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Chinese real estate investors who were once the top buyers of high-end condos and apartments in Thailand are now cutting back due to an economic downturn and real estate crisis in China.

Key TakeawaysChinese real estate investors, who were previously major players in Thailand’s luxury condo and apartment sector, are now reducing their investments due to economic downturn and real estate crisis in China.Traditional English-speaking countries, like Australia, Canada, the U.K., and the U.S., have become more attractive to Chinese buyers for real estate investments, surpassing Thailand in popularity.Vietnam, unlike Thailand, is less reliant on Chinese investors and has seen steady investment from Chinese buyers in apartments, particularly in major cities like Hanoi and Ho Chi Minh.

Thailand, which was previously the number one destination for Chinese buyers, has now dropped to fifth place, with Australia, Canada, the UK, and the US taking the top spots. Chinese buyers are …

The World Bank has revised its growth forecast for developing East Asia and the Pacific, citing a sluggish China, weak global demand, high interest rates, and dampened trade.

Key TakeawaysThe World Bank has revised down its growth forecast for developing East Asia and the Pacific due to the sluggishness of China, weak global demand, high interest rates, and dampened trade.The region is facing a risk to investment growth due to the increase in government and corporate debt levels, particularly in China, Thailand, and Vietnam.Consumption growth may be negatively impacted in China, Malaysia, and Thailand due to high household debt, as more income is utilized for debt repayment resulting in reduced spending.

The World Bank now projects a 5% growth for the region in 2023, slightly lower than its previous forecast. Additionally, it has lowered its growth estimation for China in 2024, due to concerns regarding debt levels and weakness in the property sector.

The economic…

The Monetary Policy Committee in Thailand has unanimously voted to raise the policy rate by 0.25 percentage points, bringing it to 2.50 percent.

Key TakeawaysThe Monetary Policy Committee (MPC) of the Bank of Thailand has unanimously decided to raise the policy rate by 0.25 percentage point to 2.50 percent, aiming to sustainably control inflation and ensure long-term macro-financial stability.The Thai economy is expected to recover at a slower pace in 2023 due to soft external demand but is projected to pick up in 2024. The Committee has projected a growth rate of 2.8% and 4.4% for the years 2023 and 2024 respectivelyInflation is projected to increase next year, in line with the economic recovery and El Niño-related supply pressure, while the Committee remains attentive to upside risks stemming from government economic policies and potential food price increases.

The Committee has projected a growth rate of 2.8% and 4.4% for the years 2023 and 2024 respectively. The g…

According to the Digital Economy Promotion Agency (DEPA), Thailand’s digital economy has grown by 14% in 2022, reaching a market value of 2.6 trillion baht.

Key TakeawaysThailand’s digital economy grew by 14% in 2022, reaching a market value of 2.6 trillion baht, driven by changes in consumer behavior and technological advancements.The digital services sector experienced the highest growth rate at 21%, with FinTech, Health Tech, and retail contributing significantly to its market value of nearly 300 billion baht.The software and software services industry also saw significant expansion at 19%, projected to reach a value of around 270 billion baht in the coming years, highlighting the country’s comprehensive shift towards digitization.

The growth is driven by changes in consumer behavior and technological advancements. The digital services sector saw the highest growth at 21%, with FinTech, Health Tech, and retail contributing to a market value of nearly 300 billion ba…

Four major Thai banks, including Thai Military Bank, Bank of Ayudhya, CIMB Thai Bank, and Bangkok Bank, have decided to close their branches in Laos.

Key TakeawaysFour major Thai banks are closing branches in Laos due to stricter regulations and decreased business activities.The banks cited tighter regulations imposed by Lao authorities, increased operating costs, and a decline in cross-border trade and investments as reasons for their withdrawal.While some major Thai banks continue to operate in Laos, others are reassessing their business strategies and closing branches that are not meeting targeted returns.

The branches to be closed are Thai Military Bank’s Vientiane branch, Bank of Ayudhya’s Savannakhet branch, CIMB Thai Bank’s Vientiane branch, and Bangkok Bank’s Pakse branch in Champasak province.

Bangkok Bank had opened a second branch, in Pakse, on January 5, 2016 to expand services to southern Laos and the Emerald Triangle.

However, Bangkok Bank, B…