- Business News
Thailand tackles high household debt with new relief programme
Household debt continues to pose a significant challenge for policymakers in Thailand, with fears it could destabilise the economy. The Fiscal Policy Office reports that it stood at 89.6% of GDP by the second quarter of 2024. This marks a slight decrease from the first quarter’s 90.7%, yet it remains alarmingly high when compared to recommended thresholds. Pornchai Thiraveja, director-general…
- Business News
Thailand unveils clean energy plan with 2.9 trillion baht investment
Thailand is advancing its commitment to reducing greenhouse gas emissions with the introduction of a new power development plan (PDP) emphasising clean energy usage. This strategic initiative is part of the broader National Energy Plan, which will be implemented from 2024 to 2037. The plan aims to transform the country’s energy landscape by prioritising renewable energy sources over fossil fuels.…
- Business News
Government extends excise tax cut for entertainment venues to boost tourism
The government has decided to extend the current excise tax reduction for entertainment venues, such as pubs, bars, nightclubs, and cocktail lounges, for another year to bolster tourism. This decision was announced by Deputy Finance Minister Paopoom Rojanasakul following a Cabinet meeting held yesterday, December 24. The extension will see the excise tax rate decrease from 10% to 5% of…
- Business News
Thai economy forecast: 109 billion baht boost from consumer spending
Predictions for the new year indicate a robust economic circulation of 109 billion baht, driven by consumer spending, according to findings from the University of the Thai Chamber of Commerce (UTCC). While this suggests a positive economic trend, many individuals remain cautious with their expenditures. The UTCC’s survey, conducted recently, highlights an anticipated 3.2% increase in spending compared to last…
- Business News
Thai Oil may replace contractors over unpaid wages in fuel project
Thai Oil Plc is contemplating altering the contractors for its Clean Fuel Project (CFP) due to unresolved disputes over unpaid wages to construction workers, potentially causing further delays. This development marks a significant moment for the country’s largest oil refinery by capacity. Unincorporated Joint Venture (UJV), which includes Petrofac South East Asia Pte Ltd, Saipem Singapore Pte Ltd, and Samsung…
- Business News
Grab sees 400% growth in Thailand’s ride-hailing-delivery services
Leading super-app Grab released its year-end statistics for on-demand transport and delivery services in Thailand, revealing significant growth and trends in 2024. The company reported an impressive increase in its ride-hailing and delivery services, driven by both local and international demand. Grab’s ride-hailing services have remained a favourite among users, with the GrabCar Saver option experiencing a remarkable growth of…
- Business News
Thailand’s credit card industry faces toughest challenge in 20 years
The credit card industry in Thailand is bracing for its most formidable challenge in two decades, a situation attributed to an anticipated weak economy next year, as highlighted by the Thai Bankers’ Association’s credit card club. Atis Ruchirawat, chair of the club, emphasised that the unsecured loan sector, encompassing credit cards and personal loans, has already felt the tremors of…
- Business News
Thai SMEs to boost exports to China via e-commerce
The International Institute for Trade and Development (ITD) plans to propose a strategic initiative to the Ministry of Commerce, focusing on cross-border e-commerce (CBEC) to aid small and medium-sized enterprises (SMEs) in expanding their exports to the Chinese market. This move aims to provide SMEs with new opportunities to enhance their presence in China through CBEC channels. Wimon Punkong, Deputy…
