2024 February

The Social Development and Human Security Minister said the elderly would receive a flat rate welfare payment of 1,000 baht a month up from 600-800 baht. The industrial sentiment index rose to 90.6 points in January from 88.8 points, propelled by increased domestic demand, tourism recovery, and export expansion. In January Thailand exports had a value of 22,649.9 million US dollars rising for a sixth consecutive month in January and were up 10% annually or more than expected. Imports rose 2.6% in January. The national EV board has approved incentives to support the use of electric commercial vehicles the measures will enable companies to deduct expenses.

The government’s Digital Wallet Committee on Thursday set up a subcommittee and tasked it with preventing any acts that would go against the handout project’s terms and conditions. The National Credit Bureau (NCB) said on Wednesday. The debt situation of Thai people has taken a turn for the worse with 2.67 million cases. According to the University of the Thai Chamber of Commerce (UTCC), the CCI rose to 62.9 last month from 62.0 in December 2023. However, they maintain the projection that the Thai economy will expand by 3-3.5%. The Cabinet recently approved an additional 560 billion baht ($15.7bln US) in new borrowing for the 2024 fiscal year.

The Tourism Confidence Index remained below pre-pandemic levels at 77 but showed improvement from Q3 at a level of 69 this was due to delayed fiscal budget disbursement. Inflation slowed in January, dipping into negative territory of 1.11% due to government measures to reduce energy expenses and fresh food. Department of Energy Business Revealing the overall fuel use in 2023, with the use of gasoline increasing by 3.4% and commercial jet fuel (Jet A1) increasing by 50.9. % and use of LPG increased. While fuel oil Diesel and NGV use decreased. The Bank of Thailand (BoT) reported international reserves on February 2 at 220.8 billion dollars.

OFFC has approved the use of the fund mechanism to subsidize the price of benzene by 1 Baht per liter starting from February 1.Thailand Business Sentiment fell in January, due to the non-manufacturing sector recorded at 48.0, with total order books confidence down from peak sales in New Year’s period. Manufacturing production decreased 6.27% year on year for December from a downturn in car production with high household debt, and increased borrowing costs. Purchasing Managers Index fell to 45.1 in December. The 118,080 Thai nationals who have been working overseas contributed 58.62 billion Baht to the economy in the first quarter of fiscal 2024.