Business
Thai Baht Hits Lowest Level Amid Fears Over Central Bank Independence
The Thai baht has recently experienced a notable depreciation, marking it as the poorest-performing currency in Asia amidst concerns over the independence of Thailand’s central bank. Following a significant drop of over 1%, the baht has fallen to 34.739 against the US dollar, reaching its weakest value since August 19.
Concerns Over Central Bank Independence
This sharp decline in the baht’s value comes after reports that Kittiratt Na-Ranong, a former finance minister known for his criticism of the central bank’s tight monetary policy, was selected as the new chairman of the Bank of Thailand (BoT). Investors are increasingly apprehensive about the central bank’s autonomy, especially as the Thai government exerts pressure on it to lower interest rates.
Impact of Kittiratt’s Appointment
Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken AB in Singapore, highlighted that as long as the central bank’s independence remains uncertain, investors are likely to favor holding US dollars over the Thai baht. Kittiratt’s appointment has raised speculation about future rate cuts, potentially impacting the central bank’s policy decisions, even though the BoT chair does not set monetary policy directly.
Baht’s Decline Reflects Investor Concerns
This quarter, the baht has fallen by over 7%, highlighting its weak performance among Asian currencies. Investor confidence has been further shaken by Thailand’s vulnerability to potential U.S. trade tariffs, adding to the baht’s current challenges. According to Lloyd Chan, currency strategist at MUFG Bank in Singapore, the expectation of additional rate cuts combined with external pressures from U.S. tariffs has added to the baht’s depreciation.
Influence Over Monetary Policy
Kittiratt’s new role will allow him to influence the appointment of members to the Monetary Policy Committee (MPC) and assess the performance of the central bank’s governor. While he won’t be setting policies directly, his presence and reputation for advocating rate cuts are likely to influence BoT policy decisions moving forward.
Government Pressure and Policy Shifts
The Thai government, led by Prime Minister Paetongtarn Shinawatra, has actively lobbied for a reduction in borrowing costs. Kittiratt’s nomination by the government reflects a strong push toward looser monetary policy. His selection follows a surprise rate cut last month, which marked the first reduction in borrowing costs since 2020, suggesting the government’s commitment to stimulating economic growth through reduced interest rates.
Kittiratt’s History with Monetary Policy
Kittiratt Na-Ranong has been a vocal critic of the Bank of Thailand’s previous reluctance to lower interest rates. As finance minister under Prime Minister Yingluck Shinawatra’s administration in 2013, he challenged then-central bank governor Prasarn Trairatvorakul on the need for rate cuts. His advocacy for lower rates aligns with his recent appointment, suggesting a continued push for more accommodative policies.
The Future of the Baht and Central Bank Autonomy
The baht’s decline underscores ongoing concerns about central bank independence in Thailand. With Kittiratt’s appointment as BoT chairman, the market may anticipate a shift toward looser monetary policy, which could further impact the baht’s performance. As investor confidence wavers, the government’s influence on the BoT will play a crucial role in shaping Thailand’s economic landscape, particularly as the country faces external pressures and domestic calls for growth stimulation.
Ref – Thaiger
Business
10 In-Demand Careers for 2025: Future Proof Your Career
Exploring the Future Job Market: Top Careers to Consider
As we approach 2025, the job market is undergoing significant changes driven by technological advancements, demographic shifts, and evolving consumer needs. According to the World Economic Forum, while approximately 85 million jobs may be replaced by machines, an estimated 97 million new roles are set to emerge. This article highlights ten in-demand careers that are expected to thrive in the coming years.
Key Factors Driving Job Growth
The demand for skilled professionals is being fueled by several key trends, including the rise of digital technology, the need for data analysis, and a growing focus on sustainability. Understanding these trends can help job seekers target their career paths effectively.
Top 10 In-Demand Careers for 2025
1. Software Developer
Software developers are crucial in creating applications and systems that drive businesses forward. Their expertise in programming languages and software design makes them indispensable in today’s digital landscape.Salary Range: 25,000-140,000 baht/month
2. AI & Machine Learning Engineer
With artificial intelligence becoming integral to various industries, AI and machine learning engineers are in high demand. They specialize in developing algorithms and models that enable machines to learn from data.Salary Range: 60,000-80,000 baht/month
3. Data Analyst
Data analysts play a vital role in interpreting complex data sets to inform business decisions. Their ability to derive insights from data helps organizations optimize their strategies and improve performance.Salary Range: 40,000-80,000 baht/month
4. Data Scientist
Data scientists focus on advanced analytics and predictive modeling to provide actionable insights for businesses. They combine statistical knowledge with programming skills to enhance decision-making processes.Salary Range: 35,000-80,000 baht/month
5. Digital Marketing Specialist
Digital marketing specialists leverage online platforms to create effective marketing strategies. Their skills in content creation and data analysis help businesses engage with their target audiences effectively.Salary Range: 30,000-80,000 baht/month
6. Cybersecurity Professional
As cyber threats increase, cybersecurity professionals are essential for protecting organizational data and systems. They implement security measures and respond to incidents to safeguard against breaches.Salary Range: 60,000-100,000 baht/month
7. Cloud Engineer
Cloud engineers design and manage cloud-based infrastructure and services. With the growing adoption of cloud computing, their expertise is crucial for organizations transitioning to cloud environments.Salary Range: 50,000-90,000 baht/month
8. Nurse Practitioner
The healthcare sector is experiencing a surge in demand for nurse practitioners who provide primary care services. Their role is vital in addressing the needs of an aging population and increasing healthcare accessibility.Salary Range: 120,000 baht/month
9. Renewable Energy Technician
As the world shifts towards sustainable energy sources, renewable energy technicians are becoming increasingly important. They install and maintain systems such as solar panels and wind turbines.Salary Range: $46,000/year (approx. 40,000 baht/month)
10. Content Creator
Content creators produce engaging material across various platforms to connect with audiences. Their creativity in writing, video production, and social media management drives engagement and brand awareness.Salary Range: 25,000-50,000 baht/month
Preparing for Future Careers
The job market of 2025 promises exciting opportunities across various sectors driven by technology and sustainability initiatives. By focusing on developing relevant skills for these in-demand careers—such as software development, data analysis, and cybersecurity—individuals can position themselves for success in a rapidly evolving landscape. Embracing continuous learning will be essential for thriving in this dynamic environment.
Business
Thailand Commits to Becoming an AI Learning Hub
Ministers Announce Plans for AI Governance Collaboration
Thailand is dedicated to advancing global trust in artificial intelligence (AI) governance and establishing itself as a learning hub for AI through collaboration with UNESCO, according to Prasert Jantararuangthong, the Minister of Digital Economy and Society (DES). This initiative aims to enhance the ethical application of AI technologies while fostering skilled professionals in the field.
Goals for AI Workforce Development
The Ministry of Higher Education, Science, Research and Innovation (MHESI) has set ambitious goals to increase the number of AI-skilled workers by adding 30,000 engineers over the next three years. This plan includes generating 100 AI innovations valued at 40 billion baht and promoting AI adoption across 600 agencies nationwide.
Significant Increase in AI Adoption Rates
According to the AI Readiness Measurement 2024 report by the Electronic Transactions Development Agency and the National Science and Technology Development Agency, AI adoption plans among Thai organizations have reached 73.3%, reflecting an increase of nearly 20 percentage points year-on-year. This surge indicates a growing recognition of the importance of AI in various sectors.
Hosting the UNESCO Global Forum on AI Ethics
On Wednesday, the DES Ministry, MHESI, the Education Ministry, and UNESCO announced their partnership to host the 3rd UNESCO Global Forum on the Ethics of AI 2025, themed “Ethical Governance of AI in Motion.” This event is scheduled to take place from June 24 to 27, 2025, in Bangkok and will serve as a platform for knowledge exchange and collaboration on AI governance.
Commitment to Ethical AI Implementation
Prasert emphasized that Thailand’s commitment aligns with UNESCO’s AI Readiness Assessment framework, which is recognized globally. The country has recently introduced key frameworks such as the AI Governance Guideline for Executives and the Generative AI Governance Guideline for Organizations. These resources aim to ensure responsible and transparent implementation of AI at all organizational levels.
Multilateral Collaboration for Developing Countries
The upcoming forum is expected to foster multilateral collaboration and build AI governance capacity in developing countries. It highlights Thailand’s dedication to global trust in AI governance while positioning itself as a leader in ethical AI practices.
Integration of AI Technologies Across Industries
Suphachai Jaismut, vice-minister for MHESI, stated that Thailand is prepared to integrate AI technologies across various industries, driven by a commitment to advancing research and development (R&D). This integration is crucial as Southeast Asia’s digital economy continues to grow rapidly.
Addressing Challenges in the Digital Economy
While advancements in AI infrastructure are promising, challenges such as the digital divide and job displacement due to automation remain significant concerns. Xing Qu, deputy director-general for UNESCO, emphasized that building peace through education, science, and culture is vital in an era where AI increasingly influences societies and economies.
Business
Thailand to Finalise Free Trade Agreement with EFTA by January 2024
Thailand is preparing to finalise a landmark Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) by January 2024. The agreement marks Thailand’s first FTA with a European trade bloc and is expected to bolster exports, attract investments, and enhance Thailand’s position in the global economy.
EFTA Partnership: A Milestone in Thailand’s Trade Strategy
Who Are EFTA Members?
The EFTA comprises Switzerland, Norway, Iceland, and Liechtenstein, offering Thailand access to lucrative European markets.
Commerce Minister Pichai Naripthaphan highlighted the FTA’s importance, describing it as a pivotal step for economic growth and trade expansion.
“This is Thailand’s inaugural FTA with a European bloc, setting a precedent for modern trade standards and sustainable development goals,” said Pichai.
Comprehensive Scope of the Agreement
What Does the FTA Cover?
The FTA includes 15 broad areas designed to modernise trade relations and foster sustainable development. Key areas include:
- Trade in Goods
- Rules of Origin
- Investment Opportunities
- Trade Facilitation
- Intellectual Property Rights
- Sustainability and SMEs Development
Future Expansion Opportunities
The FTA is seen as a stepping stone toward future trade agreements with other significant partners, including the European Union, advancing Thailand’s global trade ambitions.
Economic Impact of the Thailand-EFTA Trade Partnership
Surging Trade Figures
Between January and October 2023, trade between Thailand and the EFTA exceeded US$10 billion, accounting for 2.03% of Thailand’s global trade and reflecting a 23.22% year-on-year growth.
Key Thai Exports and Imports
- Exports to EFTA: Jewellery, watches, canned seafood, machinery, cosmetics, and rice.
- Imports from EFTA: Gems, gold, pharmaceuticals, scientific equipment, and fresh seafood.
The agreement is expected to further diversify and increase Thailand’s trade portfolio.
Next Steps: Approval and Implementation
High-Level Signing at WEF Davos
The FTA will be presented to the Thai Cabinet for approval before its official signing at the World Economic Forum (WEF) in Davos, Switzerland, in January 2024. Prime Minister Paetongtarn Shinawatra and Commerce Minister Pichai will attend the signing ceremony.
Ratification and Rollout
Following Parliamentary approval, the agreement will be ratified, paving the way for implementation and significant contributions to Thailand’s GDP growth.
A Strategic Vision for Thailand’s Future
The Thailand-EFTA Free Trade Agreement aligns with Prime Minister Paetongtarn Shinawatra’s vision of positioning Thailand as a global trade hub. By establishing this partnership, Thailand is set to achieve:
- Increased export opportunities
- Enhanced foreign investment
- Strengthened trade ties with Europe
As the January deadline approaches, Thailand’s first European trade agreement symbolizes a bold step toward economic transformation, underscoring its commitment to modernisation, sustainability, and global collaboration.
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