economy
- Business News
Thai consumer confidence dips due to political instability and slow recovery
Reports today reveal that last month Thai consumer confidence dramatically dropped for the first time in 14 months. Evidence pointed towards the general unease of continuous political instability in the Kingdom of Thailand after the General Election took place in May, as well as a sluggishly recovering economy. The survey, helmed by the esteemed University of the Thai Chamber of…
- Business News
Thai hotel chains unfazed by political uncertainty, anticipate revenue growth
Despite the ongoing political uncertainty, Thailand’s major hotel chains remain optimistic, as long as the situation stays peaceful and avoids any violent unrest. Centara Hotels and Resorts (CHR) and Minor International Plc voiced their confidence in their ability to weather any potential political storms, providing the environment remains stable. Gun Srisompong, the chief financial officer of CHR, stated that any…
- Economy News
Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
- Economy News
Thai economy boost: Bank forecasts GDP growth, increased tourism
Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…
- Business News
BEC World targets leading content provider status amid digital disruption
BEC World, the operator of Thailand‘s Channel 3, is embarking on a transformation to become a leading content provider and expand its revenue streams in the digital content platform and global content licensing sectors. Surin Krittayaphongphun, president of TV business and executive director at BEC World, said this strategic move aims to ensure the company’s survival and sustainable growth in…
- Business News
Thailand targets 3 trillion baht tourism revenue in 2023 with sustainability focus
The Tourism Authority of Thailand (TAT) is optimistic that the country’s tourism industry will achieve a revenue of 3 trillion baht in 2023, equal to the revenue generated in 2019. Tanes Petsuwan, TAT’s deputy governor for Asia and the South Pacific, revealed that the agency is developing new promotional strategies for the next fiscal year and anticipates finalising its proposal…
- Business News
Asia’s factory demand eases amid China’s faltering recovery and global trade slump
Factories across Asia experienced a further decline in demand during May, as China‘s sluggish recovery impacted a region already grappling with a global trade downturn. Taiwan’s purchasing managers indexes (PMI) dropped to 44.3 from 47.1 in April, while Vietnam recorded its lowest reading since September 2021, according to S&P Global. South Korea’s factory gauge saw a slight increase in May,…
- Business News
Asia-Pacific markets to gain from US-Europe supply chain diversification
Asia-Pacific emerging markets are predicted to gain from the ongoing supply chain decoupling, as analysts highlight the US and Europe’s efforts to diversify risks in security-related sectors. Steven Cochrane, Moody’s Analytics chief Asia-Pacific economist, recently discussed the decoupling between the US and China within intermediate goods production during an online event. He explained that incentives, rather than government policies, are…
- Business News
Thai export growth target maintained despite 7-month shipment decline
Despite a decline in Thai exports for seven consecutive months, the Commerce Ministry maintains its export growth target of 1-2% for the year. Keerati Rushchano, the Permanent Commerce Secretary, predicts that the export outlook will remain negative due to the high inventory held by trading partners, causing delays in orders. However, he expects exports to improve in the second half of…
- Business News
Singapore maintains 2023 growth forecast amid global economic risks
Singapore‘s Ministry of Trade and Industry (MTI) has announced that it is maintaining its growth forecast for 2023 at 0.5% to 2.5%, with growth expected to be around the mid-point of this range. This comes as the economy experienced a 0.4% year-on-year growth between January and March, primarily due to the manufacturing, wholesale trade, and finance and insurance sectors. The…
- Economy News
Thai rice exports valued at 23% more than same period last year
From January to April, Thailand’s rice exports reached 2.79 million tonnes, with an estimated total for the year surpassing 8 million tonnes, according to the government. Prime Minister Prayut Chan-o-cha, expressed optimism regarding the exports being valued at US$1.5 billion (51.2 billion baht) revenue, a 23% increase compared to the same period last year, as reported by government spokesperson Anucha…
- Business News
Tourism boom shields Thailand’s economy amid political uncertainty
As political uncertainty continues to loom over Thailand, the country’s economy is receiving a much-needed boost from the significant increase in foreign tourists. In the first quarter of 2023, Thailand welcomed 6.5 million visitors, a stark contrast to the 498,000 recorded in the same period a year earlier. This surge in tourism is expected to help bolster the nation’s economy,…
- Business News
Singapore’s key exports drop for seventh month amid electronics slump
Singapore‘s non-oil domestic exports (NODX) suffered a decline for the seventh consecutive month, with a 9.8% drop in April compared to the same month last year. This is according to data from Enterprise Singapore, which also revealed an 8.3% contraction in March. The decline in April was worse than the 9.4% drop predicted by a Reuters poll. The slump in…
- Business News
FTI urges swift Thai coalition to back high-tech hub and green growth
The Federation of Thai Industries (FTI) is preparing a position paper outlining the economic policies favoured by businesses, with plans to submit it to the newly formed government once it takes office. Montri Mahaplerkpong, the FTI vice-chairman, stated that the paper is in its final stages and should be approved by the end of the month. The document will highlight…
- Business News
Business sector urges swift government formation for economic stability
The business community in Thailand is urging the formation of a new government and the agreement of policies by coalition parties, as this will significantly impact the nation’s confidence. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, highlighted the importance of a stable government that can govern without interruption. He also noted the high level of public engagement in…
- Business News
Thailand’s economy grows faster than expected in Q1 due to tourism rebound
Data released today reveals that Thailand’s economy expanded faster than anticipated in the first quarter, with the return of private consumption and tourism helping to counterbalance slowing exports. As the country grapples with the effects of COVID-19, its recovery has been slower compared to regional neighbours. However, the resurgence of tourism – particularly the recent influx of Chinese visitors –…
- Business News
Malaysia’s economy exceeds expectations with 5.6% growth in first quarter
Malaysia‘s economy has experienced faster than anticipated growth in the first quarter, bolstered by solid domestic demand, causing the central bank to downplay the potential impact of a global slowdown on the country, which is reliant on exports. Gross domestic product increased by 5.6%, according to data from the central bank and the government, exceeding analysts’ forecasts of a 4.8%…
- Business News
Philippine economy grows 6.4 per cent in first quarter, beating expectations
The economy of the Philippines experienced a 6.4% expansion in the first quarter compared to the previous year, according to the country’s statistics agency. This development surpasses expectations, with analysts previously predicting a 6.1% annual growth in the gross domestic product (GDP). On a quarterly basis, growth slowed to 1.1% compared to the earlier reported 2.4% expansion in the previous…
- Business News
Growing global demand for gold amid banking sector turmoil and geopolitical tensions
The global demand for gold from investors is witnessing an increase due to instability in the banking sector, geopolitical tensions, and a challenging economic environment, prompting individuals to turn to the precious metal as a safe-haven asset, according to the World Gold Council (WGC). The WGC’s most recent Gold Demand Trend report revealed that demand for gold bars and coins…
- Business News
Thai food exports forecast to grow despite challenges
Despite economic uncertainties, inflationary pressures, foreign exchange fluctuations, and rising production costs, Thai food exports are predicted to grow by 2.1% to 1.5 trillion baht this year. The main factors supporting this outlook include the government’s policies to stimulate economic growth, the country’s reopening after the pandemic, global supply chain shortages, increased concerns about food safety, and the high-quality standards…
- Business News
Marriott upbeat about Thailand’s labour crunch in tourism sector
Marriott International remains optimistic about Thailand’s labour situation in the tourism sector, as employment at its properties across the country has nearly returned to its 2019 levels. The company hopes that the incoming government will prioritise the development of connectivity to secondary cities in order to enhance the country’s competitive edge. Jakob Helgen, Area Vice-President for Thailand, Vietnam, Cambodia, and…
- Business News
Taiwan’s offshore wind farms amid China tensions and geopolitical risks
In the port city of Taichung on Taiwan‘s west coast, a crane hoists into place the final section of a white wind turbine tower that stands almost a hundred metres tall. This turbine will be one of 111 spinning at a multi-billion US dollar offshore wind project up to 60km into the Taiwan Strait. Constructed by Denmark’s Orsted, this project…
- Business News
Thai stock market rebounds with net inflows as investors absorb negative US news
The Thai stock market has begun experiencing net inflows this week after significant capital outflows during the first four months of the year, according to the Stock Exchange of Thailand (SET). Investors have seemingly absorbed negative news regarding the US banking crisis and the possibility of a recession. Soraphol Tulayasathien, a senior executive vice president, expressed hope that May would…
- Economy News
Thailand is the world’s biggest exporter of durian
Thailand, known for its rich culture and stunning beaches, is also the world’s biggest exporter of the notorious fruit, durian. According to the Trade Policy and Strategy Office, Ministry of Commerce, Thailand has retained its top spot for durian exports, accounting for a whopping 93.3% of the global market share, Pattaya Mail reported yesterday. In 2022, Thailand exported fresh durian…
- Asia News
Singapore’s prime minister urges ASEAN to work towards a joint power grid
Following the success of the Lao PDR-Thailand-Malaysia-Singapore power integration project, Singapore’s Prime Minister, Lee Hsien Loong, 70 years old, called on ASEAN yesterday to continue working towards a joint power grid. A regional power grid will strengthen energy security, and resilience in member states, and advance regional decarbonisation, Lee said. The Lao PDR-Thailand-Malaysia-Singapore project demonstrates that “multilateral power trading in…
- Business News
TAT anticipates Chinese tourist arrivals to reach 1 million per month in October
The Tourism Authority of Thailand (TAT) anticipates that Chinese tourists could reach one million arrivals per month by October, similar to figures from 2019. An increase in flight capacity during the high season and resolving e-visa issues are factors expected to contribute to this growth. Chuwit Sirivejkul, TAT’s Regional Director of Marketing for East Asia, expressed confidence that Chinese tourist…
- Business News
Biden meets Republican leaders in bid to resolve US debt limit impasse
A significant meeting took place between President Joe Biden and Republican leaders yesterday, with the hope of breaking the deadlock over the US debt limit, which could have repercussions in the upcoming presidential election. The key gathering had President Biden, House Speaker Kevin McCarthy, and Senate Republican leader Mitch McConnell discussing the national debt ceiling, which currently stands at US$31.4…
- Business News
ISS backs ValueAct’s boardroom challenge at Seven & i Holdings
A leading proxy advisory firm, Institutional Shareholder Services (ISS), has supported ValueAct Capital‘s bid to secure positions for its four director nominees on the board of Japanese convenience store operator Seven & i Holdings. ValueAct, which owns 4.4% of Seven & i, has been particularly critical of the company’s conglomerate structure and has recently increased pressure further by publicly demanding…
- Business News
Asia-Pacific cyber-attack risks in line with global trends but high attack expectations remain for 2023
Cyber-attack risks in the Asia-Pacific region decreased to a moderate level last year, mirroring the global trend, yet a recent survey found that 78% of organisations worldwide anticipate successful attacks occurring in 2023. Jon Clay, 42 years old, vice-president of threat intelligence at multinational cybersecurity software company Trend Micro, stated that the global cyber-risk index (CRI) shifted into positive territory…
- Business News
Bank of Thailand predicted to raise policy rate to 2% this month
Economists anticipate that the Bank of Thailand will raise its policy rate to a terminal level of 2% this month, following their estimation that the Federal Reserve’s funds rate has reached its peak. The research centre of TMBThanachart Bank (ttb) suggests that the central bank’s Monetary Policy Committee (MPC) will increase the policy benchmark rate by 0.25 percentage points during…
- Business News
Digital bank runs: How social media fuels panic and threatens financial stability
A crisis of confidence in the US banking sector has led individuals to withdraw their money from financial institutions including Silicon Valley Bank, Credit Suisse, First Republic Bank, and California-based PacWest Bancorp. This series of events has given birth to a new term in the finance lexicon: digital bank run. In contrast to traditional bank runs, where people would form…
- Business News
Thai company expects more cement consumption due to tourism
SCG Cement-Building Materials, a subsidiary of Thailand’s Siam Cement Group, anticipates cement consumption to grow by 1-2% year-on-year, exceeding 30 million tonnes in the current year. This growth is primarily due to the recovery of the tourism sector. Having developed a “hybrid structural cement” that reduces carbon dioxide emissions during production, the company demonstrates its commitment to battling climate change.…
- Business News
Philippine annual inflation on track for government target as food prices ease
Philippine yearly inflation is predicted to remain within the government’s 2% to 4% target range in Q4, following a decrease in April due to reduced food prices. The consumer price index increased by 6.6% YoY in April, the lowest rate since August, and lower than the 7.0% predicted in a Reuters poll. As a result, the Bangko Sentral ng Pilipinas…
- Business News
US authorities investigate Goldman Sachs’ role in Silicon Valley Bank collapse
US authorities have launched an investigation into Goldman Sachs‘ work with Silicon Valley Bank (SVB) in relation to the events that led to the collapse of the California-based bank. Goldman disclosed the probe in a recent securities filing, noting that they are cooperating and providing information to various government bodies. The investigation focuses on the bank’s activities for SVB in…
- Economy News
US and Thailand advance energy cooperation in recent discussions
The United States and Thailand have recently agreed to advance energy cooperation during talks in Washington, DC. The Office of the Spokesperson for the US Department of State issued a joint press statement revealing that the discussions took place during the third US-Thailand Energy Policy Dialogue, held from April 18 to April 20. Both nations aimed to deepen their ties…
- Economy News
Thai government to resubmit subsidy proposal to Election Commission
Thailand‘s issues around electricity costs are continuing. Thailand’s Prime Minister Prayut Chan-o-cha remains determined that the government will resubmit a proposed 11 million baht (US$330 million) subsidy for household electricity bills to the Election Commission (EC) for approval. The proposal, which was approved by the Cabinet last week, was previously rejected by the polling regulator, according to an unnamed source.…
- Tourism News
Bank of Thailand predicts 28 million foreign tourists this year
The Bank of Thailand (BoT) predicts that the Land of Smiles will see 28 million tourists this year. The BoT’s governor, Sethaput Suthiwartnarueput, said the BoT expects a 3.6% expansion in the gross domestic product (GDP) for this year. The BoT predicts a GDP growth of 2.9% in the first half of this year from the same period last year,…
