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☆ Thailand to lower 2023 growth forecast after weak Q3
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: 1 min

BANGKOK, Nov 27 (Reuters) - Thailand's previous 2023 economic growth forecast of 2.7% will be lowered after a weaker-than-expected third quarter, Deputy Finance Minister Krisada Chinavicharana said on Monday. Southeast Asia's second-largest economy expanded much slower than expected, at 1.5%, in the July-September quarter from a year earlier, the slowest this year, due to declining exports and government spending. For next year, while the ministry is aiming for economic growth of slightly higher than 3%, it will try to push for even more with upcoming government stimulus measures, he told reporters. The finance ministry's current forecasts are for 2.7% economic growth in 2023 and 3.2% growth in 2024. Reporting by Kitiphong Thaichreon; Writing by Orathai Sriring; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Krisada Chinavicharana, Kitiphong Thaichreon, Orathai Sriring, Kanupriya Kapoor Organizations: Thomson Locations: BANGKOK

☆ Thailand offers 10-year visas for investors in industrial east
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Bangkok's skyline is photographed during sunset in Bangkok, Thailand, July 3, 2023. REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsBANGKOK, Nov 24 (Reuters) - Thailand will offer 10-year visas for investors in targeted businesses in its industrial eastern region to attract foreign investment, a deputy prime minister said on Friday. The visa plan, which starts next year, will facilitate investors as the government seeks to ease restrictions, Phumtham Wechayachai told reporters. The government is also targeting higher overall actual investment of 500 billion baht ($14.23 billion) in the Eastern Economic Corridor (EEC) during 2023-2027, or 100 billion baht a year, he said. Actual investment in the EEC is now about 75 billion baht a year, Phumtham said.

Persons: Athit, Phumtham Wechayachai, Phumtham, Kitiphong Thaichareon, Orathai Sriring, Robert Birsel Organizations: REUTERS, Rights, Companies, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Southeast

☆ Thai economy in 'crisis' and needs major stimulus - PM
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

Speaking at a forum, Srettha said the economy was not in good shape with fewer foreign arrivals than targeted, and he would be prioritising attracting foreign investment and addressing household debt. "There needs to be big economic stimulus," said Srettha, who is also finance minister, adding a plan to tackle debt would be announced on Dec. 12. Thailand recorded 23.85 million foreign tourists arriving from Jan 1 to Nov. 19, spending 1 trillion baht. It is targeting 28 million arrivals versus a pre-pandemic record of nearly 40 million foreign tourist arrivals in 2019 who spent 1.91 trillion baht. In recent weeks, government officials have described the economy to be in a crisis, necessitating its signature plan.

Persons: Srettha Thavisin, Srettha, Sethaput Suthiwartnarueput, Orathai Sriring, Kitiphong, Satawasin, Chayut Setboonsarng, Martin Petty Organizations: Thai, Thais, Bank of Thailand, Thomson Locations: BANGKOK, Thailand, Southeast Asia's

☆ Thailand approves new, scaled down EV subsidy package - industry official
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

An electric car is seen while being charged during the opening of a PTT Pcl energy firm's commercial EV (Electric Vehicle) charging station, in Bangkok, Thailand, August 15, 2016. REUTERS/Jorge Silva/File Photo Acquire Licensing RightsBANGKOK, Nov 1 (Reuters) - Thailand on Wednesday approved a new subsidy package for electric vehicles, an industry official said, in a move to support EV sales in a top regional auto hub where battery-powered cars are steadily gaining traction. The new package approved by the National Electric Vehicle Policy Committee includes a lower subsidy than the current scheme ending this year, chairman of the Federation of Thai Industries, Kriengkrai Theinnukul, told reporters. EVs have enjoyed strong sales in Thailand this year, accounting for about half of all EV sales in Southeast Asia in the second quarter. Thailand currently offers a government subsidy of up to 150,000 baht ($4,100) per vehicle, but the amount could be brought down to 100,000 baht, a government official said last month.

Persons: Jorge Silva, Kriengkrai Theinnukul, EVs, Kitiphong Thaichareon, Orathai Sriring, Martin Petty Organizations: PTT, REUTERS, Rights, National Electric Vehicle, Federation of Thai Industries, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Southeast Asia, BYD

☆ Thai policy rate is right for now, Mideast war is a concern - c.bank chief
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

The central bank's growth forecast of 4.4% for 2024 will be revised if there is any change in the government's stimulus plan, he added. Sethaput said the Bank of Thailand is concerned about the fallout from the conflict in the Middle East. "A new factor that I'm quite wary about is Middle East problems as evaluating the impact of this risk is very difficult," he said, but added that the current policy rate is appropriate. The rate has been raised by a total of 200 basis points since August last year to rein in elevated inflation. ($1 = 36.11 baht)Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Sethaput Suthiwartnarueput, Sethaput, Orathai Sriring, Kitiphong, Shri Navaratnam Organizations: Bank of, Bank, Thomson Locations: BANGKOK, Bank of Thailand, outflows

☆ Thai economy may grow as forecast this year - deputy finmin
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

Colorful umbrellas are seen in a restaurant as tourists enjoy a beach in the island of Phuket in Thailand January 19, 2023. REUTERS/Jorge Silva/File Photo Acquire Licensing RightsBANGKOK, Sept 8 (Reuters) - Thailand's economy may grow as forecast this year, helped by public consumption and investment after the formation of a new government, Deputy Finance Minister Krisada Chinavicharana said on Friday. The ministry has forecast economic growth of 3.5% this year. The new government led by Prime Minister Srettha Thavisin, who is also finance minister, is seeking to revive Southeast Asia's second-largest economy and deliver on key campaign promises after an election in May. Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Jorge Silva, Krisada Chinavicharana, Srettha Thavisin, Kitiphong Thaichareon, Orathai Sriring, Kanupriya Kapoor Organizations: REUTERS, Rights, Southeast, Thomson Locations: Phuket, Thailand, Rights BANGKOK

Southeast Asia's second-largest economy has been hobbled by slackening global growth, led by its main trading partner China and falling investor confidence due to a protracted period without a government following elections in May. On a quarterly basis, GDP rose a seasonally adjusted 0.2% in the June quarter, also sharply under a forecast rise of 1.2%. The global demand weakness prompted the government to cut its 2023 GDP growth forecast to between 2.5% and 3.0% from a range of 2.7% to 3.7%. As weak global demand crimps exports, Thailand's economy has been supported by its vital tourism sector and private consumption growth. It projected exports to drop 1.8% in 2023 versus an earlier forecast for a 1.6% fall.

Persons: Danucha Pichayanan, Pheu, Srettha Thavisin, Danucha, Orathai Sriring, Kitiphong, Martin Petty Organizations: China, National Economic, Social Development Council, Thomson Locations: BANGKOK, Thailand

Southeast Asia's second-largest economy expanded faster than expected in the first quarter of this year due to a revival in its vital tourism sector. Arkhom said revenue collection also showed strong signs of recovery in the 2022 fiscal year and was expected to surpass the pre-pandemic level in the 2023 fiscal year. "I'm confident that Thailand is firmly heading towards full recovery and soon return to its vibrant economy," he added. Thailand's public debt rose due to the pandemic response, but overall fiscal risks remain manageable, the bank said. Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Martin Petty and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ Thai Q1 GDP grows 2.7% y/y, beats expectations
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

BANGKOK, May 15 (Reuters) - Thailand's economy expanded 2.7% in the first quarter from a year earlier, official data showed on Monday, faster than expectations, as private consumption and tourism rebounded. On a quarterly basis, Southeast Asia's second-largest economy grew a seasonally adjusted 1.9% in the March quarter, data from the National Economic and Social Development Council showed. Economists in a Reuters poll had expected gross domestic product (GDP) to expand 2.3% year-on-year and 1.7% quarter-on-quarter. Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

The NESDC kept its 2023 GDP growth forecast unchanged at between 2.7% and 3.7%. It also kept its forecast for 2023 foreign tourist arrivals at 28 million. Thailand beat its tourism target in 2022 with 11.15 million foreign visitors. Pre-pandemic 2019 saw a record of nearly 40 million foreign tourists, who spent 1.91 trillion baht ($56 billion). The NESDC also kept its 2023 forecasts for goods exports to drop 1.6% and headline inflation to be between 2.5% and 3.5%.

☆ Thai Q1 GDP growth beats forecast
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

Southeast Asia's second-largest economy grew 2.7% in the January-March period from a year earlier, data from the National Economic and Social Development Council (NESDC) showed. Economists in a Reuters poll had expected gross domestic product (GDP) to expand 2.3% year-on-year in the January-March period after increasing 1.4% in the previous three months. On a quarterly basis, GDP rose a seasonally adjusted 1.9% in the March quarter, versus a forecast rise of 1.7%. Fourth quarter GDP in 2022 was revised to a 1.1% contraction, from a earlier 1.5% fall. The NESDC kept its 2023 GDP growth forecast at 2.7% to 3.7%.

☆ Thailand's Pita tops PM poll as opposition leads opinion surveys
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] FILE PHOTO-Pita Limjaroenrat, Move Forward Party's leader and prime ministerial candidate, reacts during an upcoming election campaign event in Bangkok, Thailand, April 22, 2023. Pita Limjaroenrat, 42, the charismatic leader of the Move Forward party, jumped ahead of Paetongtarn Shinawatra of the main opposition Pheu Thai, with 29.37% support versus her 27.55% in a countrywide survey by Nation media group. Reuters GraphicsBoth polls showed the pro-military Palang Pracharat party, the Democrats and Bhumjaithai - current coalition partners - trailing the opposition by a large margin. Most experts believe Pheu Thai will need to form an alliance to govern and Paetongtarn on Wednesday hinted it could partner with Move Forward and ruled out military-backed parties. Separately, a Super Poll survey on parties released on Friday of 14,332 people also showed Pheu Thai leading with 139 of 500 parliamentary seats, followed by Bhumjaithai with 112 seats, and Move Forward with 63 seats.

☆ Thai c.bank chief sees economy growing at 3.6% this year
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, April 24 (Reuters) - Thailand's economy is still seen growing at 3.6% this year, the central bank chief said on Monday, in spite of some turbulence in the first half of the year. Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput told reporters exports are seen down 7.1% year-on-year in the first half of 2023, before rising 4.2% in the second half. Headline inflation, which cooled to 2.83% in March, is expected at 3.3% in first half and 2.5% in the second half. The BOT last month raised its benchmark rate by a quarter point to 1.75% to curb inflationary pressures. The BOT has raised its key rate by a total of 125 basis points since August, less aggressive than many of its peers.

☆ Thai PM Prayuth to run for re-election in May
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +2 min

[1/8] Thailand's Prime Minister Prayuth Chan-ocha, as the PM candidate from the United Thai Nation Party (Ruam Thai Sang Chart Party), gestures with party's members during an event to unveil the party's candidates list and campaing for the upcoming election, in Bangkok, Thailand, March 25, 2023. REUTERS/Athit PerawongmethaBANGKOK, March 25 (Reuters) - Thailand's Prime Minister Prayuth Chan-ocha was officially nominated for re-election on Saturday as his party's first candidate for the country's next leader in polls set for May 14. Prayuth, 69, is running with the new United Thai Nation Party, and will likely face Pheu Thai party's Paetongtarn Shinawatra, daughter and niece of two former premiers from the billionaire family. "We volunteer to make everyone as happy as possible," Prayuth said at a party event to introduce its candidates for all 400 constituencies. Party leader Pirapan Salirathavibhaga was nominated as the party's No.

Domestic spending has increased and the government will accelerate large project investment to help growth, Arkhom Termpittayapaisith told a Radio Thailand programme. Southeast Asia's second-largest economy expanded a weaker-than expected 2.6% last year, lagging that of others in the region as its tourism sector just started to pick up. Headline inflation should return to the central bank's target range of 1% to 3% this year, helped by government measures and lower food prices, Arkhom said. A baht exchange rate of 34 to 35 per dollar is helpful for export prices despite falling export volumes, he added. Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Thai banks' bad loans slow to 2.73% of lending at December-end -c.bank
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, Feb 20 (Reuters) - Thai banks' non-performing loans stood at 2.73% of total lending at the end of December 2022, down from 2.77% at the end of September, helped by debt restructuring, the central bank said on Monday. Bad loans are likely to increase but not sharply, while existing debt measures are sufficient to support vulnerable groups, assistant central bank governor Suwannee Jatsadasak told a news conference. The BOT will continue to monitor the debt servicing of households, which remained fragile, and the recovery of some business groups, the BOT said. Loans grew 2.1% in 2022, slowing from a 6.5% rise in the previous year, due in part to debt repayments by large businesses, the BOT said. Suwannee said lending was likely to grow in line with the economy but gave no specific forecast.

Thailand's economy is expected to continue growing while headline inflation should decline and return to a target range of 1% to 3% late in the year, the central bank said. Any further rate hikes would be gradual and measured, it said, but added it stood ready to adjust them as needed. "The committee deems that a continuing gradual policy normalisation is an appropriate course for monetary policy consistent with the growth and inflation outlook," the BOT said in a statement. It added it expected "increased risks from demand-side inflationary pressures due to the economic recovery". China's reopening is expected to further boost Thailand's tourism, with the government predicting at least five million Chinese visitors this year, about half of the 2019 figure.

☆ Thai central bank raises key rate 25 bps as expected
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

The Bank of Thailand's (BOT) monetary policy committee voted unanimously to raise the one-day repurchase rate (THCBIR=ECI) to 1.50% at its first review of the year. Of 23 economists polled by Reuters, 21 had expected a quarter point hike while the remaining two forecast no change. Thailand's economy is expected to continue growing while headline inflation should decline, the central bank said in a statement. With Wednesday's move, the central bank has raised the benchmark rate by a total of 100 basis points (bps) since August. China's reopening is expected to further boost Thailand's tourism, with the government predicting at least five million Chinese visitors this year, about half of the 2019 figure.

☆ Thailand keeps inflation target of 1-3% for next year
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, Dec 27 (Reuters) - Thailand's cabinet on Tuesday approved the central bank's headline inflation target of 1% to 3% for 2023, unchanged from this year, government spokesperson Traisuree Traisoranakul told reporters. The inflation target, which guides monetary policy, is reviewed each year. Headline inflation stood at 5.55% in November, far above the Bank of Thailand's target range, suggesting the BOT will continue to raise its key interest rate to curb price pressures. The central bank forecast average headline inflation of 6.3% this year before easing to 3.0% next year. Reporting by Kitiphong Thaichareon Writing by Orathai Sriring; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Thai power price hike to hurt business, competitiveness - business group
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

BANGKOK, Dec 23 (Reuters) - Thailand's decision to hike electricity prices by 20% in early 2023 will push up inflation and undermine the country's competitiveness as the economy recovers gradually from the pandemic, a leading joint business group said on Friday. The business group urged the government to delay the price hike as manufacturers would be forced to increase the price of goods, said the group, which includes representatives from industry, banking and commerce. Surong Bulakul, vice chairman of the Thai Chamber of Commerce, said higher power prices could increase inflation to 3.5% next year, from 3% currently forecast, with interest rates on the rise. On Monday, the central bank said it would continue to raise rates for a while to help the economy and curb inflation. ($1 = 34.70 baht)Reporting by Orathai Sriring, Kitiphong Thaichareon Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Thai headline CPI rises 5.98% y/y in Oct, slightly below forecast
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

Summary Headline CPI +5.98% vs poll forecast +6.0%Core CPI up 3.17% vs poll's 3.20%Govt support, stable prices to slow inflation - ministryBANGKOK, Nov 7 (Reuters) - Thailand's headline consumer price index (CPI) rose 5.98% in October from a year earlier, official data showed on Monday, slightly lower than forecast and the slowest pace in six months. The rise follows September's 6.41% increase and was just shy of the 6.0% forecast in a Reuters poll. The core CPI index, which strips out energy and fresh food prices, was up 3.17% in October from a year ago, versus a forecast rise of 3.20%, the commerce ministry said. Headline inflation forecast for the year is still seen at the 5.5% to 6.5% range, the commerce ministry said. Reporting by Kitiphong Thaichareon, Satawasin Staporncharnchai; Writing by Chayut Setboonsarng; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Arkhom Termpittayapaisith in an interview with Reuters said that a weak baht was helping exports, which should grow 8% this year, and tourism. Arkhom said the Bank of Thailand (BOT)'s headline inflation target range of 1%-3% was still appropriate, despite consumer prices still exceeding the target. Last year's economic growth of 1.5% was among the slowest in the region, but the April-June period saw expansion of 2.5% from a year earlier and 0.7% from the previous quarter. Arkhom said third-quarter economic growth should be faster as more foreign tourists returned. Last month, the BOT raised its key interest rate for a second straight meeting, by a quarter point to 1.00%.

☆ Thai Aug exports rise 7.5% y/y, slightly lower than forecast
▼ + stars: | 2022-09-26 | by ( Anant Chandak | ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterA view of the port of Bangkok, Thailand May 26, 2016. REUTERS/Jorge Silva/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE - SEARCH BUSINESS WEEK AHEAD SEPTEMBER 26 FOR ALL IMAGES/File PhotoBANGKOK, Sept 26 (Reuters) - Thailand's customs-based exports rose 7.5% in August from a year earlier, the commerce minister said on Monday, slightly lower than analysts' expectations. That compares with a forecast rise of 7.7% for August in a Reuters poll, and after July's 4.3% increase. In the January-August period, exports rose 11% year on year, Jurin Laksanawisit told a news conference. Register now for FREE unlimited access to Reuters.com RegisterReporting by Orathai Sriring, Kitiphong Thaichareon, Satawasin Staporncharnchai Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Thai economy improving but household debt a problem - FinMin
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterBANGKOK, Sept 26 (Reuters) - Thailand's economy is improving but the country is facing issues with people's debt and the government will seek to ease problems in the longer term, Finance Minister Arkhom Termpittayapaisith said on Monday. Support would include new funding and debt restructuring Arkom said. Household debt in Thailand was about 89% of gross domestic product at the end of March, one of Asia's highest rates. Register now for FREE unlimited access to Reuters.com RegisterReporting by Orathai Sriring, Kitiphong Thaichareon, Satawasin Staporncharnchai; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

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