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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Bangkok plans to give city’s hawkers a roof over their heads
Bangkok Governor Chadchart Sittipunt has turned his attention toward the city’s cluttered street vendors as his never-ending crusade to clean up the capital continues. The 56 year old city chief revealed the Bangkok Metropolitan Administration (BMA) is preparing to set up hawker centres as a permanent solution to the chaotic street vendor stalls strewn throughout the city. Hawker centres are…
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US$37 billion smart city gets green light in Pattaya
Plans to build a US$37 billion smart city in Chon Buri got the go-ahead yesterday by the Eastern Economic Corridor Policy Committee. PM Prayut Chan-o-cha, who chaired the meeting, revealed the smart dream hub can be realised thanks to public and private investment in automotive, robotics, healthcare and logistics companies. The investment will create about 200,000 jobs and accommodate 350,000…
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Thailand will produce 25 billion baht of hemp in 5 years
In the next five years, the Thai government wants to make Thailand a regional hub for producing hemp-related products, and it will earn at least 25 billion baht from the exploits, according to Industry Minister Suriya Jungrungreangkit. “Hemp has become an important plant in many countries now as all parts of it can be turned into various types of products…
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Chatuchak Market revitalisation planned by BMA and SRT
Once a bustling centre of commerce and socialising, Chatuchak Market has been much quieter since reopening after being closed down because of the Covid-19 pandemic. Now the State Railway of Thailand is cooperating with local authorities in Bangkok and City Hall to try to revive the famous market back to its previous thriving glory. As with most of the tourism…
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Poll: 92% don’t earn more than their expenses, oil price main factor
A new poll revealed that over 90% of people are not earning more money than their expenses, and that, of all the expenses people are grappling with in the current economy, oil prices are the main factor they say has the greatest effect on their daily lives. The new poll, conducted by the National Institute of Development Administration, saw the…
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Thailand Post increases rates, pilots 24-hour delivery services
The good news is that Thailand Post will begin 24-hour delivery services, but the bad news is that mail rates have gone up. The new round-the-clock delivery and pick-up service will begin as a pilot project from Thailand Post’s main sorting facility in Chaeng Wattana servicing Laksi, Pak Kret, and Ram Inthra areas. The rate hike is the first in…
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Thai hospitality sector opposes dual accommodation pricing
Many hotels have voiced their opinions over the government’s proposal to adopt dual pricing in the hospitality industry. They described the plan as “impractical” and asked that the government come up with promotions and campaigns to boost tourism instead. A government spokeswoman said yesterday that hotels would be expected to adopt a dual pricing system where Thais would continue to…
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Suvarnabhumi Airport expansion capacity up to 15 million visitors
The eastern side of Suvarnabhumi Airport’s main terminal will be modified to boost Thailand’s arrival capacity to 15 million travellers annually. The upgrades will be completed in 3 years. Prior to the Covid-19 pandemic, Suvarnabhumi hosted 65 million passengers, international and domestic, through its arrival gates. The eastern side of the terminal will be large enough to accommodate up to…
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Foreigners may have to pay more for hotels than Thais
Dual pricing could be coming to a hotel near you. That’s if a proposal from the tourism ministry and Tourism Authority of Thailand gets the go-ahead. Yes, despite Thailand tourism officials’ express wish to attract as many foreigners to Thailand, there are plans to increase hotel prices to pre-pandemic levels to boost the recovery of the hospitality industry – but…
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Thailand agrees to build economic community with China
The doom and gloom of the nation’s economy were put to one side momentarily as Thailand and China agreed to build an “economic community with a shared future”, providing a much-needed boost to the kingdom’s prosperity. Thai PM Prayut Chan-o-cha and Chinese Foreign Minister Wang Yi met at Government House yesterday to discuss greater trade, economic cooperation, investment, and connectivity…
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“Thailand should be a luxury and premier holiday destination” – Deputy PM
In the first half of 2022, Thailand welcomed around 2 million international travellers, marking a promising recovery after the Land of Smile’s tourism sector suffered from the outbreak and the restrictions imposed on entry requirements, such as the Thailand Pass. Thailand holiday Thailand holiday But rather than offering significant discounts to attract world travellers, hotels, businesses and private hospitals should…
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Thailand-France business investment discussed in PM meeting
PM Prayut Chan-o-cha recently met with MEDEF International, the largest employer federation in France, to discuss future partnerships with Thailand. Francois Corbin, the Vice President of the Movement of the Enterprises of France, along with other delegates, met with the Thai prime minister on Friday to look at the future of Thai-French business partnerships. French firms are examining the post-pandemic…
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Price of made-to-order food surge in Thailand
Price inflation continues to rear its head in Thailand and across the globe. The latest item to get more expensive is made-to-order food. The average price per dish of made-to-order food bumped up by about 3.7 baht or 6.7% in May, according to a year-on-year comparison by the food delivery app Line Man Wongnai. The report said that dishes with…
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Sri Lanka’s doctors and nurses demand fuel and medicine
Sri Lanka’s medical staff is suffering from a shortage of fuel and medicine. Doctors and nurses say they are struggling to find enough fuel to get to work, even though they are designated, essential workers. On top of this, the island nation is suffering power cuts and shortages of food and medicines. On Wednesday, over 100 medical staff from the…
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Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
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China calls for enhanced relations with Thailand
China called for enhanced relations with Thailand ahead of the National Assembly of Thailand’s 90th anniversary. Li Zhanshu, chairman of China’s National People’s Congress Standing Committee, yesterday congratulated the Thai National Assembly for making positive contributions to maintaining social justice and promoting economic development in the kingdom. “The legislatures of China and Thailand have maintained friendly exchanges, and have played…
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Thailand plans to negotiate with Saudi Arabia over fertiliser
Thailand is suffering a fertiliser shortage, with the country’s farmers bearing the high costs of imported fertilisers. Now, the Chamber of Commerce plans to negotiate with Saudi suppliers. Saudi Arabia recently allowed 2 of its suppliers to sell fertiliser to Thailand, according to Thai Commerce Minister Jurin Laksanawisit. The International Trade Promotion Department is scheduled to hold a business matching…
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Thai officials say price of bagged rice won’t jump
In the midst of the world’s ongoing price inflation, Thailand’s Commerce Ministry says retail prices on bagged rice will not jump. The chairman of the Thai Rice Packers Association said in a meeting yesterday that the association has cooperated with the Internal Trade Department to freeze retail prices. The Commerce Ministry has noted, however, that some sellers could reduce promotional…
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Phuket officials say local Sunday market rakes in 2 million baht a week
Phuket officials say that a weekly market in the island province’s main city district has raked in at least 2 million baht a week this month. A local leader said the famous “Lard Yai” Phuket Street Sunday Market has seen a jump in tourists visiting it every week, now that Thailand is slowly winding its tourism industry up again. The…
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Sri Lanka petroleum company in extreme debt, country hitting “rock bottom”
Sri Lanka’s economic crisis is snowballing even further. The island nation’s PM Ranil Wickremesinghe said Sri Lanka might be falling to “rock bottom” now that its major petroleum corporation is in extreme debt. He said that because of the debt, no other countries are willing to provide Sri Lanka with fuel. “Currently, the Ceylon Petroleum Corporation is $700 million in…
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Thai tourism targets half a million Korean visitors by end of the year
The Tourism Authority of Thailand aims to draw in over 500,000 South Korean travellers in 2022 and hopes to increase that to 1.3 million next year. This comes after the easing of travel restrictions in South Korea and Thailand. In 2019, South Korea was an important market for Thailand, with around 1.9 million visitors bringing in 75 billion baht in…
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Thai Army lifts ban on Lazada to help country boost economy
The Royal Thai Army has lifted a boycott of the e-commerce platform Lazada. The company, owned by the Alibaba Group, was banned from delivering parcels to military premises all over the country for 42 days because of an offensive advert that insulted the Thai Royal Family, and disabled people. Last month Lazada goods were banned from entering Royal Thai Army…
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Thai government should reconsider 2pm to 5pm alcohol ban
Secretary-general of the Kla Party, Atavit Suwannapakdee, believes the government should lift the restriction on selling alcohol from 2pm to 5pm to help the tourism industry recover, adding there are no rules restricting the hours of alcohol sales in any other Southeast Asian country. “Thailand used to attract 40 million tourists a year, generating 3 trillion baht in revenue, but…
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Bangkok man steals gold valued at 2 million baht after his crypto stash tanked
The impact of the crypto crisis is rearing its head in Bangkok. Yesterday, a man stole necklaces valued at 2 million baht from a gold shop in Phra Nakhon district of Thailand’s capital city. The man entered the gold shop before pulling out a gun, waving it at staff and customers. The shop’s owner, staff, and customers all fled to…
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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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Pakistani government tells people “drink less tea” amidst economic crisis
Pakistan is the latest of several countries hit by an economic crisis. In the midst of the crisis, Pakistan’s Federal Minister for Planning and Development has some interesting instructions for citizens: drink less tea. Pakistan is the world’s largest importer of tea, buying more than US$640 million worth in 2020, according to the Observatory of Economic Complexity. The minister, Ahsan…
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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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