Thai economy
- Thailand News
Thai government defends 10,000-baht digital wallet scheme amid economic criticism
Economic experts’ criticism of the 10,000-baht digital wallet scheme was rebuffed yesterday by its supporters, who asserted that the cash handout would alleviate disparity and provide a crucial financial boost to the disadvantaged. Jutipong Phummul headed the faction, which handed a plea to the government, encouraging the implementation of the digital wallet initiative. Presented in Parliament as an economic strategy…
- 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
Thai-Chinese Chamber urges neutrality in US-China conflict, deeper China ties
The Thai-Chinese Chamber of Commerce urged the new Thai government to maintain neutrality in the US-China conflict while deepening trade links with China. In an interview, President Narongsak Puttapornmongkol suggested that Chinese firms exporting to the US or Europe could bolster their investments in Thailand, enabling them to base production in the country. “There is no need to be overly…
- 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
BlackRock eyes Thai clean energy and sustainability bonds for investment
Global asset management giant, BlackRock Inc, with a staggering total of US$9.43 trillion worth of assets under its belt, has set its sights on expanding its business horizons in Thailand. The company is particularly interested in investing in the Thai government’s Sustainability Linked Bonds and the country’s clean energy sector, according to a statement by government spokesperson Chai Wacharonke. The…
- 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…
- Business News
Thai-EU FTA talks set to roll, aiming for a trade-tastic deal within two years
Talks on a free-trade agreement between Thailand and the European Union (Thai-EU FTA) are set to kick off next week, to finalise the deal within a two-year timeframe. The Department of Trade Negotiations, under the Thai Commerce Ministry, is spearheading the negotiations. Auramon Supthaweethum, the department’s director-general, revealed that a team from various state agencies is being prepped for the…
- 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…
- Economy News
Revenue target for Thai government exceeds by 150 billion baht
Fiscal Policy Office (FPO) Director-General Pornchai Thiraveja has announced that the Thai government is rolling in cash. The director-general declared that the government’s revenue surpassed expectations, surpassing its target by 150 billion baht in the opening ten months of fiscal 2023. This continues a positive trend reported in May when revenue targets were surpassed by 112 billion baht. As per…
- 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,…
- Business News
Srettha Thavisin urged to address economic challenges swiftly
Thailand’s political stalemate came to a close yesterday as property tycoon Srettha Thavisin was elected as the country’s 30th prime minister following a majority vote in both houses of Parliament. Now, the nation’s business community is urging the newly appointed leader to hasten the process of organising his government. The aim is to promptly address a sequence of pressing challenges…
- Business News
Thai baht instability rises due to political unrest
Political unrest is heightening baht oscillations against the US dollar, as Thailand finds itself without a stable government, the head of the Bank Thailand asserts. This turbulence introduces a greater risk factor amongst investors who are observing the foreign exchange rate, particularly between the baht and the US dollar, in light of Thailand’s current political developments. Post Thailand’s General Election…
- Economy News
Tisco ESU advises focus shift to debt instruments amid market instability
Amid global stock market turbulence, financial analysts at Tisco’s Economic Strategy Unit (Tisco ESU) are advocating that investors pivot their focus towards debt instruments for potential high-yield returns. The ongoing pressures from elevated bond yields, coupled with the weakening economies in the US and Europe, are some of the contributing factors exerting pressure on the financial markets. The ongoing macroeconomic…
- Thailand News
Thai NHSO launches homegrown rubber prosthetic fistula, expects 540 million baht savings
Moving towards medical self-sustainability while concurrently conserving expenses, Thailand’s National Health Security Office (NHSO) has come up with an innovative solution. The NHSO has launched a new, locally made prosthetic fistula prepared from natural rubber for those participating in the Universal Healthcare (UHC) programme, also commonly referred to as the “gold card” scheme. This new initiative aims at reducing the…
- Business News
Thai banks see modest rise in mortgage loans
In the first six months of this year, a modest increase in mortgage loans was recorded by banks as purchasing power of homebuyers took a hit due to rising interest rates. Collectively, eight out of the ten SET-listed banks reported consolidated outstanding mortgages tallying 2.39 trillion baht as of June, marking a 1.04% rise from 2.37 trillion baht in December…
- Business News
Thai businesses call for swift government formation
A speedy establishment of a new administration is of paramount importance, according to the business community amid ongoing political uncertainty. Chookiat Ophaswongse, an honorary president of the Thai Rice Exporters Association voiced concerns over the nebulous political situation, indicating the future of Move Forward Party leader Pita Limjaroenrat as the next prime minister is uncertain, making the country vulnerable to…
- Business News
Fitch affirms Thailand’s BBB+ rating, forecasts GDP and tourism growth
Having earned a reputation for shrewd financial forecasting, Fitch Ratings has given Thailand‘s long-term foreign-currency issuer default rating (IDR) a rating affirmation of BBB+ and a stable outlook. The judgement is largely influenced by a balance between the firm’s macroeconomic policy framework and sound external finances, gauged against some structural weaknesses like the lower per capita income and lower World…
- Business News
Thai tourism hit by weak Chinese market and waning local interest
The sluggish Chinese economy and hesitant local budget travellers have dealt a blow to Thai tourism operators along the eastern seaboard, casting a gloomy cloud over this year’s revenue prospects. The slow recovery marks it as a testing time for places like Pattaya, particularly with a quiet Chinese market yet to bounce back and local visitors not returning en masse,…
- Business News
TTB to tackle household debt and promote ESG standards
Piti Tantakasem, Chief Executive of TMBThanachart Bank (ttb), insists that tackling high levels of household debt should be a priority on the national agenda. Piti made known that he is poised to tackle the issue, given his leading role within the household debt resolution team set up by the Thai Bankers’ Association (TBA). Alongside the central bank and other pertinent…
- Economy News
Fitch ratings reveal Thailand’s economic recovery to boost corporate earnings in 2023
Recovery of the domestic economy and alleviation of inflationary pressures are set to bolster the performance of corporations in Thailand this year, suggest analysts from Fitch Ratings during the 2023 Thailand Corporate Credit Outlook & Asean ESG conference, held recently in Bangkok. Corporates at Fitch Ratings (Thailand)’s Lertchai Kochareonrattanakul, a senior director, indicated in his talk that a boost in…
- Economy News
Thai economy booms as government’s fiscal income beats projections with 122bn baht surplus
The Thai economy demonstrates strong recovery and active imports as the Thai government’s net income during the first two-thirds of fiscal 2023 has surpassed projections by 122 billion baht, revealed Fiscal Policy Office Director-General, Pornchai Thiraveja, 42 years old. Between October 2022 and May 2023, the Thai government raked in a total of 1.64 trillion baht, which is an 8%…
