- Business News
Thailand and China agree on permanent visa-free travel from March
Thailand Prime Minister Srettha Thavisin today announced a new permanent visa-free agreement between Thailand and China during a Cabinet meeting. This arrangement, set to start on March 1, will allow citizens from both nations to travel to each other’s countries without prior visa applications. This move marks an enhancement to Thailand’s existing visa-free policy for Chinese visitors, initially slated to run…
- Business News
Bitcoin surges above 1.537 million baht marking a significant peak
With a noteworthy rise of 3%, Bitcoin surged above US$45,000 (1.537 million baht) today, marking its first significant peak since April of the previous year. This considerable leap has signalled an auspicious start to 2024 for the world’s leading and most recognisable cryptocurrency. Earlier in the day, Bitcoin had reached an impressive 21-month high of US$45,386 (1.550 million baht). It…
- Business News
Thailand’s economy braces for slow growth
Thailand’s economy is set to experience slow growth in the coming years, with GDP forecasts for this year ranging between 3-3.4%. Several factors, including sluggish growth in exports, subdued Chinese demand for consumption and tourism, geopolitical risks, and a shortage of skilled workers, are expected to influence this. Despite these challenges, industry executives are optimistic and are devising strategies to…
- Business News
Thai hospitality groups eye global expansion amid tourism recovery
The global tourism recovery has spurred Thai hospitality groups to broaden their horizons beyond domestic borders, tapping into the robust demand in numerous destinations. In the previous year, many hotel management companies reported substantial profits, with some even witnessing their average daily room rates surpass 2019 levels, particularly in prime locations. Minor International (MINT), the largest hotel chain in Thailand,…
- Aviation News
Thai authorities craft national oil proposal to boost sustainable aviation fuel
In a bid to bolster the aviation industry’s effort to curtail carbon dioxide emissions, Thai energy authorities are in the process of crafting a novel national oil proposal. The blueprint will cater to the evolution of Sustainable Aviation Fuel (SAF), a biofuel variant for aircraft. The appeal of SAF lies in its strong resemblance to jet fuel in terms of…
- Thailand News
Bangkok developers warned over glut of affordable condos and townhouses
Real estate developers in Greater Bangkok should tread carefully when introducing new condos and townhouses priced under 2 million baht (US$58,241) due to a significant backlog of unsold units, warns Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC). Vichai highlighted that the condo and townhouse market for units priced under 2 million baht (US$58,241) experienced a slowdown…
- Business News
Thai investors anticipate surge in depositary receipts popularity in 2024
Executives anticipate a surge in the popularity of depositary receipts (DRs) among Thai investors this year, with the investment tool offering a gateway to high-profile foreign stocks, risk diversification, and potential high returns. As they have become more prevalent on the Thai bourse, investors held DRs worth around 16 billion baht (US$466 million) on the Stock Exchange of Thailand (SET)…
- Business News
Thailand’s economy projected for strong recovery and growth in 2024
Thailand’s economy is in a promising state of recovery, as projections indicate a boost in both domestic demand and tourist arrivals. With the resurgence of most industries and the emergence of tech-driven sectors like electric vehicles, there is a wave of optimism that the country’s economic growth will significantly strengthen in 2024. Six industries are predicted to experience rapid growth…
- Business News
AI set to revolutionise HR processes in 2024
The transformative power of artificial intelligence (AI) in the field of human resources (HR) was the primary topic of conversation at a recent meeting among strategic people and HR leaders. Industry reports are beginning to showcase how these conversations align with the evolving reality. HR is no longer a purely administrative function; it must lead transformative initiatives, with many professionals…
- Economy News
World bank and ADB downgrade Thai GDP growth predictions for 2024
The economic forecast for Thailand in 2024 is uncertain as the World Bank reduces the country’s GDP growth estimate from 3.4% to 2.5%. Factors influencing this include weak exports and fiscal consolidation. Furthermore, the Asian Development Bank (ADB) also downgraded its Thai GDP growth prediction from 3.5% to 2.5% for the same reasons. Looking towards 2024, GDP is expected to…
- Thailand News
Huge deficit in 2025 fiscal year
The government has laid bare its plans for the 2025 fiscal year, unveiling a colossal budget deficit of 713 billion baht. This unprecedented move comes hand in hand with a staggering increase in spending, soaring to 3.6 trillion baht, leaving citizens and experts alike scratching their heads. The ambitious forecast also includes a predicted gross domestic product (GDP) growth of…
- Business News
Thailand’s struggle with informal debt likened to modern-day slavery
The struggle with informal debt, described as a form of modern-day slavery, has been prioritised on a national level by Srettha Thavisin, the Prime Minister. A vast number of individuals are trapped in both formal and informal debt cycles, with interest rates for the latter often surpassing the 15% legal limit. The government’s estimated informal debt stands conservatively at 50…
- Economy News
Thailand’s fiscal position geared to absorb potential economic shocks
According to Pornchai Thiraveja, the director-general of the Fiscal Policy Office, Thailand’s robust fiscal position is well-equipped to buffer any potential economic shocks. The country boasts a fiscal space substantial enough to absorb crises equating to 10% of the GDP. The Thai financial institutions are stable economically, with a 19.9% Bank for International Settlements ratio, which is well above the…
- Business News
Bitcoin value dips as traders speculate on potential US ETF impact
Bitcoin’s value fell by 2.4% in the last 24 hours, trading at US$42,400 (1.4 million baht) on yesterday in Singapore. This comes as traders speculate on how the potential approval of the first US exchange-traded funds (ETFs) investing directly in the digital asset could impact crypto markets. Despite the recent dip, Bitcoin has seen a significant rise of 156% this…
- Economy News
Thailand urges Australia to expand trade and investment ties
The Commerce Minister of Thailand, Phumtham Wechayachai, has urged Australia to broaden their trade and investment ties, as well as discover new avenues for economic collaboration. Following his recent discussion with Australian ambassador Angela Macdonald, he revealed that Thailand views Australia as a vital ally in the Pacific and a key collaborator in devising joint economic strategies to enhance trade,…
- Economy News
Long-haul tourism to boost Thai tourism revenue in 2024
The Tourism Authority of Thailand (TAT) anticipates that long-haul tourism will significantly bolster Thai tourism revenue in 2024, contributing seven percentage points more than pre-pandemic levels. This was discussed last week as the Minister for Tourism and Sports, Sudawan Wangsuphakijkosol, met with TAT executives to deliberate on next year’s market strategies. The government has set a goal of 3.5 trillion…
- Transport News
Tourism operators demand improved marine safety in Thailand
Recurring incidents of marine accidents in Thailand’s popular tourist destinations have prompted tourism operators to call on government authorities for an improved marine safety with alert system and tighter regulation of unlicensed boats. This plea comes in the wake of multiple boat sinkings in the Andaman Sea and the Gulf of Thailand. Numerous tourism boats, operating in highly frequented locations…
- Business News
PTT helps Thai government lower power tariffs using contract breach fine
PTT Plc, Thailand’s national oil and gas conglomerate, is slated to assist the government in lowering the power tariff in the early part of next year. This is to be achieved through the utilisation of 4.3 billion baht (US$124) from a fine imposed on its gas supplier for a breach of contract, according to an energy official. An inside source…
- Business News
Thailand’s cabinet approves one-year import permits for animal feed raw materials
The cabinet has greenlit policies for next year’s import of raw materials required in animal feed production, such as animal feed corn, soybean meal, and fish meal. The intention behind this move is to back local production. A significant change in this year’s policy is the annual approval of import permits, a reduction from the previous term of three years.…
- Business News
Government confirms plans to increase daily minimum wage in January
The government has confirmed plans to raise the daily minimum wage in January, according to Prime Minister Srettha Thavisin. This is in line with an earlier agreement made by the tripartite wage committee, composed of government, employer and employee representatives. However, the Prime Minister, who also serves as the finance minister, has considered the agreed 2.37% increase insufficient. Prime Minister…
- Business News
Myanmar’s central bank extends deadline for exporters’ foreign earnings deposit
A mandate issued by the Central Bank of Myanmar demands exporters shipping goods beyond Asian territory to deposit their foreign earnings in domestic banks within 90 days, a significant increase from the previous 60-day requirement. The central bank, in a statement released on Monday, also directed companies exporting within Asia to deposit their earnings within 45 days, rather than the…
- Business News
Thailand braces for Houthi attacks impact: export activities remain unaffected
With the recent Houthi attacks on pivotal shipping routes in the Red Sea, the Commerce Ministry of Thailand is strategising both immediate and long-term measures to mitigate the potential fallout. Despite these attacks, the ministry has confirmed that the country’s export activities remain unaffected. The ministry’s permanent secretary Keerati Rushchano, following an urgent meeting with the Thailand National Shippers’ Council…
- Business News
Rice prices surge to 15-year high amid demand and El Niño concerns
Rice prices have surged to a 15-year high amid growing concerns about the impact of increased demand and the effects of El Niño on supplies. The grain, a dietary staple for billions of people in Asia and Africa, saw its cost rise 2.5% last week, reaching US$650 a tonne, the highest point since October 2008. This information, provided by the…
- Business News
Thailand eyes pre-pandemic tourism levels by 2024, revamps VAT refund process
Thailand, a popular tropical destination, is anticipating a return to near pre-pandemic tourism levels by 2024. In 2019, the country welcomed nearly 40 million overseas visitors, contributing 12% to the nation’s GDP. However, the Fiscal Policy Office projects a recovery to approximately half that number this year, following the pandemic, and predicts a return to 90% of the 2019 levels…
- Economy News
Thai wage committee upholds 2.37% minimum wage increase
Yesterday, a senior government official announced that the tripartite wage committee has decided to uphold their previously agreed-upon plan to increase the average daily minimum wage by 2.37%. The committee, consisting of representatives from the government, employers, and employees, has agreed to uplift the pay threshold range to 330 to 370 baht, starting in January. This was confirmed by Pairoj…
- Business News
Grab Thailand reveals omni commerce and outdoor integration as top 2023 trends
In the Food and Grocery Trends Report 2023 recently revealed by Grab Thailand, it was highlighted that omni-commerce and the integration of digital platforms with outdoor activities are the preferred delivery methods. The report also listed som tum poo pla ra (papaya salad with crab and fermented fish) and coffee as the most sought-after menu items of the year, with…
- Business News
Thai industries shift from traditional car parts to electric vehicle components
A deal has been struck between the Federation of Thai Industries (FTI) and global car manufacturers to aid approximately 1,700 local auto parts manufacturers in transitioning from the production of traditional internal combustion engine (ICE) car parts to those for electric vehicles (EVs). Evolving global campaigns for zero-emission vehicles necessitate this shift. The FTI is facilitating collaborations between local manufacturers…
- Business News
Exports grow for fourth consecutive month in Thailand misses projections
November marked the fourth consecutive month of growth for Thailand’s customs-based exports, which saw a 4.9% rise from the same period last year, according to data from the customs department. However, this fell short of the projected 6.3% year-on-year increase anticipated in a Reuters poll. Last month, October had witnessed an 8% year-on-year rise. In an unexpected turn, imports for…
- Business News
Thailand outlines cloud first policy to become Southeast Asia’s AI hub
As part of its vision to become Southeast Asia’s artificial intelligence (AI) hub by 2027, Thailand is strategising to attract more foreign technology investment in cloud data centres. The country’s Digital Economy and Society (DES) Minister, Prasert Jantanaruangthong, has outlined a plan to achieve this aim through a cloud-first policy. This policy emphasises public usage of a single digital ID…
- Business News
NBTC commissioners call for resolution on True Corporation-DTAC merger complaints
Recently, an urgent letter was sent to the National Broadcasting and Telecommunications Commission (NBTC) board chairman by four of its commissioners. The letter, authored by Thanapant Raicharoen, Suphat Supachalasai, Pirongrong Ramasoota, and Somphob Purivikraipong, called for a resolution to public complaints concerning the merger between True Corporation and Total Access Communication (DTAC). These complaints have been accumulating over several months…
