Economy News
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Tourists pump 6 billion baht into Phuket’s economy during new year
Tourists pumped over 6 billion baht into the economy of Phuket in southern Thailand over the four-day new year holiday, according to the Director of the Tourism Authority of Thailand (TAT) Nantasiri Ronasiri. Today, TAT director Nantasiri revealed that between December 30 to January 2, accommodation in Phuket was booked up at 77% of capacity. During these four days and…
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Electric vehicles to hit the accelerator this year, says FTI
The Federation of Thai Industries (FTI) predicts a bold future for Thailand’s electric vehicle (EV) industry, unlike the International Monetary Fund which believes the kingdom is heading for a recession. The FTI reckons the EV industry will hit the accelerator this year and sell between 25,000, to 35,000 cars, reports Bangkok Post. But, to achieve that target the EV industry…
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Tesco slavery case – police interview 100s of Mae Sot workers
Police and labour officials in Mae Sot are interviewing more than 100 workers from the former supermarket supplier in the Tesco slavery case. Authorities are gathering information as they follow up on last week’s raid led by deputy national police chief Gen Surachate “Big Joke” Hakparn at the VK Garment (VKG) factory in the border town of Tak province. The…
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Thai Airways rehab plan soars ahead of schedule
The embattled Thai flag carrier has sold at least eight aircraft and other non-core assets since October, as part of Thai Airways‘ rehab plan. Thai Airways International updated its ongoing bankruptcy rehabilitation to the Stock Exchange of Thailand (SET). THAI, whose subsidiary – Thai Smile, made global headlines yesterday after a mid-air brawl captured on video went viral– said in…
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Pandemic winners and losers – them and us
The pandemic has not been all bad. It’s wrong to look only at the downside of widespread death, fear and grief. There have been pandemic winners and losers. Some people have made a lot of money, and that’s no bad thing, is it? According to Bloomberg, and Al Jazeera, as of yesterday, 131 billionaires had more than doubled their net…
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China opening up a boost for Thailand tourism
China yesterday announced it will reopen its borders and abandon its strict Covid-19 quarantine for travellers and mainland citizens on January 8. The announcement signals great news for Thailand as the kingdom continues to prosper from the worldwide relaxation of Covid restrictions. Chinese visitors topped the nation’s No.1 tourist charts before the pandemic outbreak in 2020. From 2014 there had…
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Commerce experts predict Thailand’s consumer spending will hit 17 year high during New Year
Commerce experts predict that Thailand’s consumer spending will hit a 17 year high during the New Year period coming soon. The president of the University of the Thai Chamber of Commerce (UTCC) discussed the UTCC’s predictions at a conference on “Consumer behaviour and spending during the 2023 New Year Festival.” The president, Thanavath Phonvichai, said the period is expected to…
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Thai baht depreciates against US dollar
After a recent surge of strength by the Thai baht earlier this month, it has now depreciated against the US dollar. As of today, December 16, the baht now stands at about 35 per USD, according to an executive at Kasikorn Research Center, Kanchana Chokpaisarnsilp. Yesterday, the baht was at 34.92 per USD, Daily News reported. Market strategist Poon Panichphiboon…
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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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Thai baht soars to six-month high against US dollar
The Thai baht opened at 34.78 against the US dollar today, strengthening from yesterday’s close of 35 to a six-month high. The baht’s sudden rise is down to the Bank of Thailand’s (BOT) hiking the policy rate by a quarter point earlier this week. The BOT remains committed to a gradual monetary tightening policy, raising the policy rate from 1%…
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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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Elon Musk sees net worth plummet by US$100 billion after Tesla shares hit record low
Elon Musk has reportedly seen his fortune cut by over US$100 billion this year, but he is still the richest person in the world. According to Fortune, the CEO of Tesla has a net worth of between US$170 billion to $182 billion, edging him slightly ahead of Bernard Arnault, the founder of luxury goods giant LVMH. Arnault reportedly has a…
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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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Over 3 million people in Thailand living below poverty line, census shows
Over 3 million people in Thailand were living below the poverty line as of January this year, according to a government census agency. The Thai People Map and Analytics Platform (TPMAP) surveyed 36.1 million people across Thailand and found that 3.44 million were living without their basic needs being met. This categorised them as poor. The survey found that 1.02…
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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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Academics in Thailand welcome President Xi’s third term
Academics in Thailand welcomed news yesterday that Chinese leader President Xi Jinping secured an historic third five-year term as general secretary of the ruling Chinese Communist Party. President Xi’s third term will be viewed as undemocratic and autocratic by the Western powers but Thailand’s top boffins believe continuation is the key which will benefit the kingdom and ASEAN countries. Thai…
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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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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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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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