Thailand Business News

Thailand’s industrial sentiment has increased for the first time in three months in June due to higher domestic demand.

Key TakeawaysThailand’s industrial sentiment improved in June due to higher domestic demand, but sluggish exports and political uncertainty remain challenging.Soft global demand continues to impact Thai exports, which are crucial for the country’s economic growth.The formation of a new government in Thailand remains uncertain after the May national election, adding to the political instability.

However, sluggish exports and uncertainty over the formation of a new government remain concerns. The Federation of Thai Industries reported that the industrial sentiment index rose to 94.1 in June from 92.5 in May.

Domestic demand has been supported by a recovery in the tourism sector, but global demand continues to hinder Thai exports. Additionally, political uncertainty persists after the national election in May as a new government has yet to be form…

Thailand’s economic recovery remains on track, with projected growth of 2.9% in the first half of the year and 4.2% in the second half, according to the Bank of Thailand.

Key TakeawaysThailand’s economic growth is expected to be 2.9% in the first half of 2023 and 4.2% in the second half, with the central bank gradually normalizing interest rates.Despite the economic recovery, exports are projected to remain flat for the year, while annual inflation is at its slowest pace in 22 months.Thailand is expected to receive 29 million foreign tourists in 2023, with the number surpassing 15 million by the end of July.

The Thai economy is expected to continue expanding, driven mainly by tourism and private consumption. Headline inflation has returned to the target range, but there remain upside risks stemming from mounting demand pressures and higher cost pass-through from supply pressures.

The Thai economy is expected to grow by 3.6% in 2023 and 3.8% in 2024, driven by co…

Thailand’s economy is expected to grow by 3.9% in 2023 due to strong demand from China, Europe, and the United States, as well as a recovery in tourism, according to a World Bank report.

However, exports have contracted for the eighth consecutive month due to global demand slowing.

Key Takeaways Thailand’s economy is projected to accelerate in the coming years due to strong demand from China, Europe, and the United States, as well as recovery in tourism and private consumption growth. Risks to Thailand’s economic growth include weaker global growth, political uncertainty, an aging population, climate pressures, declining export competitiveness, and high household debt. Thailand needs to prioritize climate change adaptation and water management to better cope with the frequent floods and droughts it faces, which pose significant risks to lives, livelihoods, and the economy. Tourism sector expected to continue to strengthen

The tourism sector is expected to c…

Chinese companies are increasing their investments in Thailand, particularly in the electric vehicle (EV) industry. Despite political uncertainties, Chinese electric car manufacturers are drawn to Thailand due to its status as a production and distribution hub. This was highlighted at the 16th World Chinese Entrepreneur Convention (WCEC), where the chairman of the Thai-Chinese Chamber of Commerce stated that major Chinese EV players are targeting Thailand for investment. China's Hozon New Energy Automobile Co, for example, aims to sell 15,000 EVs in Thailand by 2023. The Thai government has also expressed its support for the EV industry, with a goal to have EV production account for 30% of total auto manufacturing by 2030. Chinese companies are attracted to Thailand's stable and friendly business environment, coupled with various investment incentives for EV investors. Source

Thailand is facing a period of political uncertainty as the Election Commission investigates the main prime minister hopeful, Pita Limjaroenrat, for alleged violations of the election law.

Thailand’s political uncertainty, caused by the Election Commission’s investigation into the main prime minister candidate, could delay the formation of a new government and hurt market sentiment.

Key TakeawaysDelays in establishing a new coalition government are causing concern for manufacturers and exporters in Thailand.Political uncertainty, geopolitical conflicts overseas, and an export slowdown have led to a drop in the Thailand Industry Sentiment Index (TISI) for a second consecutive month.Delay in a new government taking power would impact foreign and domestic investment, and the economy could grow less than 3% if there is a delay in the formation of a new government.Thailand faces competition for foreign direct investment from Indonesia, which may be more attractive due …

Tesla, the world's leading electric vehicle manufacturer, has announced that it will open its first service center in Thailand by the end of this year.

The service center will be located in Bangkok and will provide maintenance and repair services for Tesla owners and customers in the country.

Tesla has been expanding its presence in Southeast Asia, with plans to launch its Model 3 sedan in Singapore and Indonesia soon. The company also opened its first showroom in Vietnam earlier this year. Tesla hopes to tap into the growing demand for clean and sustainable transportation in the region.

The service center in Thailand will be staffed by trained technicians who can perform diagnostics, software updates, battery replacements, and other services for Tesla vehicles. The center will also have a lounge area where customers can relax and enjoy complimentary refreshments while waiting for their cars.

Tesla said that it is committed to providing the best…