Weekly Updates

In December 2023, Thailand’s Consumer Confidence Index rose to 62.0 due to government initiatives. The Stock Exchange plans to extend trading hours, and Prime Minister Srettha Thavisin endorsed over 5 billion baht for projects in 11 industries. The Thai National Shippers Council forecasts a 1% export contraction in 2023, with a 1-2% expansion in 2024. The cabinet approved a new Clean Air Bill, and the Bank of Thailand reported increased confidence among accommodation operators, with a 68% average occupancy rate in December 2023.

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Foreign investments slightly dropped but totaled 98.288 billion baht, generating 6,086 jobs. However, November’s 4.71% decline in the MPI resulted from slow economic growth, high household debt, and trading partner slowdowns, affecting industrial output.

The cabinet has approved a draft fiscal 2024 budget and a mid-term financial plan, with an estimated annual GDP growth of 5.3%. The World Bank and ADB have revised Thailand’s economic growth forecasts for 2023, downgrading it from 3.4% to 2.5% due to export contraction, reduced government spending, and lower investment. Thai workers’ daily minimum wage is set to increase from 2 to 16 baht starting Jan 1, 2024, with varying rates across provinces, representing an average increase of 2.4%. Thailand’s Industry Sentiment Index (TISI) increased to 90.9 points in November, largely due to tourism recovery and state measures to alleviate financial burdens.

Thailand’s headline inflation rate fell to 0.25% in November, largely due to lower energy and food prices. The Thai Bankers Association has maintained steady prime interest rates, while consumer confidence rose to 60.9 from 60.2 in October. However, home buyer confidence in the index for 2023 fell due to a weakened financial status among locals. The latest registration data for informal debt shows a total debt of 3.31 billion Baht, with 68,651 debtors signing up for the visa exemption scheme.

Thailand’s Digital Competitiveness ranking for 2023 surged by five places, landing the country at 35 among 64 economic territories, indicating progress in this domain. Despite economic challenges, Thailand’s exports showed resilience, with October 2023 witnessing exports amounting to US$23.58 billion (828.22 billion Baht), marking an 8% increase.

The Thai Digital Economy and Society Ministry has announced a major initiative to promote smart city development, offering a 50% corporate tax reduction for three years. Unveiled by DES Minister Prasert Chanthararuangthong at the “Thailand Smart City 2024” seminar, this policy aims to transform provincial hubs into smart cities focusing on areas like transport, energy, and the environment. Companies investing in these projects will benefit from the tax break and additional incentives like tax waivers on digital purchases in smart cities. This move is part of Thailand’s broader strategy to drive economic growth and sustainable urban development, leveraging technologies like the Internet of Things and Big Data.

The Cabinet sanctioned financial aid of up to 20,000 baht for farming families while economic indicators showed mixed trends: the Thailand Industry Sentiment Index hit a low of 88.4, and the Commerce Ministry targeted a 1.99% export growth for 2024, aiming at around US$288 billion. Credit card users will see higher minimum payments in the coming year, while labor demand surged by 10.8%, particularly in the recovering travel sector. The Bank of Thailand’s reserves dipped slightly from $214.1 billion to $212.8 billion by November 10