Economy News
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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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Overwhelmed businesswoman registers for Thai government’s debt relief scheme
A businesswoman, burdened with an overwhelming debt, registered for an out-of-system debt relief scheme. She owes money to 14 lenders and faces the daily challenge of finding more than 7,000 baht for interest payments at a rate of 20%. This move comes after the government, under Prime Minister Srettha Thavisin, has been focusing on resolving out-of-system debt issues for citizens…
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House committee formulates 2024 budget proposal
The House committee responsible for scrutinising planning and monitoring budget expenditure is formulating a budget proposal for next year. The proposal is expected to be reviewed by the House in early January. Natthapong Ruangpanyawut, the committee’s chair and a list MP of the Move Forward Party, confirmed that the panel is currently processing budget requests from various state agencies. These…
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Thai Commerce Ministry plans new year mega sale
The Thai Commerce Ministry has unveiled plans for a new year mega sale, an extensive retail event, to alleviate living costs for the local population. The sale, which is being presented as a new year’s gift to the citizens, is set to take place at Muang Thong Thani from December 20 to December 24. The Commerce Minister, Phumtham Wechayachai, reported…
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Hong Kong and Thailand join FPS with PromptPay, unlocking cross-border QR payment linkage
In a move set to redefine international payments, Hong Kong‘s Faster Payment System (FPS) joined hands with Thailand‘s PromptPay, unlocking a seamless cross-border QR payment linkage. Hong Kong and Thailand have unleashed a financial revolution, enabling residents to flex their digital wallets across borders. The cross-border QR payment linkage between Hong Kong’s FPS and Thailand’s PromptPay is set to transform…
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Thai government invites citizens to register debts for resolution
The Thai government is inviting citizens to register their debts, both within and outside the formal system, to alleviate the burden of unregulated debt. This move by Prime Minister Settha Thaweesin and the Ministry of Finance is seen as a national issue, aiming to restore dignity, hope, and stability to Thai citizens suffering from the detrimental effects of unregulated debt.…
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Thai Prime Minister to review proposed energy tariff increase
Srettha Thavisin, the Thai Prime Minister, is set to convene a meeting with the relevant bodies following the revelation that the Energy Regulatory Commission (ERC) intends to surge the energy tariff from 3.99 baht per unit to 4.68 baht per unit from January to April next year. This proposed increase has stirred renewed demands for a revamp of the nation’s…
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Thai Ministry of Interior launches online registration for debt assistance
The Ministry of Interior has initiated a programme to assist citizens struggling with off-system debt, inviting them to enrol either online or in-person from today, December 1, until February 24 next year. This scheme is part of the government’s efforts to alleviate the impact of high-interest-rate debts on the populace. For online registration, individuals can visit the website https://debt.dopa.go.th. The…
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Thailand’s electricity rate of 4.68 baht only a suggestion, says Energy Ministry
The suggested electricity rate of 4.68 baht per unit is merely a proposal, confirmed Energy Ministry spokesperson Pongsapol Yodmuangcharoen today. Emphasising that the final price falls under the purview of the Energy Ministry and is overseen by Energy Minister Peeraphan Salirathaviphak, Pongsapol assured that it won’t be fixed at this figure. He further confirmed that consumers will not face an…
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Singapore and Zurich rank as world’s most expensive cities in 2023
The Economist Intelligence Unit (EIU) recently revealed that Singapore and Zurich share the title of the world’s most expensive city in 2023. Following closely are Geneva, New York, and Hong Kong, maintaining that the worldwide cost-of-living crisis is yet unresolved. The research and analysis division of the Economist Group observed that prices for over 200 frequently utilised goods and services…
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Thailand’s herbal market worth skyrockets to 90,000 billion baht
Minister of Health Santi Prompat highlighted the significant growth in the market for Thai massage and food as a form of soft power for the nation. He also emphasized the rising value of herbal consumption, which has increased to 90,000 billion baht, making Thailand the third highest in Asia. This occurred during a special assembly and policy communication meeting at…
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Thai finance ministry considers beverage tax restructure to boost tourism
A proposed restructuring of the beverage tax framework is under consideration by the Finance Ministry, as revealed by the permanent finance secretary, Lavaron Sangsnit. The restructure aims to bolster tourism and domestic spending. This Friday, Lavaron plans to engage in a discussion with officials from the Customs Department and the Excise Department. The proposed measures align with Thai governmental policies…
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Thailand’s export sector sees recovery with third month of growth
The Director-General of the Fiscal Policy Office, Pornchai Thiraveja, announced that the export sector is showing signs of recovery, marking its third month of consecutive growth. Despite a year-on-year contraction of 2.7% in the value of exports between January and October, monthly figures indicate a resurgence, with an 8% rise in October to US$23.5 billion. Quarterly analysis shows a decrease…
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Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
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Debt dilemma: Households in a financial bind as debt soars, Thai PM pledges change
Thailand is in the grips of a financial crisis, with household debt skyrocketing to a staggering 16.07 trillion baht, a 3.6% surge compared to last year. Thai Prime Minister Srettha Thavisin vowed to address the problem of what he calls debt slavery. The National Economic and Social Development Council (NESDC) yesterday dropped a bombshell, revealing that Thailand’s household debt is…
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Chon Buri’s bright ambition: Aims to be top 10 smart city by 2037
An ambitious vision to elevate Chon Buri into the league of top 10 smart cities globally by 2037 has been revealed by the Eastern Economic Corridor Office of Thailand (EECO). This grand plan, termed the Smart City and Commercial/Residential Hub project, aims to metamorphose a vast expanse of 927.2 hectares in the vicinity of the U-Tapao Airport into a high-tech…
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Thai nightlife gets a glow-up: Cabinet green-lights 4am extended hours for tourist hotspots
The Thai Cabinet has given the green light to a draft regulation set forth by the Interior Ministry, permitting extended hours until 4am at entertainment venues in prominent tourist hotspots. The affected areas include Bangkok, Chiang Mai, Chon Buri, Koh Samui, and Phuket. Aiming to stimulate the country’s tourism sector, the Interior Ministry is at the helm of this initiative.…
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Rice and shine: Thai government dishes out financial aid to farmers through BAAC
The Thai government initiated a financial aid programme for rice farmers, channelling through the Bank for Agriculture and Agricultural Cooperatives (BAAC). Rice farmers will receive 1,000 baht per rai, capped at 20 rai (32,000 squared metres) per household, or a maximum of 20,000 baht per household. This scheme, part of the Rice Farmer Management and Quality Improvement project for the…
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Thailand and Malaysia enhance bilateral relations to boost border trade and tourism
A significant agreement was recently reached between the leaders of Thailand and Malaysia to bolster their bilateral relations, with a specific focus on enhancing border trade and tourism. The Thai Prime Minister, Srettha Thavisin, and his Malaysian counterpart, Anwar Ibrahim, agreed upon this during their working visit at the newly inaugurated Sadao customs checkpoint in Songkhla. Their meeting, which took…
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Commerce carnival: Ministry’s mega discount campaign aims to slash living costs for Thai citizens
In a grand gesture to ease the cost of living for Thai citizens, the Ministry of Commerce is joining forces with over 300 manufacturers, wholesalers, retailers, and convenience stores to roll out a colossal discount campaign. Scheduled to kick off on December 15 and last until January 15, 2024, this initiative is considered a new year present to the public…
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Visa-free travel policies boost global tourism and economy
Countries worldwide are recognising the importance of travel freedom in bolstering their economies and accelerating the recovery post-pandemic. As tourism and trade flourish without border restrictions, governments are implementing strategies to enhance their tourism competitiveness, such as visa-free travel policies and the digitalisation of pre-travel processes. Prominent countries like China and India, with their vast populations, are primary targets for…
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Thai economy rebound: PM unveils bold plan to tackle challenges
Prime Minister Srettha Thavisin outlined a comprehensive plan to tackle pressing economic issues in Thailand spanning agriculture, industry, and debt-related concerns. He unveiled his intentions during a keynote speech at The Standard Economic Forum, stating that the Thai economy’s current state is a subject of contention between himself and the Bank of Thailand’s governor. Despite the debate, the Thai PM…
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Thailand’s smart electronics and IT sectors set for growth with EV production
The Office of Industrial Economics (OIE) anticipates a significant surge in Thailand’s smart electronics, and IT sectors in the forthcoming year. The trigger for this expected growth is the commencement of production by global electric vehicle (EV) manufacturers within the country. The assembly of EVs is heavily reliant on electronics and IT products, hence the increased demand in these sectors,…
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Consumer groups challenge proposed electricity tariff rise
Consumer advocacy groups have opposed the proposed increase in electricity tariffs and have asked the Energy Regulatory Commission (ERC) to review all data used to calculate the Fuel Adjustment Charge (Ft) to ensure fairness to the public. According to Prasart Meetem, the Chair of the Committee on Public Services, Energy and Environment of the Consumer Council, the estimated Ft charge…
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PM Srettha unveils proactive diplomacy for Thai global influence
Prime Minister Srettha Thavisin yesterday unveiled a fresh approach to foreign policy, dubbed proactive diplomacy, aimed at empowering Thai representatives abroad to stimulate trade, investment, and tourism, and enhance Thailand’s global influence. The 61 year old prime minister detailed his proactive diplomacy policy at a yearly gathering, hosted by the Ministry of Foreign Affairs, attended by Thai ambassadors, consul-generals, commerce…
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Q3 slowdown: Thailand economy hits the brakes at 1.5%, falling short of forecasts
With an annual growth rate of 1.5% recorded in the third quarter, Thailand’s economy has shown a slower expansion compared to predictions, according to data released today, November 20. The National Economic and Social Development Council revealed that, from July to September, the economy of Southeast Asia’s second-largest country experienced a seasonally adjusted growth of 0.8% every quarter. However, these…
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All aboard: China’s rail freight trail blazes historic route to Thailand, breaking new ground in cross-border cargo collaboration
A monumental event unfolded at 10am on November 17 as a Chinese freight train, packed with 35 cargo containers, embarked on its maiden journey to Thailand. This is the first official rail freight transport from China to Thailand, made possible through a collaborative effort between the Chinese government and Thai private sectors. The destination of this freight train is the…
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Kazakhstan courts ASEAN investors to become Central Asia’s investment hub
Kazakhstan is reaching out to foreign investors, particularly from the Association of Southeast Asian Nations (ASEAN), in a bid to establish itself as a central investment hub in the Central Asia Region. The Kazakh government has expressed interest in mutual economic development with the Southeast Asian region, according to Deputy Minister of Foreign Affairs Roman Vassilenko. He made these remarks…
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Peruvian culture delights: Thailand’s Peru Embassy promotes food and coffee
In a recent series of events designed to strengthen bilateral ties between Peru and Thailand, the Embassy of Peru in Thailand organised three cultural programs centred around Peruvian food and coffee. The events showcased the richness of Peruvian culture and gastronomy, aiming to introduce the Thai public to the unique flavours and traditions of Peru. The series kicked off with…
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Jatuporn criticises government’s proposed digital wallet scheme
The digital wallet initiative proposed by the government has come under fire from Jatuporn Prompan, a former red-shirt leader and co-leader of the Melting Pot Group. In a livestream on Facebook, Jatuporn voiced his concerns about the ruling Pheu Thai Party’s repeated withdrawal from pledges, including their initial vow not to form a government with ex-coalition parties from the previous…
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Pheu Thai leader discusses soft power at Thailand 2024 beyond Red Ocean seminar
The leader of the Pheu Thai Party addressed the audience on the Soft Power: The Great Challenger during the Thailand 2024 Beyond Red Ocean seminar organised by Prachachat, a newspaper publisher, on November 15. The term soft power has been making rounds in Thailand recently, defined by the Thai government as an influential power that assimilates new cultures through societal…
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