Thailand’s economic growth worsening: finance minister
Thailand’s economy has not been good for a long time, with growth deteriorating as it faces structural problems, Finance Minister Pichai Chunhavajira said on July 10.
Thailand’s economy has not been good for a long time. (Photo: Bangkokpost)
Bangkok (VNA) – Thailand’s economy has not been good for a long time, with growth deteriorating as it faces structural problems, Finance Minister Pichai Chunhavajira said on July 10.
Pichai told a business seminar that the government is working to lift economic growth to 3% this year from current projections of about 2.5%, which is low as compared with the rates of close to 6% in the past.
Southeast Asia's second-largest economy expanded 1.9% last year, lagging regional peers, as it faced weak exports and high household debt and borrowing costs. Average economic growth was 1.73% over the past decade.
He expressed his hope that tourism would help drive the economy, as at least 35 million foreign tourist arrivals were expected this year.
He also said current household debt at more than 90% of gross domestic product (GDP) needs to be urgently tackled amid rising bad loans.
The minister added that he is hoping the Bank of Thailand (BOT) would relax loan-to-value regulations for mortgages to support the property sector.
The sentiment index for housing developers in Greater Bangkok dropped in the second quarter to its lowest level in 15 quarters, dating back to the third quarter of 2020 durin꧋g the COVID-19 pandemic./.
Duty-free shops in arrivals areas of international airports in Thailand will be closed to encourage more spending by visitors in domestic stores, the Thai cabinet has said.
Thailand accommodated over 17.5 million foreign tourists in the first half of 2024, who brought the Southeast Asian country a revenue of over 825 billion THB (about 22.6 billion USD), according to the Thai Ministry of Tourism and Sports.
Thailand’s National Health Security Office (NHSO) has approved an increase in funding for dependents from 6,000 THB (162 USD) to 10,442 THB per person per year.
Themed “emerging trends in terrorism and violent extremism”, the event drew over 200 participants from domestic and international agencies, discussing the rapid evolution of terrorism and the need for stronger regional and global cooperation.
Indonesia aims to start nuclear power generation by 2034, with a government roadmap already in place to develop small modular reactors (SMRs) with capacities ranging from 300 to 500 megawatts.
The package, endorsed on June 24, comprises 481 projects designed to boost GDP by an additional 0.4% and generate temporary employment for about 7.4 million people nationwide.
An Indonesian official emphasised that energy security is extremely essential amid global geopolitical and economic fragmentation, highlighting the need for the energy industry to strengthen resilience and responsiveness in the face of fluctuating oil prices and the shift to clean energy.
ASEAN must deepen collaboration through platforms such as the ASEAN Senior Officials Meeting on Transnational Crime (SOMTC) to ensure regional responses keep pace with the rapidly evolving cyber threat landscape.
Speaking at the launch of the Indonesia Economic Prospects June 2025 edition on June 23 in Jakarta, Turk noted that Indonesia’s gross domestic product (GDP) expanded 4.9% in the first quarter of 2025 compared to the same period last year.
Anti-dumping duties will continue to be imposed on producers from China and Japan while those on relevant exporters from the RoK and Vietnam will be terminated, starting from June 23.
A specialist police unit has acquired a fleet of off-road vehicles to help officers navigate rough, unpaved terrain – and flood waters – to respond more quickly to public security incidents.
The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation.
The talent programmes mark another milestone in the technical partnership between PETRONAS and the Energy Institute, which focuses on three pillars: promoting decarbonisation and operational excellence through innovative solutions, enabling informed decision-making with expert advice, and nurturing the next generation of energy professionals.
The firefighters found an active blaze at the lorry depot located in the city of Pasir Gudang near the state capital of Johor Bahru, with flames spreading quickly due to strong winds and igniting a neighboring disused oil storage area.
Investigators believe the operation is part of a broader scam network involving romance scams, where victims are lured into fake relationships and persuaded to transfer money.
Ambassadors, Consuls General, along with staff and their families, joined traditional sports and cultural activities of Southeast Asia and performances bearing regional identity, thus contributing to strengthening unity and the ASEAN community spirit in New York.
In his post on social media the same day, Hun Manet said energy companies would be able to import sufficiently from other sources to meet domestic fuel and gas demands in the country.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
