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Economy Tourism, Exports Falter as Bangkok Bank Sounds Alarm on Economic Outlook
Picture courtesy of Bangkok Bank Ongoing political turbulence in Thailand is putting a dampener on fresh investment, warns Bangkok Bank (BBL), potentially exacerbating the effects of US tariffs on exports. Kobsak Pootrakool, a senior executive at BBL, explained that the uncertainty plaguing Thailand’s political scene could deter investment in both public and private sectors. Businesses are hesitant to make investment plans until there's clarity on US-Thai trade relations and potential tariff impacts. "Thai political developments are notoriously unpredictable," Mr Kobsak stated. "The bank is keeping a close watch on these issues and assessing their implications for the economy. Furthermore, external challenges, particularly US trade policies, are threatening Thai economic growth, especially with ongoing structural problems." BBL has responded by reducing its 2025 Thai GDP growth forecast from 3% to 2%, assuming the US will impose tariffs of 10-15% on Thai exports. If risks worsen, growth could plummet to 1.5%, largely due to tariff impacts. While Thai exports were strong earlier this year, bolstered by preemptive buying before tariff hikes, the outlook remains uncertain. Export challenges may increase in the year's second half as US importers possibly reduce orders, and trade tensions continue, writes the Bangkok Post. Mr Kobsak warned that if Chinese goods are redirected in trade deals, Thai products could face heightened competition in new markets. The tourism sector also struggles, facing declining arrivals from China due to security fears and the recent Bangkok earthquake. International tourist arrivals dipped by 2-3% in the first five months of 2025, with expectations of 35.5 million visitors this year. This drop is linked to safety concerns and the quake. Recovery typically takes four to five months. However, should the government unveil initiatives to attract tourists, the sector could bounce back by year’s end, Mr Kobsak added. In monetary matters, Mr Kobsak anticipates two policy rate cuts from the Bank of Thailand this year, reducing it from 1.75% to 1.25% to support the economy amidst uncertainties. Furthermore, the baht is expected to strengthen against the US dollar by year-end due to a weakening US currency. Adapted by ASEAN Now from Bangkok Post 2025-07-01 -
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Revenue Department to amend tax on foreign income remittance
His understanding is not of any help. Where in doubt in Thailand, always get information from the horse's mouth i.e. Thai authority. -
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The Human Onion Cloud: Nose Horror at the Gym
Never been to a "gym", dig out my coconut stumps instead, while chatting up the soi dogs, whom I'll never hump. -
113
Community Greek Man Stricken by Mysterious Illness Left Without Treatment as Funds Run Dry in Rayong
No, only facts, even you don't like it. -
4
Crime Wealthy Wannabe Dines and Dashes at Pattaya Restaurants
means , " there was no obvious or blatant wrongdoing " So isn't it the same as stealing from a shop ? or can any customer do it without repercussions ? -
29
Report Cannabis Chaos: 12,000 Thai Shops Face Closure Under New Rules
Thais also buy and smoke dope and have been for a very long time. The difference of late is that they didn't have to get it through criminal channels. This is what it will now go back to. Do you think this is a positive thing? People will continue to smoke dope. This cannot be stopped.
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