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☆ Thai economy in 'crisis' prime minister says, pledges more stimulus
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +1 min

Thailand's Prime Minister Srettha Thavisin attends a session of the ASEAN-Japan Commemorative Summit Meeting at the Hotel Okura Tokyo in Tokyo on December 17, 2023. (Photo by Kazuhiro NOGI / POOL / AFP) (Photo by KAZUHIRO NOGI/POOL/AFP via Getty Images)Thai Prime Minister Srettha Thavisin said on Wednesday he believes the country's economy is in crisis, adding the government would roll out stimulus measures in addition to handouts to boost growth. "I confirm that the economy is not doing well and is in crisis," he told reporters, adding it was fine if the central bank disagreed with him. Srettha's comments come after the central bank governor told Reuters on Tuesday that government stimulus measures would not fix structural issues plaguing Southeast Asia's second-biggest economy. The government this week slashed 2024's growth projections to 2.8% from an earlier forecast of 3.2% on weaker exports and foreign tourist arrivals.

Persons: Srettha Thavisin, Kazuhiro, KAZUHIRO Organizations: Thailand's, ASEAN, Japan, Getty Images, Thai, Reuters Locations: Tokyo

☆ Thailand to allow clubs, bars to stay open longer to boost tourism
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Entertainment venues, clubs and karaoke bars in Bangkok, Phuket, Pattya, Chiang Mai and Samui, popular tourist destinations, will be allowed stay open two extra hours until 4 AM, Traisulee Traisaranakul said. The decision to allow entertainment venues to stay open longer is the latest step taken by the government to boost foreign arrivals after the government in September waived visa requirements for Chinese visitors, a key source of tourists for Southeast Asia's second-biggest economy. Thailand has so far welcomed 24.5 million foreign tourists this year and is forecasting 28 million arrivals for the full year. Before the pandemic, Thailand booked a record 39.9 million arrivals, with 11 million from China. This year, the government expects just 3.5 million arrivals from China.

Persons: Chalinee, Chiang Mai, Traisulee Traisaranakul, Srettha Thavisin, Paarat Thepgumpanat, Kanupriya Kapoor Organizations: REUTERS, Rights, Entertainment, Thailand's, Southeast Asia's, Thomson Locations: Thai, Bangkok, Thailand, Rights BANGKOK, Phuket, Pattya, Southeast, China

☆ 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

Prime Minister Srettha Thavisin's signature 500 billion baht ($13.87 billion) stimulus policy has faced criticism over fears it could stoke inflation and adversely impact the fiscal position of Southeast Asia's second-largest economy. Thailand's economy grew just 1.8% year-on-year in the second quarter, sharply slowing from the previous quarter, hit by weak exports that undercut a recovery in its crucial tourism sector. But some analysts are sceptical, as are some opposition lawmakers who have attacked the ruling Pheu Thai party for risking breaching Thailand's fiscal regulations. "We expect Thailand's fiscal outlook to remain uncertain for the rest of this year," said Tim Leelahaphan, an economist at Standard Chartered Bank in Thailand. "Also, the Pheu Thai-led government's ability to implement its pledged economic policies including the handout scheme has yet to be assessed, adding to fiscal uncertainty."

Persons: Lertsuridej, Srettha Thavisin, Devjyot, Srettha, Prommin, Tim Leelahaphan, Martin Petty Organizations: Reuters, Government House, REUTERS, Rights, stoke, Standard Chartered Bank, Thomson Locations: Bangkok, Thailand, Rights BANGKOK

☆ What Thailand's new coalition government means for the cannabis market
▼ + stars: | 2023-10-10 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +6 min

In June 2022, the Southeast Asian nation became the first in Asia to decriminalize the cannabis plant, allowing it to be grown and consumed freely. Deputy Prime Minister Anutin Charnvirakul, leader of the Bhumjaithai party and one of Srettha's coalition partners, was a key figure responsible for legalizing recreational cannabis. Currently, many outlets claim to be medical cannabis platforms but they often prioritize profits rather than patient health, a number of clinics told CNBC. "This could foster a more positive perception of the cannabis industry among the public, and for the industry to sustain in the long run," Jintana said. "The prospect of exporting cannabis products to legal foreign markets aligns with Thailand's medical hub policy propelling both medicinal cannabis and other traditional herbs to the forefront," said Jintana.

Persons: Dimas Ardian, that's, Srettha Thavisin, Soratat, Srettha, hasn't, Soratat Pongsangiam, Sornkanok, Anutin Charnvirakul, Anutin, Jintana Manorompatrasal, Jintana, May's Organizations: Bloomberg, Getty, Greenhead, Reuters, Greenhead Clinic, Bangkok's Chulalongkorn University, Deputy, CNBC, Sawasdee Clinic Locations: San, Bangkok, Thailand, Asia, Phuket, U.S

People flee following shots fired at the luxury Siam Paragon shopping mall, in Bangkok, Thailand, October 3, 2023. China is vital to that effort as the biggest source of foreign visitors to Thailand in pre-COVID years. 'SHOCKED'Chinese visitors accounted for 11 million of a record 39.9 million foreign tourists to Thailand in 2019, before the pandemic. Thailand recorded 20 million foreign tourist arrivals in the January to October period, who spent 839 billion baht ($22.58 billion). At the re-opened Siam Paragon mall, on a typically gridlocked thoroughfare, crowds were trickling back.

Persons: Devjyot, Srettha Thavisin, Thapanee Kiatphaibool, Somsong Sachaphimukh, Dong Peijian, Napat Wesshasartar, Thomas Suen, Robert Birsel Organizations: REUTERS, Rights, Police, Siam Paragon, Tourism Authority of, Tourism Council, Thomson Locations: Siam, Bangkok, Thailand, Rights BANGKOK, China, Myanmar, Asia's, Tourism Authority of Thailand, Thai, Southeast Asia

☆ Thailand's new prime minister boosts optimism, but his populist policies pose fiscal risks
▼ + stars: | 2023-09-25 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +6 min

Srettha Thavisin, Thailand's prime minister, arrives at the Thai Parliament in Bangkok, Thailand, on Monday, Sept. 11, 2023. Srettha, Pheu Thai's choice for leader, was appointed prime minister on Aug. 22 — the same day that former prime minister and Pheu Thai founder Thaksin Shinawatra returned to Thailand after 15 years of self-exile. watch nowThe prime minister also pledged to relieve the country's debt problems. "PM Srettha will slowly implement Pheu Thai's populist economic policies as he has to meet public expectations," said Dusadeeisariyakul. Other experts warned against overthinking the fiscal damage since many of Pheu Thai's populist pledges may not materialize.

Persons: Srettha, Valeria Mongelli, Srettha Thavisin, Pheu, Thaksin Shinawatra, Thaksin's, Pimrapaat Dusadeeisariyakul, Friedrich Naumann, Thaksin, Stratfor, Fitch, Teerasak Siripant Organizations: Thai, Bloomberg, Getty, Pracharat Party, United Thai Nation Party, Bhumjathai Party, Friedrich, Friedrich Naumann Foundation, Fitch, Bower Group Locations: Bangkok, Thailand, Thai

☆ Thai PM: 'I don't agree with recreational use' of cannabis
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

[1/4] Tourists shop cannabis at a cannabis store, at Khaosan Road, one of the favourite tourist spots in Bangkok, Thailand, January 6, 2023. "Cannabis policy will be medical cannabis. On recreational use, I do not agree with that," he said in an interview with Thai news website, The Standard. Srettha's Pheu Thai party leads an 11-party coalition government, which came into power in August. "Drug abuse is a big problem for the country that's been under-addressed ... cannabis has to be used medically," Srettha said.

Persons: Athit, Srettha Thavisin, Srettha, Chayut Setboonsarng, Kanupriya Kapoor Organizations: REUTERS, Rights, Thai, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Southeast Asia's, New York

REUTERS/Athit Perawongmetha/File Photo Acquire Licensing RightsBANGKOK, Sept 2 (Reuters) - Thailand’s King Maha Vajiralongkorn endorsed a new cabinet, including real estate tycoon Srettha Thavisin as the country’s new prime minister and finance minister, according to a Royal gazette published on Saturday, months after the May elections. Srettha's Pheu Thai party, backed by the billionaire Shinawatra family, will oversee defence, transport, commerce, health and the foreign ministry portfolios. The second-place Pheu Thai broke off an alliance with Move Forward and brought on rival parties aligned with army generals that ousted Shinawatra-linked parties in 2006 and 2014 coups. Thaksin and the Pheu Thai party say that is not the case. The new cabinet has Pheu Thai controlling ministries overseeing the economy ministries, which will be crucial in implementing its policies, including a 10,000 baht ($285.63)handout in the form of digital currency.

Persons: Pheu, Thailand's, Athit, Maha Vajiralongkorn, Srettha Thavisin, Srettha's, Thaksin Shinawatra, Thaksin, Bhumjaithai, Srettha, Chayut Setboonsarng, Miral Fahmy, Gerry Doyle Organizations: REUTERS, Rights, Pheu, Conservative, Thomson Locations: Bangkok, Thailand, Rights BANGKOK

Reviving Thailand's economy will be one of the biggest tasks for political newcomer Srettha, who became prime minister last month following prolonged uncertainty after a May election. On the day of the vote, Pheu Thai figurehead Thaksin Shinawatra returned to Thailand in a dramatic homecoming after living abroad for 15 years in self-exile to avoid an 8-year prison sentence. Srettha's rapid ascent to power, Thaksin's smooth return and a coalition between Pheu Thai and former rivals fuelled speculation about an agreement between Thaksin and his foes among the country's powerful conservative and royalist army. Thaksin and the Pheu Thai party say that is not the case. The Pheu Thai will control key economic ministries, which will be crucial in implementing its policies, including a 10,000 baht ($285.63)handout in the form of digital currency.

Persons: Pheu, Thailand's, Athit, Srettha Thavisin, Srettha, King Maha Vajiralongkorn, Thaksin Shinawatra, Thaksin, Bhumjaithai, Chayut Setboonsarng, Miral Fahmy, Gerry Doyle Organizations: REUTERS, Rights, Pheu, Conservative, Thomson Locations: Bangkok, Thailand, Rights BANGKOK

Pheu Thai's Srettha Thavisin attends a press conference, after Thailand's parliament voted in favour of his prime ministerial candidacy, in Bangkok, Thailand August 22, 2023. "The picture is not all wine and roses," Thailand's central bank chief Sethaput Suthiwartnarueput said in recorded remarks played on Wednesday. Tourism, a major driver of the Thai economy, has managed a robust recovery, although arrivals and tourist spending are still below pre-pandemic levels, data shows. $96 BLN BUDGETIn this first address since winning office, Srettha on Wednesday vowed to provide solutions to fix Thailand's economy, among other measures, and manage the budget transparently. But its ability to execute will depend on the military backers that Pheu Thai has allied with to be able to form a government.

Persons: Pheu, Srettha Thavisin, Chalinee, Sethaput Suthiwartnarueput, Kobsidthi Silpachai, Srettha, Goldman Sachs, Poon Panichpibool, Sanan Angubolkul, Orathai Sriring, Christina Fincher Organizations: REUTERS, Rights, Tourism, Krung Thai Bank, Thai Chamber of Commerce, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Asia's, China, Thai

☆ Thai PM Srettha discusses overcoming divisions with former coup leader
▼ + stars: | 2023-08-24 | by ( Napat Wesshasartar | ) www.reuters.com time to read: +3 min

[1/4] Thailand's new Prime Minister Srettha Thavisin meets with caretaker former Prime Minister Prayuth Chan-ocha at the government house in Bangkok, Thailand August 24, 2023. Government House/Handouts via REUTERS Acquire Licensing RightsBANGKOK, Aug 24 (Reuters) - Thai Prime Minister Srettha Thavisin discussed overcoming political divisions with predecessor Prayuth Chan-ocha on Thursday, in his first meeting as premier as he prepares to form a cabinet from a crowded 11-party alliance that includes fierce rivals. Srettha sailed through a parliamentary vote to become premier on Tuesday and will head a tricky coalition that includes parties backed by the military, which has repeatedly manoeuvred to topple governments led by his Pheu Thai Party. Thursday's meeting underscores a fragile detente in Thai politics, with Prayuth the architect of a 2014 coup against the last Pheu Thai government as chief of the ultra-royalist army. He and Pheu Thai have denied the existence of a deal with their rivals in the military and conservative establishment.

Persons: Srettha Thavisin, Prayuth Chan, ocha, Srettha, Prayuth, Pheu, Thaksin Shinawatra, Thaksin, Chayut Setboonsarng, Martin Petty Organizations: Government, REUTERS Acquire, Rights, Thai, Thai Party, Pheu, Media, Thomson Locations: Bangkok, Thailand, Rights BANGKOK, Thai

☆ Thailand's jailed ex-PM Thaksin hospitalised after return from exile
▼ + stars: | 2023-08-23 | by ( Panarat Thepgumpanat | ) www.reuters.com time to read: +3 min

Former Thai Prime Minister Thaksin Shinawatra, who is expected to be arrested upon his return as he ends almost two decades of self-imposed exile, pays his respects to a portrait of Thailand's King Maha Vajiralongkorn and Queen Suthida at Don Mueang airport in Bangkok, Thailand August 22, 2023. The latest condition of 74-year-old Thaksin, the billionaire founder of the populist juggernaut Pheu Thai, was not clear on Wednesday and his representatives did not immediately respond to a request from Reuters for comment. The Pheu Thai Party's Srettha was confirmed as prime minister having received royal endorsement, a parliament official said on Wednesday. Police said Thaksin was hospitalised because the prison was unable to guarantee he would get the right care. Thaksin and Pheu Thai have denied that.

Persons: Thaksin Shinawatra, Thailand's, Maha Vajiralongkorn, Suthida, Athit, Thaksin, Srettha, Pheu, Srettha Thavisin, General Prachuab Wongsuk, Ayuth Sintoppant, Panarat Thepgumpanat, Panu, Martin Petty, Michael Perry, Robert Birsel Organizations: Thai, REUTERS, Reuters, Corrections Department, Wednesday . Police, National Police, Supreme, Thomson Locations: Don Mueang, Bangkok, Thailand, BANGKOK

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