by Eddie Yii | Nov 1, 2023 | News
Thailand intends to accelerate the development of the China-Thailand railway, a significant project within the framework of the China-proposed Belt and Road Initiative (BRI), as announced by Thai Prime Minister Srettha Thavisin during a live discussion on Thailand’s future in 2024.
In pursuit of BRI alignment, Thailand aims to establish a railway network connecting Bangkok, Khon Kaen, Nong Khai, pivotal transport hubs in Thailand’s northeastern region, and extending all the way to China.
Srettha emphasized the pivotal role of logistics in Thailand’s BRI cooperation and expressed the nation’s commitment to strengthening the link between its domestic rail system and the China-Laos Railway, which is a prominent BRI initiative in the region. This was conveyed during an interview with Xinhua before his official visit to China, where he also participated in the third Belt and Road Forum for International Cooperation.
The China-Thailand railway, a crucial component of the trans-Asian rail network, is poised to become Thailand’s inaugural standard-gauge high-speed railway.
Upon completion, this railway line will facilitate train travel from Bangkok to the border town of Nong Khai. There are plans for a bridge to connect it with the China-Laos Railway, thus enabling train travel from Bangkok, through Laos, all the way to Kunming in Yunnan Province, southwestern China.
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by Willie Tan | Aug 21, 2023 | News
In the April-June quarter, Thailand’s economy expanded by around 3.1%, a rise from the previous quarter’s growth of 2.7%. This upswing is attributed to the increased influx of foreign tourists, as predicted by a median survey of 21 economists.
Quarterly calculations indicate that the gross domestic product (GDP) growth, when seasonally adjusted, is projected to be approximately 1.2%. This marks a slowdown compared to the preceding quarter’s growth of 1.9%, as indicated by a smaller set of forecasts gathered between August 14 and 17 in a Reuters poll.
Although Thailand’s economy, which heavily relies on tourism, is anticipated to exhibit gradual improvement, the number of visitors remains significantly lower than the levels seen before the Covid-19 pandemic. The projection for this year suggests that Thailand might welcome around 29 million tourists, a decrease from the 40 million visitors recorded in 2019, the year before the pandemic hit.
As of August 13, the Tourism and Sports Ministry reported a total of 16.47 million foreign tourists visiting Thailand from January, with a total expenditure amounting to 690 billion baht (equivalent to US$19.48 billion).
Exports, which play a crucial role in driving growth, have been contracting since October 2022, reflecting subdued global demand, particularly from China, Thailand’s primary trading partner.
Chua Han Teng, an economist at DBS, noted that the ongoing recovery in foreign tourism, including returning visitors from China, along with resilient private consumption, were the pillars supporting the expansion of the economy. However, the decline in merchandise exports, although stabilizing, continued to impede overall growth, thus preventing a more robust improvement in the second quarter of 2023, due to the challenging global economic environment.
The growth forecast for the year shows an average of 3.7%, aligning with the estimate from the Bank of Thailand (BoT). Additionally, a separate Reuters poll indicated that growth is expected to reach 3.8% in 2024.
