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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FTI threatens to raise prices if govt hikes energy costs
It appears tourism won’t be the only thing on the rise in Thailand next year. Thai industries appear to be holding the government to account, threatening they will hike prices if the price of electricity is raised in the new year. Entrepreneurs under the Federation of Thai Industries (FTI) warned it will increase product prices by 5-12% if the government…
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Japanese government wants to offer additional 80,000 yen to new parents
Japan’s government is wanting to boost the amount given to new parents by 80,000 yen (US$585) to motivate citizens to have more babies. As the country’s birthrate has been declining for some time, the government has tried to find ways to boost family planning. According to the Japan Times, the Ministry of Health, Labour and Welfare currently offer a Childbirth…
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Financially embarrassed elderly Thai man found hanged one day after birthday
Just one day after his 69th birthday, an elderly Thai man allegedly took his own life after reportedly being in a bad financial situation. The man, Nopparat, was discovered by his neighbour hanging on the second-floor balcony outside a rented room above shops in Thalang, Phuket. Police say he was found with package tape around his neck tied to an…
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Arrogant Thai construction company rips off Myanmar migrant workers
An arrogant Thai construction company has been ordered to cough up wages it refused to pay to its migrant workers earlier this year. The arrogance of the unnamed building firm is underlined by the fact that no representatives came to court to defend or justify its action. The Labour Court in Phuket told the construction company to settle three months’…
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Thailand’s Board of Investment unveils transformation plans
Thailand’s Board of Investment (BOI) has come up with new ways to attract more investment into Thailand. The board’s target is an easy-to-swallow group of companies dubbed “smart and sustainable” according to Bangkok Post. The government’s effort to create a “new” economy in Thailand is focused, like almost every other Asian nation, on buzzwords. The board’s chosen buzzwords are “innovation”…
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Europe wakes up to US profiteering from Russia-Ukraine conflict
It appears Europe has finally woken up to Sleepy Joe’s foreign policy and US profiteering from the Russia-Ukraine conflict. The war in Ukraine has been blamed for higher fuel costs, the rise in inflation, austerity, and an economic meltdown throughout the world. Yet everything in the US garden appears to be rosy, profits are blooming and life goes on as…
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Stock market share trades to be taxed in Thailand after being exempt for past 30 years
After being exempt for the past 30 years, the Thai cabinet has decided to make stock market share trades taxable. According to Thai PBS World, Finance Minister Arkhom Termpittayapaisith says that now all stocks that are traded on the market, whether at a profit or loss, will be subject to a financial transaction tax of .1%. He furthered that the…
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Bank of Thailand to raise interest rates on Wednesday
Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput today announced interest rates will be raised on Wednesday to deal with potential inflation increases. Governor Sethaput is expected to raise interest rates by a modest quarter-point to take the benchmark rate to 1.25% underscoring ongoing worries about growth in Southeast Asia’s second-largest economy. Thailand’s economy lagged its Southeast Asia contemporaries and is…
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One-third of adult Thai citizens applied for welfare
Applications for welfare have seen a huge jump, with 22 million Thai people requesting a state welfare card in the latest round of registration. That massive figure equates to about one-third of the entire adult population of Thailand. It is a huge jump from the current 13.5 million people now carrying welfare cards in the country. The figures come after…
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Business is booming on Khao San Road thanks to the World Cup
Business is booming on Khao San Road in Bangkok thanks to the FIFIA 2022 World Cup. The President of the Khao San Road Business Association, Sa-nga Rueangwattanakun, revealed that businesses on Khao San Road increased by 50%. Sa-nga said visitors flocked to entertainment venues and restaurants in the area to watch the World Cup matches providing a welcome boost to…
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Fate of Thai baht depends on return of Chinese tourists, economists say
The Thai baht has been flying recently but its upward trend could draw to a standstill unless Chinese tourists return to the Kingdom of Thailand, according to economists. In the past month, the baht appreciated almost 6% against the US dollar as reports indicated the US Federal Reserve (Fed) would slow down its aggressive interest rate hikes. Despite inflation, a reinvigorated…
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Subsidised Toyota bZ4X finally on sale in Thailand
The long-awaited new electric Toyota bZ4X went on sale in Thailand Wednesday, taking advantage of new government subsidies. In February, the Thai government introduced subsidies of up to 150,000 baht (US$4,000) per electric vehicle (EV). The new Toyota is the first Japanese car to qualify. The tax break for battery electric vehicles (BEVs) covers passenger cars with no more than 10…
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Thai National Parks’ revenue rises 324 million baht from last year
The Ministry of Natural Resources, and Environment of Thailand revealed that the revenue of 133 Thai national parks increased by 324 million baht this year. The Director-General of the Department of National Parks, Wildlife and Plant Conservation, Ratchada Na Ayutthaya, revealed that the revenue increased because of the border reopening on July 1 and the relaxation of travel restrictions after the…
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Thai PM Prayut happy with increased employment rate
Prime Minister Prayut Chan-o-cha hailed the government’s successful employment policy after learning there are more people at work than ever before this year. The Prime Minister’s Office spokesperson, Trisuree Trisaranakun, revealed on Saturday, November 5, that PM Prayut was happy with the employment statistics from July to September this year. The spokesperson made known that the unemployment rate decreased, more…
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US Federal Reserve hikes up interest rates again
The United States Federal Reserve approved yet another aggressive interest rate hike yesterday in their quest to combat persistent inflation which is at a 40-year high in America. It is the fourth consecutive 0.75% interest rate hike approved this year. The central bank has raised the policy rate from near zero in March to what is now between 3.75-4%. It…
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Poverty in Thailand has been halved says govt
The Ministry of Interior insists that 1.9 million poor families have been rescued by the Thai government and that the state has halved the poverty problem in Thailand. The Permanent Secretary of the Interior Ministry, Suttipong Juncharoen, said poverty is a problem residents have to face and that the government cannot solve the problem by itself. Suttipong announced that the…
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Govt set up complaints hotline about pricey veggies
Noticed an increase in the price of vegetables? So has the government and that is why a complaints hotline has been set up for consumers to log their gripes. The Commerce Ministry’s Department of Internal Trade (DIT) yesterday made known it will monitor increases in the nation’s vegetable prices and promises to come up with measures to control prices. DIT…
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Jobs and shelter for Bangkok’s homeless an uphill battle
Providing shelter and jobs for Bangkok’s homeless population is being quoted as an “uphill battle.” According to Thai PBS World, Deputy Bangkok Governor Sanon Wangsrangboon made such comments after meeting with city officials and representatives of non-governmental organisations on Wednesday. The meeting was to discuss homelessness in Thailand’s capitol and to develop ways to find shelter and jobs for them.…
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Thai baht plummets even further against US dollar
The Thai baht depreciated even further against the strengthening US dollar. Last month, the baht plunged to 38 to the dollar for the first time in 16 years. Today, US$1 is worth 38.35 baht. Market strategist at Krungthai Bank Poon Panitphiboon revealed that the baht weakened from 38.25 yesterday to 38.35 against the dollar this morning. As US bond yields…
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Floods could take a toll on Thailand’s rice industry
Floods could take a toll on Thailand’s rice industry. The honorary president of the Thai Rice Exporters Association, Chookiat Ophaswongse, says it’s too early to estimate the value of damages since floods are still happening in many parts of the country. However, the Kasikorn Research Center estimates that the floods from August and October may cause around 2.9-3.1 billion baht…
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Unhappy days! More Haagen-Dazs destroyed in cancer scare
Almost 28,000 Haagen-Dazs ice creams worth 12 million baht were destroyed in Samut Prakan Monday, even though the samples had not been found to contain a chemical linked to cancer. According to today’s Bangkok Post, the country’s Food and Drug Administration (FDA) deputy secretary-general, Weerachai Nolwachai, said on Tuesday that a number of countries in Europe had recalled Haagen-Dazs ice cream…
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Flooding may impact Thailand’s tourism recovery
Hopes for Thailand’s tourism industry to recover are being challenged by the worst flooding the kingdom has seen in years. With large areas of croplands being suffocated by seasonal storms and rising rivers, food prices are at risk of increasing while tourism recovery is undoubtedly being slowed. According to Bangkok Post, popular tourist destinations are now being flooded by heavy…
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French President Macron accepts invitation to APEC meeting in Thailand
President of France Emmanuel Macron sent a letter to Prime Minister of Thailand Prayut Chan-o-cha on Monday confirming his attendance at the upcoming Asia Pacific Cooperation (APEC) summit in Bangkok next month from November 18-19. A spokesperson for the Ministry of Foreign Affairs Thanee Saengrat confirmed Macron’s attendance this morning. In the letter, Macron said he was looking forward to…
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Thai industries want to produce energy to combat rising costs
A survey by the Federation of Thai Industries (FTI) revealed that Thailand’s industrial sector wants to produce its own electricity to combat the rising cost of energy but they need government support to make it work. The Office of the Energy Regulatory Commission announced in August this year that the fuel adjustment rate for electricity would be raised to about…
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Thai baht plunges to 38 against US dollar for first time in 16 years
The volatile Thai baht has depreciated to 38 against the US dollar even faster than foreseen by economists. The last time the baht reached 38 to the dollar was 16 years and two months ago on July 26, 2006. The baht has hit the 38 mark even earlier than expected by the Head of Capital at Kasikorn Bank Kobsidthi Silpachai,…
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Thailand’s weak baht could have a silver lining in the tourism industry, THA says
There might be a silver lining to Thailand’s weakening baht for the tourism industry. The president of the Thai Hotels Association (THA) says the weakening baht is one of several factors making Thai tourism more attractive in post-pandemic times. THA president Marissa Nunbhakdi says that now the ‘Test & Go’ and ‘Thailand Pass’ schemes have been scrapped, momentum has built…
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Shopee Thailand to lay off about 10% of employees
Shopee started a major restructuring charge and it includes plans to lay off more employees of Shopee Thailand. About 10% of jobs will be cut, and it is expected to affect about 100 employees. The Singaporean multinational technology company, a subsidiary of Sea Limited, has restructured its business in many countries this year to make the company more self-sufficient, they…
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Military conscription in Russia could benefit Thailand’s economy
Thailand could be an attractive and realistic option for men fleeing military conscription in Russia. Reports say that men are fleeing Russia after President Vladimir Putin announced a plan to conscript 300,000 civilians into military service in Ukraine. Several European countries such as Lithuania have already closed their doors to Russian citizens, citing widespread support for Putin’s unprovoked invasion of…
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Price hike in vegetables prior to Phuket Vegetarian Festival
Phuket is seeing a jump in its vegetable prices as the annual Phuket Vegetarian Festival is coming up on September 26. The prices of many vegetables have shot up on average from five to 20 baht per kilogram. The prices on other vegetarian ingredients have bumped up as well. Vegetable prices usually increase in Phuket before and during the festival…
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Weakening baht is in focus as meeting called to discuss its impact
The Bank of Thailand is scrambling to find the sources behind the weakening baht as a meeting is called to discuss its impact. Finance Minister, Arkhom Termpittayapaisith, says the depreciating currency is adding to the inflationary pressures and is vowing to determine whether the decline is linked to the country’s economic fundaments. The Finance Ministry is set to hold talks…
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