Central Bank’s MPC says delayed budget sucked 140bn out of Thai economy
Plizz Blog
by Pauline Veuve
9h ago
April 11, 2024 The Bank of Thailand’s Monetary Policy Committee (MPC) on Thursday dismissed claims its policy interest rate of 2.5% was impeding economic revival, saying delayed government budget disbursement was the real culprit. MPC secretary-general Piti Disyatat said late disbursement of the fiscal 2024 budget to state agencies had sucked out 140 billion baht from the economy or 0.8% of GDP. The 2024 budget bill should have been enacted by the end of September for the start of the fiscal year in October. But last year’s general election and delays in forming a coalition government meant t ..read more
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Approval of budget, subsidies expected to lift Consumer Confidence Index
Plizz Blog
by Pauline Veuve
9h ago
April 10, 2024 Thailand’s Consumer Confidence Index fell for the first time in eight months in March, due to a gradual rise in oil prices and lower-than-expected agricultural productivity, according to the Center for Economic and Business Forecasting, the University of the Thai Chamber of Commerce (UTCC). Speaking at a monthly press conference on Wednesday, UTCC director Thanawat Polvichai said the results reflected poorer than expected outcomes for factors affecting Thailand’s overall economy. He clarified that while most people’s incomes stayed the same, high oil prices raised the ..read more
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Central bank maintains Thailand’s policy rate at 2.5%
Plizz Blog
by Pauline Veuve
3d ago
April 10, 2024 The Bank of Thailand (BOT)’s Monetary Policy Committee (MPC) has decided to maintain the policy rate at 2.5%, as it had done in its two previous meetings since November last year. Piti Disyatat, MPC secretary, said the committee voted 5:2 on Wednesday to maintain the key rate, though two members voted to cut the policy rate by 0.25 percentage points. In a statement after the meeting, the central bank said the Thai economy is projected to grow at a higher rate this year compared to last year, with continued support from private consumption and tourism. Public expenditure is also ..read more
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Srettha tells Thai bourse to rebuild investor confidence after shady dealings
Plizz Blog
by Pauline Veuve
1w ago
April 09, 2024 Prime Minister Srettha Thavisin has instructed the Stock Exchange of Thailand (SET) to accelerate efforts to punish irregular share trading in order to restore confidence among foreign investors, a top official said on Tuesday. Srettha gave the instruction in his capacity as finance minister, said Finance Ministry permanent secretary Lawan Saengsanit. Srettha wanted to see the SET and the Securities and Exchange Commission (SEC) quickly rebuild confidence among foreign investors in the stock market, Lawan added. Srettha said that several cases of irregular stock trading had hit ..read more
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Cabinet gives go-ahead to revised budget framework for years 2025 to 2028
Plizz Blog
by Pauline Veuve
1w ago
April 03, 2024 The Cabinet approved the revised budget framework for fiscal years 2025 to 2028, as well as a larger deficit for fiscal 2025 in what is seen as a means to find funds for the controversial digital wallet scheme. After the Cabinet meeting on Tuesday, Chalermphol Pensoot, director-general of the Budget Bureau, said the lawmakers had approved the revised budget scope for fiscal years 2025 to 2028 as proposed by the Finance Ministry. Under the revised scope, the deficit for the planned budget for fiscal 2025, which begins in October this year, will be increased to 865.7 billion baht ..read more
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World Bank cuts Thai growth to 2.8% on weaker exports
Plizz Blog
by Pauline Veuve
1w ago
April 01, 2024 Thailand’s economic growth is expected at 2.8% this year before accelerating to 3.0% in 2025, the World Bank said on Monday, on account of weak exports and a delayed budget. The growth outlook for 2024 and 2025 was reduced from 3.2% and 3.1% respectively, as forecast in December. Southeast Asia’s second-largest economy expanded 1.9% in 2023 and unexpectedly shrank 0.6% in the final quarter of 2023 from the third. Thailand’s central bank in February also lowered its 2024 growth outlook to 2.5% to 3.0% from 3.2%. The cut stems from global t ..read more
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Service sector, tourism redeeming features in Thailand’s slow growth in Feb
Plizz Blog
by Pauline Veuve
2w ago
March 30, 2024 The Thai economy expanded at a slow pace in February but the performance of the service sector, which saw a large improvement in both the number of tourists and tourism revenue, was a silver lining. The Bank of Thailand (BOT) released its monthly economic outlook on Friday. The central bank said private investment and manufacturing production also improved in some sectors, while private consumption remained stable. However, the value of merchandise exports, excluding gold, declined from the previous month by 2.9% as exports of several industries remained sluggish. This is a res ..read more
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Thailand eyes special visas for digital nomads to fulfil its digital hub dreams
Plizz Blog
by Pauline Veuve
2w ago
March 25, 2024 Digital Economy and Society Minister Prasert Chanthararuangthong said his ministry will seek a special visa for so-called digital nomads in a bid to woo foreign AI experts to work in Thailand. At the Krungthep Thurakij-hosted seminar on Monday, titled “AI Revolution 2024: Transforming Thailand’s Economy”, Prasert said the country requires some 100,000 experts for artificial intelligence-related jobs. However, he said, the country only has some 21,000 AI experts at present. He said the DES Ministry will cooperate with the Board of Investment (BOI) to seek a special visa for AI e ..read more
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Thailand BOI Issues Incentives to attract World-Class Events; Expands PCB Manufacturing Incentives to Cover the Entire Supply Chain
Plizz Blog
by Pauline Veuve
2w ago
28 March, 2024 The Thailand Board of Investment (BOI) today approved incentives to attract the organization in the country of large international concerts, sporting events, and festivals that support the Government’s vision to strengthen Thailand status as a tourism hub and allow the country’s tourism and entertainment sectors to fully recover from the drop seen during the Covid 19 crisis. The meeting, which was chaired by Mr. Parnpree Bahiddha-Nukara, Deputy Prime Minister and Chairman of the BOI, also approved a revision of the types of businesses qualified to receive incentives granted to ..read more
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Thailand Targets Leadership in EV Production
Plizz Blog
by Pauline Veuve
2w ago
23 march, 2024 BANGKOK (NNT) – Thailand is set to position itself as a leader in electric vehicle (EV) production, with Prime Minister Srettha Thavisin unveiling plans to transform the country into a regional hub for future mobility. The vision was shared at the opening of Delta Electronics (Thailand) Plc.’s newest factory and research center dedicated to EVs, situated in the Bangpu Industrial Estate (North) in Samut Prakan province.  Recognizing the company as a major player in Thailand’s electronics manufacturing sector, Srettha underscored the significance of this expansion, aime ..read more
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