Thai economy faces stagflation due to surging price hikes: economist
Thailand's economy has gone into stagflation because of a fragile recovery and surging price hikes, according to an economist at the Economic Intelligence Centre (EIC), a research unit under the Siam Commercial Bank (SCB).
A woman shops at a market in Bangkok (Photo: www.bangkokpost.com)
Bangkok (VNA) – Thailand'seconomy has gone into stagflation because of a fragile recovery and surgingprice hikes, according to an economist at the Economic Intelligence Centre (EIC), aresearch unit under the Siam Commercial Bank (SCB).
The EIC downgraded its2022 economic growth forecast for Thailand to 2.7 percent from 3.2 percent,which was attributed to the Russia - Ukraine war that has led to soaring energyand commodity prices.
Local media cited Yunyong Thaicharoen, SCB's chief wholesalebanking officer and an economist at the EIC, as saying that Thailand's annualaverage headline inflation rate is expected to jump to a 14-year high of 4.9percent this year, rising significantly from a previous forecast of 1.6 percent.
For Thailand, the higherinflation rate will cause domestic spending to recover slower than EICpreviously forecast, said the centre.
Yunyong said given the weak Thai economic rebound amid severalexternal risk factors, the country's recovery to pre-pandemic levels will bedelayed to the third quarter of next year.
He added that the Russia-Ukraine conflict will result in lowernumbers of Russian and European tourists visiting Thailand, though this will partiallybe offset by Asian and ASEAN travellers.
The EIC slightly reduced its foreign tourist arrival projectionfor this year to 5.7 million from 5.9 million, providing the country withannual tourism income of 300 billion THB (about 9 billion USD)./.
Thailand's Finance Ministry plans to revise its 2022 forecast for Thai economic growth next month, focusing on the impact of rising inflation and spiking energy prices, said a ministry source who requested anonymity.
The Thai Tourism and Sports Ministry is considering the replacement of mandatory PCR testing for foreign tourists with COVID rapid antigen tests certified by a competent authority from May 1.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
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.
A woman shops at a market in Bangkok (Photo: www.bangkokpost.com) 
