By Reuters – published by CNA and US News & World Report
THE Thai industrial sentiment index dropped in April, dented by slowing domestic demand, a government wage hike plan and drought, the Federation of Thai Industries (FTI) said today (May 15).
The FTI said its industrial sentiment index fell to 90.3 in April from 92.4 the previous month.
The Pheu Thai-led coalition government plans to increase the daily minimum wage to 400 baht ($10.84) from October, a spokesperson said on May 2.
A committee will meet this month to assess which industries are prepared for the increase and what assistance could be offered to those that are not ready, spokesperson Chai Wacharonke said.
A leading joint business group said last Wednesday (May 8) that Thailand’s economy is expected to grow 2.2% to 2.7% this year, down from a previous forecast of 2.8% to 3.3% due to a slow export recovery.
Exports, a key driver of the Thai economy, are now projected to increase 0.5% to 1.5% this year compared with a rise of 2% to 3% seen earlier, said the Joint Standing Committee on Commerce, Industry and Banking, which includes representatives from those sectors.
In the first three months of 2024, exports fell 0.2% year-on-year, commerce ministry data showed.
Southeast Asia’s second-largest economy grew 1.9% last year, lower than 2.5% growth in 2022, lagging regional peers as it confronts high household debt and borrowing costs alongside China’s slowdown.
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Bangkok’s skyline is photographed during sunset in Bangkok. File photos: Reuters/Athit Perawongmetha; top photo published by CNA and Front Page photo by US News & World Report
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