Economy News
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Sponsored Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
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Thailand’s Zipmex crypto exchange blocks transfers and withdrawals
Another cryptocurrency exchange is in trouble, blocking withdrawals of both cash and crypto from its platform as go 6pm last night. Zipmex Thailand, a crypto-trading platform, has announced that the withdrawal of baht and cryptocurrency on its platform “has been suspended temporarily”. In the announcement, the CEO outlined a number of difficulties and challenges facing the Thai crypto exchange. He…
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Thailand could generate up to US$65 billion in tourism revenue next year, says TAT
Yesterday, the Tourism Authority of Thailand said the country’s tourism industry could generate up to US$65 billion, or 2.38 trillion baht, next year. The revenue could equate to around 80% of pre-pandemic tourism revenue, said Governor of the TAT Yuthasak Supasorn. Comparatively, the TAT expects Thailand to actualise 1.5 trillion baht in tourism revenue this year. Yuthasak expects Thailand to…
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PTT top revenue-earning company in Thailand in 2021
In news that is likely not surprising but probably very frustrating, amid soaring fuel prices, petrol company PTT has topped the list as the highest revenue corporation in Thailand for 2021. The national oil and gas conglomerate breakdancing 1 trillion baht over the last year no doubt thanks in part to huge inflation in the price of oil that has…
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Thailand’s bottled palm oil price drops slightly
After Thailand’s price of bottled palm oil has kept surging and surging for months, it has now finally come down a bit. Prices in department stores and supermarkets on 1 litre bottles have dropped from 69-70 baht, to 64-65 baht. The director-general of Thailand’s Internal Trade Department, Udom Srisomsong, pointed out that prices may differ between stores, though. Udom stressed…
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Is the Thai Baht falling in value?
Yes. And no. Depends on which currency you want to compare it to. Against the mighty USD, absolutely yes. In February this year, the USD was valued at 32.12 baht to the dollar. Now it’s 36.48 baht to the dollar. Good news if you’ve got USD and heading to Thailand. GRAPHIC: xe.com But the story isn’t the same against many…
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Bangkok plans to give city’s hawkers a roof over their heads
Bangkok Governor Chadchart Sittipunt has turned his attention toward the city’s cluttered street vendors as his never-ending crusade to clean up the capital continues. The 56 year old city chief revealed the Bangkok Metropolitan Administration (BMA) is preparing to set up hawker centres as a permanent solution to the chaotic street vendor stalls strewn throughout the city. Hawker centres are…
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US$37 billion smart city gets green light in Pattaya
Plans to build a US$37 billion smart city in Chon Buri got the go-ahead yesterday by the Eastern Economic Corridor Policy Committee. PM Prayut Chan-o-cha, who chaired the meeting, revealed the smart dream hub can be realised thanks to public and private investment in automotive, robotics, healthcare and logistics companies. The investment will create about 200,000 jobs and accommodate 350,000…
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Thailand will produce 25 billion baht of hemp in 5 years
In the next five years, the Thai government wants to make Thailand a regional hub for producing hemp-related products, and it will earn at least 25 billion baht from the exploits, according to Industry Minister Suriya Jungrungreangkit. “Hemp has become an important plant in many countries now as all parts of it can be turned into various types of products…
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A jump in Thailand’s Consumer Confidence Index
Thailand’s economy is slowly but surely making a comeback after being devastated by Covid-19 restrictions. Last week, the University of the Thai Chamber of Commerce reported that Thailand’s Consumer Confidence Index had risen. The country’s CCI rose from 40.2 to 41.6 in June, the UTCC said. This news comes after Thailand’s CCI had been in decline for several months. April’s…
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Poll: 92% don’t earn more than their expenses, oil price main factor
A new poll revealed that over 90% of people are not earning more money than their expenses, and that, of all the expenses people are grappling with in the current economy, oil prices are the main factor they say has the greatest effect on their daily lives. The new poll, conducted by the National Institute of Development Administration, saw the…
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Thailand Post increases rates, pilots 24-hour delivery services
The good news is that Thailand Post will begin 24-hour delivery services, but the bad news is that mail rates have gone up. The new round-the-clock delivery and pick-up service will begin as a pilot project from Thailand Post’s main sorting facility in Chaeng Wattana servicing Laksi, Pak Kret, and Ram Inthra areas. The rate hike is the first in…
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Thai hospitality sector opposes dual accommodation pricing
Many hotels have voiced their opinions over the government’s proposal to adopt dual pricing in the hospitality industry. They described the plan as “impractical” and asked that the government come up with promotions and campaigns to boost tourism instead. A government spokeswoman said yesterday that hotels would be expected to adopt a dual pricing system where Thais would continue to…
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Ferries to Koh Pha Ngan is costing 40% more (and the other islands too)
Business owners on Koh Pha Ngan are demanding cheaper ferry charges after they increased by more than 40% since the start of July, impacting businesses and living expenses. For the average car, the ferry service from Don Sak dock to Pha Ngan with the Raja Ferry increased from 620 baht to 900 baht as of July 1. The Raja Ferry…
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Foreigners may have to pay more for hotels than Thais
Dual pricing could be coming to a hotel near you. That’s if a proposal from the tourism ministry and Tourism Authority of Thailand gets the go-ahead. Yes, despite Thailand tourism officials’ express wish to attract as many foreigners to Thailand, there are plans to increase hotel prices to pre-pandemic levels to boost the recovery of the hospitality industry – but…
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Thailand agrees to build economic community with China
The doom and gloom of the nation’s economy were put to one side momentarily as Thailand and China agreed to build an “economic community with a shared future”, providing a much-needed boost to the kingdom’s prosperity. Thai PM Prayut Chan-o-cha and Chinese Foreign Minister Wang Yi met at Government House yesterday to discuss greater trade, economic cooperation, investment, and connectivity…
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“Thailand should be a luxury and premier holiday destination” – Deputy PM
In the first half of 2022, Thailand welcomed around 2 million international travellers, marking a promising recovery after the Land of Smile’s tourism sector suffered from the outbreak and the restrictions imposed on entry requirements, such as the Thailand Pass. Thailand holiday Thailand holiday But rather than offering significant discounts to attract world travellers, hotels, businesses and private hospitals should…
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Inflation causing a problem for airlines coming to Thailand
The Thai tourism industry is trying to recover as fewer international flights are now arriving due to inflation as prices of fuel are rising. There are also problems in both Europe and the US with flights being cancelled or with long delays, causing additional travel chaos as the world’s travel and aviation tries to recover. World inflation is also hitting…
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Price of made-to-order food surge in Thailand
Price inflation continues to rear its head in Thailand and across the globe. The latest item to get more expensive is made-to-order food. The average price per dish of made-to-order food bumped up by about 3.7 baht or 6.7% in May, according to a year-on-year comparison by the food delivery app Line Man Wongnai. The report said that dishes with…
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Sri Lanka’s doctors and nurses demand fuel and medicine
Sri Lanka’s medical staff is suffering from a shortage of fuel and medicine. Doctors and nurses say they are struggling to find enough fuel to get to work, even though they are designated, essential workers. On top of this, the island nation is suffering power cuts and shortages of food and medicines. On Wednesday, over 100 medical staff from the…
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Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
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To cushion price hikes, Bangkok PT stations will serve 25 baht curry
Price hikes are no fun for anyone, but in the Bangkok area, some groups are trying to cushion the blow of the world’s economic crisis. The Thai Restaurant Association announced today that it will launch a project tomorrow (Monday) to serve curry for 25 baht at PT filling stations across Bangkok and the surrounding area. TRA president Thaniwan Kulmongkol said…
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Thailand plans to negotiate with Saudi Arabia over fertiliser
Thailand is suffering a fertiliser shortage, with the country’s farmers bearing the high costs of imported fertilisers. Now, the Chamber of Commerce plans to negotiate with Saudi suppliers. Saudi Arabia recently allowed 2 of its suppliers to sell fertiliser to Thailand, according to Thai Commerce Minister Jurin Laksanawisit. The International Trade Promotion Department is scheduled to hold a business matching…
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Thai officials say price of bagged rice won’t jump
In the midst of the world’s ongoing price inflation, Thailand’s Commerce Ministry says retail prices on bagged rice will not jump. The chairman of the Thai Rice Packers Association said in a meeting yesterday that the association has cooperated with the Internal Trade Department to freeze retail prices. The Commerce Ministry has noted, however, that some sellers could reduce promotional…
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Phuket officials say local Sunday market rakes in 2 million baht a week
Phuket officials say that a weekly market in the island province’s main city district has raked in at least 2 million baht a week this month. A local leader said the famous “Lard Yai” Phuket Street Sunday Market has seen a jump in tourists visiting it every week, now that Thailand is slowly winding its tourism industry up again. The…
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Thailand expects economy to grow 3% next year
The Office of the National Economic and Social Development Council expects the Thai economy to grow by 3% next year, even if there is more tension between Ukraine and Russia. The council’s permanent secretary, Danucha Pitchayanan, says by coordinating with every country Thailand can grow despite the current choppy economical waters the world has to navigate. The 51 year old…
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Sri Lanka petroleum company in extreme debt, country hitting “rock bottom”
Sri Lanka’s economic crisis is snowballing even further. The island nation’s PM Ranil Wickremesinghe said Sri Lanka might be falling to “rock bottom” now that its major petroleum corporation is in extreme debt. He said that because of the debt, no other countries are willing to provide Sri Lanka with fuel. “Currently, the Ceylon Petroleum Corporation is $700 million in…
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Thai tourism targets half a million Korean visitors by end of the year
The Tourism Authority of Thailand aims to draw in over 500,000 South Korean travellers in 2022 and hopes to increase that to 1.3 million next year. This comes after the easing of travel restrictions in South Korea and Thailand. In 2019, South Korea was an important market for Thailand, with around 1.9 million visitors bringing in 75 billion baht in…
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Thai Army lifts ban on Lazada to help country boost economy
The Royal Thai Army has lifted a boycott of the e-commerce platform Lazada. The company, owned by the Alibaba Group, was banned from delivering parcels to military premises all over the country for 42 days because of an offensive advert that insulted the Thai Royal Family, and disabled people. Last month Lazada goods were banned from entering Royal Thai Army…
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Russia-Ukraine conflict excuse for energy hike
The conflict between Russia and Ukraine continues to be the excuse by utilities suppliers to raise energy prices. The Energy Regulatory Commission today announced the power tariff would increase to a record high of 4.4 baht per kilowatt-hour (unit) between September and December meaning Thai residents face higher bills. The ERC says the higher power tariff, which is made up…
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Bangkok man steals gold valued at 2 million baht after his crypto stash tanked
The impact of the crypto crisis is rearing its head in Bangkok. Yesterday, a man stole necklaces valued at 2 million baht from a gold shop in Phra Nakhon district of Thailand’s capital city. The man entered the gold shop before pulling out a gun, waving it at staff and customers. The shop’s owner, staff, and customers all fled to…
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