Thailand Unveils Stimulus Package to Boost Tourism, Aid Farmers and Consumers

Waives visas for visitors from China and Kazakhstan to boost tourism
Cuts diesel tax to reduce fuel prices and electricity bills
Targets 28 million foreign tourists in 2023 and 40 million in 2024
Allows farmers and small businesses to suspend debt payments for 3 years
Keeps value added tax rate unchanged at 7% for one year

reuters.com

Relevant topic timeline:

8/19/2023

Signs of economic recovery evident: analysts - VnExpress International

### Summary Consumption and other economic indicators are showing signs of recovery in Vietnam, although it will be a gradual process. ### Facts - 💸 Spending is increasing and there are more transactions, indicating an economic recovery is on the horizon. - 📉 Credit interest rates are declining, which may further boost economic growth. - 📈 Retail sales grew by 7.1% year-on-year, indicating steady growth. - ✈️ International tourists are returning, with over one million arrivals in July. - 🌍 Vietnam's growth is projected to be 4.7% this year, 5.5% next year, and 6% in 2025, according to the World Bank. - 🛍️ Taking advantage of free trade agreements and implementing financial sector reforms can help increase exports and reduce risks.

8/21/2023

Q2 GDP growth below forecast, outlook trimmed

### Summary Thailand's economy grew slower than expected in Q2 2023, with tourism offsetting weaker exports due to global demand slowdown. ### Facts - 💼 Thailand's economy expanded by 1.8% in Q2 2023, lower than the expected 3.1% growth. - 📉 The government revised its GDP growth forecast for 2023 to 2.5% to 3.0%, down from the previous range of 2.7% to 3.7%. - 📊 Q2 GDP rose by 0.2% on a quarterly basis, below the forecasted increase of 1.2%. - 🌐 Thailand's economy has been supported by the tourism sector and private consumption growth amid weak global demand. - 📉 Exports, a key driver of growth, have contracted since October 2022, primarily due to China's slowdown as its major trading partner.

8/21/2023

Thai Q2 GDP growth slows sharply amid weak global demand, govt cuts outlook

Thailand's economy grew at a slower pace in the second quarter due to weak exports and slower investment, prompting the government to lower its 2023 growth forecast, while the central bank may not raise rates again amidst faltering economic recovery and low inflation.

9/13/2023

Thailand Approves Visa-Free Entry for Chinese, Kazakh Tourists to Boost Tourism Numbers and Revenue

Thailand's new government has approved a measure granting temporary visa-free entry to Chinese tourists and tourists from Kazakhstan in a bid to revive the country's tourism industry, which has been heavily impacted by the pandemic.

9/20/2023

Thailand Announces $66 Billion Borrowing Plan for 2024 to Stimulate Economy

Thailand's new government plans to borrow 2.4 trillion baht ($66.4 billion) for the fiscal year 2024, representing a 9% increase from the current year, as part of their efforts to stimulate the economy.

9/25/2023

Major Tech Companies Look to Invest Billions in Thailand Amid China Tensions

Thailand may receive a $5 billion investment from Tesla, Google, and Microsoft for electric vehicle manufacturing facilities and data centers, as South Asian economies continue to attract mega investments from global heavyweights.

10/1/2023

Leveraging Food, Massage, and Tourism to Develop Thailand's Soft Power

Thailand seeks to develop its soft power and boost its economy by focusing on sectors such as tourism, food, and textiles.