16/12/2022
19/01/2023 [Save the date] GTCC Monthly Briefing/ Members-only Speed Networking
19/01/2023
20/01/2023 [Save the date] Multi-Chamber Eastern Seaboard Networking by SATCC
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Economists upbeat on 2023 Thailand's economic outlook remains positive for next year despite global headwinds, according to Tim Leelahaphan, economist at Standard Chartered Bank (Thai). Thailand could provide opportunities in 2023 and the bank is positive about the outlook for the country next year, despite some negative global factors. Unique domestic factors could provide options for businesses and asset managers as the country gears up for an election scheduled for next year. The two key growth engines for Thailand in 2023 are the tourism revival and the economic stimulus after the election, which is expected to boost domestic consumption. (Bangkok Post, 8/12/2022) More
Inflation slowing as supply increases Improved food supply and price controls help rein in the soaring cost of living, with inflation slowing for the third consecutive month. (Bangkok Post, 7/12/2022) More
FPO describes country's economy as being 'in good shape' The Thai economy has stabilised, with inflationary pressures subsiding and public debt still below 70% of the country's GDP, according to the Fiscal Policy Office (FPO). (Bangkok Post, 29/11/2022) More
EIC downgrades growth forecast for 2023 Siam Commercial Bank has slashed its 2023 GDP growth projection for Thailand due to the global economic slowdown and the increased likelihood of a recession in developed economies. (Bangkok Post, 29/11/2022) More |
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| Mazars transfer pricing trends in Asia |
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Touristenzahlen überraschen angenehm Der Fremdenverkehr ist eine Säule der thailändischen Wirtschaft. Durch Covid-19 brach diese ein. Nun strömen wieder Touristen in das Land des Lächelns und die Branche investiert. Mehr
Thailand muss stärker investieren und reformieren Das leistungsfähige Gesundheitswesen und die Industriebasis zählen noch zu den Stärken des Königreichs. Unternehmen müssen aber mehr investieren, um wettbewerbsfähig zu bleiben. Mehr
Wirtschaftsdaten kompakt - Thailand Die Reihe "Wirtschaftsdaten kompakt" wird zweimal jährlich im Mai und November aktualisiert. Folgende Indikatoren sind unter anderem enthalten: Einwohner, Bevölkerungsdichte, Währung, Wechselkurs, Bruttoinlandsprodukt, BIP je Einwohner, BIP-Wachstum, Inflationsrate, Durchschnittslohn, Arbeitslosigkeit, Haushaltssaldo, Außenhandel, wichtigste Ein- und Ausfuhrgüter, wichtigste Handelspartner, ausländische Direktinvestitionen, Länderbonität, Devisenreserven, Außenhandel mit der EU und Deutschland, wichtigste deutsche Ein- und Ausfuhrgüter. Mehr |
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| Companies & Industrial Sectors |
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High growth potential for Thailand’s halal food industry as exports to Islamic nations keep growing Thailand’s halal food industry has a bright future with rising value of export to Muslim nations and the increasing number of Muslim tourists visiting the country, the Trade Policy and Strategy Office said. (The Nation, 9/12/2022) More
Consumer confidence at 20-month high in November Thai consumer confidence rose for a sixth straight month in November, reaching a 20-month high, boosted by improved economic activity following the easing of Covid-19 curbs and higher foreign tourist arrivals, a survey showed. (Bangkok Post, 8/12/2022) More
Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022 Thailand’s rice exports in the first 10 months of the year rose by 33%, a recent report from the Thai Rice Exporters Association (TREA) shows. (The Nation, 7/12/2022) More
Thai digital banking matures Mobile services are above average, but customer experience can be improved in other areas, Deloitte survey finds. (Bangkok Post, 7/12/2022) More
Global consumer trends for 2023 Five trends are emerging that have the potential to have an impact on global consumer markets in 2023, over the next five years and beyond. (Bangkok Post, 7/12/2022) More
Pet food exports continue to flourish Thailand's pet food exports are thriving, driven by the pandemic, which caused people to spend more time at home and change their behaviour regarding raising pets as family members. (Bangkok Post, 6/12/2022) More
Project targets startup funding The Thai startup community has launched the "Thailand Accelerator" project, aimed at bringing more qualitative talent startups to scale and fostering growth in the startup ecosystem. The project targets firms from seed to the pre-Series A funding round. (Bangkok Post, 29/11/2022) More
Airasia expands ride service Airasia ride, a ride-hailing service under the airasia Super App, is forging ahead with an aggressive move to entice drivers with a low 15% commission fee. (Bangkok Post, 29/11/2022) More |
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Salaries in Southeast Asia Expected to Increase in 2023, Aon Survey Reveals Aon plc, released insights from its 2022 Salary Increase and Turnover Study for Southeast Asia, revealing that salaries in the region are expected to increase slightly for 2023 compared to 2022. Median salary increase budgets are forecasted across industries at 6.8 % for Indonesia 5 .1 % for Malaysia, 6 % for the Philippines, Singapore at 4.7 %, 5.1 % for Thailand and 7.9 % for Vietnam. (The Nation, 9/12/2022) More
Asean’s growth to slow in 2023, but region remains a bright spot in a slowing world The economic growth rate for South-east Asia may wane in 2023 amid intensifying global headwinds, but the region is likely to stay a bright spot in a world edging towards a recession, economists say. Chief Investment Officer (Asia-Pacific) at Credit Suisse expects the growth of Asean-6 economies – Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – to moderate to 4.4 per cent in 2023, from a projected 5.6 per cent this year. (The Business Times, 7/12/2022) More
Firms to see major changes in IT, digital expenditure IT spending in Asean, South Korea, Australia and New Zealand is expected to drop by 1-3% in 2023 despite immense economic challenges as enterprises shift to digital business to grow their revenue, according to International Data Corporation (IDC), a global tech market research firm. (Bangkok Post, 7/12/2022) More
Plugging the gap Thailand has resumed importing legal migrant workers under memorandums of understanding signed with neighbouring countries after the Covid-19 pandemic eased. (Bangkok Post, 7/12/2022) More
Indonesia, Thailand to develop ASEAN MICE standard Indonesia and Thailand have been appointed as the developers of the “ASEAN Competence Standard for MICE & Event Professionals” within the ASEAN Mutual Recognition of Tourism Professionals (MRA-TP). (Vietnam Plus, 7/12/2022) More |
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Govt pushing for Thailand’s emergence as EV hub in Asean Thai government is putting in efforts to promote Thailand as an electric vehicle (EV) production base for the Asean region, government spokesman Anucha Burapachaisri said. (The Star, 2/12/2022) More BoI steps up efforts to woo Tesla The Board of Investment (BoI) is stepping up efforts to encourage newly established Tesla Thailand to invest in the electric vehicle (EV) business, part of efforts to grow the local EV industry. (Bangkok Post, 8/12/2022) More |
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Electronic visa for Thailand now available in 38 cities worldwide Thailand now offers an e-Visa service at Royal Thai Embassies and Consulates-General in 38 cities across 23 countries, facilitating the visa application for those wishing to visit the kingdom. (NNT, 9/12/2022) More
BoI partners with FTI to promote BCG investments The Board of Investment (BoI) has joined hands with the Federation of Thai Industries (FTI) to push ahead with new investments in targeted industries in line with bio-, circular and green (BCG) economic development. (Bangkok Post, 29/11/2022) More |
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| Legal / HR / CSR / Education |
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Is poor English proficiency holding Thailand back? The government of Thailand has been working hard to make it a world-class destination for not just tourists, but digital nomads and business and technology innovators. But do Thai people speak English well enough to fully attract these business opportunities? Thailand is ranked second to last among the countries that make up the Association of Southeast Asian Nations (ASEAN). It is ahead of only Laos, which is ranked dead last out of 111 countries in the EF English Proficiency Index. (Thaiger, 6/12/2022) More Cabinet approves tax on share sales The cabinet has approved a financial transaction tax on individual stock investors, ending a four-decade waiver. (Bangkok Post, 7/12/2022) More
SHARE Programme Concludes 7-Year Implementation The European Union (EU) Support to Higher Education in the ASEAN Region (SHARE) Programme is coming to an end on 27 December 2022. To conclude the programme, SHARE convened an official closing ceremony at the ASEAN Secretariat on 6 December, where partners, higher education institutions, practitioners, and alumni came to witness the handing over of programme results to ASEAN entities and their partners. (ASEAN, 9/12/2022) More |
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| Important update on Covid-19 |
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Fresh concerns over Covid As businesses pin their hopes on a strong recovery in the final month of the year based on lively shopping activity, entertainment events and vibrant tourism, a fresh Omicron outbreak has emerged including a rising death toll, rekindling concerns about the impact on economic sentiment. (Bangkok Post, 7/12/2022) More Jabs urged ahead of New Year Daily recorded Covid-19 cases are expected to rise until the New Year due to a dip in temperatures and increased crowd gatherings, according to the Public Health Ministry. (Bangkok Post, 29/11/2022) More
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GTCC's 60th Anniversary: Our 60 facts #25 The topic of discussion by Thai and German businessmen at the GTCC Annual Meeting in 1979 was Thailand’s first-time participation at the International Green Week with a presentation of famous Thai orchids. |
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Kitti to steer B.Grimm's Industrial Businesses Multinational conglomerate B.Grimm has named Kitti Pattanaleenakul, a business strategist behind Siam Cement Group's (SCG) global outlook, as the new president of B.Grimm Industrial Businesses. (Bangkok Post, 25/11/2022) More
GTCC members' promotions Check out GTCC members' special offers on accommodation, restaurant / food delivery, and other services. More |
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Exclusive offer: 10% Discount on top for buffet dinner on New Year's Eve at The Terrace@72 |
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Validity: Only on 31 December 2022 Condition: -This promotion is applicable for German-Thai Chamber of Commerce only. -For reservation, call 02 688 1000 ext. 80148 |
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INHORGENTA MUNICH 2023 Europe's leading platform for jewelry, watches and gemstones 24-27 February 2023, Munich, Germany INHORGENTA MUNICH will once again offer an in-depth overview of international trends and developments in all its diversity: jewelry, watches, gemstones, technology, design, a top-notch conference program and many points of contact with up-and-coming talents. Spread over six halls at Messe München, exhibitors from across the globe will present their latest creations. More |
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ITB Berlin World’s Leading Travel Trade Show 7-9 March 2023, Berlin, Germany ITB Berlin will once again bring together tourism professionals and key players from the global travel industry. Taking as its slogan ‘OPEN FOR CHANGE’, ITB Berlin is ready to host a live comeback next year with the future positioning as a pure B2B product. The focus will therefore be on three days of business, content and networking. More |
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Late trade fair half-time in Germany: Autumn trade fairs begin After the trade fair summer with 140 trade fairs, a trade fair autumn is about to begin for the German trade fair industry. With at least 45 trade fairs, September will be challenging for the 70 trade fair locations and all trade fair trades. There are at least 45 more trade fairs in October, and 40 trade fairs are planned for November: an unprecedented tight cycle, caused by forced postponements, cancellations and bans on trade fairs in previous years. Meanwhile, the uncertainties for the trade fair industry are increasing again due to the explosion in energy prices, inflation and the new corona restrictions currently being discussed. More |
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ASEAN Snapshot 2022 The German Chambers ASEAN Business Council (GCABC), as a #PartnerInASEAN, is pleased to introduce to the fifth edition of the ASEAN Snapshot booklet with a variety of up-to-date charts and infographics about ASEAN economic developments, ranging from demographic, economics, trade and investment information. More |
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AHK World Business Outlook Fall 2022 The AHK World Business Outlook is based on a regular DIHK survey of member companies of the German Chambers of Commerce Abroad, Delegations and Representative Offices (AHKs). It collects feedback from more than 3,100 German companies, branches and subsidiaries worldwide as well as companies with close ties to Germany in Fall 2022. The survey was conducted from 4th to 23rd October 2022. More |
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Export Business Guide - Eigentumsvorbehalt bei Warenlieferungen ins Ausland Die vorliegende 11. Auflage des Export Business Guide zeigt das Rechtsinstitut des Eigentumsvorbehaltes in 80 Ländern auf. Mehr |
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Chadaphan Maliphan
Publication and Communication Manager |
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