Thai business group keep 2025 GDP forecast at 2.4% to 2.9%
Domestic demand remains weak while the strengthening of the baht poses a challenge to exports, a key driver of Southeast Asia's second-largest economy, the Joint Standing Committee on Commerce, Industry and Banking said.
The group said it was also maintaining its export growth forecast at 1.5% to 2.5% this year, even as U.S. tariffs on China raise concerns of more global trade disruption.
Last year, exports increased 5.4% to a record $301 billion. Kriengkrai Theinnukul, chairman of the Federation of Thai Industries, said shipments had been boosted by stockpiling before President Donald Trump took office.
"It may not be real demand. We will wait and see how this will affect exports in the first quarter," he told a news conference.
Kriengkrai said Thai exports could become more competitive following U.S. tariffs on other countries.
Trump has imposed tariffs on China and signalled the 27-nation European Union would be his next target, but he has suspended plans to level 25% tariffs on Mexico and Canada for 30 days.
The influx of Chinese goods into Thailand remains a problem and as many as 30 industries will be affected this year if no proper measures are taken, Kriengkrai said.
"China has clearly stated that it must produce and find markets. We have to protect ourselves," he said.
For 2024, the group estimated economic growth at 2.8%. Official growth data is due to be released on Feb. 17.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South Wales Argus
12 hours ago
- South Wales Argus
Is this the best Thai street food stall in Newport?
The driving force behind Kinn Kinn Thai is Sitangsupa, also known as Gena, from Bangkok who aims to create delicious, modern Thai food with a heritage twist. The restaurant offers plenty of ethical vegan options and gluten free dishes to cater to all. From small plates, noodle bowls, rice bowls, dips and Thai Cocktails, Kinn Kinn Thai has plenty on their menu. Kinn Kinn Thai in Newport Market (Image: NQ) Since their establishment in 2019, Kinn Kinn Thai endeavours to deliver the vibrant flavours from Bangkok to Newport, broadening to takeaway too. The growing company is a leader in the street food sector due to its speed and exciting menu – with dishes prepared within three minutes. With restaurants in Newport Food Marketplace, Newport High Street and Gloucester Food Dock, Kinn Kinn Thai's mission to 'sell fresh food as fast as we can!' is expanding. I visited the Newport Market Food Court location for lunch and despite being tempted with several menu items, I ordered the Drunken Noodles with chicken with a medium level of spice. Kinn Kinn Thai's menu (Image: NQ) This came reasonably quick and piping hot straight from the wok. To my delight, this dish was bursting with flavour. Tender, delicious chicken with sweet peppers cut through by a punchy, chilli heat partnered with noodles doused in their in-house kra pow sauce. It was a delight to eat from the first bite to the last. Priced at £13.50, I felt that this was a decent price for the quantity and quality of what was served. Drunken Noodles (Image: NQ) I then spoke to the chef working to ask for his thoughts on the business: "It's a family run restaurant that started as vegan Thai food and then it expanded… so far it's going really well!" As well as their inspiring food initiatives, Kinn Kinn Thai strive to reduce their environmental impact by ensuring that their packaging is compostable and recyclable – including cutlery, paper bags, napkins and even vegan ink for their logo. Newport Market (Image: NQ) Newport Food Market's rich history, a grade-II listed building constructed in 1889, is a prime location for this family-run business to flourish since its opening with the market's renovations in March 2022. The £5 million refurbishment has energized the city centre, combining food outlets from a myriad of backgrounds; Italian to Korean to Thai.
Reuters
13 hours ago
- Reuters
Is it sexy to be financially responsible?
NEW YORK, Aug 8 (Reuters) - This was originally published in the On The Money newsletter, where we share U.S. personal finance tips and insights every other week. Sign up here to receive it for free. Who knew that it is sexy to be fiscally responsible? Many Gen Z adults in the United States – those currently in their teens and 20s – are frugal daters these days as they contend with higher living costs, according to a new Bank of America survey. More than 50% of respondents spent no money at all on dating, according to a poll of more than 900 people between the ages of 18 and 28. Among those who did, 25% of men and 30% of women spent less than $100 a month, the survey showed. So where is their money going? More than half of the survey respondents said they are shoring up savings, while 24% are paying down debt as a way to improve their finances. I posted this data on LinkedIn and asked readers to send me cheap-date suggestions. I got some great responses, including 'Make lasagna,' from Heather Boneparth, co-author of the forthcoming book 'Money Together, opens new tab' with her husband Douglas, who is a New York-based financial adviser. 'When Douglas and I were young in the city and earning what felt like negative money, making a lasagna took time and care and the reward was delicious,' she writes. 'It was much cheaper than a fancy night out, and we could have the leftovers for a week.' Maureen Carrig, a public relations consultant, offers up these summer ideas: I'd throw free concerts into the mix, too! Grab a picnic blanket, some wine and snacks! Any other suggestions? Write to me at the email address below. Not my cheese While I have not written about tariffs in a while, recent news that cheese from Switzerland is destined to get hit by an import tax caught my eye, especially since my sandwich today includes … Swiss cheese! In addition, my most favorite cheese on the planet is called Alp Blossom, opens new tab. Alas, Switzerland was reeling this week from news of a 39% tariff - the Swiss government thought it had clinched a deal for a lower level of duties. And here is a fun fact: The United States is a key market for Swiss cheese, buying 11% of Swiss cheese exports like Gruyere and Emmentaler last year, according to Swiss customs data. You can read more here. Read, watch, listen Wary of sticker shock, retailers clash with brands on price hikes Trump firing of data expert rocks the foundations of economics, opens new tab You aren't rich until you fly private, opens new tab (WSJ) McDonald's global sales top estimates as affordable meal options boost demand Easy to lose, hard to restore: US data trust on the line Stressed US low-income shoppers hunt for smaller packs, restaurant meals under $5 Pets fall victim to Trump immigration crackdown, opens new tab Fed's Daly says time is nearing for rate cuts, may need more than two It's time for that often-dreaded task: Buying back-to-school supplies, opens new tab (NYT) Wells Fargo downgrades US small-cap equities to 'unfavourable' Tuition tango Parents are draining money from retirement savings and home equity to pay for college. Indeed, the average amount taken out in home-equity loans, retirement withdrawals and credit cards to pay for college tuition all jumped in 2025, opens new tab. And total household debt levels are on the upswing, too. That is alarming for a number of reasons, including the financial sting of withdrawal penalties and high interest rates. A big problem is due to a lack of awareness about my favorite college-savings tool, 529s. As a journalist who works in the realm of personal finance, it will come as no surprise that I have been saving for college since my son was born. Every month, I stash money in New York's College Savings Program, opens new tab, which also provides a nice state tax break. Instead of buying molded plastic toys for birthdays and holidays, I opened up 529 savings accounts for all four of my nieces and nephews, putting money into them each quarter. But now my son is entering his final semester at a private college. (He is graduating early!) We've managed to get this far without taking out a loan. This week I emptied out what was left in his 529 – along with my savings account – to pay fall tuition. Ouch. How are you navigating college tuition payments? Write to me at the email address below.
Glasgow Times
15 hours ago
- Glasgow Times
Glasgow set for boost from surge in Chinese visitors
Data from the airline Emirates shows a growing number of affluent tourists from Asia, Australia, and the UAE are planning to visit the UK. This includes a significant rise in first class bookings from China and India, by 27% and 17% respectively. Jabr Al-Azeeby, divisional vice president in the UK for Emirates, said: "The UK is one of the most important markets in Emirates' global network, and the growth in bookings we've seen over the past year reflects that. Read more: Warning to UK over rise of virus that can cause 'serious breathing problems' "We've seen a noticeable increase in inbound arrivals from key destinations such as Australia, India, and China, driving forward economic growth here in the UK. "Our partnership with Visit Britain underscores our commitment to grow tourism for the UK from key strategic markets, and we look forward to welcoming more of our global customers to the UK in 2025 and beyond." Glasgow is set to see a large increase in Chinese visitors, with inbound travel from Beijing predicted to rise by 18% year-on-year. This is expected to bring a boost to the local economy, contributing to the UK Government's aim of attracting 50 million visitors annually by 2030. Emirates currently operates a daily A380 service to Glasgow, among its 133 weekly flights across the UK. The airline has recently signed a declaration of intent with VisitBritain to increase tourism to the UK from the Middle East, Far East Asia, and Australasia. Patricia Yates, chief executive officer of VisitBritain, said: "Expanding airline routes and seat capacity into our regional gateways is crucial to our competitive tourism offer and to our welcome and it's great to see the growth from destinations across the Emirates network. "International visitors are forecast to spend more than £34 billion in the UK this year, year-on-year growth of 11%."
