Economy News
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Tourism promotion: TCT urges government to market Thailand as prime retiree destination
Tourism promotion has driven the Tourism Council of Thailand (TCT) to urge the new government to market Thailand as a prime destination for retirees while advocating for regulatory changes that would encourage the development of the tourism industry. The TCT yesterday met with representatives from the Thai Sang Thai Party to discuss these proposed changes, following the party’s consultation with…
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Thailand embraces nuclear fusion tech with Tokamak I milestone
Thailand Prime Minister Prayut Chan-o-cha expressed satisfaction with the progress of the country’s Tokamak I (TT-1) nuclear fusion energy technology, stating its significance in achieving sustainable energy goals. The 69 year old prime minister’s comments came during a presentation on the development of nuclear fusion energy in Thailand, given by Anek Laothamatas, Minister of Higher Education, Science, Research and Innovation (MHESI),…
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Neo Pattaya project revitalises Old Town Naklua with multimillion-baht budget
Pattaya’s deputy mayor, Manoch Nongyai, yesterday oversaw a restoration project at Chalerm Phrakiat Public Park in Old Town Naklua. The initiative is part of the larger Neo Pattaya project, which aims to transform Pattaya into a central hub for commerce and tourism within the Eastern Economic Corridor (EEC) zone. This ambitious endeavour is supported by a multimillion-baht budget, and authorities…
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Thai interest rates raised to 2% by BoT amid core inflation worries
The Monetary Policy Committee of the Bank of Thailand (BoT) anticipates ongoing economic growth with some potential risks, as evidenced by their decision to increase the key Thai interest rates for the sixth consecutive meeting, according to the minutes released recently. On May 31, the committee unanimously agreed to increase the one-day repurchase rate by a quarter point to 2%,…
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Zen Corp and CPF launch ready-to-eat Tummour meal at 7-Eleven stores
If you visit 7-eleven a lot in Thailand, there’s good news for you. Zen Corporation Plc, known for operating restaurant chains such as Zen, AKA, and Tummour, has announced its expansion into the ready-to-eat meal market in a bid to strengthen its long-term business prospects. The company’s chief commercial officer for Thai brands, Siruwat Chatchawan, disclosed that Zen Corporation has…
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Thailand’s tourism rebounds with 11.4 million visitors
Thailand has experienced a surge in foreign tourist arrivals, with 11.4 million visitors recorded from January to June 11, according to a statement released by the Ministry of Tourism and Sports. This figure has already surpassed the total number of tourists in 2022, which reached 11.15 million. The statement also revealed that tourist spending during this period amounted to 472…
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Japanese investors seek Thai tech startups for regional expansion
Thai tech startups have caught the attention of Japanese investors, who are keen to support their expansion into regional markets, according to an executive at Bank of Ayudhya (Krungsri). Southeast Asia, and Thailand in particular, are considered prime investment locations for Japanese investors, who see potential in the country’s high-growth tech startups. Bunsei Okubo, head of Japanese corporate and multinational…
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Thai economy set for boost as tourism and domestic consumption surge
The Thai economy is predicted to experience a boost in the second half of the year, driven by a surge in tourism and domestic consumption, according to the Economic Intelligence Service (EIS) of the Thailand Development Research Institute (TDRI). However, ongoing political instability remains a factor to watch. The EIS forecasts that Chinese tourist arrivals in Thailand will increase by…
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Suvarnabhumi Airport’s SAT-1 terminal set for soft takeoff in September
Suvarnabhumi Airport in Bangkok is set to soft launch its Satellite Airport Terminal 1 (SAT-1) in September, with a full opening planned for early next year. Airports of Thailand (AoT) president, Kerati Kijmanawat, stated that the new 216,000-square-metre facility, with a capacity for 28 aircraft parking bays, aims to address existing issues at the airport. With the ability to accommodate…
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Eggs-traordinary crisis: Thailand’s soaring egg prices crack traders and consumers alike
The soaring cost of eggs in Thailand has left traders and consumers concerned, with some attributing the price hike to a shortage of supplies at farms and increased export demand. Wanchai Rungmitcharatsaeng, a 65 year old egg shop owner in Khon Kaen’s Mueang district, has been in the business for over 20 years and claims that egg prices have reached…
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Thailand urged to boost beauty and wellness market for long-term growth
Thailand’s new coalition government is being encouraged to adopt a consistent policy to support the nation’s beauty and wellness market over an extended period. Ketmanee Lertkitcha, the chairwoman of the health, wellness and beauty industry cluster of the Federation of Thai Industries, highlighted the need for a national strategy to promote this sector, which, along with tourism, plays a crucial…
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Foreign investors target luxury Bangkok condos, India eyes Pattaya properties
Foreign buyers are showing renewed interest in luxury condominiums in Bangkok, with potential investors primarily coming from China, Myanmar and India. Yesterday, Capital One Real Estate and its representatives have reaffirmed that Thailand’s real estate market is showing positive signs as their portfolio value is on track to reach 50,000 million baht (US$1.42 billion). As a result, foreign market sales…
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Thai GDP growth at risk as new government formation faces delays
Concerns are rising within the private sector as the potential delay in the formation of Thailand’s new government could lead to a decline in the country’s GDP growth to 1-2%. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, stated that the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is closely monitoring the political situation. A new government…
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Thai economy could face 36 billion baht hit from extreme weather
Extreme weather conditions, including drought and floods, could potentially inflict a 36 billion baht blow to Thailand‘s economy this year, warns the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). Drought, in particular, is a significant concern as it may severely affect the agricultural and manufacturing sectors, further hindering the country’s already sluggish exports. “Manufacturers are worried about drought…
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Medical glove exports decline amid allergy concerns and easing Covid-19 cases
The export of medical gloves made from rubber latex is expected to continue its decline this year, as Covid-19 infections ease and some countries impose bans on natural rubber gloves due to allergy concerns, according to the Office of Industrial Economics (OIE). The decline in glove exports has been significant since last year, impacting Thailand, Indonesia, and Malaysia, said Warawan…
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Thai coalition parties propose zero-based budgeting for efficiency
The implementation of zero-based budgeting (ZBB) has been proposed by the Move Forward Party (MFP) as part of a 23-point memorandum of understanding signed by eight political parties seeking to form a new coalition government. The MFP argues that the current budgeting system fails to address the public’s needs due to bureaucratic hurdles. ZBB requires state officials to justify expenses…
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Inflation plummets to 21-month low in Thailand as fuel and electricity prices drop
Inflation in Thailand reached its lowest point in 21 months last month, primarily driven by declining fuel prices and electricity bills, along with a higher price base in May of the previous year. Experts predict that the inflation rate will further decrease throughout June. Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, expects inflation for June to…
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Foreign investors sell 100 billion baht in Thai stocks and shares amid global rate rise
In the first five months of this year, foreign investors offloaded almost 100 billion baht worth of Thai shares, with 33.4 billion baht sold in May alone, due to increasing global interest rates and uncertainties surrounding the formation of a new government. Despite this, the Stock Exchange of Thailand (SET) expressed optimism yesterday, believing that the recent easing of the…
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Highway 12 expansion completed, boosting Thailand-Myanmar-Laos economic ties
The completion of Highway 12’s expansion, which connects Thailand with Myanmar, and Laos, is expected to significantly enhance cross-border economic activities among the three nations. Government spokesperson Anucha Burapachaisri announced that Prime Minister Prayut Chan-o-cha is optimistic about the economic benefits the highway will bring, particularly to the residents of Kalasin and Mukdahan in northeast Thailand. Highway 12 forms a…
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Thai exports decline for seventh month as global demand slows
The Thai Ministry of Commerce has reported a decline in the nation’s export value for the seventh consecutive month. In April, the value dropped by 7.6% compared to the previous year, a significantly larger decrease than the 2% fall anticipated by economists. April’s exports were valued at US$21.72 billion, a notable decrease from March’s 12-month high of US$27.65 billion. Despite…
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Thai rice exports valued at 23% more than same period last year
From January to April, Thailand’s rice exports reached 2.79 million tonnes, with an estimated total for the year surpassing 8 million tonnes, according to the government. Prime Minister Prayut Chan-o-cha, expressed optimism regarding the exports being valued at US$1.5 billion (51.2 billion baht) revenue, a 23% increase compared to the same period last year, as reported by government spokesperson Anucha…
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Thailand’s forest rangers push for higher salary
Thailand’s forest rangers are pushing for a higher salary. The Department of National Parks, Wildlife and Plant Conservation in Thailand is calling for a pay raise for approximately 14,000 forest rangers, Thai PBS reported. The department is seeking an increase from the current monthly salary of 9,000 baht to 11,000 baht from the Comptroller Department of the Finance Ministry, effective…
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Thai baht soars as voters back pro-democracy parties
The Thai baht hit a five-week high this morning after pro-democracy parties came out as the biggest winners in yesterday’s General Election after nearly a decade of military-backed rule in Thailand. The baht rallied 0.9% this morning to 33.70 against the greenback for the first time since April 5 after opposition parties Move Forward Pary (MFP) and Phue Thai won the…
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Pheu Thai candidate Dr Silp champions cultural diversity for economic revival
Dr Silp – Silpwichai Noisyamitr, a candidate for the constituency 24 of Khlong San, Thonburi, and Ratchaburana, Bang Pakok, under the Pheu Thai Party, aims to revive the economy with the diverse local culture. Growing up, he was a keen reader of Bangkok’s column in the newspaper, which made him an “active citizen” with a great knowledge of urban development.…
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Thailand’s struggle with high household debt and political promises
Kavita Wongyakasem, a 48-year-old business owner in Bangkok, struggles daily to keep her household afloat. Running a company that provides services for a major energy firm, she owns a house in Nonthaburi, drives a pickup truck, and sends her two daughters to good schools. But beneath the surface, she is eight million baht in debt and lacks any cash savings.…
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US and Thailand advance energy cooperation in recent discussions
The United States and Thailand have recently agreed to advance energy cooperation during talks in Washington, DC. The Office of the Spokesperson for the US Department of State issued a joint press statement revealing that the discussions took place during the third US-Thailand Energy Policy Dialogue, held from April 18 to April 20. Both nations aimed to deepen their ties…
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Thailand accelerates shift to renewables amid global energy crisis fallout
The global energy crisis has prompted Thailand to accelerate its transition to renewable energy after years of hesitation, joining other countries in adopting wind and solar power to reduce dependency on imported fuels. Thailand’s reconsideration of its renewable energy strategy came after a surge in natural gas prices last year caused by Russia’s invasion of Ukraine, according to Wattanapong Kurovat,…
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PPRP offers upskilling for welfare card holders to tackle poverty
The Palang Pracharath Party (PPRP) has proposed new initiatives for the holders of its Pracharath welfare cards aimed at empowering them to break free from the poverty trap. Charnkrit Detwithak, a spokesperson for the party’s election strategy committee, stated that the party leader and prime ministerial candidate, General Prawit Wongsuwon, is focused on core issues and the need to boost…
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Labour Day celebrations amidst scepticism over political promises
As Labour Day is celebrated in the country today, activists have voiced scepticism over political parties’ campaign promises to increase minimum daily wages to seemingly unrealistic levels. For example, the Pheu Thai Party has vowed to raise the minimum wage to a flat rate of 600 baht, while the Move Forward Party has pledged to increase it to 450 baht…
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Thai government to resubmit subsidy proposal to Election Commission
Thailand‘s issues around electricity costs are continuing. Thailand’s Prime Minister Prayut Chan-o-cha remains determined that the government will resubmit a proposed 11 million baht (US$330 million) subsidy for household electricity bills to the Election Commission (EC) for approval. The proposal, which was approved by the Cabinet last week, was previously rejected by the polling regulator, according to an unnamed source.…
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