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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Phuket officials hold job fair, wanting to solve unemployment problems
A job fair in Phuket yesterday featured over 30 employers receiving applications from hopeful searchers. Phuket’s Vice Governor Pichet, who facilitated the event’s opening, noted that “there is a lot of interest in applying for a job”. The fair advertised 1,000 vacancies. It was held at the Central Festival Phuket, in the middle of the island. Pichet added that the…
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Employment at Thailand’s venues slowly picks up following nightlife reopening
Aspiring bartenders can dream again, because now that Thailand’s nightlife is ‘officially’ back on, venues are slowly employing again. The country’s pubs, bars, karaoke bars, massage parlors and other venues are picking up the pieces after having to lay off employees during the Covid-19 pandemic. This news comes after Thailand stopped requiring such venues to call themselves ‘restaurants’ on June…
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Thai stock market is a favorite among foreign shareholders
Last month, foreign investor confidence in Thai stocks stayed strong, with the kingdom’s stock exchange recording net inflows of nearly 140 billion baht for the sixth month in a row. International investors believe that any food shortages will have a minimal effect on the Thai economy and that the tourism sector will rebound in the second half of 2022, according…
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Budget bill boost to government
PM Prayut Chan o cha’s government received a boost today when Parliament passed the first reading of an almost 3.2 trillion baht draft budget bill for the 2023 fiscal year starting October 1. After a 3-day debate, the bill passed with 278 votes in favour, 194 against, and two abstentions. Pm Prayut says the bill will help the nation restore…
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Energy crisis will continue for 2 years says Bangkok Bank VP
The Russia-Ukraine conflict continues to be a political football as energy prices rise throughout the world. Russia is the world’s second highest exporter of crude oil after Saudi Arabia and accounts for around 10% of global petroleum production. International Energy Agency figures for December 2021 reveal the former Soviet state’s oil exports were 7.8 million barrels a day. But since…
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MP calls House sub-committees ‘dens of money extortion’
A Democrat MP yesterday pointed the finger at closed-door meetings of House sub-committees and called them “dens of money extortion.” Rangsima Rodrasamee, Democrat MP for Samut Songkhram, insists all meetings of sub-committees vetting the 2023 budget bill, after it passes its first reading, should be televised live. The Democrat MP says broadcasting the meetings live would scrutinise how the bill…
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Thai industry gets high on government’s green hemp policy
The controversial plan to use hemp in the Thai textile industry is part of the government’s green policy. Business plans are already underway by the Commerce Ministry to promote hemp fibre in the Thai textile arena as it offers high potential in the global market. Hemp and cannabis were classified as drugs under Category 5 the Narcotics Act of Thailand,…
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Pattaya, the land of sex, drugs, and film production?
Pattaya is known for a lot of things- drug busts, violent fights, and other various scandals. But one Thai government agency is hoping to make Pattaya a “City of Film” in the next 5 years, between 2022 and 2027. Can Thailand’s Sin City become a movie-making destination? Thailand’s Designated Areas for Sustainable Tourism Administration is promoting the tourist hotspot as…
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Migrant labour shortage threatens Thai food export industry
The threat of global food shortages due to the ongoing Russia Ukraine war has prompted several countries to buy and stock-pile food from Asia. The Thai food industry has witnessed a surge in larger international orders, but the honeymoon phase could be brief since a major labour shortage in the food sector remains unresolved, according to the Chairman of the…
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PM Prayut’s 3 trillion baht budget slammed ‘pointless’ by MFP leader
Opposition Move Forward Party leader Pita Limjaroenrat has slammed PM Prayut Chan-o-cha’s spending plans ahead of tomorrow’s budget bill as “pointless.” PM Prayut will defend the government’s 3.2-trillion-baht 2023 budget bill in a three-day House debate starting tomorrow, explain why the sum is so large and his spending plans for the fiscal year. But the MFP leader landed the first…
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Now there’s a Pepsi price surge coming to Thailand, too
Amidst Thailand’s skyrocketing prices on fuel, postal services, and palm oil, another item’s price is set to go up- Pepsi. Suntory Pepsico (Thailand) Beverage announced today that Pepsi’s price will rise by up to 2 baht per bottle starting June 1, now that the cost of plastic bottles and aluminium cans has risen. The company noted, however, that the price…
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Thailand’s annual silk fair in Bangkok helps with ‘soft power’ scheme
The word ‘soft power’ has exploded into Thailand’s lexicon ever since young rapper ‘Milli’ promoted the country’s signature sticky rice and mango dish last month. In its soft power scheme, Thai authorities aim to promote the ‘5 Fs’ to the rest of the world. The 5 Fs are: food, films, fashion, fighting, and festivals. Now, Thai authorities say they will…
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Thailand to borrow 20 billion baht to maintain fuel subsidies
The Office of Fuel Fund plans to borrow 20 billion baht to top up the country’s oil price subsidies as residents and different departments are being increasingly affected by the rising oil price. The fund is seeking inbound loans from the Government Saving Bank and Krungthai Bank. The details are expected to be clear at the end of this month.…
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Governor to drain the swamp with Bangkok’s criminal fraternity
Chadchart Sittipunt made over 200 pledges prior to his landslide election victory last Sunday with the economy, environment, and health, high on his list of priorities. And when the Bangkok governor-elect vowed to clean up the metropolis, he wasn’t kidding. The 56 year old’s four-year term as governor began in earnest this week and, his agreement to use criminals to…
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Thai PM suggest people only drive for “essential journeys”
Amidst the global surge in fuel prices impacting Thailand, a spokesman for PM Prayut Chan-o-cha is giving drivers some advice. The spokesman, Thanakorn Wangbunkhongchana, said yesterday that Prayut wants to keep prices as low as possible to help people avoid economic hardship. He said Prayut suggests people only use their private vehicles for “essential journeys” since the price of petrol…
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Thailand will not starve, says Commerce Minister
Deputy PM, and Commerce Minister, Jurin Laksanawisit, yesterday moved to ease fears of food shortages in Thailand on the back of recent protectionism measures introduced by neighbouring countries, export bans, and the ongoing Russia-Ukraine conflict threatening to worsen world food supplies. Jurin declared Thailand has an “abundance of food” produce and there will be no shortages despite the recent embargos.…
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As fuel prices climb, Thailand’s delivery workers struggle
As Thailand’s fuel prices climb, some delivery drivers are saying the country’s attempts at subsidies aren’t helping them much. One motorcycle taxi driver told Thai PBS World that, even though the government offers a 250 baht discount per month on benzene or gasohol, it’s not worth it when he has to travel a long distance for it. The driver added that…
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Large banana plantation near Bangkok goes viral, Thai netizens say owner wants to avoid land tax
One of the biggest exhibition centres and event venues, Impact Arena, in the central province of Nonthaburi, basically just north of Bangkok, is showing off its large banana plantation on their official Facebook page. The page claims the CEO desires to increase green spaces for people, but Thai netizens have figured out it’s just a way the controlling company is…
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Unemployment rate dropped with removal of Covid-19 restrictions
Thailand’s unemployment rate dropped significantly since the coronavirus outbreak. The quota fell to 1.53% from 1.64% since the beginning of 2022 meaning just over 600,000 people are currently unemployed. Before the Covid-19 pandemic the unemployment rate was at 1% in Q1 of 2020, according to the National Economic and Social Development Council (NESDC). But the good news is that the…
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Thailand’s bottled palm oil price continues to skyrocket
Efforts by Thailand’s palm oil farmers, extractors, and producers to cap the price of bottled palm oil at 64-66 baht per litre have proved fruitless. The price has now skyrocketed to 70-76 baht in some markets, according to a survey by Thai PBS. The survey says that in department stores, the price is 68 baht per litre or lower. Palm…
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Thai officials vow to solve household debt problem at Phuket event
Thai officials held a ‘Household Debt Reconciliation Fair’ in Phuket yesterday. At the event, Thailand’s Minister of Justice Somsak Thepsutin said the government has designated 2022 as the “Year of Solving Household Debt”. He said that 2,810 people had registered for the event. Somsak said that several government departments have organised events to “facilitate the mediation process of household debts…
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Thailand’s PM Prayut invites US to invest in supply chains
As part of his visit to the US, Thailand’s PM Prayut Chan-o-cha has attended the 2nd ASEAN-US Special Summit in Washington last week. Now, he is inviting the US to invest or set up supply chains in Thailand to fill gaps created by the Russia-Ukraine crisis. And not the least the ongoing disruption of China’s part in the supply chain…
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New wages for Thailand’s skilled workers
Thailand’s cabinet has approved new wages for construction workers, industrial arts workers and service workers. The new wages are expected to come into effect 90 days after the announcement was made on Tuesday. In the construction industry, tilers considered ‘level 1’ will earn 465 baht per day. Those considered level 2 will earn 550 baht a day. Level 3 tilers…
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Thailand’s government will likely keep diesel subsidies
After much drama and anxiety over announcements that Thailand’s diesel price could eventually jump to 40 baht per litre, PM Prayut Chan-o-cha has announced yesterday that the government will likely extend its subsidy programme that is due to end on May 20. The current subsidy has helped keep the price at about 32 baht per litre, even though the actual…
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Durian valued at 120 billion baht will be shipped to China this year
Thailand will export durians to the vale of 120 billion baht to China this year, about a 10% increase, according to Minister of Agriculture and Cooperatives Chalermchai Sri-on. The Chinese government has set strict controls against fruit imports during their Covid-19 pandemic response. Thailand exported 875,100 tonnes of durian to China last year, valued at 109 billion baht. Thailand’s durian…
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Government economic agency says China’s zero-Covid policy hurting Thai economy
China’s relentless pursuit of a zero-Covid status, coupled with tough import restrictions, is having a negative impact on the Thai economy. So says the Thai economic planning agency, the National Economic and Social Development Council. According to a Nation Thailand report, the NESDC says it’s watching China closely, after a strict lockdown was enforced in Shanghai and other cities. “China’s…
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Nightlife venues in “blue zones” want permission to re-open from June 1
Thailand’s nightlife venues are demanding to be allowed re-open for business in “blue zone” tourism areas from June 1. According to a Bangkok Post report, the proposal is one of several being submitted to PM Prayut Chan-o-cha today. Sa-nga Ruangwatthanakul from the association of Khao San Road business operators says the proposals are being put forward by over 10 associations…
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Lazada apologises for controversial advert
E-commerce platform Lazada has removed a controversial advert from their website which was criticised by Thai netizens as both making fun of disabled people and being offensive to Thailand’s monarchy. Lazada have since issued a statement apologising for the advert. Lazada is a huge online store where people and companies can sell from their own inventories on the platform, based…
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Thailand borrows 50 billion yen from Japan to cope with Covid aftermath
The Thai government has signed a loan contract to borrow 50 billion yen or about 13 billion baht (US$385 million) from Japan International Cooperation Agency or JICA to cope with costs of handling the Covid pandemic in Thailand. Thai PM and Defence Minister Prayut Chan-o-cha urged Thais not to criticise the government borrowing money again because the amount was included…
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Thailand doesn’t need to introduce 300 baht entry fee yet, says PM Prayut
Thailand’s PM has pushed back the introduction of a 300 baht ‘entry fee’ for international tourists arriving in the kingdom. Since Test & Go, Sandbox and other entry restrictions were dropped on May 1, Thailand has experienced a surge in international arrivals. If tourism levels continue to climb and significantly improve national income this year, it might not be necessary…
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