economic
- 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
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…
- 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
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
Bitcoin value dips as traders speculate on potential US ETF impact
Bitcoin’s value fell by 2.4% in the last 24 hours, trading at US$42,400 (1.4 million baht) on yesterday in Singapore. This comes as traders speculate on how the potential approval of the first US exchange-traded funds (ETFs) investing directly in the digital asset could impact crypto markets. Despite the recent dip, Bitcoin has seen a significant rise of 156% this…
- 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
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
Thailand’s smartphone market bracing for double-digit slump
Thailand’s smartphone market is facing a potential double-digit contraction this year, as a result of the economic downturn and a decrease in consumer purchasing power in Q2 and Q3, according to M Vision Plc, an expo organiser, and mobile phone vendors. However, market prospects are predicted to improve in Q4, owing to the introduction of new flagship phones. Opas Cherdpunt,…
- 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 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…
- Thailand News
Thai PM’s night market escapade in Khon Kaen stirs up lotto luck frenzy
Thailand Prime Minister and Finance Minister Srettha Thavisin last night visited a bustling night market in Khon Kaen, sparking interest among superstitious locals looking for lottery numbers. The visit was filled with interactions with local traders enjoying their evening meals. PM Srettha and his entourage, including Sermsak Pongpanich, Minister of Culture, Precha Phonphanich, son of Sermsak, and Suriya Chuengrungrueangkit, Minister of Transport,…
- 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…
- 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
Thai political truce sparks hopeful business and economic recovery prospects
Thailand‘s business leaders anticipate a more positive path for the Move Forward Party (MFP) and its seven ally political parties to constitute a government and address economic challenges, following the agreement on a House speaker. The MFP had earlier been engaged in disputes with the Pheu Thai Party over this significant role in the House of Representatives. The conflict was resolved…
- 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…
- 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…
- Thailand News
PM Prayut speaks about the new Cabinet and tackling social and economic issues
Yesterday, Thai PM Prayut Chan-o-cha delivered a speech about the new Cabinet and discussed social and economic concerns to drive Thailand forward during the ongoing Covid-19 crisis. He said that there are 5 key job guidelines to be followed in the service of the citizens of Thailand… • Keep providing short-term financial relief for the people, with particular attention to…
- 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…
- 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
Global aviation in acute crisis
by Andrew J Wood “…by the end of May 2020 most airlines in the world will be bankrupt.” Global aviation has been battered and commercial scheduled air traffic remains mostly grounded as countries enforce their lockdowns and travel restrictions. There are few signs that the end is in sight. For the largest of carriers like IAG (British Airways), United, American…
- 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…
