Association of Investment Management Companies (AIMC) sees 16 local funds roll out 22 Thai ESG funds, expects to draw Bt10b worth saving from white collars & young investors.
Daily minimum wage to rise by 2.4%: Figure falls short of Pheu Thai’s promises. The daily minimum wage for Thai workers nationwide is set to rise from Jan 1, 2024 – and the new rates will vary from province to province, ranging from 330 to 370 baht, according to the labour ministry. Bangkok Post
State wants to cap 2024 power tariff: Premier wants to continue policy to curb electricity prices for households, businesses. Energy authorities are working to cap next year’s power tariff at 4.1 baht per kilowatt-hour (unit) as suggested by Prime Minister Srettha Thavisin, who disagrees with an earlier proposal to increase the rate to 4.68 baht per unit, says Energy Minister Pirapan Salirathavibhaga. Bangkok Post
Government announced an array of measures aimed at helping relieve the debt burden faced by around 10.3m people with a combined debt value of Bt16trnl, accounting for 90% of the country’s GDP, with commercial banks to see limited impact if any, while Finco may see HP rates capped at 10%.
Thai Bond Market Association highlights the difficulty of rolling over debts next year (esp. high yield). Currently the subscription rate of high yield papers is 70-80% and real estate, consumer and finance sectors see the most risk. Banks are expected to gain momentum from corporate loan next year as Bt 1trl worth of bond will be mature in FY24 where 60% have no rating, make it tough for corporate to roll over, Khaohoon.
GDP growth’s expected to stand at 2.5% this year before accelerating to 3.2% in 2024, supported by a recovery in tourism, exports and sustained private consumption, the World Bank said yesterday.
Foreign tourist arrivals during Dec. 4-10 rose 10.4% wow to 655,653. Chinese tourists ranked 1st, +31% to 100,704 as many came to attend a concert by Taiwanese singer Jay Chou. Malaysians ranked 2nd with 94,513, up 23% wow.
Debt relief to ease woes of 10.3 million: The government announced an array of measures yesterday aimed at helping relieve the debt burden faced by around 10.3 million people with a combined debt value of 16 trillion baht, accounting for 90% of the country’s GDP. Bangkok Post
Cabinet approves fiscal 2024 budget: The cabinet has approved a draft act for the fiscal 2024 budget worth 3.48 trillion baht. According to Budget Bureau director Chalermphol Pensoot, the bureau will present the draft act to the cabinet for final approval on Dec 26, before it proceeds to the parliamentary process. Bangkok Post
EV production target ramped up for 2024: Thai authorities want next year’s electric vehicle (EV) production capacity to reach 359,000 units based on investment of 39.5 billion baht, say industrial officials. Bangkok Post
