GDP
- Business News
Political risks threaten foreign investment in Thailand
Siam Commercial Bank (SCB) EIC Research Centre warns that heightened political risks are casting a shadow over foreign investment in Thailand’s financial, capital, and long-term direct investment markets EIC Chief Economist Somprawin Manprasert warned that various political risks and uncertainties could significantly impact foreign investor confidence and lead to substantial capital outflows from offshore investors in the Thai equity market.…
- 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
Maybank drops Thailand’s GDP growth forecast amid export and manufacturing slump
Maybank IBG Research has revised downwards its GDP growth forecast for Thailand, for both the current year and 2025. The downgraded estimates are due to a combination of factors, including a faltering export outlook, a deepening manufacturing slump, an uneven recovery in tourism, and limited chances of interest rate cuts by the Bank of Thailand this year. For this year,…
- 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
NESDC adjusts Thailand’s GDP growth projections
An adjustment to the anticipated GDP growth for 2023 and 2024 has been made by the National Economic and Social Development Council (NESDC), dropping to 1.9% and 2.7% respectively. The secretary-general of NESDC, Danucha Pichayanan, has called upon the Bank of Thailand to utilise financial measures to support the economy. The NESDC unveiled the figures for the economic growth in…
- 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
Thai Cabinet ratifies 3.6 trillion baht budget for fiscal year 2025
The Thai Cabinet ratified a 3.6 trillion baht budget for the fiscal year 2025. This sees an expansion of the budget deficit to 713 billion baht, a 2.89% increase from the previous year. The new budget was approved by the Cabinet on Tuesday, following its presentation by the Budget Bureau. It was announced by the Deputy Government Spokesperson, Rudklao Suwankiri.…
- 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…
- Business News
Thailand aims to boost SME contribution to GDP by 300 billion baht in 2024
Aiming to raise small and medium-sized enterprises (SMEs) contribution to the nation’s GDP to 6.6 trillion baht in the next year. Thailand’s Commerce Ministry is set to collaborate with private firms. This expected increase of 300 billion baht from the current year is part of the ministry’s strategic roadmap for SME development. Deputy Commerce Minister Napintorn Srisanpang unveiled the plan,…
- 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…
- Business News
Bank of Thailand maintains 4.4% GDP growth forecast amid stimulus measures
A 4.4% GDP growth forecast for the coming year has been maintained by the Bank of Thailand, factoring in the government’s proposed economic stimulus measures. Assistant Governor Piti Disyatat confirmed this projection following the Monetary Policy Committee’s vote on September 27 to hike the benchmark interest rate by a quarter-point, making it a decade-high 2.5%. The committee, however, reduced its…
- Economy News
Thai economy loses steam: UTCC’s growth forecast trims to 3%
With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of…
- Business News
Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
- Economy News
Thai GDP growth at risk as new government formation faces delays
Concerns are rising within the private sector as the potential delay in the formation of Thailand’s new government could lead to a decline in the country’s GDP growth to 1-2%. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, stated that the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is closely monitoring the political situation. A new government…
- Business News
AI boom offers productivity boost, defying dotcom bubble fears
Despite the hype surrounding artificial intelligence (AI) since Microsoft’s investment in ChatGPT back in January this year, the buzz in the markets is far from the excesses of the dot-com bubble. The recent rise in Nvidia’s market capitalisation, reaching US$1 trillion, has raised some eyebrows. However, the AI boom has a more solid foundation. The decline in Big Tech stocks…
- Economy News
15 most popular tourism provinces contribute 70% of total GDP
Wealth inequality around the world has always been the haves versus the have nots, but in Thailand, it has become the toured versus the toured not. The Fiscal Policy Officer’s senior expert on macroeconomic policy recently presented some stark figures showing the astounding gap in contribution to the GDP between tourism provinces and non-tourism provinces. Only 15 provinces contribute 70%…
- Thailand News
Despite a better performance in first quarter, Thailand’s GDP may not impress in second
Despite performing better than predicted in the first quarter, Thailand’s gross domestic product may not be as impressive in the second quarter. As the first quarter saw a contraction of 2.6% year on year, analysts say the contraction was better than predicted. Now, an Oxford Economics report says the recent third wave in Covid-19 may prevent the GDP from seeing…
- Economy News
GDP forecast dropped to 1-2% with best, middle and worst case scenarios
Mass vaccination will be the key stop the slump in economic growth after the Bank of Thailand revised their 2021 GDP forecast to between 1 – 2%. They had previously estimated a 3% growth in the gross domestic product but are now creating tiered predictions of a base level, worse situation, and a worst-case scenario, according to the Bank of…
- Economy News
Covid-19 again lowers Thai economic growth forecast to 2.3%
Thailand’s economic growth forecast was lowered to 2.3% as the tourism outlook remains bleak as Covid-19’s third wave pummels the country. Back in October 2020, the Finance Ministry’s Fiscal Policy Office had originally predicted a 4.5% growth for Thailand’s GDP, when Covid-19 seemed to be waning in the country. By January, as the second wave hit, projections were reeled in…
- Environment News
Laos – the ‘battery’ of Asia and a ticking environmental time bomb
LAOS POWER FACTS: Number of power plants soon to be completed by the end of 2020: 53 hydropower plants under construction or in the planning stage, including those set to be completed this year; there will be more than 90 hydropower plants in Laos with a combined installed capacity of almost 14,000MW. Transmission lines that connect with neighbouring countries: 14 carry power to…
- Thailand News
Thailand News Today | Holiday road toll, protests tomorrow, GDP recovery | November 24
There’s been some heavy downpours around sections of Bangkok over the past few days. We start with some video of the flooded streets. Then, into the news… 139 killed, 653 injured, as Thailand’s holiday weekend sees surge in road accidents The Ministry of Transport has confirmed that hundreds of road traffic accidents have taken place over Thailand’s 4 day holiday…
