Thai economy
- Business News
Thailand’s credit card industry faces toughest challenge in 20 years
The credit card industry in Thailand is bracing for its most formidable challenge in two decades, a situation attributed to an anticipated weak economy next year, as highlighted by the Thai Bankers’ Association’s credit card club. Atis Ruchirawat, chair of the club, emphasised that the unsecured loan sector, encompassing credit cards and personal loans, has already felt the tremors of…
- Thailand News
Mama noodles thrive amid economic challenges in Thailand
Instant noodles, particularly the Mama brand, continue to thrive regardless of economic conditions. Despite evolving market dynamics, the core customer base remains financially constrained due to a trap of expenses that outpace income. This insight was shared at the THAILAND 2025: Opportunities-Hopes-Realities seminar, held yesterday, November 21, at the Queen Sirikit National Convention Center in Bangkok. The event featured insights…
- Tourism News
Thailand eyes F1 event to boost economy and tourism
Thailand is gearing up for an economic boost as the government commits to bringing a Formula 1 (F1) racing event to the country. Prime Minister Paetongtarn Shinawatra announced the ambitious plan yesterday, November 9, emphasising its potential to invigorate tourism and stimulate urban development. The government is actively pursuing discussions to secure an F1 event, which is part of a…
- Thai Life
The income of the top 1% in Thailand
While many Westerners associate Asian wealth primarily with countries like Singapore and Japan, Thailand has its own population of Hi-So “ultra-wealthy individuals”. The country’s wealth distribution reveals that while not considered a rich nation overall, Thailand has a notable number of individuals in the top 1% income bracket. Reaching the top 1% of income in European countries typically requires a…
- Lifestyle
Temu Thailand review: Is it worth the hype?
Temu Thailand is making waves in the e-commerce industry, but what does it really offer? If you’re curious about this new player in the Southeast Asian market, you’re in the right place. In this article, we’ll investigate into the platform’s offerings, user experience, and whether it lives up to the hype. What is Temu Launched in July 2024, Temu is…
- Thailand News
Interest peaked: Thailand banks on MPK rate cut to boost economy
The Government of Thailand believes the recent reduction in the policy interest rate by the Monetary Policy Committee (MPC) will positively impact the economy. Deputy Prime Minister and Finance Minister Pichai Chunhavichir stated that the decrease was anticipated and would help alleviate financial burdens. Yesterday, October 16, at 9.30am, Pichai addressed the media at the Government House regarding the MPC’s…
- Business News
Thailand to boost 2024 budget by 122 billion baht for economic lift
Prime Minister Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme, a core policy of the Pheu Thai Party. Opposition parties opposed the bill, citing legal concerns and potential violations of the State Fiscal…
- Business News
Thailand’s industrial sentiment hits two-year low amid political strife
Thailand’s industrial sentiment index experienced a decline for the third consecutive month in June, reaching its lowest point in two years, according to the Federation of Thai Industries (FTI). The drop is attributed to a sluggish economy, weak demand, and increasing bad debt problems. The FTI reported that the industrial sentiment index fell to 87.2 in June, down from 88.5…
- Business News
Credit agencies highlight Thailand’s EEC as key to industrial growth
Credit rating agencies underscore the significance of Thailand’s Eastern Economic Corridor (EEC) project in advancing the nation’s industrial sector and boosting competitiveness, according to the Public Debt Management Office (PDMO). The public debt advisor for PDMO, Jindarat Viriyataveekul, indicated that credit rating agencies have been closely observing the EEC project’s progress for years due to its pivotal role in shaping…
- Business News
Pride Month to boost Thai economy by 4.5 billion baht
June’s Pride Month is anticipated to stimulate over 4.5 billion baht in economic activity, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham announced yesterday that the government, led by Prime Minister Srettha Thavisin, is actively endorsing sexual diversity and collaborating with the private sector to organise additional Pride Month festivities. These events aim to attract LGBTQ+ tourists…
- Business News
Bank of Thailand’s independence crucial for economic stability
Economists emphasise the importance of the Bank of Thailand’s independence in its mission to maintain economic stability. They note that while interest rates have a negligible effect on bolstering economic growth, they could influence the stability of the baht and trigger an increase in household debt. Despite persistent appeals from Prime Minister Srettha Thavisin for a collaborative effort between monetary…
- Business News
Israel-Iran conflict threatens Thai economy in Q2
The ongoing conflict between Israel and Iran poses a potential threat to the Thai economy in the second quarter. Anticipated challenges include currency depreciation, an increase in oil prices, and a decrease in purchasing power. This comes after the International Monetary Fund reduced its Thai GDP forecast significantly from 4.4% to 2.7% growth, due to a slump in domestic consumption.…
- Business News
Thai govt plans huge digital wallet handout to boost economy
The Pheu Thai Party government, led by Prime Minister Srettha Thavisin, is set to roll out a massive digital wallet handout scheme worth 500 billion baht (US$13.75 billion) in the fourth quarter of this year. The scheme, which is designed to stimulate economic activity, involves transferring a sum of 10,000 baht (US$275) to 50 million Thai citizens, intended to be…
- Business News
Thai economy forecasts growth between 2.8% and 3.3%
The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports. Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected…
- Business News
Thailand’s manufacturing production index falls for 17th time
The Office of Industrial Economics (OIE) disclosed that Thailand’s Manufacturing Production Index (MPI) has fallen for the 17th consecutive month. February saw a year-on-year decrease of 2.8%, bringing the index to 99.2 points. This slump is largely attributed to a drop in manufacturing within key sectors, including the automotive industry. The OIE has also highlighted ongoing issues with high household…
- Business News
Thai economy struggles post-election, foreign investment declines
Thailand’s economy continues to struggle despite the first General Election since 2019, which was anticipated to stimulate growth and attract foreign investors. Instead, the nation has seen its benchmark stock index decline for the fifth quarter consecutively, foreign investment is waning, and the baht is showing the second-worst performance amongst Asian currencies. According to Narongsak Plodmechai, CEO of SCB Asset…
- Business News
Thai economy predicted to bounce back in Q2 despite sluggish start
The Joint Standing Committee on Commerce, Industry and Bangkok (JSCCIB) indicated that the Thai economy, which is set to experience sluggish growth this year, is expected to pick up in the second quarter. This projection is attributed to the anticipated state budget spending and a reduction in tension within the Red Sea region. The National Economic and Social Development Council…
- Business News
Thai economy set for revival amid global uncertainties
The Federation of Thai Capital Market Organizations (FETCO) anticipates a revival of the Thai economy in the latter half of the year, supported by potential interest rate reductions. This optimistic outlook emerges amidst global economic uncertainties, with possible recessions in the UK and Japan, and China grappling with a prolonged property crisis. FETCO chairman Kobsak Pootrakool believes that the global…
- Business News
PM Srettha unveils economic vision focusing on tourism and booze
Prime Minister Srettha Thavisin unveiled his comprehensive vision for Thailand’s economic boom, focusing on tourism enhancement and the liberalisation of alcohol consumption at internationally renowned concerts. Speaking at the Thailand Vision gathering at Government House, PM Srettha’s address, which was broadcast live on NBT television, presented his ambitious strategies to foster economic growth. Tourism is at the core of his economic…
- Business News
Thai baht’s future forecast: Dollar domination looms on the horizon
Predictions by Kasikorn Research Center (K-Research) indicate a potential decline in the baht to 37 against the US dollar in the coming year. This anticipated depreciation is linked to a combination of a faltering Thai economy and a delay in American interest rate reductions, thereby placing the Thai currency under considerable strain. Kanjana Chockpisansin, K-Research’s head of banking and financial…
- 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
Thai consumers riding high for sixth straight month
Consumer confidence in Thailand has been on a steady rise, marking its sixth successive month of growth last month in January. Levels have reached a high unseen since March 2020, attributed to the government’s strategic stimulus measures, including spending boosts and reductions in electricity and fuel prices. Yesterday’s report from the University of the Thai Chamber of Commerce (UTCC) revealed…
- Business News
Steel dreams: Thai infrastructure boost sparks sector revival hopes
Hopes of a revival in the stagnant steel consumption sector in the country are being pinned on the government’s impending infrastructure development projects. The fiscal 2024 state budget, yet to be approved, is anticipated to propel these initiatives, according to Chaichalerm Bunyanuwat, the president of the EAF Long Product Steel Producers Association. He noted that the steel and iron industry…
- Business News
Thai economy needs more stimulus amidst global challenges
Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…
- Guides
How Thailand’s tourism boom is changing everything
Thailand’s tourism industry, once a beacon of economic prosperity, has experienced a rollercoaster of highs and lows. The late 1980s and early 1990s marked an era of unprecedented growth, with the country becoming a must-visit destination for travellers worldwide. However, this boom was not without its consequences. As the number of visitors surged, the industry faced challenges that threatened the…
- Business News
Thailand’s manufacturing sector set to rebound by 2024 despite 2023 contraction
Despite the economic slowdown causing a 5.1% contraction in Thailand’s Manufacturing Production Index (MPI) last year, it is expected to rebound in 2024. The forecasted improvement comes in response to an increase in the export of industrial products, which grew by 3.22% in December, marking the third consecutive month of growth, according to Warawan Chitaroon, the director-general of the Office…
- Business News
SET index may drop below 1,300 due to digital wallet handout
The Stock Exchange of Thailand (SET) index could potentially plummet below the 1,300-point mark this year, warns the CEO of One Asset Management (ONEAM), Pote Harinasuta. This alarming projection is associated with the government’s proposed digital wallet handout which could result in Thailand’s credit rating being downgraded and a subsequent hike in corporate borrowing costs. Key factors that could influence…
- Economy News
Thailand’s headline CPI sees unanticipated drop in December
Thailand’s Commerce Ministry announced today that the country’s headline consumer price index (CPI) experienced a 0.83% decrease in December compared to the same period a year earlier. This figure is a steeper drop than the 0.44% year-on-year decrease seen in the preceding month. Contrasting with the anticipated 0.30% fall for December as per a Reuters poll, the actual result was…
- Business News
Thailand’s economy projected for strong recovery and growth in 2024
Thailand’s economy is in a promising state of recovery, as projections indicate a boost in both domestic demand and tourist arrivals. With the resurgence of most industries and the emergence of tech-driven sectors like electric vehicles, there is a wave of optimism that the country’s economic growth will significantly strengthen in 2024. Six industries are predicted to experience rapid growth…
