Category: The Bangkok Post

New innovation marks a major step toward reducing Thailand’s healthcare burden as 80% of cardiovascular diseases are preventable.1,2

Edwards Lifesciences (NYSE: EW), the global leader in structural heart disease innovation, today announced the launch of its breakthrough next-generation transcatheter heart valve technology at the prestigious Mahidol TAVI Symposium, held on 26-27 September, at Pullman Bangkok King Power. This launch aims to help alleviate Thailand’s escalating valvular heart disease burden-a key driver of cardiovascular deaths globally.

The launch arrives at a pivotal moment, as statistics from Thailand’s Ministry of Public Health (2023)2 reveal that over 250,000 Thai citizens are currently living with cardiovascular disease. Of particular concern is aortic valve disease, which accounts for approximately 40,000 deaths annually2 and disproportionately affects Thailand’s aging population-especially those aged 65 and older2. In this population, progressive calcification of the aortic valve leads to thickening, stiffening, and impaired valve function. Aortic stenosis-the most common form of valvular heart disease-is a degenerative condition strongly associated with aging. As the valve becomes increasingly calcified, blood flow from the heart is significantly restricted. Once symptoms appear, the prognosis worsens rapidly: without timely treatment, approximately 10% of patients with severe symptomatic aortic stenosis may die within five weeks3. This alarming statistic highlights the critical importance of early detection and prompt intervention.

Edwards’ next-generation balloon-expandable transcatheter heart valve incorporates breakthrough proprietary calcification-resistant tissue technology that helps prevent calcium buildup on the valve leaflets, which is a primary cause of structural valve deterioration and the need for re-intervention4. The valve also features dry tissue storage for simplified hospital workflows, and an enhanced outer sealing design to improve long term durability.

Outstanding Clinical Outcomes

The tissue technology incorporated into this platform is the same as that used in Edwards’ leading surgical aortic valve. Recent findings from the eight-year COMMENCE Study demonstrated promising outcomes, including 99.3% freedom from structural valve deterioration, clinically stable haemodynamic gradients, and 97% freedom from reoperation5.

Building on this foundation, Edwards Lifesciences’ next-generation transcatheter heart valve technology has demonstrated exceptional clinical outcomes across diverse patient populations. Real-world data from over 9,000 propensity-matched patients in the United States National STS/ACC TVT Registry showed that patients receiving the valve experienced outstanding one-year outcomes with low mortality rate, low re-intervention rate, and no paravalvular leak in 84.4% of cases6.

Assoc. Prof. Dr. Nattawut Wongpraparut, Director of the Cardiac Catheterisation Laboratory at The Faculty of Medicine Siriraj Hospital, Mahidol University, highlighted its clinical advantages for Thai healthcare providers. ‘Durability is widely recognised as a critical element in valve therapy, and this technology’s innovative design aims to address calcification-a major contributor to valve failure-with greater effectiveness. Thai patients and the Thai healthcare system will benefit from bringing these world-class treatment capabilities to Thailand further supporting our efforts to reduce the devastating impact of aortic stenosis which can lead to heart failure, sudden cardiac arrest and death.’

Dr. Mann Chandavimol, Structural Heart Intervention at The Faculty of Medicine Ramathibodi Hospital, Mahidol University, emphasised the significance of this technology for Thai patients. ‘The launch of this next-generation transcatheter heart valve represents a transformative advancement for Thailand’s cardiovascular care landscape. Given the alarming global statistics showing cardiovascular disease as the leading cause of death worldwide and affecting over 250,000 Thais, this technology offers hope for patients experiencing symptoms such as fatigue, dizziness, fainting, chest pain, ankle swelling, and irregular heartbeat. The enhanced durability and proven clinical outcomes enable us to treat not only elderly patients but also younger individuals with severe aortic stenosis, providing them with treatment options that combine immediate safety with exceptional long-term performance. Early detection is crucial, and this technology represents a significant advancement in our treatment capabilities.’

Scott Graham, THV Business Unit Head, APAC at Edwards Lifesciences, reaffirmed the company’s commitment to innovation and improving patient outcomes. ‘This latest generation of transcatheter heart valve is the result of nearly two decades of research and development and reflects Edwards’ continued dedication to delivering patient-centric solutions. Recent data underscores its value in the lifetime management of valve disease for patients. This latest transcatheter heart valve leverages this advancement to improve quality of life, support sustainable long-term outcomes, and enable future treatment possibilities.’

Parameswaran Nair, Country Leader of Greater India and Southeast Asia at Edwards Lifesciences, connected the launch to Thailand’s broader healthcare objectives. ‘Thailand’s proactive stance on cardiovascular disease, including recent public health alerts on aortic stenosis, reflects its strong commitment to saving lives amid a global crisis. We’re proud to support these efforts by introducing this advanced platform to Thai patients and clinicians. With over 65 years of innovation, Edwards Lifesciences remains dedicated to transforming patient outcomes. This launch strengthens our support for Thailand’s healthcare excellence and ensures access to leading cardiac therapies as the population ages.’

As Thailand continues to address its cardiovascular disease burden through both prevention and treatment strategies, Edwards Lifesciences remains committed to collaborating with leading clinicians and healthcare institutions to expand access to life-saving therapies. The company’s focus on innovation, clinical evidence, and partnership with healthcare professionals ensures Thai patients can live longer, healthier, and more active lives while supporting the government’s goal of reducing cardiovascular deaths through advanced treatment options in the face of a global epidemic claiming over 19 million lives annually7.

SAC Gallery invites art lovers to navigate the architecture of perception through a nomadic mind during “Only I Am You, Then I Became You”, which is running on the 2nd and 3rd floor, until Nov 8.

This is an immersive, site-specific exhibition held in Asia for the first time by Jiajia Qi, a Netherlands-based Chinese artist whose practice is exploring transformation, intuitive sensing and the search for belonging.

Raised in China and having lived across New Zealand, Egypt, Japan and Europe, Qi carries with her what she calls “nomadic thought of liquid”, a way of being that welcomes ambiguity, listens to space and never clings to certainty.

Rather than imposing form, she allows materials and architecture to guide her. Her installations often take the form of suspended light, evaporating mist, softened sound or slowly shifting matter, each creating atmospheres rather than objects, encounters rather than explanations.

For her, each work emerges through attentive observation and sensory engagement with the surrounding architecture, atmosphere and light. Rather than asserting itself upon space, the work grows from within it, proposing a model of co-existence where nothing dominates, but everything is in flux — responsive, tentative and alive.

Moving between materials both fragile and elemental — powder, water, recycled minerals, air — Qi builds worlds that unfold gradually, where nothing is forced but everything is felt. Her training in sociology, interior architecture and interactive media design contributes to the layered clarity of her installations, which linger in the mind long after the room is left.

Her site-specific, experiential installations were exhibited at leading art spaces across Europe and Asia where she has completed more than 15 residencies.

SAC Gallery is on Sukhumvit 39 and opens daily from 11am to 6pm, except Monday. There is no admission fee.

World Cup qualifying in Asia reaches its climax over the next week with Patrick Kluivert’s Indonesia among six countries vying for two remaining spots from the region.

The football-mad nation of nearly 300 million people is on the verge of its first World Cup since gaining independence from the Dutch in 1945.

Indonesian football authorities have looked to the Netherlands to achieve it, bringing in legendary Dutch striker Kluivert as coach in January.

They have also naturalised more than a dozen players born in the Netherlands but with family ties to the Southeast Asian country.

It comes three years after Indonesian football was plunged into mourning when 135 people were killed in a stadium crush during a domestic game.

“The whole country needs to stand behind us,” said Kluivert, the former Netherlands and Barcelona great whose side faces Iraq and Saudi Arabia in Group B.

There are two groups in this stage of Asian qualifying, each with three teams that will all face each other once.

The teams that finish top of each group qualify for next year’s showpiece in the United States, Canada and Mexico.

The 2026 World Cup has been expanded to 48 teams from 32, giving the likes of Indonesia a better chance of qualifying.

“We are doing our utmost best to perform at the highest level and prepare the players as good as possible,” said Kluivert.

“Inshallah (God willing) we are ready to make the country proud of us.”

Indonesia will have to do it the hard way, with Saudi Arabia staging all the games in Group B and so having home advantage.

Indonesia and Saudi Arabia meet on Wednesday in Jeddah to kickstart the action.

Kluivert, whose coaching career has never lived up to his stellar playing days, has won three of his six games in charge, losing two and drawing one.

The Saudis will be favourites to progress out of the group and are now back under French coach Herve Renard following the sacking of Italian Roberto Mancini a year ago.

Renard masterminded the Saudis’ shock 2-1 win over Lionel Messi’s eventual champions Argentina at the 2022 World Cup in Qatar.

Group A comprises Qatar, the United Arab Emirates and Oman, who are bidding to reach the finals for the first time.

That group will play all its games in Qatar, giving the reigning Asian champions an undeniable advantage.

Qatar appointed former Spain and Real Madrid boss Julen Lopetegui in May, following his sacking by West Ham United.

Qatar begin the Group A action in Doha against Oman.

The runners-up in the two groups will meet in a two-legged tie in November, with the winner going into a intercontinental playoff.

Six teams from Asia have already guaranteed qualification: Japan, South Korea, Uzbekistan, Iran, Jordan and Australia.

“The Future Of Formula 1 Begins Here – One Race At A Time” is the theme of the 2025 STEM Racing Thailand National Finals, which will take place at Grand Richmond Stylish Convention Hotel, Rattanathibet Road, from Thursday until Sunday.

Organised with the support of Formula 1, formerly F1 In Schools Thailand, this is a four-day showcase of innovation, engineering and speed — hailed as the most exhilarating STEM education event of the year.

It will feature 25 teams comprising the country’s brightest young innovators aged seven to 19, as well as two guest teams from Malaysia and Japan. They will design, build and race their own miniature F1-style cars using 3D modelling software, wind-tunnel testing and branding strategies.

The hotel’s 9m-high ballroom will be transformed into a STEM Racing arena equipped with immersive LED displays, F1-inspired racing tracks, and exhibition zones that highlight student creativity and tech excellence.

Also, expect to see live tech demos by students and join lectures by industry guest speakers. The event will conclude with an award ceremony honouring the champions of this exciting event. They will earn the prestigious opportunity to represent Thailand at the 2026 STEM Racing World Finals, competing against the best young minds from around the globe.

STEM Racing is the world’s largest STEM competition that empowers students to become tomorrow’s engineers, scientists and global leaders. Launched in 2000 in the UK as the official education initiative of Formula 1, the programme has grown rapidly and is now active in more than 60 countries worldwide.

Those interested to attend the event should make a reservation through STEM Racing Thailand’s Line official account. Visit page.line.me/836fygax.

Prime Minister Anutin Charnvirakul recently floated the idea of extending the mandatory retirement age for civil servants from 60 to 65 years old. Though this idea is not new, the fact the proposal comes directly from the prime minister gives it enough political weight to make state agencies take the idea seriously.

The extension of the retirement age has been discussed before in Thailand, as similar policies have been adopted in some European countries. Last year, Thailand officially became an ageing society, with more than 20% of its population aged 60 or above.

This demographic shift weighs heavily on economic, social and, more particularly, public healthcare outlooks. However, recent medical advances have also extended life expectancy, helping seniors stay longer in the labour market.

Supporters say raising the retirement age could help stabilise the Social Security Fund, the country’s largest pension fund with over 2.6 trillion baht in assets. With fewer contributors and more retirees drawing pension funds, the SSF’s sustainability has been under threat.

Before the government moves forward with the plan, it must consider the potential benefits against the drawbacks, as Thailand’s bureaucratic structure differs sharply from that of advanced European economies.

For Thailand, extending the mandatory retirement age at this time may prove premature and potentially counterproductive. The question is whether raising the retirement age in the public sector should be a priority when the bureaucracy is still bloated and inefficient.

Many civil servants nearing retirement are underutilised yet remain on the payroll. The Ministry of Defence is an example. There are thousands of generals, and most have few active responsibilities.

The government should first prioritise making changes to the civil sector so it can be leaner. The problem here is not a shortage of workers but a misallocation of capable personnel and a lack of merit-based advancements. Extending the retirement age before cutting the unnecessary fat would only worsen the problem and, above all, discourage younger talent from taking part.

Moreover, the government’s pension argument holds little weight. The fiscal burden was largely eased after the 1997 crisis, when the Government Pension Fund was established, allowing retirees to draw from their own savings and investment returns instead of the state budget.

There are also only limited advantages to a blanket extension. Certain professionals who require deep expertise — such as judges and university professors — already enjoy special provisions to allow service until the age of 65 or 70.

For the private sector, the benefits are also unclear. There are companies which already have the flexibility to retain skilled employees past the retirement age. The real labour shortages are in low-skilled sectors, and this can’t be resolved by simply extending the retirement age.

Worse, workers under the SSF may be at a disadvantage if the retirement age is raised, as they may lose the freedom to retire and claim benefits at 60, while employers will still retain the ability to dismiss older workers at will.

So, Thailand should not extend the retirement age simply because it needs to help the SSF, as the SSF needs serious reform, not just window-dressing reform in the name of extending the retirement age.

Bangkok Art and Culture Centre is a well-known as an art centre in Bangkok. This year, it launched the Local Networking Project to provide a platform for artists from other regions besides the capital. The project involves fieldwork in various locations across the country. Artists have the opportunity to explore local legends, folktales, unrecorded histories and contemporary community lifestyles.

The exhibition “Local Myths” was developed under the Local Networking Project. It displays art pieces created by individuals as well as group artists. The concept of “Local Myths” is intrinsic aesthetics, which focuses on exploring the beauty inspired by local legends, stories, beliefs and ways of life.

Penwadee Nophaket Manont, exhibition curator, explained that the idea of the Local Networking Project came about after she worked with local artists in three southern border provinces and Isan.

“I wanted to work with more artists in rural areas, so I proposed the project to BACC since the idea would bring variety to exhibitions there. When I visited other provinces, I invited artists from Bangkok and other countries to go on these trips with me to observe local artwork and conduct research. The project is not only about creating the exhibition, but also fosters exchanges which ripple through the art ecosystem,” Penwadee explained.

“Working with local artists was eye-opening and helped me realise that they had less opportunity to display their artwork. When an opportunity came up, it challenged them to improve their skills. After a decade of working with local artists, two artists — Prach Pimarnman, a lecturer at Prince of Songkla University, Pattani Campus and Asst Prof Adisak Phupa, a lecturer at Mahasarakham University — became role models to inspire their students and younger generations. Their artwork is collected by the Office of Contemporary Art and Culture, Ministry of Culture. Additionally, their work has been accepted and showcased in many countries.”

Here are some exhibition highlights

Title: Anonymous Letter

Artist Group: Melayu Living

Melayu Living was founded in October 2015, initially as a collective of architects based in southern Thailand. Members include architects from Pattani, Yala and Narathiwat, as well as photographers, graphic designers, and columnists — many of whom were either raised in the Deep South or educated in Bangkok and overseas.

Anonymous Letter is presented through installations in the form of a red living room. Everything in the area is red, such as the carpet, the standing lamp, the vase, the flowers, the tea pots and the tea cups. Penwadee explained that red symbolises that the Deep South is a red zone.

“The three southern border provinces are considered war zones or red zones. Though Melayu Living creates art, their work was accused of being funded by terrorists. For this exhibition, the group made copies of anonymous accusation letters they received and used them as part of their installation. The letters are wrapped around the objects and covered with a red material, thus remaining hidden under the red covering.”

Title: Stroke

Artist: Nuriya Waji

The main work at Stroke is a long tie-dyed textile that displays a map of Sai Buri River which runs through Narathiwat, Yala and Pattani. Nuriya, the artist, explained that her father who operates a fishing equipment shop often told her about the Sai Buri River and that inspired her to search for information.

“I learned from a researcher that the Sai Buri River used to be the main river of the Deep South but it was turned into canals in several areas. I felt the river is getting sick like humans whose blood vessels narrow, so I named my work Stroke.”

Additionally, Stroke uses the voice of Nuriya’s father to tell the story of the past about Sai Buri River. Since the river was an area of gold panning, the exhibition displays a tiny piece of gold from Sukhirin district in Narathiwat. Besides fabric and gold, Stroke displays samples of soil from locations where the river once flowed.

Nuriya hopes that Stroke will encourage viewers to ponder “how can people live in harmony with nature?”.

Title: Butterfly Effect

Artist: Nithi Roongreang

Butterfly Effect is a collection of lenticular photographs inspired by a landscape photo taken by Nithi’s late mother. His mother’s photo portrays the view in front of his house which shows part of Nong Prachak Silpakorn, a large lake. It is named after Prince Prachak Silpakorn, the founder of Udon Thani.

The area in front of Nithi’s house is currently used as a space for community art activities. Butterfly Effect was created by people in the local art community, who photographed landscapes of Nong Prachak Silpakorn from different angles and periods of times. Photos were printed using lenticular, a printing technology that creates the illusion of 3D movement or depth.

Udon Thani has many historical sites and stories, however, when the province wanted to create a landmark to attract tourists, yellow rubber ducks were chosen to be installed at Nong Prachak Silpakorn Park.

“Udon Thani is a province with a rich history, but it has never used information from its history or cultural heritage to create meaningful landmarks. The yellow ducks have no roots to Udon Thani. Therefore, Butterfly Effect is a display which may help bring about some changes,” Nithi said.

Title: New Normal

Artists from Mahasarakham Mid-field Artspace — Adisak Phupa, Anurak Khotchomphu, Sittikorn Khawsa-ad, Chaiyapat Yachay and Parinya Saenkan

New Normal consists of many mixed media art pieces inspired by the production process of exporting earthworms in Ban Kham Pom, Pathum Rat district in Roi Et. Penwadee explained that the earthworm business in Roi Et started during the Covid-19 pandemic.

“Due to a shortage of some herbal medicines during the pandemic, people from China came to survey the area and discovered that the earthworm species in Roi Et could be used to make herbal medicines. Thus, earthworms became a new community economy. The story of community economy is interesting and our team saw it as the beauty within the reality that occurs in specific areas,” explained Penwadee.

One of the many pieces, Fight Everyday is made of a handwoven fabric and plastic sheets which display a map that marks factories and markets engaged in earthworm trading. It offers a magnified view of the community before the emergence of earthworm trade and developments since then.

Title: Motherhood

Artists: Keeta Isran and Hayanee Malee

Motherhood is a mixed media sculpture consisting of patchwork, prints and drawings. The fabrics are beautiful, but at the same time, they carry a heavy burden inside, just like mothers do.

“Although mothers have a lot of responsibility, they are still happy to take care of their children and can joke about their overwhelming work when gathering with other mothers. Motherhood represents femininity and the strength of Muslim women. Some patchworks are from the hem of skirts of women who live in Pattani and Narathiwat,” explained Keeta.

Baht appreciation against a weakening yen has influenced travel spending between Thailand and Japan this year.

Thai tourists have always loved to visit Japan, and the favourable exchange rate has encouraged them to flock to the islands this year. However, Japanese visitors to Thailand face a noticeable increase in travel costs.

Thapanee Kiatphaibool, governor of the Tourism Authority of Thailand (TAT), said baht appreciation has emerged as one of the most crucial factors denting tourism growth this year, along with an unsafe image, global economic uncertainty, and Thai-Cambodian borders skirmishes.

She said the baht has strengthened against the US dollar and Chinese yuan by 7% and 4%, respectively, this year.

According to TAT, the Japanese post-pandemic economic recovery has been slow because the border reopening was delayed until 2022.

The yen has continued to weaken, shifting from ¥3.51 per baht in 2019 to ¥4.61 in 2025, an increase of roughly 30%.

This movement influenced market sentiment on the prices of tourism-related products and services in Thailand, said Ms Thapanee.

However, the currency is not the sole reason for the sluggish growth, said Mathurot Watanakomen, director of TAT’s Osaka office.

The Japanese inbound market still posted growth of 15-18% in the first quarter of this year, but momentum dropped sharply following the March 28 earthquake, which caused the collapse of a building under construction.

This was followed by tensions along the Thai-Cambodian border from June to July.

Ms Mathurot said the Japanese market is highly sensitive to safety concerns and tends to respond with heightened caution. Once those concerns ease, tourist flows typically rebound quickly.

SLOW RECOVERY

In 2019, Japanese arrivals peaked at 1.7 million, then declined during the pandemic.

Arrivals to Thailand did not surpass 1 million again until last year.

A positive factor this year is aircraft seat capacity rose 8.5% to 3 million, connecting Thailand with five Japanese cities: Tokyo, Osaka, Fukuoka, Nagoya and Sapporo.

Starting from Dec 1, Thai AirAsia X plans to launch flights to Sendai, a long-awaited route among Japanese tour operators, said Pattaraanong Na Chiangmai, deputy governor of international marketing for Asia and South Pacific at TAT.

In addition to the strong baht, she said fierce competition from other destinations also contributed to the slow recovery of the Japanese market.

Of the 13 million Japanese outbound travellers in 2024, Thailand was the No.4 destination behind South Korea, the US and Taiwan, which attracted 3.22 million, 1.54 million and 1.17 million visitors respectively, according to the Japan National Tourism Organization.

Ms Pattaraanong said TAT still aims to attract 1.25 million Japanese visitors this year by targeting new segments such as millennials, Gen Z, students, and “Oshi-katsu” fans of “Thai Boy Love” TV series.

The key segments to maintain include business-plus-leisure travellers, women, active seniors, and sports enthusiasts, particularly golfers and marathon runners, she said.

As of Sept 18, arrivals from this market tallied 767,923, up 5% year-on-year, with an average stay of 6.04 nights and spending of 39,108 baht per trip.

During the Tourism Expo Japan held Sept 25-28 in Nagoya, the TAT expanded its reach to other regions beyond the bustling Kanto area, home to Tokyo, seeking to capture more high-spending tourists, including professionals, retirees and families.

Ms Mathurot said despite a weak yen and high living costs in Japan, potential remains among untapped segments, such as those who have never held a passport.

She said the Japanese government is promoting outbound travel to encourage cultural exchange and global experiences, supporting tour operators and airlines that facilitate international travel.

Ms Mathurot said the three TAT offices in Japan continue to work to expand the first-time and youth traveller segments, especially students and Gen Z.

The agency partnered with Thai professors teaching in Japanese schools and universities to organise study trips to Thailand and promote Thai culture among students.

However, she said this segment faces stiff competition from Vietnam, which offers fresh and affordable tourism products that appeal to younger travellers.

WORLD EXPO BOOST

From April 13 to Oct 13 this year, many Japanese tourists opted for domestic travel as Japan hosted the World Expo 2025 in Osaka, one of the world’s largest events.

In the first five months of the expo, the Thailand Pavilion, hosted by the Public Health Ministry, welcomed 1.5 million Japanese and international visitors.

Ms Thapanee said TAT was allocated a budget of 978,280 baht to organise a temporary exhibition alongside the Thailand Pavilion from Sept 15-29, showcasing 20 low-carbon travel routes in Thailand.

The exhibition also featured workshops on traditional Thai paper crafts, allowing Japanese visitors to engage directly with Thai culture.

Looking ahead to the next expo in Riyadh in five years, she said TAT plans to nominate itself to host the Thailand Pavilion.

The event offers a prime opportunity to promote Thai tourism to more than 40 million expected visitors in Saudi Arabia, an emerging market for Thailand in the Middle East, said Ms Thapanee.

She said she is confident TAT would be able to design an exhibition aligned with the “Foresight for Tomorrow” concept.

The Ratchaburi Provincial Court on Monday handed down a prison term of four years and one month to former member of parliament Pareena Kraikupt for the illegal occupation and use of 1,700 rai of state land.

Her 665-rai commercial poultry farm occupied much of the encroached land.

The court’s judgement on the former Ratchaburi-MP was announced on Monday, with no suspension of the penalty. She was allowed release on bail pending appeal.

The 1,700 rai of land is in Ratchaburi’s Chom Bung district. Part of the land was designated for a forest reserve and the rest for distribution to landless farmers under the Agricultural Land Reform scheme, Sor Por Kor.

Announcement of the sentence was posted on the Facebook page of graft fighter Veera Somkwamkid, who registered the encroachment complaint at Chom Bung police station in 2019.

Ms Pareena was temporarily released on bail, with one million baht in cash surety, while she takes her case to the Appeal Court, according to the post.

She was banned for life from politics in 2022 by the Supreme Court’s Criminal Division for Holders of Political Positions for breach of ethics in the occupation of state land. At the time, she was a member of the Palang Pracharath Party.

Ms Pareena’s Kraikupt family is very influential in the central province of Ratchaburi. Her late father, Thawee Kraikupt was also an MP, winning several national elections before stepping aside in favour of his daughter.

The government led by Anutin Charnvirakul began its term on Oct 1 under a four-month mandate, ahead of the expected dissolution of parliament and upcoming general elections.

By taking office in the final quarter of the year, the administration inherits a full-year budget of 3.78 trillion baht for fiscal 2026.

Economic activity is projected to pick up in the final months of the year, driven by increased government spending and the tourism high season.

However, the business community remains cautious as many doubt the anticipated uptick will be enough to offset the year-long economic slowdown within such a limited time frame.

There is also scepticism surrounding the government’s populist policies, which some see as little more than tools for electoral campaigning.

LIMITED IMPACT

Yunyong Thaicharoen, chief economist at SCB EIC, a research centre under Siam Commercial Bank, said although the government’s “Khon La Khrueng” co-payment scheme is expected to stimulate domestic consumption, its impact will likely be limited.

The scheme is projected to increase GDP by less than 0.1 percentage points this year, he said.

“The stimulus scheme is likely to encourage spending among middle- to upper-income earners, who still possess purchasing power. However, lower-income groups are more inclined to save rather than spend, due to high debt burdens and weaker income growth,” said Mr Yunyong.

Still, he agreed stimulus measures remain essential to support the country’s economic momentum.

Beyond short-term support, the new government should also focus on strengthening economic stability and pursuing structural reforms to build confidence and lay a foundation for long-term growth, said Mr Yunyong.

For the second half of this year, SCB EIC projects Thai GDP growth to average less than 1%, down from 2.8% growth in the second quarter.

The centre projects Thai GDP expansion of 0.9% year-on-year in the third quarter, followed by a 0.5% increase in the fourth quarter.

The Thai economy expanded by 2.8% year-on-year in the second quarter, easing from 3.2% in the first quarter. For the full year, GDP growth is forecast at 1.8% this year, slowing to 1.5% in 2026, according to SCB EIC.

The centre noted Thailand’s economic momentum is weakening, driven by both external and domestic challenges.

US tariffs have hurt shipments in some sectors and contributed to an ongoing export slowdown.

Meanwhile, foreign tourist arrivals are expected to lose steam in the second half of the year as baht appreciation against regional peers pressures both exports and tourism, according to SCB EIC.

The centre predicts the Thai economy to record low growth over the next 1-2 years as external challenges still exacerbate internal vulnerabilities.

WARNING

Nonarit Bisonyabut, a research fellow at Thailand Development Research Institute, warns stimulus policies should be carried out at an appropriate level or else it will become more difficult to address economic problems in the long run.

“I think the more we stimulate, the better the short-term economy looks, but in the long run, it becomes harder to fix,” said Mr Nonarit.

“At this point, we need to talk about the long-term picture, which includes fiscal sustainability.”

In his view, the planned stimulus package, expected to allocate a budget of 66 billion baht with the co-payment scheme as its main policy, might be slightly too large as initially the budget was supposed to be 20-30 billion.

Mr Nonarit said the co-payment scheme is likely to be the most effective policy compared with other projects, including direct cash handouts or tax rebate schemes such as “Shop Dee Mee Khuen” or “Shop Chuay Chart”, where people must spend first and later claim the money back through annual tax filings.

He said although the co-payment scheme may have weaknesses for the truly poor who cannot take part, which reduces its overall effectiveness, on the whole it has been more effective than past programmes.

If the government tries to introduce additional stimulus measures at year-end such as Shop Chuay Chart, Mr Nonarit said it may not be appropriate because the effectiveness would be limited compared with the large stimulus required to move the needle.

“For economic stimulus, we should assess the domestic economy’s growth potential and identify shortfalls. Stimulus should match these gaps rather than exceed them, as overstimulation gradually diminishes the policy’s effectiveness and is further constrained by fiscal limits,” he said.

The government’s real challenge is the economic structure, which is burdened by high household debt and banks’ reluctance to lend, said Mr Nonarit.

With such a structure, when the government injects money, the circulation in the economy is unlikely to be worth the money spent, as the environment is not conducive to growth. This results in minimal impact and heightened fiscal risks, he said.

“If the government wants to help people affected by economic shocks, such as those suffering from floods or the border conflict with Cambodia, it would make more sense to directly send money to those targeted groups,” said Mr Nonarit.

As for the Commerce Ministry’s cost-of-living reduction policies, he said the government should not interfere with market mechanisms by lowering electricity or fuel prices. Instead, targeted support for those in real need is preferred, said Mr Nonarit.

STEROID INJECTION

Prakit Siriwattanaket, managing director of Merchant Partners Asset Management, said the new government is expected to spend eight months in office — four months as an interim government and four as a caretaker administration.

“This period is similar to steroids being injected into the economy through massive stimulus programmes, such as the co-payment scheme, debt moratorium and debt suspension, all of which are likely to stimulate the domestic economy in a short period of time,” he said.

Unlike the previous Pheu Thai administration, the stimulus launched by the Anutin government is mostly adjusted from measures designed by its predecessors.

In doing so, previously successful measures can be implemented quickly by a short-term government to prop up the economy, said Mr Prakit.

If the policies are rolled out successfully, he estimates they could support the Thai economy to expand by at least 2% this year, even reaching 2.3% as forecast by the Bank of Thailand.

Asia Plus Securities said the government’s four-month “quick-win” economic stimulus should lift GDP growth in the fourth quarter of 2025 by more than 0.3 percentage points year-on-year.

In the final quarter, the brokerage noted monetary policy easing is possible to support government stimulus, which is focused on five pillars: stimulating the economy and tourism; tackling household debts; expanding household savings; strengthening small and medium-sized enterprise liquidity; and promoting saving for future investment.

Lalita Thienprasiddhi, head of macro research at Kasikorn Research Center (K-Research), said the government measures are anticipated to relieve the financial burden of consumers and help sustain the economy in the final quarter.

Scheduled for implementation during the final two months of the year, the co-payment scheme is expected to lift the economy by only 0.15 percentage points due to low purchasing power, noted the centre.

Given the limited policy space and concerns about fiscal status from credit rating agencies, K-Research said additional government measures must focus more on efficiency of both spending and revenue generation.

“Being a minority government may affect the push for key policies and budget disbursements throughout its tenure, which is expected to last roughly eight months,” said Ms Lalita.

SHORT-TERM BOOST

Dhanakorn Kasetrsuwan, chairman of the Thai National Shippers’ Council, said two short-term stimulus initiatives should increase consumer purchasing demand in the four months before parliament is dissolved.

He said the co-payment scheme will benefit a broad group of consumers by stimulating immediate domestic consumption.

Previous Khon La Khrueng schemes generated a multiplier effect because spending tended to occur at small retail shops nationwide.

“This scheme can stimulate the economy immediately, but it is a temporary solution and does not address income structure or household expenses in the longer term,” said Mr Dhanakorn.

He said a tourism initiative for secondary cities, which includes a double tax deduction for travel expenses and a budget for seminars of 6-8 billion baht for government agencies and state enterprises, could benefit these areas, distributing income to lesser visited provinces.

The tax deduction should encourage middle- to high-income individuals to travel domestically, particularly during the year-end festivals, increasing spending per tourist and domestic tourism revenue, said Mr Dhanakorn.

“These initiatives provide a short-term boost, but without strategies to promote investment and exports as well as reduce production costs, we will not see a sustainable economic recovery,” he said.

TOURISM EFFECT

Chai Arunanondchai, president of the Tourism Council of Thailand (TCT), said domestic spending should improve in the fourth quarter thanks to government stimulus schemes.

Healthier income circulation from these efforts should eventually benefit tourism, he said.

Domestic tourism should benefit from stimulus, including the co-payment scheme, household debt reduction plan and tax breaks for visiting second-tier destinations, said Mr Chai.

He said these relief measures will help Thai tourists save more to spend on domestic trips, helping to fill up vacancies in second-tier cities as well as northern provinces, which are popular for cool weather and cheaper travel prices than southern cities.

Tourism and Sports Minister Artthakorn Sirilatthayakorn pledged to increase Chinese tourists by 2-3 million over his four months in office, and Mr Chai said to achieve this vow, flight capacity for domestic and international routes should be maximised simultaneously to cater to growing demand, while safety measures must be heightened.

He said TCT plans to meet with the tourism and sports minister to share its concerns regarding the tourism industry.

Mr Chai said the council is requesting dedicated measures for hotels and tourism operators in the seven provinces along the Thai-Cambodian border, such as tax reductions and social security aid as tourism remains sluggish in these areas.

Equity strategists are raising their year-end estimates for the Stock Exchange of Thailand (SET) index, citing improving domestic political stability and likely interest rate cuts under the new Bank of Thailand governor that could lift corporate earnings and investor sentiment.

Apichat Poobunjirdkul, senior strategist at Tisco Securities, said the formation of a new government and the arrival of a new central bank governor at the start of this month have reinforced market confidence.

Although the government only has four months in office, the inclusion of respected technocrats in key ministries is seen as a constructive move. If policy implementation proves effective and aligns well with the central bank, Mr Apichat expects sustained market support for the rest of the year.

Tisco believes the Monetary Policy Committee will cut its policy rate once more in the final quarter of the year, most likely at the December meeting, due to subdued domestic demand, weaker external conditions, contracting loan growth, deteriorating credit quality, and persistently high household debt.

Two additional cuts are expected in the first half of 2026, leaving the policy rate at 1.25% at the end of this year and 0.75% by year-end 2026.

Historical data since 2000 shows the SET typically reacts positively to easing cycles, delivering average gains of 25% in four of the last five down cycles. The only exception was during the 2020 Covid-19 outbreak.

The current cycle, which began in October 2024, is expected to bottom out by mid-2026, he said.

Tisco projects support for the index at 1,260-1,270 points, with further downside at 1,200-1,220, while resistance stands at 1,315 and 1,360 points.

Meanwhile, weakening US economic indicators, uncertainty over President Donald Trump’s policies, geopolitical risks, and a US government shutdown all favour gold, said Mr Apichat.

Asia Plus Securities (ASPS) also sees a supportive backdrop for Thai equities in the last three months of 2025. External risks, including controversies regarding US tariffs and political noise, have eased while excess liquidity from global fund flows and search-for-yield dynamics should underpin the market, noted the brokerage.

ASPS expects the Thai index to trade between 1,250 and 1,420 points, building on nearly 20% gains in the previous quarter.

As US equities are trading at all-time highs, the brokerage sees risks for global volatility and profit-taking emerging. In contrast, Asian markets, with earnings yields of 6-8% compared with 3% in the US, remain attractive, particularly as Federal Reserve rate cuts typically benefit emerging markets.

ASPS recommends non-financial stocks and seasonal plays such as tourism, hotels, and consumer sectors, which tend to perform strongly in the final quarter of the year.