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Thailand is proactively preparing for the potential economic impacts of proposed tariffs by the Trump administration, with Prime Minister Paetongtarn Shinawatra emphasizing the importance of negotiation and quick adaptation. The government anticipates significant sector-specific losses, with projections indicating a potential GDP reduction of nearly 2%, particularly affecting high-value exports like electronics and agricultural products. However, Thailand's strategic position in global supply chains may offer opportunities as manufacturers seek alternatives to China, despite risks of trade circumvention.
Huawei anticipates reaching ¥860 billion ($118.25 billion) in revenue for 2024, marking a 22% increase from 2023, despite ongoing sanctions. Meanwhile, Japan proposes a bill for proactive cyber-defense measures, and Thailand has cut power to cyber-scam slave camps. In corporate news, Infosys faces backlash over the termination of 700 staff, and Nissan reportedly backs out of a merger with Honda.
Former Thai PM Thaksin Shinawatra has called for the regulation of stablecoin trading, asserting it carries "no risk," and proposed legalizing online gambling to tap into an estimated 100 billion baht in annual tax revenue. He suggested Phuket as a pilot for crypto payments and emphasized the need for a regulatory framework to monitor gambling activities. Thaksin's influence persists in Thai politics, with his daughter currently serving as Prime Minister, as the government explores digital currency initiatives and gambling reforms.
Former Thai PM Thaksin Shinawatra advocates for the legalization of online gambling and the trade of stablecoins, citing potential tax revenues of over $4 billion from the gambling sector. He emphasizes the need for regulatory frameworks and suggests using a passport system for monitoring online gambling activities. Additionally, he proposes Phuket as a pilot site for crypto payments, highlighting the benefits of adopting stablecoins in Thailand's economy.
Thailand's Prime Minister Paetongtarn Shinawatra has dismissed any plans to raise the value-added tax to 15% following backlash from the opposition and coalition members. The Finance Ministry is currently reviewing the tax structure to address inequality and enhance competitiveness.
Jensen Huang, CEO of Nvidia, emphasizes the transformative potential of AI as a new digital infrastructure, urging governments to develop their own AI systems and process national data. His pitch has gained traction, with at least 10 countries, including Thailand, committing to AI infrastructure projects. Amid geopolitical tensions, particularly between the US and China, Huang advocates for "sovereign AI" to ensure nations can protect their interests in the evolving tech landscape.
The APEC summit in Lima concluded with leaders, including US President Joe Biden and China's President Xi Jinping, discussing regional economic strategies amid concerns over the future of global free trade under an incoming Trump administration. Biden's late arrival for the traditional family photo highlighted the awkwardness of the moment, as he took his place at the back of the group. The atmosphere reflected a fragile spirit of detente that may not be replicated in the coming years.
Thailand is set to legalize casinos next year to attract foreign investments and increase tax revenue, marking a significant opportunity for global operators. The government plans to pass an "entertainment complex" bill in 2025, allowing casinos to operate within large venues, according to Prime Minister Paetongtarn Shinawatra’s Secretary-General.
Thailand's leading business groups and commercial banks are urging Prime Minister Paetongtarn Shinawatra to implement new measures to boost consumer spending and address high household debt levels. Executives from the Thai Chamber of Commerce, the Federation of Thai Industries, and the Thai Bankers Association presented a series of recommendations to tackle the challenges facing the country's economy.
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