Thailand's economy affected by global headwinds: Fitch Ratings
Fitch Ratings has warned that Thailand's economic recovery could be constrained by a global slowdown while the new coalition government's economic stimulus policies could lead to higher government debt.
Economic recovery in Thailand could be constrained by a global slowdown, according to Fitch Ratings. (Photo: AFP/VNA)
Bangkok (VNA) – Fitch Ratings has warned that Thailand's economic recovery could be constrained by a global slowdownwhile the new coalition government's economic stimulus policies could lead tohigher government debt.
The credit rating agency said Thailand is notimmune to the weaker global backdrop, with merchandise exports contracting yearon year since October 2022 and tourist arrivals, while rising, remaining wellbelow pre-pandemic levels.
The recent formation of the multi-party coalition government couldencourage consensus-led policymaking, but wide-ranging views within thecoalition will complicate the process and may delay the budget for fiscal 2024,which begins on October 1, 2023, Fitch said.
It noted that fiscal consolidation is likely to beconstrained by parties' campaign pledges to raise social spending. This wouldsupport growth in the short term, though it could put upward pressure ongovernment debt relative to GDP unless the pick-up in growth is sustained.
Fitch expects the environment in Thailand over thenext two years to become more conducive for banks to grow profitably andgenerate capital despite the risk of further impairments on restructured loans. The agency held that major banks have an appetite to seek opportunities for growthdomestically in non-bank segments, as well as abroad./.
Thailand’s economy can grow as forecast in 2023, helped by public consumption and investment after the formation of the new government, the country's Deputy Minister of Finance Krisada Chinavicharana said on September 8.
Thailand’s new Prime Minister Srettha Thavisin vowed to act quickly to relieve the country's economic problems in his four-year term in his inaugural speech to the parliament on September 11.
Thai Prime Minister Srettha Thavisin said on September 12 that his government will ask employers to raise the minimum daily wage to 400 THB (11.4 USD) as soon as possible.
Thai Prime Minister Srettha Thavisin is now focusing on boosting the economy of Thailand’s northeastern region, with plans to host his first mobile cabinet meeting in Nong Bua Lamphu province in November.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
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.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Economic recovery in Thailand could be constrained by a global slowdown, according to Fitch Ratings. (Photo: AFP/VNA) 
