Thailand’s economic figures in January showed signs of recovery with a rebound evident in tourism, consumption, and exports, though private investments have slowed down, the country’s Fiscal Policy Office (FPO) said.
A shopping mall in Bangkok, Thailand (Photo: AFP/VNA)
Bangkok (VNA) – Thailand’s economic figures in January showed signs of recovery with arebound evident in tourism, consumption, and exports, though privateinvestments have slowed down, the country’s Fiscal Policy Office (FPO) said.
Pornchai Theeravet,FPO director-general, said on February 28 that Thailand's exports expanded forsix consecutive months to 22.65 billion USD in January 2024, marking ayear-over-year increase of 10%.
He added that Thailandshowed signs of economic stability in January, which was reflected in theheadline inflation rate of 1.11%, while the core inflation rate was 0.52%.
The country’s publicdebt ratio to GDP as of the end of December came in at 61.3%, which was stillwithin the range allowed by the Financial Discipline Act.
He said anotherindicator of Thailand’s economic strength was the high level of foreignreserves at 221.6 billion USD.
According to the FPOdirector-general, private consumption in Thailand in January had improved fromthe previous month, reflected by the sale of cars which had risen 2.4%from the same month last year, and 9.4% from the previous month.
He added that thecollection of value-added tax (VAT) rose from the previous month by 1.1%, buthad dropped 2.7% compared to the same month last year. He said the averageincome of Thai farmers had also risen by 0.6% from January last year.
Meanwhile, Thailand’sconsumer confidenc🎶e index rose to 62.9 points in January from 62 in December.He added that this index has been rising for six consecutive months and is atits highest in 47 months./.
As many as 30 airlines have signed up for the four-day “Air-mazing Thailand” campaign held by the Tourism Authority of Thailand (TAT) to explore the potential of selected airports and untapped destinations in the country.
Thailand’s Tourism and Sports Minister Sudawan Wangsuphakijkosol has announced that popular tourist destinations in secondary provinces in the country will be proposed as scenes in Gravity's hit mobile game Ragnarok Origin.
Thai tourism operators have urged the government to discuss a long-term mutual visa-free scheme between Thailand and India, which is set to become the third-largest economy in 2027.
The Thai cabinet approved initiatives to turn Thailand into a halal hub in Southeast Asia by 2028, intending to raise the country’s GDP by 1.2% or 55 billion THB (1.52 billion USD).
Thailand welcomed nearly six million foreign visitors between January 1 and February 25, Minister of Tourism and Sports Sudawan Wangsuphakijkosol has said.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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A shopping mall in Bangkok, Thailand (Photo: AFP/VNA) 
