economy
- Thailand News
Commerce Ministry’s plan to catapult SMEs to 40% GDP by 2027
The Commerce Ministry unleashed an ambitious plan to elevate small and medium-sized enterprises (SMEs) to new heights, targeting a staggering 40% contribution to the GDP by 2027. A comprehensive strategy is set to turbocharge consumption, investment, government spending, and international trade, propelling SMEs into the forefront of economic prowess. Acknowledging the pivotal role SMEs play in Thailand’s economic fabric, Commerce…
- Thailand News
Thailand’s Kra Isthmus Land Bridge promises economic boom for Penang Port
Thailand is eyeing a colossal infrastructure project, a 90-kilometre land bridge across the Kra Isthmus, set to revolutionise maritime trade and shower economic benefits on ports in northern Peninsular Malaysia. Penang Port Sdn Bhd CEO V Sasedharan envisions this ambitious project as a potential game-changer, akin to the impact the Suez Canal had on Egyptian waterway-adjacent ports. The proposed land…
- Thailand News
Gold price dips to 33,900 baht per baht, says GTA
The Gold Traders Association (GTA) decreased the gold price consecutively today compared to the closing price yesterday. The bullion price shifted to 33,900 baht (US$981) per baht today. Reporters stated that the GTA announced a 100 baht (US$2.89) decrease in today’s gold price compared to yesterday’s closing price, with the bullion price now standing at 33,900 baht (US$981) per baht,…
- Thailand News
Thai government to stimulate economy with digital wallet scheme
The Thai government reaffirmed its commitment to launch the digital wallet scheme in May, a key policy of the ruling Pheu Thai Party. The scheme, financed by a 500 billion baht (US$14,518,005,000) loan, aims to inject 10,000 baht (US$290) into the digital wallet of every Thai citizen aged 16 and above as a means to stimulate the economy. The government…
- Pattaya News
Pattaya’s tourism tide: Aims to lure 27 million visitors, making waves under local authority’s watch
The coastal city of Pattaya, under the auspices of the local tourism authority, sets its sights on drawing an impressive 27 million visitors this year. Urai Mukpradapthong, the director of the Tourism Authority of Thailand‘s Pattaya office, revealed this target, noting that it isn’t ambitious given the predicted number of tourists last year, which is expected to have hit the…
- Economy News
Gold prices predicted to hit record highs by 2024, says MTS Gold
MTS Gold, a local trader, predicted that gold prices are likely to skyrocket to new record levels of over 79,005 baht (US$2,300) per ounce and beyond 40,000 baht (US$1,164) per baht weight by this year. This forecast comes amidst anticipated adverse global economic situations. Kritcharat Hiranyasiri, the President of MTS Gold, explained that the anticipated decline in interest rates and…
- Business News
Thai investors anticipate surge in depositary receipts popularity in 2024
Executives anticipate a surge in the popularity of depositary receipts (DRs) among Thai investors this year, with the investment tool offering a gateway to high-profile foreign stocks, risk diversification, and potential high returns. As they have become more prevalent on the Thai bourse, investors held DRs worth around 16 billion baht (US$466 million) on the Stock Exchange of Thailand (SET)…
- Thailand News
PM Srettha extends new year wishes, discusses govt’s plans
On the advent of the new year, Thailand Prime Minister Srettha Thavisin, in company with Supreme Patriarch and House Speaker and Parliament President Wan Muhamad Noor Matha, extended heartfelt wishes to the nation and its inhabitants. PM Srettha started his year with a visit to Wat Ratchabophit, accompanied by his wife, Pakpilai Thavisin. They expressed their reverence to the Supreme…
- Economy News
World bank and ADB downgrade Thai GDP growth predictions for 2024
The economic forecast for Thailand in 2024 is uncertain as the World Bank reduces the country’s GDP growth estimate from 3.4% to 2.5%. Factors influencing this include weak exports and fiscal consolidation. Furthermore, the Asian Development Bank (ADB) also downgraded its Thai GDP growth prediction from 3.5% to 2.5% for the same reasons. Looking towards 2024, GDP is expected to…
- Thailand News
Thai real estate faces perfect storm next year
Thailand‘s pivotal real estate sector, a key economic force, anticipates a demanding 2024 due to substantial dependence on supply chains and various internal and external risks. Business entities foresee the need to adapt strategies, as the government prolongs the property transfer and mortgage registration fee reduction for an additional year to invigorate the market. Wongsakorn Prasitwipat, the managing director of…
- Thailand News
Influx of Chinese tourists set to boost hotel earnings in 2024
Chinese tourist arrivals are staging a phenomenal comeback, promising a lucrative windfall for local hotels just in time for the high season. Analysts predict this tourist surge to continue its upward trajectory, creating an economic boom for the hotel industry. Chinese tourist arrivals are making an astonishing recovery this month, igniting hopes for a booming hospitality sector that analysts believe…
- Thailand News
Thailand and Malaysia join forces to boost economy
Thailand and Malaysia have forged an alliance to supercharge development in the southern Thai region and the northern Malaysian peninsula. Prime Minister Anwar Ibrahim reveals this game-changing commitment after a late-night summit with Thai counterpart Srettha Thavisin in Phuket. Anwar took to Facebook to reveal the details. “A special joint committee at the highest level between the two countries will…
- Business News
PTT helps Thai government lower power tariffs using contract breach fine
PTT Plc, Thailand’s national oil and gas conglomerate, is slated to assist the government in lowering the power tariff in the early part of next year. This is to be achieved through the utilisation of 4.3 billion baht (US$124) from a fine imposed on its gas supplier for a breach of contract, according to an energy official. An inside source…
- Thailand News
Toshiba Corporation gets booted from Tokyo Exchange but Toshiba Thailand stays
After a staggering 74-year run, Toshiba Corporation on the Tokyo Stock Exchange faces delisting and a subsequent takeover. However, Toshiba Thailand Ltd emerges unscathed, asserting its independence and vowing to power on. “Unfazed by the storm in Japan, Toshiba Thailand is business as usual.” Having severed ties with its Japanese parent years ago, the company stands resilient in the face of…
- Thailand News
Thai MICE boom faces hurdles next year
Thailand‘s MICE (Meetings, Incentives, Conventions, and Exhibitions) industry, once on the brink, surged back to 80% of its 2019 glory this year, however, a looming slowdown in 2024 raises eyebrows. Thailand’s MICE industry is poised for a remarkable recovery, reaching 80% of its pre-pandemic revenue in 2019. President of Thailand Incentive and Convention Association (TICA), Sumate Sudasna, highlights Thailand’s allure as…
- Thailand News
Malaysia’s economic miracle: 2024 boom predicted with a twist
RAM Rating Services Berhad reveals Malaysia‘s economic future, promising significant growth next year. RAM Rating Services Berhad said in its Economic Outlook 2024 report to get ready for an economic renaissance. The tantalising revelations point towards a potential external demand turnaround, setting the stage for a dazzling economic performance. The domestic front is gearing up for a resilience revolution, riding…
- Thailand News
Explosive growth in Thai insurance industry predicted for 2024
The Thai General Insurance Association (TGIA) has foreseen an unprecedented surge in the insurance industry, with premiums expected to skyrocket to 303 billion baht in 2024. The TGIA president, Somporn Suebthawilkul, revealed the industry’s trajectory, unveiling that premiums for the initial nine months of this year already hit a whopping 210 billion baht, marking a staggering 5.2% rise from the…
- Economy News
Stable gold prices in Thailand offers secure investment opportunity
The Gold Traders Association announced today’s gold prices, maintaining the same rates as yesterday. The selling price for gold jewellery is set at 34,050 baht. The price of gold remains unchanged from yesterday, with the Gold Traders Association revealing the selling price for gold jewellery at 34,050 baht per baht, according to the latest information published on their website at…
- Business News
Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
- Phuket News
Phuket’s phenomenal rise: From tropical paradise to global hub
In the wake of a robust global economic resurgence, Phuket has emerged as a magnet for inbound migration, shaping a vibrant and eclectic international community in the heart of Asia, reveals C9 Hotelworks’ latest expansive investment dossier on Phuket’s economic landscape. Managing Director of C9 Hotelworks Bill Barnett stated… “With a tourism and property market in full throttle, we’re witnessing…
- Thailand News
Revolutionary reforms: Government’s 90-day plan to boost economy
In a move to transform the nation‘s fortune, the Public Relations Department has unveiled a game-changing report highlighting the government‘s efforts to boost the economy over the last 90 days. The report, released with much fanfare yesterday, December 18, boasts an array of initiatives aimed at cutting costs, boosting income, and ushering in a new era of prosperity. Chai Watcharong,…
- Business News
Thailand’s inflation hits 33-month low sparking economic slowdown concerns
Inflation in Thailand experienced a downward trend for the second month in a row, marking a 33-month low in November. This decrease sparked concerns regarding the increased risk of economic deceleration and potential deflation. The Commerce Ministry of Thailand has also predicted a further decline in the inflation rate in December. Deflation is defined as a period where the prices…
- Business News
Yellen urges China to reconsider state-driven economy due to investment deterrence
US Treasury Secretary Janet Yellen urged China to deviate from its state-driven economic policy, citing the deterrence it creates for investors. Speaking at the US-China Business Council’s 50-anniversary dinner in Washington, Yellen highlighted the stifling effect of an overbearing role for state-owned enterprises. US businesses have repeatedly voiced their concerns about the perceived unfair Chinese business environment, including limited intellectual…
- Business News
Thailand’s central bank forecasts export revival and low inflation
The Bank of Thailand (BoT) anticipates an export revival in the coming year, as revealed in a recent statement. The Bank also projects low inflation rates for the same period, attributing it to government subsidies, albeit with a gradual increase within an acceptable range. Meeting minutes from the BoT’s November 29 monetary policy gathering, released on Wednesday, indicated that while…
- Thailand News
Economic growth predicted at 3.6% next year in Thailand
Kasikorn Research Center (KResearch) revealed Thailand‘s economic outlook for 2024, which paints a gloomier picture than anticipated. Managing Director and Chief Economist Burin Adulwattana reveals that the global economy is slowing down, impacting global trade. “This is reflected in the deceleration of the manufacturing sector worldwide, especially in China and Germany, which are both heavily reliant on exports.” The Thai…
- Thailand News
Myanmar overtakes Afghanistan as world’s opium giant
Myanmar surpassed Afghanistan to become the globe’s leading opium producer, leaving the world stunned. The United Nations Office for Drugs and Crime (UNODC) dropped a bombshell report today, December 12, disclosing alarming figures that signal a seismic shift in the illicit drug trade landscape. Myanmar, the new opium powerhouse, produced a staggering 1,080 metric tonnes of opium this year, eclipsing…
- Business News
Thai high-value sectors to boost economy, exports in 2024 says FTI
The Federation of Thai Industries (FTI) forecasted that the country’s high-value sectors such as agriculture, food, automotive, and bio-, circular and green (BCG) manufacturing will bolster the economy and exports in the coming year. The BCG initiative, launched as a national agenda in 2021, aligns with global environmental campaigns, encouraging manufacturers to adopt environmentally friendly technologies. Kriengkrai Thiennukul, FTI chairman,…
- Thailand News
Thailand’s 2 billion baht electricity subsidy for 17.7 million households
The Thai Cabinet has allocated 2 billion baht to subsidise electricity costs for 17.7 million vulnerable households. The scheme, set to be a new year’s gift, will apply to those using no more than 300 units of electricity per month, maintaining a cost of 3.99 baht per unit. Deputy Prime Minister and Energy Minister Peeraphan Salirathaviphak, stated today, December 8,…
- Thailand News
Homeowners confidence hits rock bottom- is your dream home still a dream?
The 2023 Homebuyer Confidence Index has taken a nosedive, leaving prospective homeowners questioning their property dreams. Recent research unveils the shocking truth behind this unexpected slump in optimism. Despite a generally content outlook on the Thai economy, the Consumer Confidence Index for 2023 has fallen to 76, a noticeable dip from the previous year’s score of 80. Sumitra Wongpakdee, managing…
- Thailand News
Coin-tastic: Teenager breaks the ‘piggy bank’ to bag a gaming smartphone
A young man carrying a bag filled with coins and banknotes weighing at least 5 kilogrammes, left smartphone shop owners and social media users in awe when he used the contents of his piggy bank to purchase a gaming smartphone. The incident was shared by a TikTok user @lovemobile999, a mobile phone store in Samut Sakhon province, which revealed a…
