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☆ 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

☆ 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

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

☆ Thai consumer confidence at 40-mth high in June but politics a worry
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, July 13 (Reuters) - Thai consumer confidence rose for a 13th straight month in June, reaching its highest in nearly 3-1/2 years, bolstered by a recovery in tourism despite concerns over political uncertainty, a survey showed on Thursday. The consumer index of the University of the Thai Chamber of Commerce rose to 56.7 in June from 55.7 in May. Thailand has long been a popular destination for foreign tourists, receiving nearly 40 million visitors in pre-pandemic 2019. "Consumer confidence has improved steadily because of the tourism sector, but consumers are very worried about political impacts," Thanavath Phonvichai, president of the university, told a briefing on the consumer survey that determines the index. "Politics will have an impact on the economy if there is a violent protest and a delay in forming a government," he said.

Persons: Phonvichai, Limjaroenrat, Pita, Orathai Sriring, Tom Hogue Organizations: University of, Thai Chamber of Commerce, Thomson Locations: BANGKOK, Thailand, Bangkok

☆ 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.

☆ 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%.

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%.

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.

☆ 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.

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

BANGKOK, Nov 7 (Reuters) - Thailand's headline consumer price index (CPI) rose 5.98% in October from a year earlier, commerce ministry data showed on Monday, slightly lower than forecast. 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 inflation situation is slowing," senior commerce official Poonpong Naiyanapakorn told a briefing. Reporting by Kitphong Thaichareon and 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 industrial sentiment at near 3-year high in Sept on tourism rebound
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

The Federation of Thai Industries (FTI) said its industries sentiment index rose to 91.8 in September from 90.5 in the previous month. Sentiment was also boosted by a weak baht , which hovered at 16-year low against the dollar, FTI chairman Kriengkrai Thiennukul said in a statement. An index that projects industrial sentiment over the next three month increased to 101.8 in September from 99.5 in August. "Entrepreneurs see the economy improving steadily mainly on a pick-up in tourism, but higher costs remain a risk," Kriengkrai said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kitphong Thaichareon, Satawasin Staporncharnchai Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

☆ 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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