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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Poll shows that Thais like ‘soft power’
Thais are liking their government’s new ‘soft power’ promotion of the Kingdom to the rest of the world and to boost the local economy. The idea of soft promotion, or indirect promotion, took off after young rapper ‘Milli’ promoted the country’s signature sticky rice and mango dish in April. In the scheme, Thai authorities aim to promote the ‘5 Fs’…
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Phuket Zoo to close down following Covid-19 economic destruction
Phuket Zoo is the latest casualty of Covid-19 restrictions’ devastation on the island province’s tourism economy. The zoo is closing down, and all its animals have been sent to new homes, according to the owner. The zoo’s owner and operator, 42 year old Suriya Tanthaweewong, told The Phuket News this week that the zoo started to close when the pandemic broke…
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Sri Lankan officials say country has enough fuel for 5 more days
Sri Lanka’s crisis is going from bad to worse. The country’s energy minister announced yesterday that Sri Lanka’s fuel stocks will last for about 5 more days. Fuel shortages have already worsened this week with kilometres-long lines at some gas stations across the country. Some of the horrendously long lines have broken into protests as car owners wait, sometimes overnight,…
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In midst of price inflation, Thailand to freeze prices on dozens of products
In the midst of the world’s overwhelming price inflation, Thailand plans to freeze the prices of 46 items. The items are grouped into 9 categories, which are: paper and paper products, transport-related products, farm-related products, petroleum products, medicines, construction materials, “important” farm products, consumer products and food. The items include bicycle and car tires, motorcycles and trucks, water pumps, fertiliser,…
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Labour Minister confirms 300 jobs axed by Shopee Thailand
The Labour Minister, Suchart Chomklin, confirmed yesterday’s report on the Shopee redundancies was accurate. He says 300 jobs are being axed, but insisted the Labour Ministry would help ensure sacked workers are looked after in accordance to employment legislation. The Singaporean company Sea announced during a town hall meeting yesterday of the planned layoff for one of its core businesses,…
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Commerce Ministry promise to keep consumer products under control during high inflation
The Commerce Ministry says it will work hard to keep consumer goods as affordable as possible without neglecting the demands of manufacturers. The ministry believes it has created a “win-win” strategy in which consumers, businesses, manufacturers, and farmers can all benefit, according to commerce minister, Jurin Laksanawisit. “If manufacturers suffer huge losses, they will stop producing. We ask for cooperation…
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Export of Thai durian made 187 billion baht in 2021
Rice is no longer Thailand’s largest export. It’s not rubber either, it’s durian. The export of the popular fruit made almost 187 billion baht in 2021. Rice made 100 billion baht, while rubber brought home 90 billion baht. Thailand is set to keep its status as the world’s largest durian supplier for the next five years. However, with intense competition…
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Phuket officials hold job fair, wanting to solve unemployment problems
A job fair in Phuket yesterday featured over 30 employers receiving applications from hopeful searchers. Phuket’s Vice Governor Pichet, who facilitated the event’s opening, noted that “there is a lot of interest in applying for a job”. The fair advertised 1,000 vacancies. It was held at the Central Festival Phuket, in the middle of the island. Pichet added that the…
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Thai stock market is a favorite among foreign shareholders
Last month, foreign investor confidence in Thai stocks stayed strong, with the kingdom’s stock exchange recording net inflows of nearly 140 billion baht for the sixth month in a row. International investors believe that any food shortages will have a minimal effect on the Thai economy and that the tourism sector will rebound in the second half of 2022, according…
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Budget bill boost to government
PM Prayut Chan o cha’s government received a boost today when Parliament passed the first reading of an almost 3.2 trillion baht draft budget bill for the 2023 fiscal year starting October 1. After a 3-day debate, the bill passed with 278 votes in favour, 194 against, and two abstentions. Pm Prayut says the bill will help the nation restore…
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Government under fire on military spending plans
The government yesterday was criticized over the Defence Ministry’s weapons procurement plans. Shots were fired by deputy Pheu Thai Party leader Yuttapong Charasathien who says a number of procurement projects lack transparency and spending is too high. Yuttapong criticized the navy’s request of almost 41 million baht for a number of weapons systems, but in particular its decision to buy…
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Energy crisis will continue for 2 years says Bangkok Bank VP
The Russia-Ukraine conflict continues to be a political football as energy prices rise throughout the world. Russia is the world’s second highest exporter of crude oil after Saudi Arabia and accounts for around 10% of global petroleum production. International Energy Agency figures for December 2021 reveal the former Soviet state’s oil exports were 7.8 million barrels a day. But since…
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Thai industry gets high on government’s green hemp policy
The controversial plan to use hemp in the Thai textile industry is part of the government’s green policy. Business plans are already underway by the Commerce Ministry to promote hemp fibre in the Thai textile arena as it offers high potential in the global market. Hemp and cannabis were classified as drugs under Category 5 the Narcotics Act of Thailand,…
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Pattaya, the land of sex, drugs, and film production?
Pattaya is known for a lot of things- drug busts, violent fights, and other various scandals. But one Thai government agency is hoping to make Pattaya a “City of Film” in the next 5 years, between 2022 and 2027. Can Thailand’s Sin City become a movie-making destination? Thailand’s Designated Areas for Sustainable Tourism Administration is promoting the tourist hotspot as…
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Foreign arrivals in April show things are looking up for tourism, the economy
Things are looking up for the Thai economy, thanks to an increase in foreign and domestic tourism in April, according to the Bank of Thailand. The Bangkok Post also reports a year-on-year increase in consumer spending during the month of April. The easing of travel restrictions has brought more foreign tourists to the kingdom, with numbers up from 210,836 in…
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Migrant labour shortage threatens Thai food export industry
The threat of global food shortages due to the ongoing Russia Ukraine war has prompted several countries to buy and stock-pile food from Asia. The Thai food industry has witnessed a surge in larger international orders, but the honeymoon phase could be brief since a major labour shortage in the food sector remains unresolved, according to the Chairman of the…
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Now there’s a Pepsi price surge coming to Thailand, too
Amidst Thailand’s skyrocketing prices on fuel, postal services, and palm oil, another item’s price is set to go up- Pepsi. Suntory Pepsico (Thailand) Beverage announced today that Pepsi’s price will rise by up to 2 baht per bottle starting June 1, now that the cost of plastic bottles and aluminium cans has risen. The company noted, however, that the price…
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Thailand’s annual silk fair in Bangkok helps with ‘soft power’ scheme
The word ‘soft power’ has exploded into Thailand’s lexicon ever since young rapper ‘Milli’ promoted the country’s signature sticky rice and mango dish last month. In its soft power scheme, Thai authorities aim to promote the ‘5 Fs’ to the rest of the world. The 5 Fs are: food, films, fashion, fighting, and festivals. Now, Thai authorities say they will…
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Restaurant in northern Thailand promises to sell 3 baht noodles despite inflation
A restaurant in the northern province of Chiang Mai promises to keep serving 3 baht noodles, despite the cost of ingredients being higher than ever. The restaurant’s owner Thawat Pirata said he hasn’t increased the price of noodles in 34 years and doesn’t plan to. The 64 year old owner of noodle shop Kway Teow Sam Baht – or “3…
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Thailand to borrow 20 billion baht to maintain fuel subsidies
The Office of Fuel Fund plans to borrow 20 billion baht to top up the country’s oil price subsidies as residents and different departments are being increasingly affected by the rising oil price. The fund is seeking inbound loans from the Government Saving Bank and Krungthai Bank. The details are expected to be clear at the end of this month.…
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Thai PM suggest people only drive for “essential journeys”
Amidst the global surge in fuel prices impacting Thailand, a spokesman for PM Prayut Chan-o-cha is giving drivers some advice. The spokesman, Thanakorn Wangbunkhongchana, said yesterday that Prayut wants to keep prices as low as possible to help people avoid economic hardship. He said Prayut suggests people only use their private vehicles for “essential journeys” since the price of petrol…
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Thailand will not starve, says Commerce Minister
Deputy PM, and Commerce Minister, Jurin Laksanawisit, yesterday moved to ease fears of food shortages in Thailand on the back of recent protectionism measures introduced by neighbouring countries, export bans, and the ongoing Russia-Ukraine conflict threatening to worsen world food supplies. Jurin declared Thailand has an “abundance of food” produce and there will be no shortages despite the recent embargos.…
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Thailand exempts cryptocurrency transfer VAT until 2023
The Royal Thai Government Gazette has formally announced a VAT exemption for transferring cryptocurrency from now until the end of 2023. The cabinet had approved the exemption of the value added tax, or VAT, for transferring cryptocurrency or digital tokens in March. Yesterday, the decision was passed into Thai law and will be in effect from yesterday until December 31,…
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As fuel prices climb, Thailand’s delivery workers struggle
As Thailand’s fuel prices climb, some delivery drivers are saying the country’s attempts at subsidies aren’t helping them much. One motorcycle taxi driver told Thai PBS World that, even though the government offers a 250 baht discount per month on benzene or gasohol, it’s not worth it when he has to travel a long distance for it. The driver added that…
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Unemployment rate dropped with removal of Covid-19 restrictions
Thailand’s unemployment rate dropped significantly since the coronavirus outbreak. The quota fell to 1.53% from 1.64% since the beginning of 2022 meaning just over 600,000 people are currently unemployed. Before the Covid-19 pandemic the unemployment rate was at 1% in Q1 of 2020, according to the National Economic and Social Development Council (NESDC). But the good news is that the…
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Thailand’s bottled palm oil price continues to skyrocket
Efforts by Thailand’s palm oil farmers, extractors, and producers to cap the price of bottled palm oil at 64-66 baht per litre have proved fruitless. The price has now skyrocketed to 70-76 baht in some markets, according to a survey by Thai PBS. The survey says that in department stores, the price is 68 baht per litre or lower. Palm…
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Thailand sets sights on “wealthy foreign tourists” to recover economy
The Tourism Authority of Thailand, or TAT, is again going to target “wealthy group of tourists” as it works out its marketing plan as it contributes to the recovery the Thai economy following a 2 year hiatus due to closed borders and restrictions. The TAT claims that, focussing on the “rich groups”, 1.93 trillion baht will be generated in 2024…
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Thai officials vow to solve household debt problem at Phuket event
Thai officials held a ‘Household Debt Reconciliation Fair’ in Phuket yesterday. At the event, Thailand’s Minister of Justice Somsak Thepsutin said the government has designated 2022 as the “Year of Solving Household Debt”. He said that 2,810 people had registered for the event. Somsak said that several government departments have organised events to “facilitate the mediation process of household debts…
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New wages for Thailand’s skilled workers
Thailand’s cabinet has approved new wages for construction workers, industrial arts workers and service workers. The new wages are expected to come into effect 90 days after the announcement was made on Tuesday. In the construction industry, tilers considered ‘level 1’ will earn 465 baht per day. Those considered level 2 will earn 550 baht a day. Level 3 tilers…
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Thailand’s government will likely keep diesel subsidies
After much drama and anxiety over announcements that Thailand’s diesel price could eventually jump to 40 baht per litre, PM Prayut Chan-o-cha has announced yesterday that the government will likely extend its subsidy programme that is due to end on May 20. The current subsidy has helped keep the price at about 32 baht per litre, even though the actual…
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