GDP
- 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…
- Business News
Thai government’s 5% GDP growth aim deemed optimistic amidst challenges
The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed 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…
- Video
Thailand News Update | Energy & Food Price raises inflation rate for 2022
The body of the Iranian tourist who went missing on Tuesday after a white water rafting accident in Phang Nga province, just north of Phuket, has been found. Police are now investigating everyone involved in the incident.The 42 year old was white water rafting in Song Phraek with his four friends and two tour operators when their rubber boat hit…
- 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…
- Thailand News
New Covid-19 wave could cause the Thai economy to lose 100 billion baht per month
With more than 18,000 Covid-19 cases in 22 days, the new wave of infections may have a dramatic impact on the Thai economy… possibly a 100 billion baht loss per month, according to the University of the Thai Chamber of Commerce. They say the outbreak is likely to primarily impact the service sector and the number of workers is expected…
- 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…
- Covid-19 News
China’s economy expected to grow 1.6% in 2020 – World Bank
Much the world is currently seeing continuing surges of new Covid-19 cases, some countries are well into their 2nd wave. Meanwhile China is quietly getting it’s industrial engine and economy going again as new cases. In fact China’s number of ‘active cases’ has been dropping since April, and now is fewer than 200 total cases across the country. Along with…
- Thailand News
Thailand News Today | Business people exemptions, road checkpoints, Phuket delay | October 6
Daily TV news on The Thaiger. Up to date information, delivered to you, free. Thai government considers easing restrictions for foreign business travellers The Thai government is considering further easing entry restrictions for foreign travellers coming to conduct business in the Kingdom. Up to date, around 11,000 businesspeople and work permit holders have been granted entry by the Centre for…
- Economy News
Cabinet to approve co-payment of 3,000 baht each for 10 million consumers
In its latest round of direct economic stimulus, the Thai government is to offer a co-payment of 3,000 baht each to 10 million Thai citizens for a period of 3 months. The scheme is expected to kick off on October 23 and run up the end of the year, with the co-payment subsidising half the cost of purchases, but excluding…
- Business News
Singapore’s population contracts along with its GDP
The little south east Asian island nation of Singapore, which has always punched way above its weight, with the fourth largest economy, but the biggest GDP per capita in the region, is getting smaller. Both its economy and population. The population of the Republic of Singapore is shrinking for the first time since 2003. Border closures and, mostly, job losses, are…
- Video
Thailand News Today | Protesters face arrest | Phuket “in a coma”| September 22
Thailand News Today with Tim Newton. Daily news from around Thailand. Struggling airlines to get reprieve through small loans, extension to fuel tax cut Airlines in Thailand are being offered a financial lifeline, as the Government Savings Bank announces soft loans for carriers left struggling as a result of the current Covid-19 ‘disruption’. The GSB is offering the loans over…
- Opinion
“Thai government refuses to acknowledge the red light economy”
OPINION Thanks to WB for sending us this response to earlier article. The views expressed by WB do not represent The Thaiger, its management or staff. Prostitution is not illegal in Thailand, although many activities associated with it are (brothels, pimping, causing a public nuisance, etc.). Nevertheless, it was estimated to be worth US$6.4 billion a year in revenue (2015),…
- Economy News
Thailand’s GDP forecast to fall up to 9% this year
Thailand’s GDP is set to fall 7-9%, year-on-year, according to the Joint Standing Committee on Commerce, Industry and Banking. The fall is, not surprisingly, being fallout from the catastrophic drop in tourism and lower exports. Kalin Sarasin, chairman of the Board of Trade of Thailand, says the expected contraction was revised downwards from 5-8%. The committee also predicted exports would drop…
- Covid-19 News
Thai economy won’t need a bailout from the IMF
The Thai economy won’t need a bailout from the International Monetary Fund, although the GDP growth for 2020 may end up being the lowest in the region. The Governor of the Bank of Thailand, Veerathai Santipraphob says the Thai economy is “strong enough”. Speaking at a seminar entitled “Post-Covid Economic Direction”, Veerathai noted that, although Thailand has managed to control…
- Covid-19 News
Singapore drops into an official recession
Singapore, an early success story in Covid-19 containment, has now dropped into technical recession after an official second quarter report of negative growth. The Singaporean economy plunged 41.2% quarter-on-quarter, with the country’s trade-dependent economy battered by the Covid-19 crisis in the South East Asian region. Finance authorities are flagging that they expect Singapore’s GDP to shrink between 4 – 7% this…
- Covid-19 News
World travel business faces slow recovery – UN report
Plenty of businesses are suffering and recovery will be slow, and lumpy. One of the hardest hit, and probably one of the most difficult industries to re-start, is the world travel business. Hotels, airlines, tour companies, travel agencies and online booking systems… and the millions of people employed to make all those work together as a working machine. Now a…
- Covid-19 News
Standard Chartered Bank forecasts 2 year economic recovery for Thailand
Standard Chartered Bank says that it remains conservative on Thailand’s economic outlook, even though signs are emerging with the possibility of a further policy rate cut to below 0.25%. Their latest report forecasts a return to pre-Covid levels could take more than 2 years depending on improving business sentiment as the economy reopens, noting that the government has been disbursing…
- Covid-19 News
Bank report predicts extended timeframe for Thai tourism recovery
As the severity of the current situation facing Thailand’s lucrative tourism industry starts to sink in, Kasikorn Bank Research Centre have released a report with some stark predictions. Thailand’s tourism and hospitality industry faces losses of 1.69 trillion baht in 2020 and recovery “may not be clearly evident” next year. The report also foreshadows strict ‘new normal’ procedures as government measures…
- Covid-19 News
Thailand’s GDP to contract up to 5% for 2020 – business thinktank
Thailand’s GDP is expected to contract between 3-5% for 2020, and exports by up to 10%. The predictions from Suphan Mongkolsuthee, president of the Federation of Thai Industries and chairman of the private sector joint committee. He also believes that the Thai economy has probably reached its ‘low point’ and will start recovering from now. He said that, as the…
- Covid-19 News
Government proposes plans on how to stablise Thailand’s GDP
In a bid to tackle the economic effects of the Covid-19 pandemic on the Thai economy, a proposal has been put forward by the Government’s Monetary and Fiscal Committee to preserve the ratio of public debt to gross domestic product by raising the budget cap and/or adjusting debt settlements. Finance Minister Uttama Savanayana says “after a meeting with the committee yesterday, they…
- Economy News
BOT predicts 5.3% contraction in Thai economy for 2020
Even the Thai economy, which was still maintaining respectable growth before January, is now spluttering under the siege of the Covid-19 virus. Now the Bank of Thailand has crunched some numbers and believes the Thai economy will sharply contract by 5.3% this year as the virus continues to weigh on global financial markets, the local economy and people. GDP growth…
- Hot News
Baht will continue to remain strong throughout 2020
The Thai baht will continue to maintain its strength for the rest of 2020. It will remain strong, propelled by the increased surpluses in the Thai current account and the country’s trade balance. Kobsidthi Silpachai, KBank’s head of capital markets research, predicts that the Thai baht will float around 29.75 against the US dollar for the first half of 2020,…
- Economy News
Sit down, shut up and hang on – The Asian century is here
GRAPHIC: paragkhanna.com In the nineteenth century, the world was ‘Europeanised’. In the twentieth century, it was ‘Americanised’. This century it is all about being ‘Asianised’. With more than half of the world’s population, Asia has gone swiftly from low to middle-income status in a single generation. Today, its global share of trade grows quickly, along with capital, people, knowledge, transport,…
- Economy News
Thailand’s growth forecasts for the rest of 2019 slashed again
Following their most recent meeting, the Joint Standing Committee on Commerce, Industry and Banking has announced Thailand’s economic growth this year has been revised downward to between 2.7 – 3.0% from the previous projection of 2.9 – 3.3%. It has also revised down its prediction of this year’s exports to between minus 2 – 0%. The committee says the revised…
- World News
China’s exports fell last month in lead up to next month’s trade talks
China’s exports fell 1% on-year last month amid the bruising trade war with the US that is disrupting markets in the world’s top two economies. The drop comes after a surprise 3.3% rebound in July despite the year-long battle with the US and weakening global demand. But economists cited by Bloomberg had forecast a 2.2% rise ahead of the release of…
- Economy News
What goes up must come down – the battle of the baht
Newton’s law looms over the Thai baht. Meanwhile, the Thai baht continues to be the best performing currency in Asia. The Thai currency is riding a 6-year high against the USD and, this year, has surged 8% against the US currency. But the strong baht is causing knock-on effects to the rest of the Thai economy, battering exports and stifling tourist…
- Politics News
Thai finance minister confident GDP will pick up next quarter
Deputy PM Somkid Jatusripitak says he is confident Thailand’s gross domestic product will pick up in the fourth quarter as a result of the launch of 316 billion baht economic stimulus package from the Thai government. He claims the new rice price guarantee scheme will also assist the agricultural sector. The Cabinet approved the new packages at its Tuesday meeting.…
- 1
- 2