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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Moon landing: can the space industry revive the Thai economy?
The National Innovation Agency urged citizens to understand that the solution to saving the struggling economy may not be found in Thailand, but on the moon. The agency revealed a new launch pad on Friday for the space industry to use in shuttle missions such as a lunar orbit that Thailand has been dreaming of and striving for in recent…
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Thailand’s baht weakens against US dollar
Thailand’s baht has weakened against the US dollar this year. On Wednesday, the conversion rate was 36.73 baht per dollar, having been weakened by 8.8% this year. The baht hit its lowest point in 15 years in July, when the rate was 36.945 baht per dollar. The US dollar has gotten stronger due to a drop in many countries’ foreign…
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Thai cabinet extends excise diesel tax cut for 2 more months
The Thai Cabinet is extending the country’s excise diesel tax cut for another two months after diesel prices hit Thailand hard this year. The cut of five baht per litre will be extended from September 21 to November 20. The elimination of excise tax on bio-diesel and bunker oil used to generate power will also continue from September 16 to…
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Thai govt increase minimum wage by 5% starting on October 1
The Thai Cabinet today agreed to increase the minimum wage throughout the country by 5%. The highest rate is 354 baht per day in Chon Buri, Rayong, and Phuket. The new rate will come into effect on October 1. Labour Minister Suchart Chomklin discussed the topic at today’s Cabinet meeting and it was approved. It is the first time in…
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Rice exporters say Thailand needs new rice breeds to be competitive
Rice exporters have said that Thailand needs new breeds of rice to compete in the global rice market. The president of the Thai Rice Exporters Association said yesterday that Thailand tends to set its rice prices too high for its quality, which is why the country’s rice export volume has continued to drop. The president, Charoen Laothamatas, said that new…
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Report reveals Thais need to save 15%-30% of salary for retirement
Thai people are being urged to save more money for their retirement instead of relying on lotto prizes, inheritances, or descendants’ income. The Faculty of Commerce and Accountancy of Chulalongkorn University launched a National Retirement Readiness Index (NRRI) for Thailand yesterday. The report revealed that Thai people are not financially ready for retirement. Most people are ready for retirement in…
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Thai govt earned 2.02 trillion baht in 10 months but still borrowed
The Fiscal Policy Office of Thailand revealed the kingdom filled its coffers with 2.02 trillion baht in the past ten months but still had to borrow about 658 billion baht to overcome its deficit. The Director of the Fiscal Policy Office of Thailand, Pornchai Theerawet, yesterday revealed that Thailand earned 2.02 trillion baht in the first 10 months of the…
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Opening day of 2022 welfare sees 1.86 million people register
Yesterday marked the opening date for registration for state welfare for 2022, and people flooded the registration process both online and in person. By 3pm on the opening day, officials reported that 1.86 million people across Thailand had already registered for the state welfare card project. A spokesperson for the Ministry of Finance, who also serves as the director-general of…
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Thailand to host APEC CEO Summit 2022 with a focus on post-Covid economies
Thailand is set to host the APEC CEO Summit 2022 with a key theme of focusing on rehabilitating economies after the Covid-19 epidemic. The Embrace, Engage and Enable theme will see a gathering of the world’s top CEOs, policymakers, and other leaders from 21 member economies. Set to start on November 16-18, 2022, organisers say the summit will be the…
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Thailand sees more businesses go bankrupt over past 7 months
The Business Development Department (BDD) under the Commerce Ministry revealed yesterday that more than 7,500 businesses in Thailand went bankrupt in the past seven months. The number of bankruptcies increased by 24% compared to the same time last year while the number of new businesses is also expected to decrease said the BDD. BDD Director Tossapon Tangsuboot made public business…
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SCB-Bitkub deal fizzles as young investors lose big on crypto
As the crypto market cools and young, naïve investors lose big, the deal for Siam Commercial Bank Group (SCB) to acquire a majority stake in Thai digital asset exchange Bitkub Online has fallen apart. The deal, announced in November of last year, pushed Bitkub Online’s value over US$1 billion and drove the company’s cryptocurrency to triple in value overnight. SCB’s…
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Household debt hits all-time high, nearly 100% of Thais have debt
A Thai household debt survey this year revealed that almost every person in Thailand has household debt. But that’s not all, the average household debt hit an all-time high in the kingdom. Today, the Centre for Economic and Business Forecasting of the University of the Thai Chamber of Commerce revealed the survey results, saying nearly 100% of Thai people had…
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100 masseuses in Phuket complain of 150 baht massage shop
Local massage shops in Phuket are complaining that another massage shop allegedly owned by a foreigner is offering unfair and possibly illegal half-price services. A coalition of about 100 masseuses banded together to file an official complaint, gathering at Phuket Provincial City Hall to ask for action from authorities on the matter. Karon Traditional Thai Massage Community Enterprise Group led…
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Instant noodles, a staple budget food, fighting to increase prices
There is perhaps no symbol more synonymous with living on a tight budget than dining cheap with a cup of ramen instant noodles. So it’s an extra kick for those struggling during this time of hyperinflation in Thailand and around the world that instant noodles manufacturers have requested expedited permission to raise prices on their products. The Internal Trade Department…
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Electricity prices soar 18% to 4.72 baht per unit next month
Electricity prices are already at a record high rate of 4 baht per unit, topping an eight-year old record, and have now been approved to surge another 18%. When global oil prices rocketed up to US$110 per barrel in 2014, Thai energy prices hit 3.96 baht per unit. Coming out of the Covid-19 pandemic, the demand for all forms of…
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After poor South Koreans die in flooded basement home, will there be change?
After a poor South Korean family died after being trapped in a flooded basement apartment this week, authorities are discussing changes to poor areas of Seoul. Across the capital city, 13 people were killed because of the floods. The family of three who died in the basement home included a woman in her 40s with down syndrome, the woman’s sister,…
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Robots now serving people at Thai restaurant chain
Robots are now serving people at a Thai restaurant chain. S&P, the bakery and restaurant chain, is using robots as a way to cope with skyrocketing costs while keeping its prices down. Each restaurant usually employs 10 staff. S&P’s operator company, SET-listed S&P Syndicate Plc, currently operates 460 production hubs around the country. Its goal is to operate 480 by…
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US’s Chips & Science Act good news for Thailand’s car industry
The Federation of Thai Industries (FTI) made it known yesterday that they feared China’s trade embargo with Taiwan would affect business in Thailand, particularly in the automobile industry. The FTI said the car industry was anxious China would deny Taiwan the raw materials Thailand needed to make semiconductors that the Thai transportation business is dependent on. Those fears remain in…
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Thailand’s hotels are short on workers
The majority of Thai hotels surveyed recently admitted they are short on workers, according to the Thai Hotels Association. About 68% of 118 hotels surveyed said they are short-staffed. The workers needed include maids, receptionists, cleaners, cooks, waiters, and technicians. The survey was conducted from July 17-25. The reason not enough people are seeking hotel jobs may likely have to…
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Thailand to exploit the mini trade war between Taiwan & China
Thailand is looking to exploit the strained relationship between China and Taiwan exacerbated by the visit of Nancy Pelosi to Taipei on Tuesday. Reports circulating in the media say that China is to embark on a mini-trade war with Taiwan to economically punish them because of Pelosi’s visit, and plans to suspend the import of 35 foodstuff categories from the…
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Half a million young people seeking jobs prefer admin to tourism
The Employers’ Confederation of Thai Trade and Industry released a new report analysing job applications on JobThai.com this past month revealing some interesting statistics about what jobs people want and where. Young job applicants – and there are around 490,000 to 510,000 of them who recently graduated and now entering the workforce – are eschewing the glitz and glamour of…
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Sri Lanka’s children face malnutrition
More and more children in Sri Lanka face malnutrition as the country’s economic crisis is spiralling out of control. Now, government agencies along with UN agencies are seeking donations for the island nation’s children. Sri Lanka’s Ministry for Women and Child Affairs is seeking private donations to feed possibly several hundred thousand children. The ministry’s secretary, Neil Hapuhinne, said that…
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Tenfold tourist increase due after Thailand-Saudi route opens
Thailand is expecting a tenfold increase in visitors from Saudi Arabia after the launch of the Bangkok to Jeddah route on August 19. Deputy government spokesperson Rachada Dhnadirek estimates that the upcoming launch of the direct air route between the holy city of Mecca and the Kingdom of Thailand’s capital city will push up the number of visitors from 30,000…
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Govt wants Thailand to be No.1 in Asian business market by 2027
The Deputy PM and Commerce Minister, Jurin Laksanavisit, has set an ambitious target for Thai brands and businesses to be top of the Asian market by 2027. The Deputy Spokesperson of the PM Office, Ratchada Thanadirek, yesterday reported that Commerce Minister Jurin was working on a project called “Promoting Thai Brands to the World” to develop Thai brands and businesses…
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Indian tourists are picking up Phuket’s Old Town economy
Phuket’s recovering tourism economy is picking up again thanks to Indian tourists. Indians have been the biggest tourist group in Phuket, and Thailand overall this year. Since May 1, over 72,000 Indian tourists have visited Phuket, according to the president of Phuket Old Town Tourism Community, Somyot Pathan. Phuket’s ‘Old Town’ in the main city district is a particular hotspot…
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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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Bangkok governor looks for Chinese cash to create smart city
Bangkok Governor Chadchart Sittipunt yesterday revealed he had a working dinner with the Chinese Ambassador to discuss a number of projects beneficial to the capital, including the city’s upcoming outdoor film festival, Chinese teachers, and the development of a smart city. Developing Bangkok as a smart city comes hot on the heels of an announcement by the Eastern Economic Corridor…
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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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