Thai economy
- Economy News
Thailand’s biggest budget requests come from interior, education, finance ministries
Thailand’s parliament has disclosed that the Interior, Education, and Finance ministries are making the largest budgetary requests for the ongoing fiscal year. The budget bill, which governs annual expenditure, is set for its initial reading from January 3 to 5, and is anticipated to be approved by April. This follows a delay due to the transition from the preceding to…
- Economy News
Thailand’s fiscal position geared to absorb potential economic shocks
According to Pornchai Thiraveja, the director-general of the Fiscal Policy Office, Thailand’s robust fiscal position is well-equipped to buffer any potential economic shocks. The country boasts a fiscal space substantial enough to absorb crises equating to 10% of the GDP. The Thai financial institutions are stable economically, with a 19.9% Bank for International Settlements ratio, which is well above the…
- Economy News
Long-haul tourism to boost Thai tourism revenue in 2024
The Tourism Authority of Thailand (TAT) anticipates that long-haul tourism will significantly bolster Thai tourism revenue in 2024, contributing seven percentage points more than pre-pandemic levels. This was discussed last week as the Minister for Tourism and Sports, Sudawan Wangsuphakijkosol, met with TAT executives to deliberate on next year’s market strategies. The government has set a goal of 3.5 trillion…
- Thailand News
Thai listed companies broke records by reeling in 6.21 trillion baht last year
Thai listed companies have orchestrated a financial coup, raking in an astronomical 6.21 trillion baht from their overseas ventures last year, smashing records and defying global economic odds. The Stock Exchange of Thailand (SET) reports an eye-watering surge of 1.83 trillion baht from the previous year, making it a staggering 17-year high. Amidst the chaos of the Russia-Ukraine war and…
- Business News
Job-jitters in Thailand: Employment growth hits five-quarter low
The state planning agency of Thailand revealed today that the country’s employment growth has slowed to a five-quarter low of 1.3% year-on-year in the third quarter amid a sluggish economy and weak demand for exports. This comes as Southeast Asia’s second-largest economy recorded a meagre growth of 1.5% in the July-September period, marking the slowest pace witnessed this year. The…
- Economy News
Thai economy rebound: PM unveils bold plan to tackle challenges
Prime Minister Srettha Thavisin outlined a comprehensive plan to tackle pressing economic issues in Thailand spanning agriculture, industry, and debt-related concerns. He unveiled his intentions during a keynote speech at The Standard Economic Forum, stating that the Thai economy’s current state is a subject of contention between himself and the Bank of Thailand’s governor. Despite the debate, the Thai PM…
- Business News
Thailand’s inflation drop fuels economic slowdown fears
Concerns are heightening among analysts over Thailand’s first year-on-year inflation decline in 25 months. The drop in the Consumer Price Index (CPI) is viewed as an indication of increasing risks of economic deceleration and deflation. BofA Securities, previously known as Bank of America Merrill Lynch, highlighted that the inflation figure for October signified the first year-on-year decline since August 2021.…
- Economy News
Economic resilience in question: Thailand’s situation amid Middle East conflicts
Sethaput Suthiwartnarueput, the governor of the Bank of Thailand, addressed a business seminar today, emphasising the need for Thailand to bolster its economic resilience to secure sustainable growth. He warned that economic stability should not be taken for granted, particularly considering the potential high-risk side effects that conflict in the Middle East could pose. Thailand, the second-largest economy in Southeast…
- Business News
Thai exports set for boost from cars, electronics and agriculture
With a forecasted lethargic overall performance in 2023, Thai exports are set to be propelled by automobiles, auto parts, electronics, and agricultural products in the concluding quarter of this year, according to the Federation of Thai Industries (FTI). The FTI anticipates a rising global demand for these products, which should invigorate Thai exports that have been sluggish for several months.…
- Business News
Thai economy’s Q3 bounce-back: Warming up after a cool Q2
The Thai economy’s growth rate for the third quarter of this year is anticipated to surpass that of the second, according to the Bank of Thailand. This forecast comes after the nation’s economic expansion fell short of the central bank’s estimations for the preceding quarter. Chayawadee Chai-anant, the assistant governor for the corporate relations group at the central bank, reported…
- Economy News
Thai economy caught in global crossfire as Israel-Hamas tensions fuel price hike fears
The Thai economy, already tested by geopolitical conflicts over the past few years, is facing potential consequences from the hostilities between Israel and Hamas in the Middle East, as governments and corporations all over the world look for excuses and justifications to hike prices to obscene heights. It’s a well-worn tactic last seen in the conflict between Russia and Ukraine…
- Economy News
World Bank identifies growth potential in Thailand’s secondary cities
The World Bank has highlighted the potential for growth in Thailand’s secondary cities such as Chiang Mai, Khon Kaen and Rayong in a recent study. The report, Thailand Urban Infrastructure Finance Assessment, suggests that these cities could boost Thailand’s economy if they invest in urban infrastructure improvements, such as mass transit systems and renewable energy sources. However, the study points…
- Business News
Thailand consumer confidence sails higher, defying global economic waves
Following a more stable political climate, consumer confidence in Thailand increased for the second consecutive month in September, notwithstanding global economic uncertainties. The consumer confidence index, as reported by the University of the Thai Chamber of Commerce (UTCC), rose to 58.7 in September from 56.9 in August, and 55.6 in July. UTCC President, Thanavath Phonvichai, attributed this boost in confidence…
- Economy News
Thai baht hits new low against US dollar amid gold price drop
The 2023 financial year has seen the Thai baht rank as one of the region’s poorest performing currencies, depreciating to a low of 37.14 to the US dollar on Tuesday – a level not seen since November of the previous year. The recent plummet in gold prices, with a decline of around 5% or US$7.45 (274.65 baht) per ounce, has…
- Business News
Thailand hikes interest rate amid economic uncertainty, shifts focus to soft power
The Bank of Thailand unexpectedly hiked its interest rate to a decade-high of 2.5% in an effort to combat inflation and prepare for global economic fluctuations. This move has cast uncertainty over the nation’s economic outlook. The government has set an ambitious GDP target of 4.4% for the following year, a significant increase from this year’s projection of 2.5-3.0%. Despite…
- Business News
Thailand’s soft power strategy eyes tech and regulatory overhaul
Thailand’s soft power is set to receive a significant boost, with creative content experts advocating for the removal of obsolete regulations and the incorporation of cutting-edge technology. This approach, they argue, will stimulate innovation and cultural assets. Asa Piwkhum, tasked with business and innovation development at the Creative Economy Agency, indicated that the imminent meeting of the national soft power…
- Business News
Thailand central bank raises policy rate, reduces 2023 GDP forecast
Following the Bank of Thailand‘s decision to increase its policy rate and reduce the GDP forecast for 2023, the bank’s governor, Sethaput Suthiwartnarueput, will meet Prime Minister Srettha Thavisin. Sethaput did not disclose the specifics of the meeting’s agenda, scheduled for Monday, but assured readiness to address any queries. Contrary to circulating rumours, the 61 year old prime minister, who…
- Business News
Thai steel market stagnation expected in 2023 amid economic concerns
The Thai steel market faces a period of stagnation in 2023, with consumption levels predicted to match those of last year at 16 million tonnes. This prediction comes from Chaichalerm Bunyanuwat, president of the EAF Long Product Steel Producers Association, who cites the slow resumption of government infrastructure projects, weak consumer spending power, and high household debt as contributing factors.…
- Business News
Thailand’s commerce minister to stimulate exports, tackle Q4 slump
Thai Commerce Minister Phumtham Wechayachai is set to engage in dialogue with the private sector this week with the aim of stimulating exports and reviving the nation’s Q4 performance. The meeting is scheduled for September 27, as stated by Phusit Ratanakul Sereroengrit, the head of the International Trade Promotion Department, with the intent to evaluate the export scenario and devise…
- Business News
Thai economy to be driven by private consumption, tourism in 2023
Stimulating private consumption is a reasonable strategy for the government to maintain economic growth amidst global uncertainties, according to Tim Leelahaphan, an economist at Standard Chartered Bank Thailand. The first half of 2023 saw a 7% year-on-year increase in the country’s private consumption. Expectations are high for private consumption and tourism to be the main drivers of economic growth in…
- Business News
Thailand reviews taxes and launches digital wallet to tackle income disparity
The Finance Ministry of Thailand is set to review the new land and building tax and the inheritance tax and launch the digital wallet following an order from Prime Minister Srettha Thavisin. The move aims to mitigate income disparity in the nation. PM Srettha, who also holds the Finance Minister post, gave the directive subsequent to the appointment of a new…
- Economy News
Thai economy faces scrutiny amid recession fears and slow pandemic recovery
The Thai economy is in the spotlight as concerns over a looming recession persist due to the nation’s weak export outlook and slow recovery from the pandemic. Last week, the government faced heavy criticism from opposition parties and business leaders during a Thai economy policy debate, with the latter expressing concerns over the lack of detail in the 43-page policy…
- Tourism News
Phuket tourism and property sectors propose Andaman Wellness Economic Corridor
Phuket’s tourism and property development sectors have called on Prime Minister Srettha Thavisin to swiftly consider their proposal for an Andaman Wellness Economic Corridor (AWC). This initiative is intended to align with the global wellness trend, enhancing the tourism industry and related investments. This came to light during the Prime Minister’s recent visit to Phuket and Phang Nga, where he…
- Thailand News
EconThai urges government: Debt-lift measures needed for all, not just farmers
EconThai, the Employers’ Confederation of Thai Trade and Industry, called on the government to hasten steps to alleviate the heavy domestic debt burden, aiming to aid not only farmers but also middle-income earners who are bearing substantial financial loads. EconThai Vice-Chairman, Tanit Sorat, highlighted the necessity for debt suspension measures to be inclusive, covering a wide range of individuals in…
- Transport News
Thailand’s transport sector set for major 29.7 billion baht upgrade
A bright future is on the horizon for Thailand’s transport and logistics system. The Transport Minister, Suriya Juangroongruangkit, has recently outlined his ambitious plans for the country’s railways and maritime sectors. Revealed during his inaugural speech, these policies are set to be formally announced next week. Suriya believes that by focusing on these areas of transport improvement, Thailand can significantly…
- Business News
JSCCIB to discuss Chinese goods influx and revise Thai economic forecasts
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is preparing to discuss new economic challenges such as the influx of Chinese merchandise. The committee aims to formulate a fresh economic proposal for the Srettha Thavisin Pheu Thai Party-led government. The subjects are set to be discussed in the committee’s today’s meeting. The JSCCIB intends to confer with the new…
- Business News
NBTC and DES ministry prepare for Thaicom 4 satellite transition in 2024
The office of the National Broadcasting and Telecommunications Commission (NBTC) is working closely with the Ministry of Digital Economy and Society (DES) to prepare for the Thaicom 4 satellite‘s 2024 lifespan expiry at 119.5° East orbit. Dr Sarana Boonbaichaiyapruck, NBTC board chair, held talks with outgoing DES Minister Chaiwut Thanakamanusorn on joint responsibilities. Thaicom previously managed both Thaicom 4 broadband…
- Business News
Thailand’s Q2 economic recovery slows, full-year 2023 growth forecast revised
Thailand’s second quarter of 2023 saw a slowdown in economic recovery, with GDP growth falling from 2.6% year-on-year in the first quarter to 1.8%, as reported by the National Economic and Social Development Council on August 21. The figures fell significantly short of consensus estimates of 3.1% and growth projections of 2.9%. The economy’s quarter-on-quarter growth was a mere 0.2%,…
- Economy News
Indonesia unveils three month plan to boost trade and cultural ties with Thailand
Indonesia kickstarted a three month long series of activities in Thailand, aimed at bolstering trade, cultural ties, and tourism, and enhancing people-to-people diplomacy. Announced at the Indonesia Fair: Know Indonesia Better event, Ambassador Rachmat Budiman revealed the comprehensive plan, curated by the Indonesian Embassy in Bangkok. The event which took place over the weekend at the Central Court in Central…
- Economy News
Evergrande collapse in China set to hit Thai tourism and exports
The Thai tourism and export sectors are set to experience a significant impact due to the financial downfall of China’s real estate giant, Evergrande. The Evergrande collapse revelation came from Poonpong Naiyanapakorn, Head of Policy and Trade Strategy Office (PTS), Ministry of Commerce, today. He suggested business operators closely monitor the situation. Evergrande, a giant in China’s real estate sector,…
