Thai economy
- 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…
- Thailand News
Economic reformation in action: Thailand open for foreign investments amid polycrisis
Prime Minister Srettha Thavisin declared Thailand’s openness to foreign investments and readiness to collaborate with the private sector for an economic reformation to create an inclusive and sustainable future. Speaking on Wednesday at the Foreign Industrial Club Gala Dinner, the Thai PM’s speech, titled Reformation of Thai Economy Amidst Polycrisis, was summarised by government spokesperson Chai Wacharonke. The 61 year…
- 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.…
- 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…
- 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…
- 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
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
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
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…
- 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…
- 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
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
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…
- 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…
- Economy News
Foreign investments bolster Thai economy with 58.9 billion baht boost
From January through July of this year, Thailand welcomed a foreign investment sum of 58.9 billion baht. A notable chunk of this influx originated from Japan, whose companies lavished the largest amount of capital on developing their businesses within Thai borders. Estimates suggest that the Japanese investors led the pack with a total outlay of 19.9 billion baht. They were…
- 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…
- 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…
- Thailand News
Bank of Ayudhya predicts pivotal role of politics in Thailand’s economy
In light of the current political climate, a division of the renowned Bank of Ayudhya suggests that the upcoming political decisions could significantly steer Thailand’s economy this year. This report highlights the pivotal role of swift administrative formation in stabilising the economy and buoying investor confidence. However, the prospect of an emerging minority government raises considerable concerns over its potential…
