Thailand Weekly Economic Update

On May 3,2023, Vibhavadi Hospital Public Company Limited cooperated with Bangkok Mass Transit System Public Company Limited (BTSC) opening a Jab and Go Clinic. The clinic provides easy access to essential vaccine and medical services in Phaya Thai BTS for urban people. The medical clinic will be open for people aged 9 years and over and every step is under the supervision of a team of doctors and nurses of Vibhavadi Hospital. The clinic will be open every day from 10.00 – 20.00 with a special price and can be paid in installments with the bank that the hospital has contracted to provide vaccines, the clinic can also accommodate other medical services such as medical certificates for 5 diseases, 6 diseases, cosmetic products.

The Federation of Thai Industries (FTI) released the survey results of the Industrial Confidence Index in March 2023 at 97.8, up from 96.2 in February 2023 due to increased demand for industrial products and improvement in the construction sector.

The Federation of Thai Industries (FTI) released the survey results of the Industrial Confidence Index in March 2023 at 97.8, up from 96.2 in February 2023 due to increased demand for industrial products and improvement in the construction sector.

The Fetco Investor Confidence Index (Fetco ICI) moved down to the “neutral” zone as amid worries over the U.S and European bank turmoil with local elections as the most supportive factor.

The Manufacturing Production Index (MPI) dropped by 2.71% in February compared to the same time a year earlier. Exports have been hurt by slowing global demand, but domestic demand has improved due to the rebound of tourism. The Bank of Thailand have increased their policy rate to 1.75%, and the country is projected to have economic growth of 3.6%-3.8% and inflation of 2.4%-2.9% in the next two years. February had a -4.7% YoY contraction in exports, a trade deficit of $1.11 billion, and a current account surplus of $1.3 billion. The Excise Department’s decision to increase taxes on sugary beverages, in addition to rising raw material costs from the ongoing drought, have increased the cost of doing business. Thailand recently secured a 500-million-baht durian deal with Yunnan province.

The demand of the domestic economy and a positive outlook for the tourism sector are contributing to the increase in production within the manufacturing industry. Hence, reduced demand from foreign markets has led to a decline in the export of manufactured goods. Nevertheless, May’s election will be another game changer and could stimulate the economy.

The Business Sentiment Index hit a 3-year high of 50.6, in line with the Bank of Thailand (BOT) announced average occupancy rate was 66. However, the labor supply in the hospitality sector still shortages as original workers change occupations.

hai developers have launched new real estate projects, including condominiums, townhouses and houses, on the back of an improving consumer confidence index.The luxurious residential area was in-demand from both domestic and foreign.

Thailand’s headline inflation cooled to its lowest rate in nine months and came in below analyst forecasts, helped by easing energy and food prices, with the commerce ministry predicting consumer prices will decline further this year.

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China’s JD.com will close its e-commerce services in Indonesia and Thailand, retreating from Southeast Asia after a bruising year for China’s retail and technology sectors.