Economy News
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Sponsored A World Kindness Day: Spread kindness, prevent illness - Get your 10% discount
With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
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GHB to launch loan app offering 8,000 to 1 million baht loans
The Government Housing Bank (GHB) is set to launch an application-based loan service aimed at small businesses, offering loans ranging from 8,000 to 1 million baht, with interest rates as determined by the Bank of Thailand (BoT). The Director of GHB, Withai Rattanakorn, announced that by next year, the bank targets to accelerate plans to enhance social support and long-term…
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Thailand’s drought and pests slash coconut yields, prices soar
The Agriculture Ministry revealed that the country’s mature coconut yield is expected to plummet to just 0.86 million tonnes this year, a sharp drop from last year’s 0.94 million tonnes. Blame it on a double whammy of prolonged drought and pesky infestations ravaging the country’s coconut trees. The knock-on effect is already being felt in the markets. Commerce Minister Pichai…
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Pump up: PTT station drops petrol prices by 0.50 baht per litre
PTT Station announced a reduction in retail petrol prices by 0.50 baht per litre for all types of gasoline and gasohol, effective today, October 17 after 5am. The new prices will come into effect starting today. The announcement from PTT Station outlines that the price for regular petrol will now be 43.64 baht per litre. Gasohol 95 will be available…
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Billion-baht investment boosts Pattaya’s Terminal 21 mall
The bustling beachside retreat of Pattaya is about to see its shopping scene taken to new heights. Land and Houses (LH), one of the country’s largest property developers, announced a massive 5.7 billion baht investment in its Terminal 21 Pattaya shopping mall, proving that the city’s economic potential is glowing as bright as its beaches. Terminal 21 Pattaya, which opened…
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Bank of Thailand slashes interest rates after four-year freeze
The Bank of Thailand (BoT) has stunned financial markets by slashing its key interest rate for the first time in four years, buckling under mounting pressure from the government to revive the sluggish economy. The unexpected move saw the one-day repurchase rate trimmed by 25 basis points, bringing it down to 2.25% from its 10-year high of 2.50%. This decision…
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Nok Air takes off again: Ready to ‘baht’ back in business
Nok Air is plotting a major comeback, with a 5 billion baht cash injection on the cards for 2025. The Thai low-cost airline, which entered business rehabilitation in 2021, is now eyeing an exit in 2026, as CEO Wutthiphum Jurangkool outlines a path to financial recovery. In an interview with Bangkok Business, Wutthiphum revealed the funds will be used to…
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Thailand Cabinet hits the right note with concert campaign
In a major bid to turn up the volume on tourism, the Thai Cabinet has launched a sensational music campaign aimed at luring world-famous artists to rock out in Thailand! With the goal of boosting both tourism and investment, it’s time for the Kingdom of Thailand to take centre stage. At a press conference yesterday, October 15, Prime Minister’s Office…
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Thailand boosts economy with overseas workers
Thailand has seen a significant boost in its economy, with over 55,000 workers sent abroad during the 2024 fiscal year, resulting in more than 270 billion baht added to their families’ incomes. Labour Minister Phiphat Ratchakitprakarn visited 364 Thai workers yesterday, October 11, who were undergoing pre-departure training before heading to Taiwan, Israel, and Japan. Among these workers, 321 are…
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Young Thais increasingly rent homes due to high prices
A recent survey by DDproperty reveals that young people are increasingly opting to rent homes rather than buy them due to high prices and insufficient savings. Concerns about managing financial liquidity in an uncertain economy also play a significant role in this trend. The survey highlights that financial factors are the primary reason why consumers prefer renting. More than half,…
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Top 10 most developed provinces in Thailand (Excluding Bangkok)
Thailand is divided into 76 provinces, each contributing to the nation’s vibrant tapestry. Among them, certain provinces stand out for their technological advancements and economic prowess. For instance, Chonburi, recognised as the most advanced province in terms of industrial development and tourism, showcases how innovation can thrive alongside natural beauty. These developed provinces not only lead in technology but also…
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Thai tunes set for world domination with PUSH & PULL strategy
Thailand is turning up the volume on the global stage. The Creative Economy Agency (CEA) joined forces with the National Soft Power Strategy Committee to launch its bold PUSH & PULL strategy, aiming to make Thai music a global sensation. With plans to send local artists to top international festivals and attract music industry bigwigs to Thailand, the country’s soft…
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New chairman could spell economic disaster, warns ex-bank boss
The race to appoint the next Bank of Thailand (BoT) board chairman has taken a dramatic turn as former governor Tarisa Watanagase warns that a bad choice could plunge the economy into chaos. In a fiery Facebook post, Tarisa urged the panel selecting the new BoT chair to exercise extreme caution, stressing that appointing the wrong person could open the…
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Thailand gets into gear as US-China tensions boost its economy
As the United States and China continue their economic tug-of-war, Thailand has ultimately emerged as an unexpected beneficiary on the global stage. The Southeast Asian nation is poised to become a formidable player in the electric vehicle (EV) industry, a development that could reshape the automotive landscape in the region and beyond. This revelation came to light during the 4th…
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Finance Ministry to open new welfare card registrations in March
The Ministry of Finance plans to open new registrations for the State Welfare Card early next year, around March. This follows the last registration period from September 5 to October 31 back in 2022, aiming to review the eligibility of participants every two years. Currently, the number of registered users has decreased from the previous 14.9 million to approximately 13.5…
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Finance ministry urges higher inflation target for policy rate flexibility
The Finance Ministry suggested adjusting the inflation target for next year to a range of 1.5 to 3.5%, up from the current 1 to 3%, to grant the Bank of Thailand (BoT) more flexibility in lowering the policy rate. A ministry source, who wished to remain anonymous, indicated that this change would enable the central bank to reduce the policy…
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Thailand’s LGBTQI+ discrimination costs the economy big time
Thailand’s economy is losing billions, and discrimination is the culprit. A new report by Open for Business reveals that LGBTQI+ exclusion is costing the nation a staggering 51.8 to 121.8 billion baht annually. This shocking figure comes from a mix of lost wages, healthcare costs, and missed economic opportunities, all linked to ongoing discrimination against the LGBTQI+ community. The report,…
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Thailand welfare card benefits updated for October
Thailand’s Comptroller General’s Department has updated the welfare card benefits for October. Eligible individuals will receive various allowances and benefits starting this month, including purchasing allowances, transport subsidies, and additional disability payments. The welfare card benefits for October began on Tuesday, October 1. Teeraporn Phasuk, Deputy Director-General of the Comptroller General’s Department and spokesperson for the department, stated that those…
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Penny-wise, pound foolish: Thailand’s budget delay leaves fiscal year in arrears
The Government of Thailand’s delayed budget approval led to significant underinvestment in the previous fiscal year, according to the Comptroller General’s Department (CGD). The state budget for the fiscal year is divided into a fixed fund and an investment fund. For fiscal 2024, which ended on September 30, the fixed fund amounted to 2.8 trillion baht (US$84 billion), covering expenses…
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Agriculture minister vows to expedite debt relief for farmers
Ekaphap Phonsue, spokesperson for the Ministry of Agriculture and Cooperatives, revealed that Saikrai Pimbueng, a committee member and secretary of the Farmers’ Rehabilitation and Development Fund (FRDF), recently met with Narumon Pinyosinwat, the Minister of Agriculture. The meeting aimed to discuss policies and actions concerning Thai farmers’ issues. Saikrai detailed that since 2019, the previous government had considered restructuring farmers’…
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AIS launches 5G movie package for youths at 299 baht monthly
AIS ZEED 5G launched the AIS ZEED 5G Movie Lover package, catering to youngsters who love watching movies and entertainment content both in cinemas and online. This package offers one free cinema ticket per month and a second ticket for just 50 baht at Major Cineplex theatres nationwide. Additionally, subscribers receive 10 gigabytes of high-speed Internet for streaming premium content…
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Thai Airways to issue new shares worth 42 billion baht
Thai Airways International Plc (THAI) is set to issue new shares valued at a minimum of 42 billion baht by December, marking a significant move towards concluding its court-monitored debt restructuring and resuming trading on the Stock Exchange of Thailand (SET). The national airline plans to offer 6.81 billion new shares to creditors as part of a debt-to-equity swap, as…
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Thailand’s bold plan to regulate sex work sparks heated debate
Thailand Prime Minister Paetongtarn Shinawatra’s government is stirring up controversy with a proposal to develop an entertainment complex aimed at formalising underground businesses—sex work included. The plan is designed to bring these industries into the formal economy, making them taxable, and, in the long term, funding welfare programmes in education, public health, and infrastructure. But the proposal has ignited a…
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Lettuce pray: Market shoppers face steep prices ahead of Pattaya Vegetarian Festival
The Rai Vanasin Market in East Pattaya was buzzing with anticipation yesterday as eager shoppers scrambled to stock up on fresh produce for the upcoming Pattaya Vegetarian Festival, which kicks off today, October 2 and runs until October 12. However, as the crowds grew, so did the prices – with many vegetables seeing eye-watering surges just days before the festival…
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Thailand to increase minimum wage to 400 baht by year-end
Thailand’s Labour Ministry has assured the public that a minimum wage increase to 400 baht will be implemented nationwide by the end of the year, as stated by Phiphat Ratchakitprakarn, the Labour Minister. The tripartite wage committee is currently awaiting the official appointment of two new members: the Permanent Secretary of the Ministry of Labour and the Director-General of the…
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PTT station to lower petrol prices, diesel remains unchanged
PTT Station will lower petrol prices today, while diesel prices remain unchanged. PTT Station announced a reduction in retail petrol prices by 30 satang per litre across all types of gasoline yesterday, September 30. This change will take effect from 5am today, October 1. Petrol prices will be adjusted as follows: gasoline will be 43.14 baht per litre, Gasohol 95…
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Finance ministry sees record revenue of 14.4 billion baht
The Ministry of Finance announced that the Treasury Department has achieved record-breaking revenue collection for the fiscal year 2024, amounting to 14.4 billion baht. This represents a 57.9% increase from the previous year and exceeds projections by 25.4%, marking the highest revenue since the department’s establishment on September 30, 1924. The Deputy Minister of Finance, Paophum Rojanasakul attributed this remarkable…
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Thailand’s local businesses get a global boost: It’s time to trade up
Strengthening Thailand’s local businesses to compete on the global stage could be a game-changing strategy for revitalising the national economy, according to Bank of Thailand Governor Sethaput Suthiwartnarueput. Sethaput is advocating for the implementation of “globally competitive localism,” a concept that leverages the strengths of local entrepreneurs, such as cultural assets, to create value-added products and services. This, he believes,…
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Reel deal: Thai man is squids in with government digital wallet
Among the many recipients of the government’s digital wallet handout is a 66 year old Thai man who transformed his share into a thriving small business selling grilled squid. State welfare cardholder Suwit Inrat, also known as Uncle Ood, received the handout money via his Krungthai Bank account around 2am today, September 27, prompting Suwit to spring into action. With…
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Gen Z goes wild for Thailand’s ‘Mutelu’ faith economy
A new survey by Zanroo, a social media data expert, revealed that young Thais are leading the charge in an occult frenzy, racking up billions of engagements online. Zanroo’s study found that Gen Z, those aged 12 to 27, show the highest interest in Mutelu – a term derived from the Indonesian horror film Mutelu: Occult War. The word now…
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Gypsy cash dash: Phuket locals swarm ATMs for 10k baht handout
Hundreds of sea gypsies in Phuket flocked to ATMs at Laem Tukkae, Koh Sirey, Ratsada subdistrict on Wednesday, September 25, as part of the Thai government’s 10,000 baht handout scheme for vulnerable citizens. The scheme, aimed at state welfare cardholders and disabled individuals, is part of a broader economic stimulus programme. A national report noted that the sea gypsies, still…
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