Severe flooding in Songkhla province is expected to cause economic losses of around 25 billion baht, said Burin Adulwattana, chief economist at the Kasikorn Research Centre.
The Commerce Ministry is vowing to seek new markets to diversify border trade, as ongoing tensions between Thailand and Cambodia have severely affected cross-border trade.
The Joint Foreign Chambers of Commerce (JFCCT) is urging Thai prime minister Anutin Charnvirakul to expedite the ratification of the Free Trade Agreement (FTA) with non-EU European countries to boost mutual trade.
Thailand’s economy could slide into recession in the last quarter of this year, as a huge drop in export volumes and uncertainties surrounding border tensions weigh heavily, Burin Adulwattana, chief economist of the Kasikorn Research Centre, said in an interview with Thai PBS World.
Thailand must urgently reform its industrial and agricultural sectors, which could suffer major negative impacts if the market opens to US products as part of ongoing tariff negotiations, says a leading economist at the Thailand Development Research Institute (TDRI).
The Netherlands and Thailand, both of which face increasing seasonal flooding, are boosting cooperation to mitigate flood risks, Dutch Ambassador Remco van Wijngaarden has said.
Thailand is being urged to act swiftly to avert an economic crisis, following US administration’s announcement of a 36% tariff on Thai goods imported into the US.
As Thailand pursues more free trade agreements (FTAs) with other nations, Trinh Nguyen, an economist at Natixis, said that the country remains vulnerable, as regionalisation is not a realistic solution.
Thailand is increasingly turning to regionalisation to secure its economic future, as geopolitical tensions and tariff disruptions continue to reshape the global economic landscape, according to Dr. Andrew Staples of GeoPol Asia.
Thailand should ease political instability as quickly as possible, as the next round of Free Trade Agreement (FTA) negotiations is set to begin in Bangkok next week, according to Paranee Adulyapichet, President of the European Association for Business and Commerce (EABC).
Both Cambodian and Thai leaders should act with maturity and return longstanding issues to the negotiating table, for the benefit of citizens on both sides, said Saratsanun Unnopporn, Chair of the Thai Foreign Affairs Committee and Pheu Thai party MP.
Thailand is closely monitoring the ongoing conflict between Israel and Iran, as global oil prices rise markedly. Domestic reserves would last for 60 days, should tensions escalate further, according to Veerapat Kiatfuengfoo, Deputy Permanent Secretary and Spokesperson for the Ministry of Energy.
