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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 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

The sole breadwinner of a family of five is about 8 million baht ($236,000) in debt and has no cash savings. In February, it said that household debt levels should be brought down from 86.9% of GDP at the end of 2022 to below 80% to help reduce financial risks. Political parties' extravagant election promises could increase the macro-economic risks posed by debt, analysts say. "There was no warning," said Achin Chunglog, president of a nationwide group of volunteers that helps people struggling with debt. In the rural hinterland, 90% of farm households have outstanding loans, according to a March study that described a "vicious cycle of debt".

[1/5] A woman works inside a cannabis shop, at Khaosan Road, one of the favourite tourist spots in Bangkok, Thailand, March 29, 2023. Thousands of cannabis shops and businesses have sprung up, especially in Bangkok and tourist spots, since Thailand became the first Southeast Asian country to decriminalise the drug. A deluge of marijuana smuggled in from abroad has swamped Thailand, driving down wholesale prices and hurting growers, the industry members said. He did not comment on the scale of smuggled cannabis in the market or its impact on farmers. "A lot of cannabis that's coming in from the U.S. is going to dispensaries in Bangkok or Phuket or Pattaya," she said.

☆ 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.

[1/5] A person enters a cannabis shop near the venue of the Asia-Pacific Economic Cooperation (APEC) Summit in Bangkok, Thailand November 17, 2022. Since Thailand decriminalised cannabis this year shops selling homegrown and imported strains, pre-rolled joints and gummies sprang up rapidly. A cannabis regulation bill to govern cultivation, sale, and consumption has been delayed in parliament, causing confusion over just aspects will be legal. The president of Thailand's association of forensic physicians, Smith Srisont, petitioned a court last week to re-list it as a narcotic. Akira Wongwan, the chief executive of a medical cannabis business, Adam Group, said profit margins for recreational cannabis were "super high".

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