GDP
- Thailand News
Thailand’s economic growth hits a snag but hope remains
Thailand’s financial fortunes took a slight dip as the latest economic figures failed to meet the lofty heights analysts had anticipated. Official data reveals a respectable 3.2% growth in the last quarter of 2024 compared to the previous year, which, while promising, didn’t quite hit the 3.9% growth mark predicted by a Reuters poll of analysts. The National Economic and…
- Business News
Thailand’s household debt reaches 104% of GDP, raising economic concerns
Thailand’s household debt, encompassing informal loans, has risen to 104% of GDP, potentially impacting future economic growth, as revealed by a private sector panel report. Research conducted by Chulalongkorn University for the Joint Standing Committee for Commerce, Industry and Banking (JSCCIB) shows the country’s household debt-to-GDP ratio reached 104% in the fourth quarter of 2024, with informal loans included in…
- Business News
Thailand’s household debt set to decline faster than expected
The Bank of Thailand is optimistic as the nation’s household debt-to-GDP ratio is projected to fall more swiftly than previously anticipated. This promising outlook is driven by ongoing debt reduction strategies and the introduction of a new debt relief programme. According to the central bank’s latest financial stability report for 2024, there’s a noticeable drop in the household debt-to-GDP ratio,…
- Business News
Thailand GDP set for 3% growth despite global economic challenges
The Tisco Economic Strategy Unit (ESU) forecasts a 3% growth in Thailand’s GDP for the coming year, aligning this growth with a projected 3.2% expansion of the global economy. This comes amidst concerns over potential trade wars and rising inflation, which may pose challenges to these optimistic forecasts. Economist Methas Rattanasorn highlighted that the anticipated growth for Thailand is driven…
- Bangkok News
Thai PM yet to unveil new stimulus to boost economic growth
After nearly three months in office, Prime Minister Paetongtarn Shinawatra is poised to influence Thailand’s economic growth through a series of new stimulus proposals. These measures aim to address various economic challenges and are anticipated to be unveiled shortly. The National Economic and Social Development Council (NESDC) recently projected Thailand’s GDP growth to be between 2.3% and 3.3% for 2025,…
- Business News
GDP on the up: Thailand’s economy gears up for 2.7% ‘Thai’ to growth
Thailand’s Finance Ministry is projecting GDP growth of 2.7% for the current year, with expectations to reach 3% in 2025. The Fiscal Policy Office (FPO) announced that while fiscal measures have been maximally employed to bolster the economy, further support from monetary policy is essential for achieving higher growth rates. During the ministry’s economic briefing, Pornchai Thiraveja, FPO Director-General, reaffirmed…
- Thai Life
Is Thailand considered a rich or poor country?
When you think of Thailand, it can be tricky to define whether it’s a rich or poor country. On one hand, it boasts skyscrapers, luxurious malls, and a booming tourism industry. On the other hand, you might also encounter rural areas where people live more modestly. So, is Thailand rich or poor? Well, the answer depends on how you look…
- Business News
Cash ‘n’ climb: Thailand GDP rises but 2026 could be a steep drop
Thailand’s GDP forecast has been upgraded for this year and next to 2.8% and 3%, respectively, due to the government’s cash handout boosting the economy. However, analysts warn of an economic cliff in 2026 if no new growth engines are introduced. Kiatnakin Phatra Research (KKP) and BofA Global Research have both raised their Thai GDP outlooks for 2024 from 2.6%…
- Business News
Thailand unveils 145 billion baht cash handout to boost economy
Deputy Finance Minister Paopoom Rojanasakul unveiled a whopping 145 billion baht ((US$4.4 billion) cash handout scheme that promises to rev up the economy before the year’s end. This mega injection is set to turbocharge the nation’s GDP by a tidy 0.3 percentage points. And it’s not just a flash in the pan, the economic boost is expected to keep rolling…
- Business News
Thailand’s household debt dips to 89.6% of GDP in Q2
Thailand’s household debt saw a slight decline in the second quarter as banks tightened lending practices to mitigate bad loans, and borrowers hastened debt repayments amidst the highest interest rates in a decade. Data released by the Bank of Thailand (BoT) yesterday, September 30, revealed that nationwide household debt, as a percentage of gross domestic product (GDP), stood at 89.6%…
- Thailand News
Thailand to hold policy rate at 2.5% amid economic uncertainties
The Bank of Thailand (BoT) is poised to maintain the policy rate at a decade-high level of 2.5% during its meeting tomorrow, although analysts anticipate a greater probability of a rate cut later this year due to increasing economic challenges. Kasikorn Research Centre (K-Research), the research arm of Kasikornbank (KBank), concurs with equity analysts that the central bank’s Monetary Policy…
- Business News
Thailand targets 1 trillion baht milestone for crop revenue
The Commerce Ministry has urged Thai conglomerates and government bodies to collaborate on purchasing economic and secondary crops, targeting a revenue milestone of 1 trillion baht this year. Commerce Minister Phumtham Wechayachai highlighted that the agriculture sector supports approximately 27 million people, accounting for around 40% of the labour force. This includes 7.4 million households and encompasses key economic crops…
- Tourism News
Thailand tourism thrives despite slow GDP growth
Thailand’s tourism sector demonstrates resilience, maintaining momentum despite a GDP growth of only 1.5% in the first quarter, which trails behind its regional counterparts. The Tourism Authority of Thailand (TAT) attributes this robustness to a quicker rebound in tourism compared to other industries and is planning to sustain this through the ongoing promotion of festivals. Reports have shown that large…
- Business News
Thailand’s economy grows 1.5% in Q1, beats forecasts
Thailand’s economy experienced a robust start to the year, expanding by 1.5% in the first quarter compared to the same period last year, according to official data released yesterday. This growth surpassed analysts’ expectations, indicating a positive shift for Southeast Asia’s second-largest economy. Every quarter, the economy grew by a seasonally adjusted 1.1% from January to March, as reported by…
- Business News
Thailand implements blueprint for responsible tourism management
Concerns about overtourism are intensifying globally as popular destinations like Venice start imposing daily entry fees and Japan attempts to divert tourists to less-visited provinces. Thailand, expecting 40 million foreign arrivals this year, faces similar challenges. The Deputy Governor for Domestic Marketing at the Tourism Authority of Thailand (TAT), Somradee Chitchong, emphasised the lack of a tourism-carrying capacity blueprint in…
- Business News
Thai stock market set for a drop due to US inflation
Kasikorn Asset Management (K-Asset) anticipates a downward trend in the Thai stock market over the forthcoming quarter, prompted by a slow decrease in US inflation and interest rates. The asset management firm advises investors to mitigate risk through portfolio diversification, targeting the US and Indian stock markets. K-Asset CEO Wajana Wongsupasawat forecasts an additional drop in the Thai market in…
- Business News
BoT holds policy rate, predicts consistent economic growth
The Bank of Thailand has kept the policy rate steady at 2.5% during its latest meeting, rejecting governmental calls for a decrease. The decision, marking the third consecutive meeting with no change, is based on the Thai economy’s consistent growth, which has already exceeded 2023 levels. Piti Disyatat, the secretary of the Bank of Thailand’s Monetary Policy Committee (MPC), stated…
- Thailand News
Can Thailand achieve high-income status by 2037? (video)
As Thailand steers towards high-income status by 2037, a formidable obstacle looms large: rampant flooding wreaking havoc on its economy. In an exclusive interview with Thai PBS World, the World Bank unveils a groundbreaking strategy to expedite flood management, potentially transforming Thailand’s economic landscape. Read on to discover the game-changing insights and bold plans set to redefine Thailand’s future. Amid…
- Business News
Bank of Thailand likely to cut policy rate in April, predicts SCB EIC
Siam Commercial Bank’s research centre, SCB EIC, anticipates that the Bank of Thailand is likely to initiate a decrease in the policy rate in April due to structural economic issues. The research centre predicts that the Monetary Policy Committee (MPC) will slash the policy rate by 50 basis points in the first half of this year. The initial rate cut…
- Business News
China aims for 5% growth amid economic slowdown
China is poised to set its growth target for the year at about 5%, according to a government work report obtained by Bloomberg News. This growth target hints at the possibility of the government introducing more stimulus to boost the economy’s confidence, which is currently slowing. Premier Li Qiang is expected to disclose the annual gross domestic product (GDP) goal…
- Business News
Thailand’s GDP sees modest growth amid calls for interest rate cut
Thailand’s economic growth in 2023, as measured by the gross domestic product (GDP), registered a 1.9% increase, according to the National Social and Economic Development Council (NESDC). This growth, however, was tempered by a decline in manufacturing and public spending, despite an upswing in private consumption and visitor numbers. This growth bolsters the argument for an interest rate slash during…
- Business News
Thailand’s GDP growth disappoints with a slow 1.8% rise in 2023
GDP growth in 2023 slowed down to a disappointing 1.8%, according to an announcement by the Fiscal Policy Office (FPO). Director-general, Pornchai Thiraveja, attributed this to a combination of negative factors impacting the economy. Originally, the growth was forecast to rise to 2.7% in 2023, based on a projection made in October last year. The less-than-anticipated growth is due to…
- Business News
Thailand’s economic growth falls short of projections amid potential crisis
The pace of Thailand’s economic recovery slackened last year, falling short of the official predictions, as disclosed by government spokesperson Chai Wacharonke. This could increase the likelihood of the central bank considering an early easing strategy. Chai revealed today, January 23, that the Thai economy only expanded by 1.8% last year, a drop from the 2.6% growth experienced in 2022.…
- Business News
CP Group tempers investment due to global risk factors
Charoen Pokphand (CP) Group, a renowned Thai conglomerate, has planned to temper its investment activities in the current year. The group’s CEO, Suphachai Chearavanont, has indicated that this strategic shift is driven by the desire to reap the benefits from previous years’ investments. Suphachai voiced concerns over several global risk factors anticipated to lead the agriculture sector into a stagnation…
- 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…
- Business News
EEC policy committee sanctions business centre and smart city
The Eastern Economic Corridor (EEC) Policy Committee yesterday sanctioned the creation of the EEC Business Centre and Livable Smart City. The new ventures are projected to yield over 200,000 employment opportunities. The establishment of the EEC Business Centre and Livable Smart City aligns with the broader vision of transforming the EEC into a major business and finance hub in the…
- Business News
Thai government initiates measures to alleviate SMEs’ debt
As part of its ongoing commitment to address economic issues, the government has launched a programme to suspend and alleviate debt for small to medium-sized enterprises (SMEs). Government spokesperson, Chai Wacharonke, confirmed this. The board of the Thai Credit Guarantee Corporation (TCG), a state-owned specialised financial institution under the jurisdiction of the Finance Ministry, has recently given the go-ahead for…
- 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…
- Business News
Thailand’s revised GDP growth forecast met with caution due to global slowdown risks
Analysts expressed caution over the Bank of Thailand’s revised GDP growth forecast of 3.2 to 3.8% for the upcoming year, highlighting potential risks from an economic slowdown in China and the US. Doubts have also been raised about the efficacy of government stimulus to revive the economy. Nattaporn Triratanasirikul, the deputy managing director of Kasikorn Research Centre (K-Research), deemed the…
- Economy News
Trade negotiations with EFTA set to boost Thai GDP
The Trade Negotiations Department of the Commerce Ministry gears up for the seventh round of trade negotiations with the European Free Trade Association (EFTA), to seal the deal by mid-2024. The announcement was made by Auramon Supthaweethum, the director-general of the department, who confirmed that the negotiations will take place from November 6 to November 9 in Geneva, Switzerland. The…
