Economy News
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Sponsored Working in Thailand: How expat health insurance protects your career and lifestyle
Starting a career in Thailand can be an exciting chapter, but it also brings unique challenges, especially when it comes to health and wellness. For expats, navigating Thailand’s healthcare system and meeting work permit requirements can be difficult. And while...
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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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IMF says world economy about to hit recession
The International Monetary Fund (IMF) warns the world economy will be in a recession as it downgraded global growth projections for next year. The IMF warned policymakers that a worldwide recession will occur if the fight against inflation is mishandled. The IMF’s bleak assessment comes after reviewing the World Economic Outlook report. According to The Straits Times, the report was…
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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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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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WTO chief says world economy tipping towards recession
The World Trade Organisation chief is echoing others in their concern over the world economy falling into a recession. WTO director-general Ngozi Okonjo-Iweala didn’t hold back when she recently commented on the situation. “The indicators are not looking good. I think a global recession-that is what I think we are edging into.” Her analysis comes as the WTO intends to…
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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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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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Economists foresee 38 baht to 1 US dollar this year
With the US dollar strengthening and Thailand’s struggling economy, economic experts predict the baht may fall to 38 to the dollar by the end of this year. The head of capital markets research for Kasikorn Bank believes the baht will continue its instability along with the global money markets as a result of domestic and international factors. While the US…
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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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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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