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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Shenzhen now has more billionaires than New York, China has most in world
Shenzhen in China now has more billionaires than New York City. Meanwhile, China has 1,133 listed “billionaires”, more billionaires (measured in USD) than any other country in the world. These 1,133 Shenzhen billionaires make up 34% of the world’s 3,381 billionaires. This is despite the fact China lost 160 of its billionaires in a government crackdown last year. The crackdown…
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Thailand’s electricity tariff expected to surge higher than ever
After Thailand’s Energy Regulation Commission announced yesterday that the electricity price could rise to four baht per kilowatt hour, the ERC now says it will rise to a record high above that. The ERC says this will be the first time the price has surged this high. The fuel tariff is expected to be 0.24 baht per unit between May…
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Thailand’s power will be more expensive in May
From May until August, Thailand’s electricity price will rise to four baht per kilowatt hour, going up by 0.23-1.3 baht per unit. The country’s Energy Regulatory Commission is raising fuel tariffs following Russia’s invasion of the Ukraine. An ERC spokesman said another reason for the price surge is the declining supply of natural gas from the Gulf of Thailand. Russia’s…
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1,000 Thais register to apply for jobs in Saudi Arabia
Thai and Saudi officials say labour relations between their countries are strengthening following renewed relations. Thailand’s labour minister said over 1,000 people have registered online with the Department of Employment to apply for jobs in Saudi Arabia. He claimed the final remaining step is signing a bilateral labour agreement, which is expected to occur soon. The agreement will allow Thailand…
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Thailand’s price cap on diesel will last through May
In the midst of skyrocketing fuel prices around the world, Thailand’s diesel price cap at 30 baht per litre will last until the end of May. After that, a loan of 40 billion baht that supports the subsidy allowing the cap is expected to run out. Thailand’s deputy prime minister, who is also the energy minister, said the country must…
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Federation of Thai Industries wants gov to scrap Test & Go, stop fuel price crisis
The Federation of Thai Industries has called on Thailand’s government to scrap the Test & Go scheme, and stop the ongoing fuel price crisis. On Thursday, the president of the federation suggested easing Test & Go to support tourism and a recovery for the Thai economy. The FTI suggested that Thailand only require fully vaccinated travellers to show proof of…
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As Thailand’s fuel prices spike, stockpile raised
As Thailand’s fuel prices continue to spike, officials have announced that the government will extend fuel stockpiling. Thailand’s Deputy PM and Energy Minister said in a meeting yesterday that the government has instructed oil companies to extend stockpiling of oil reserves from 60 to 70 days to help defuse a pending crisis. He said Thailand will keep its policy of…
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Thai noodle price crisis averted
After some local media outlets reported that noodle prices will rise soon, Thai trade officials claim this isn’t true. The director-general of Thailand’s International Trade Department told the Bangkok Post the department has not yet approved any manufacturers raising their prices. The director-general said the department regularly speaks to instant noodle manufacturers. He said manufacturers who want to raise prices…
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Phuket’s tuna industry falling behind, Phuket VP calls to train fishermen
In a meeting yesterday, Phuket’s Vice Governor Pichet said the provincial government wants fishermen to develop stronger skills with tuna and tuna fishing practices. He said strict fishing laws have already lowered the number of tuna caught in the province. Another issue is that Thailand doesn’t have proper tuna fishing boats. VP Pichet said amendments to current laws on which…
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Thais can now work in Saudi Arabia
As of yesterday, Thai workers can now work in Saudi Arabia, and will be protected by Saudi laws. Thailand’s cabinet approved two draft agreements about this yesterday, which will last for five years. They will be extended for another five years unless one or both parties decide against it. Both countries will cooperate to make sure recruitment and employment is…
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Thailand’s businesses appeal to government to lower labour import cost
Thai businesses say they need more workers, and have appealed to the Labour Ministry to reduce costs of importing migrant workers from surrounding countries like Myanmar and Cambodia. Labour ministers said business operators are concerned that if not enough workers are brought in on time, their businesses won’t be able to meet orders and will have to pay fines. PM…
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Expats want to leave Hong Kong- but that’s an expensive thing to do
After two years of Covid-19 restrictions and political crackdowns in Hong Kong, expats there want to leave. But doing that costs a lot of money in shipping, and pet relocations. It’s not just finances that keep Hong Kong Expats from moving. People who move often have to wait months after shipping their belongings to actually receive them. Hong Kong has…
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Government cracks down hard on pork hoarders
After Songkhla authorities accused one food company of hoarding 200 tonnes of pork in January, the government is on a mission to crack down on pork hoarding. Authorities have gotten more strict about storage and receiving procedures, and inspected 24.48 million kilograms of pork. They then seized 1.07 million kilograms of it that was hoarded. Pork prices are finally lowering…
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Truck drivers threaten to camp in front of Energy Ministry because of diesel price
Angry truck drivers say they will protest and camp out in front of if Thailand’s energy ministry if the minister doesn’t lower diesel prices in seven days. The chairman of the Land Transport Federation of Thailand (LTFT) also said the federation would join protests with other groups hurt by Thailand’s rising cost of living, like farmers affected by low crop…
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Minimum daily wage in Thailand looks set to increase to 492 baht
The Labour Ministry is expected to approve a rise in Thailand’s daily minimum wage from 336 baht to a flat rate of 492, according to a Nation Thailand report. The sharp increase comes just 2 years after a previous hike and is expected to mainly favour labourers. It’s understood that 2 agencies representing workers in the Tripartite Wage Committee have…
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Fear of back taxes preventing some businesses from participating in government co-payment scheme
Signs are popping up outside restaurants and shops across Thailand, advising customers that they don’t accept payment via the government’s 50/50 stimulus scheme. Thai PBS World reports that a number of businesses are refusing to participate in the Khon La Khrueng (Let’s Go Halves) subsidy scheme, fearful that the government will come along and claim back taxes further down the…
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Dusit Poll: 83% believe government can’t solve soaring prices
A new survey by Suan Dusit Rajabhat University finds that most people don’t feel that the government is capable of effectively dealing with the soaring prices of consumer goods with many saying they won’t be able to last 3 months with the current inflation levels. 82.69% of the people polled said they have either no confidence or very little confidence…
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Real estate consultancy says pandemic continues to affect foreign demand
A leading property consultancy says the ongoing pandemic and associated restrictions continues to hamper the real estate market. CBRE Thailand chief, Roongrat Veeraparkkaroon, says the low number of foreign arrivals means the sector continues to rely on local demand and must now adapt to these circumstances. “A decline in tourist numbers affected both residential and retail sectors. Given this challenge,…
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Digital assets as payment requires more regulation in Thailand
After studying the risks and benefits of using digital assets and cryptocurrencies to pay for goods and services, a coalition of financial bodies have decided that more regulation is necessary in Thailand. The Ministry of Finance, along with the Bank of Thailand and the Securities and Exchange Commission, have partnered together to assess the regulation needed for crypto usage in…
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Minimum wage hike proposal up to 492 baht per day being studied
A proposal is being evaluated to raise the minimum wage to 492 baht per day, a significant increase from the 313 to 336 baht per day lowest wage now. The hike proposed is a significant one and the Ministry of Labour is researching the impact of such a large wage. The proposed large increase in the lowest wage legally offered…
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Nippon Steel makes $763 million acquisition of 2 Thai steelmakers
Japan is making a move to invest in Thai steel. Nippon Steel Corp, the largest manufacturer of steel in Japan has announced a strategic deal to buy stakes in two major steelmakers in Thailand. The deal is reported to be worth as much as US $763 million – about 25 billion baht. The giant steelmaker has been interested in acquqiring…
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20 baht bills getting a modern polymer update on March 24
Money enthusiasts, get ready! On March 24 the 20 baht bill is getting a radical new update. The Royal portrait will still be prominent but the flimsy, green paper the bills have been printed on for decades is being replaced with a modern new polymer with a glossy, plasticky feel. Starting on March 24, the new, more durable polymer 20…
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Pork price crisis ups demand for poultry, chicken added to price control list
Thailand’s pork price crisis is causing an increased demand for chicken, leading poultry and egg prices to surge. The Ministry of Commerce has now added chickens and chicken meat to their price control list. The ministry now mandates that chicken raisers with over 100,000 chickens, and slaughterhouses with the capacity for over 4,000 chickens a day, disclose their quantity, stocks,…
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Thailand’s Commerce Ministry sets up war rooms to combat high prices
In an effort to take legal steps against merchants selling products at unfairly high prices, the Permanent Secretary of Thailand’s Ministry of Commerce Boonyarit Kalayanamit says he will chair war rooms to combat high prices. The secretary stated this yesterday in an urgent meeting with Commerce Minister Jurin Laksanawisit. The director-general of the Internal Trade Department under the Commerce Ministry,…
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Pork, petrol and noodles – inflation impacting prices in Thailand
Heading into 2022, the ‘I’ word is spooking economists around the world as they look at tools to try and control rampant inflation. Even in Thailand there has been big rises in staples, making headlines this week, particularly in the pork industry. Meat and produce prices have been sneaking up and now impacting the cost of living for everyone living…
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Artificial intelligence intended to prevent abuse of state welfare
As a new round of registration is set to commence, the Ministry of Finance is planning to use artificial intelligence to ensure that the state welfare cards issued this year are given only to eligible low-income earners. The Ministry plans to implement new technology to cut down on fraud and to keep urgent financial assistance money from going to those…
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NIDA Poll: No optimism about pandemic, economy, and politics
A new NIDA Poll asked people about their thoughts on 2022, asking about politics, the economy, and the Covid-19 pandemic, with the majority of respondents not having a particularly positive outlook on the coming year. They were asked if the economy will improve, if the pandemic will subside, and also if PM Prayut Chan-o-cha will remain in power or what…
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Thai baht falling over Omicron fears and strong US dollar
As the Covid-19 pandemic drags on, it’s not just our patience and our resolve that is weakening. The Thai baht is falling too, weakening against a stronger US dollar and global fears over the impact of the Omicron variant rapidly spreading throughout the world. Today the conversion rate stands at 33.59 baht to the US dollar just off of its…
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Minister of Finance: too soon to know Omicron variant effect on economy
Will the new and rapidly spreading Omicron variant of Covid-19 have a strong effect on the economy of Thailand? According to the Ministry of Finance, the answer is a solid maybe. Minister of Finance Arkhom Termpittayapaisith says it’s just too soon to know if and how Thailand’s economy will be affected by the Omicron variant. The Ministry of Finance is…
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Nightlife workers protest at Government House, call for financial assistance
Thailand’s nightlife workers have rallied in Bangkok, protesting outside Government House as they demand government assistance. The workers, known as the “high heel mob” are calling on PM Prayut Chan-o-cha to offer state aid to industry workers adversely affected by Covid-19 closure orders. According to a Bangkok Post report, the workers were led by the Empower Foundation. Employees say their…
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