allowed to enter Thailand when the country reopens for international visitors. No date has yet been confirmed for this. The EEC is a special economic region consisting of the eastern provinces of Chonburi, Chachoengsao, and Rayong, with the purpose of developing these provinces into an important ASEAN…
- World News
UK relaxes lockdown measures as it gears up for reopening date
As the full reopening of pubs and restaurants is inching closer to its July 4 date, UK is starting to relax some lockdown measures. British PM Boris Johnson is expected to announce the changes tomorrow with more economic assistance announcements to come early next month by the chancellor. The notion’s pub industry is also rooting for a relaxation of social-distancing measures…
- Transport News
Highway number 7 from Pattaya to Map Ta Phut opens this Friday
According to the Thai Highways Department, the long awaited extended section of the Motorway Number 7 from Pattaya to Map Ta Phut will open up this Friday and will be accessible free of charge to users until the end of August. The Director General of the Highways Department informed the media this morning. “From May 22 the public can use…
- Covid-19 News
Thailand’s top 20 wealthiest ready to help in time of crisis
After PM Prayut-cha-0-cha sent an open letter to the county’s 20 wealthiest people seeking advice to help lift Thailand out of the Covid-19 pandemic (read more HERE), today Thailand’s top business leaders said they’re ready to help the government ease the crunch of the coronavirus crisis, and will offered their ideas to lift the country out of its economic dilemma.…
- Covid-19 News
PM Prayut seeks ideas and resources from Thailand’s top 20 richest people
Last night in a special 10 minute broadcast on national TV PM Prayut Chan-o-cha announced that he will write an open letter to Thailand’s top 20 richest people to seek their assistance and help for the government and Thai citizens in the fight against the Covid-19 pandemic. He explained that he’s doing it to gather their input and ideas to…
