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The Bank of Thailand claims it has not observed deflation in the Thai economy, even as it lowered its inflation forecast for this year to 0%, driven by declines in energy and fresh food prices.

Speaking after the Monetary Policy Committee’s (MPC) meeting on Wednesday, committee secretary Sakkapop Panyanukul said the Thai economy shows no indication of entering a deflationary phase. He said deflationary risks remain low as most goods and services continue to see stable or rising prices.

“Price increases have not been broad-based, occurring mainly in energy and raw food items. Despite tighter financial conditions in the business sector due to slower bank loan growth, there are still no signs of deflationary risk,” he said.

Mr Sakkapop said the central bank will continue to monitor goods and services prices to assess potential deflation risks going forward.

The MPC lowered its headline inflation forecast on Wednesday to 0% for 2025, down from a previous outlook of 0.5%, and expects inflation of 0.5% in 2026. The inflation rate is projected to gradually return to the target range of 1-3% by early 2027.

The lower inflation outlook is mainly driven by supply-side factors, including falling global crude oil prices, government measures to reduce domestic retail fuel prices, and lower raw food prices following favourable weather conditions that increased supply, he said.

Meanwhile, core inflation is expected to remain steady at 0.9% in both 2025 and 2026, while medium-term inflation expectations among the private sector remain well-anchored within the central bank’s target range.

In addition, the MPC cut Thailand’s GDP growth forecast for this year to 2.2%, down from 2.3%, and lowered the 2026 projection to 1.6% from 1.7%, citing slower growth momentum in the third quarter and the impact of US tariffs on Thai exports.

However, Mr Sakkapop said the actual impact of US tariffs on Thai exports has been less severe than anticipated.

The MPC projects exports to grow by 10% this year before contracting by 1% in 2026. Under this scenario, the central bank plans to maintain an accommodative monetary policy stance throughout 2026.

The panel also voted 5-2 at the meeting to maintain the policy rate at 1.50%. Two members voted to reduce the rate by 0.25 percentage points to 1.25%, arguing a more accommodative policy would better support economic recovery, ensure favourable financial conditions, and ease debt burdens for small and medium-sized enterprises and vulnerable households.

The Bank of Thailand’s policy rate remains the third-lowest in the world, behind only Switzerland and Japan.

AS EXPECTED

Nuttaporn Triratanasirikul, deputy managing director of Kasikorn Research Center (K-Research), said the MPC’s decision aligned with its forecast as economic conditions have not significantly diverged from the central bank’s earlier assessment.

She said the new government’s stimulus measures are expected to bolster economic growth in the final quarter, which was previously forecast to remain relatively flat year-on-year with exports contracting following the US tariff measures.

“Considering the impact of the government’s stimulus, the likelihood of a technical recession in the last quarter is very low,” Ms Nuttaporn told the Bangkok Post.

She said Kasikornbank maintains its projection for a Thai policy rate trim in December, down to 1.25% by year-end.

“However, if the stimulus package substantially lifts GDP growth in the final quarter, the MPC may opt to keep the rate unchanged at its December meeting,” said Ms Nuttaporn.

K-Research projects another Thai interest rate reduction in the first half of 2026, as overseas shipments are expected to feel the full-year impact of US tariffs, including sector-specific duties on products such as semiconductors and pharmaceuticals, she said.

Veeravat Virochpoka, head of research at FSS International Investment Advisory Securities, said after three consecutive rate cuts, the Bank of Thailand likely believes it can manage economic conditions at the existing rate.

Given the expected slowdown in the global economy in the fourth quarter and early 2026, the central bank may be reserving its policy space for a potential rate cut in December, said Mr Veeravat.

The Toronto Blue Jays beat the New York Yankees 5-2 on Wednesday to send the Yankees packing in the Major League Baseball playoffs, as the Cubs and Tigers stayed alive.

Toronto won the-best-of-five American League division series 3-1 to advance to the American League Championship Series for the first time since 2016.

They’ll face either the Seattle Mariners or Detroit Tigers for a place in the World Series.

Detroit downed the Seattle Mariners 9-3 to level their American League series at two games apiece.

The Chicago Cubs edged the Milwaukee Brewers 4-3 to pull within 2-1 in their National League division series.

The reigning World Series champion Los Angeles Dodgers were vying for a series sweep when they hosted the Phillies later Wednesday after taking the first two games of their National League series in Philadelphia.

The Yankees, winners of 27 World Series titles, had rallied from five runs down to fend off elimination on Tuesday, but they couldn’t find another win against the Blue Jays – who had pipped them to the American League East division title.

Vladimir Guerrero Jr singled in a run to put Toronto on the board in the first inning.

Ryan McMahon pulled New York level with a home run in the third, but the Blue Jays inched back in front with a run in the fifth on George Springer’s sacrifice fly after Ernie Clement and Andres Gimenez led off the inning with singles.

Nathan Lukes gave the Blue Jays a bit of breathing room with a two-run single up the middle off Yankees reliever Devin Williams with two outs in the seventh that pushed Toronto’s lead to 4-1.

The Blue Jays added one run in the eighth and survived a bases-loaded jam in the bottom of the inning, the Yankees plating one run in the ninth before Toronto closed it out.

The Yankees, who fell to the Los Angeles Dodgers in the World Series last year, haven’t lifted the crown since 2009.

‘We believe’

In Detroit, Riley Greene and Javier Baez both homered in a four-run sixth inning as the Tigers rallied to beat the Mariners.

Gleyber Torres added a home run in the seventh inning for the Tigers, who fended off elimination in a series that now heads to Seattle for a decisive game five on Friday.

‘We believe,’ Greene said. ‘We’re never out of the game no matter what and we always believe in ourselves.’

National League top seeds Milwaukee made a promising start in Chicago with a run in the top of the first.

But Michael Busch’s leadoff homer ignited a four-run Cubs first inning and Chicago held on.

‘I thought we were just locked in from the beginning,’ Busch said. ‘They happened to give us four runs to win it, but I thought right off the bat, all nine of us kind of gave really good at-bats.’

Brewers first baseman Jake Bauers drove in a run with a single in the fourth inning and homered in the seventh to make it a one-run game.

But the Brewers left the bases loaded in the eighth as Cubs pitcher Brad Keller struck out Bauers to end the inning.

Keller retired three straight in the ninth for the four-out save and the Cubs will host game four at Wrigley Field on Thursday aiming to level the series.

Kunlavut Vitidsarn eased into the second round of the US$475,000 (approx 15.2 million baht) BWF Arctic Open in Finland on Wednesday.

The Thai top seed cruised past Ayush Shetty of India 21-15, 21-16 in his opening match of the World Tour Super 500 event on Wednesday.

Kunlavut will face Yushi Tanaka of Japan in the last 16 on Thursday.

Women’s doubles pair Benyapa Aimsaard and Sabrina Sophita Wedler made an early exit after losing to eighth seeds Hsu Yin-Hui and Lin Jhih-yun of Taiwan 12-21, 13-21.

Women’s singles hopes Ratchanok Intanon and Busanan Ongbamrungphan both reached the last 16 after winning their first round matches on Tuesday.

Second seed Ratchanok defeated Romane Cloteaux-Foucault of France 21-5, 21-12 and will play Tanya Hemanth of India in the last 16.

Fourth seed Busanan defeated Polina Buhrova of Ukraine 21-15, 21-13 in the first round and will next meet Line Christophersen of Denmark.

The two could face each other in the semi-finals.

Mixed doubles world No.3 pair Dechapol Puavaranukroh and Supissara Paewsampran also came through their opener on Tuesday, beating Dutch players Andy Buijk and Meerte Loos 21-7, 21-12 in only 23 minutes.

The third seeds will play Czech pair Ondrej Kral and Tereza Svabikova in the last 16.

Dechapol and Supissara won the China Masters last month, their fourth title this year and sixth overall.

Another mixed pair, Pakkapon Teeraratsakul and Sapsiree Taerattanachai, ended a string of first-round exits after an upset win over fourth seeds Guo Xinwa and Chen Fanghui of China 21-7, 21-15 on Tuesday.

They will play Mads Vestergaard and Christine Busch of Denmark in the last 16 on Thursday.

Also, men’s third seed Christo Popov of France, fifth seed Kodai Naraoka of Japan and Lee Chia-hao of Taiwan all won their opening matches on Wednesday.

Ramayana Water Park in Chon Buri will transform into a world of spooky fun and thrilling adventures, allowing everyone in the family to celebrate Halloween with spectacular shows, exciting activities and magical moments, this month.

All the fun will be presented on three consecutive long weekends. The programme for Saturday to Oct 13 includes an EDM foam party with DJ at Monkey Beach Club, a fire show and a limbo dance at the Double Wave Pool and Halloween workshops for making bags and bracelets.

Adorable mascots will show up for a meet and greet with children on all three days, while delicious Halloween-themed treats and drinks will be available.

The weekends of Oct 23-26 and Oct 31 to Nov 2 will feature a ghost dance show, a Kids Kingdom Game Zone and, of course, a haunted house.

There will also be a Haunted House Mini Challenge offering exclusive Hanuman and Mermaid keychains as prizes, while sweet treats will be given away to kids in the Game Zone.

Ramayana Water Park is located around 20 minutes from South Pattaya and 90 minutes from Bangkok. It is open daily from 11am to 6pm, except Wednesdays.

Thailand’s Department of Disease Control has sounded the alarm over a sharp rise in influenza cases, which have now surpassed 700,000 nationwide, with 61 deaths reported.

As the country transitions into the cooler season, officials are urging vulnerable groups to get vaccinated immediately to curb further spread.

Dr Taweechai Visanuyothin, director of Disease Control Office 9 in Nakhon Ratchasima, said the situation is becoming increasingly worrisome. Between Jan 1 and Oct 8, a total of 702,238 flu cases were recorded across the country, with an incidence rate of 1,081.83 per 100,000 people. The death toll has reached 61, with most of the fatalities occurring among the elderly and young children.

Children aged 5 to 9 years old are the most affected group, followed by those aged under 4 and from 10 to 14. The highest mortality rates were found among people aged 60 and above, followed by those in the 50-59 and 40-49 age brackets, as well as children under four.

‘The changing weather during the end of the rainy season and the beginning of winter is a key factor,’ Dr Taweechai said. ‘It increases the risk of respiratory infections, especially influenza, which is spreading more easily this year.’

Influenza is transmitted through coughing, sneezing or contact with droplets from an infected person. Common symptoms include high fever, runny nose, sore throat, cough, headache, fatigue and muscle aches. The virus can affect people of all ages and often spreads rapidly in crowded environments such as schools, prisons, military camps and workplaces.

To reduce transmission, health officials recommend avoiding crowded places, wearing masks, and washing hands frequently. Vaccination is strongly advised for seven high-risk groups: pregnant women (from four months’ gestation), children aged six months to two years, individuals with chronic conditions such as chronic obstructive pulmonary disease, asthma, heart disease, stroke, kidney failure, cancer patients undergoing chemotherapy, and diabetes.

Also included in the high-risk category are people aged 65 and older, those with thalassaemia or weakened immune systems, individuals with obesity, and people with neurological disabilities who cannot care for themselves. These groups are urged to receive an annual flu shot to lower the risk of severe illness and death.

Health authorities continue to monitor the situation closely and are working to ensure vaccine access across the country. The public is encouraged to remain vigilant and take preventive measures seriously as flu season intensifies.

Some 2,457 hotels across the globe were recognised for their hospitality, out of more than 7,000 hotels. The most outstanding ones are awarded One, Two, or Three Michelin Keys.

Sixty-two hotels in Thailand have been awarded Michelin Keys in 2025, including six Three Keys, 21 Two Keys and 35 One Key. Among the Thai hotels awarded are:

Three Michelin Keys

The Siam, Bangkok.

Phulay Bay, A Ritz-Carlton Reserve, Krabi.

Two Michelin Keys

New: Aman Nai Lert Bangkok.

Sala Samui Choengmon Beach, Koh Samui.

One Michelin Key

New: Dusit Thani Bangkok.

137 Pillars House, Chiang Mai.

In addition to the Keys, The Michelin Guide presented four special awards, recognising hotels for achievements that transcend traditional categories and celebrating excellence and uniqueness in specific areas of hospitality.

Michelin Architecture And Design Award: Atlantis The Royal (Dubai, UAE).

Michelin Wellness Award: Brgenstock Resort Switzerland.

Michelin Local Gateway Award: La Fiermontina Ocean (Larache, Morocco).

Michelin Opening of the Year Award: The Burman Hotel (Tallinn, Estonia).

The Finance Ministry is preparing to review tax deductions and exemptions as part of efforts to address concerns over public debt raised by credit rating agencies.

According to Finance Minister Ekniti Nitithanprapas, the ministry is scheduled to review the medium-term fiscal framework (MTFF), which serves as the government’s fiscal discipline guideline, in November.

Several issues are under consideration, including adjusting the criteria for various tax deductions (which do not require amendments to the Revenue Code), reviewing previously granted tax exemptions, and promoting the use of digital systems for tax filing.

‘Although we have not yet made digital filing mandatory, I believe transitioning to a digital system – while allowing exceptions for those with limited access – will significantly expand our tax base and demonstrate the government’s fiscal discipline,’ Mr Ekniti said on Thursday.

He said current deductions are too scattered and lack a clear framework. The ministry must set an annual ceiling for total deductions to define a clear maximum limit, he said.

The review is expected to be completed by November, and a study team is already working on it, said Mr Ekniti.

Improving tax deductions and abolishing certain tax exemptions would increase government revenue by a considerable extent, he said.

Regarding proposed revisions to tax deductions, Mr Ekniti said he was interested in the Stock Exchange of Thailand’s proposal for an Individual Saving Account system.

Under this approach, individuals are allowed to choose their own investments within a specified limit – whether in stocks, bonds or other instruments. This creates a personal investment framework, eliminating the need to constantly launch new products such as long-term equity funds (LTFs), retirement mutual funds or ESG funds, which often overlap.

He said all these could be combined into a single system, giving people greater flexibility and choice: some may prefer to invest in government bonds, others seeking higher risk can choose equities, while others may invest abroad.

Investors would have greater freedom to select products suiting their preferences and risk appetite.

‘In the past, when the LTF scheme was introduced, everyone rushed to buy units just for tax benefits, but later many of those funds suffered losses. If people are allowed to choose where to invest independently, it would better match their interests and risk preferences,’ said Mr Ekniti.

These reforms are part of the MTFF revisions scheduled for November, aimed at addressing the government’s debt overhang, he said.

Rating agencies adjusted Thailand’s outlook due to three main concerns, including political issues, which the minister said are beyond the ministry’s control.

The second issue is Thailand’s economic growth potential, which the government aims to strengthen by focusing on human capital development and investment in new industries, such as data centres, digital technology and artificial intelligence (AI), areas in which Thailand can compete globally.

The third issue is public debt and the fiscal deficit. He said the government intends to examine the government’s revenue structure to identify where the gaps or leakages lie, as well as review expenditures to determine which areas are overspending.

The administration also wants to emphasise investment spending, said Mr Ekniti.

These steps are likely to be implemented within four months, he said.

The Revenue Department provides several tax deduction categories, covering both personal deductions and investment-related deductions supported by the government.

Examples include investments in Super Savings Fund units, which allow taxpayers to deduct up to 30% of their assessable income, not exceeding 200,000 baht a year; investments in ESG funds, deductible up to 30% of assessable income, not exceeding 300,000 baht; mortgage interest, deductible up to 100,000 baht; and life insurance premiums for policies with a minimum term of 10 years, deductible for the actual amount paid, not exceeding 100,000 baht.

The World Bank has urged Thailand to “play a new game”, breaking free from the middle-income trap to unlock new growth engines.

Thailand must ‘dare to play a new game’ if it wants to escape the middle-income trap and achieve high-income status by 2037, noted the global lender, calling for bold structural reforms, smarter investment in human capital, and a new economic model centred on innovation and competitiveness.

Speaking at the ‘Thailand Economic Outlook 2026’ seminar, Melinda Good, division director for Thailand and Myanmar at the World Bank, said the nation’s traditional growth engines, once hailed for transforming Thailand from a low-income agrarian economy into an upper-middle-income nation within a generation, have stalled for more than a decade.

‘What got Thailand here will not get it there,’ Ms Good said.

‘The growth model that once delivered success is no longer sufficient in a world driven by digital transformation, innovation, and fast-changing global dynamics.’

She said Thailand’s economy has struggled to sustain strong growth in recent years, with GDP expanding by only around 2% in 2025, well below the 5% annual rate needed to achieve high-income status by 2037.

Despite these challenges, the World Bank still believes Thailand has significant potential to regain momentum.

Ms Good urged the country to capitalise on its existing strengths including a strategic location in Southeast Asia, robust digital infrastructure, and a strong global reputation for quality products, channelling these advantages into five key future industries: digital services, advanced and green manufacturing, agribusiness (‘Kitchen of the World’), sustainable and wellness tourism and the creative economy.

To unlock these growth engines, she said Thailand must focus on three versions of competitiveness: green, digital and services.

Ms Good said Thailand’s structural transformation has been frozen for more than a decade, with the share of agricultural employment remaining high and the economy yet to transition meaningfully towards high-value manufacturing or technology-driven farming.

‘Investment in flood management, water management and sustainable agriculture is just as crucial,’ she said. ‘For instance, Thailand’s green water management initiatives in the Eastern Economic Corridor will yield long-term benefits for both sustainability and investment.’

Ms Good said Thailand’s investment in research and development (R and D) and education for future-ready skills remains far below that of economies that have successfully escaped the middle-income trap, such as South Korea, or rapidly advancing peers like Vietnam.

‘Thailand already has many tools in place – from widespread mobile broadband and PromptPay to the Thai ID system and growing foreign direct investment in data centres,’ she said. ‘However, while Thais are highly connected digitally, only about 5% possess intermediate-level digital skills.’

Thailand’s digital startups could attract as much as US$1.8 billion in venture capital annually. To seize this opportunity, the country must urgently invest in digital skill upgrades, said Ms Good.

She also emphasised the need to open up and enhance competitiveness in the services sector by removing regulatory bottlenecks, improving infrastructure and pursuing trade agreements with deeper commitments to services.

‘Thailand’s service sector remains more closed than many of its regional peers, even though it’s among the fastest-growing sectors globally,’ said Ms Good.

‘Liberalising this sector would attract more foreign investment and empower Thai entrepreneurs to compete in digital innovation.’

Thailand has strong advantages in health and wellness tourism, while ‘green services’ offer further potential to drive sustainable growth, she said.

‘Thailand must turn global megatrends into opportunities, especially by going green, going digital, becoming the ‘Kitchen of the World’, leading in digital services and building high-value service sectors,’ said Ms Good.

In October 2026, Thailand is scheduled to host the IMF-World Bank Group annual meetings for the first time since 1991, where global investors and large corporations will gather to discuss precisely these challenges and opportunities, she said.

The Criminal Court has sentenced Kornkanok, known as “Mae Takk,” and Karnpol, known as “Pa Beer”, to 20 years in prison and fined them and their company, K2N Gold Co Ltd, over two million baht for selling falsely advertised gold.

However, the court suspended their prison terms for five years, citing their remorse and efforts to compensate victims.

The Office of the Attorney General filed the case against K2N Gold and three defendants for fraud and violations of the Computer Crime Act, the Consumer Protection Act, and the Direct Sales and Direct Marketing Act. All three pleaded guilty.

The court found that although the gold jewellery sold was genuine, the couple falsely advertised it as 99.99% pure gold and offered free gold giveaways.

This amounted to unauthorised direct marketing, deceptive advertising, improper product labelling, and public fraud, totalling 60 counts. K2N Gold, Karnpol and Kornkanok were each fined 675,000 baht, and the couple were sentenced to 20 years in prison.

However, the court noted the defendants had accepted responsibility, recovered products worth 82 million baht from 3,929 customers, and refunded 57 million baht to 1,610 customers.

They also deposited funds with the court to reimburse 36 remaining victims. Considering their cooperation, the court suspended their sentences for five years.

The Digital Economy and Society (DES) Ministry and the National Broadcasting and Telecommunications Commission (NBTC) have jointly initiated the ‘Internet Khon La Khrueng’ co-payment scheme for mobile internet usage.

The scheme is primarily aimed at helping low-income elderly and disabled people to access the internet to upgrade their digital skills, according to Trairat Viriyasirikul, NBTC’s acting secretary-general.

In addition, the NBTC has asked mobile phone service operators to help subsidise the cost of replacing mobile phones for these groups of people to support the scheme, which also aligns with its plan to shut down the Third Generation (3G) networks soon.

DES Minister Chaichanok Chidchob and his team recently held discussions with NBTC chairman Dr Sarana Boonbaichaiyapruck and Mr Trairat on their organisations’ collaboration to drive the economic recovery.

Mr Trairat said the planned co-payment scheme for mobile internet usage would complement the government’s ‘Khon La Khrueng Plus’ co-payment scheme.

The government’s scheme will provide tools for micro-businesses, households and individuals to upskill digital learning to foster sales.

Mr Trairat said the Internet Khon La Khrueng project will be funded by the NBTC. Final details of the project have yet to be finished.

‘There may be several million people targeted by the Internet Khon La Khrueng project. We’re waiting for several targeted people from the Social Development and Human Security Ministry,’ Mr Trairat said.

Anyone can take part in digital skill training at NBTC’s USO net centres nationwide for free.

Finance Minister Ekniti Nitithanprapas said the government’s ‘Khon La Khrueng Plus’ scheme was allocated 44 billion baht and is expected to bolster gross domestic product (GDP) in the fourth quarter of 2025.

Mr Ekniti said the ministry plans to allocate 10 billion baht from the Board of Investment to provide upskilling and reskilling training for people.

In principle, each of the courses would take around four months to complete.

The skills training courses cover several sectors, such as agriculture teaching, smart farming, automation, artificial intelligence (AI) and data analytics.

‘The skills training programme is partly to help attract investment, as well as bridging the gap of the skills shortage when it comes to labour,’ Mr Ekniti said.

He said the programmes will directly serve the demand side rather than the supply side.