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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Thailand becomes the 6th biggest fruit exporter in the world
“The most popular exported Thai fruit are tropical fruit such as durian, mangosteen and longan, of which Thailand is the largest exporter in the world.” Thai fruit has gained a lot of popularity in foreign countries being recognised for its good taste and quality. Tax waivers from free trade agreements for exports to partner countries have raised the value of fruit exports…
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Thai baht hits highest level against the USD in six years
The baht finished in spectacular fashion after a year as one of the world’s most stable currencies, when it reached 30.15 baht against the US$, its highest level in six years. Kasikornbank Bank is forecasting that the Thai baht could move into a range of 30-30.30 baht to the dollar this week (up to January 3). Investors have been selling USD…
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Plearn Wan ‘retro’ shopping village to close its doors in Hua Hin
Yesterday, December 24, the founder and owner of Plearn Wan Company, operator of Plearn Wan shopping village in Hua Hin and Plearn Wan Panich shopping experiences at multiple locations around Thailand, Phattra Sahawat, posted that the Hua Hin shopping village will close down on January 31, 2020. The rambling retro shopping experience would attract families on weekend trips from Bangkok…
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Government trying to tame strong baht, but bank says it will remain strong in 2020
The prominent rise of the Thai baht in over the past year has had wide implications and effects, and PM Prayut Chan-o-cha says that state agencies have met often to come up with ways to tame the strong currency. Kasikorn Bank Research Centre has already released a report outlining reasons the baht will remain strong into 2020. The bank’s research arm…
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Careers and business heading for the scrap-heap. And the ones that will thrive.
Is your career headed for the scrap-heap? Rangsit University’s Economic and Business Research Centre for Reform has been studying the careers and businesses that are at high risk of disruption, layoffs or downright extinction. They’ve also identified 10 other careers that have a promising future. In discussing the detailed survey, the centre’s director, Anusorn Tamajai, said 12 careers faced high risk of…
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Baht to remain strong into 2020: Kasikorn Research Centre
The Kasikorn Research Centre believes that the Thai Baht is going to remain strong into 2020. KBank’s research arm forecasts the baht to move in a range of 30.10-30.50 Thai baht to the US$ for the next few quarters. But they warn a key domestic factor to be monitored closely will be November’s export data, which will be released soon. External…
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Thailand’s U-turn on agri-chemical ban shows US hitting where it hurts
PHOTO: matichon.co.th The US is piling the pressure on Thailand over its agri-chemical ban, and it appears to be working. A report by the Nikkei Asian Review claims the Kingdom’s proposed ban on three agri-chemicals – Paraquat, Glyphosate and Chlorpyrifos – would have affected American agricultural exports into Thailand. But the US President has weighed into the issue. Following news…
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Walking street-led economic recovery
And it starts today at two locations in Bangkok. In its latest campaign to encourage more spending and boost tourism Bangkok’s government is launching a series of walking streets today before the Thai government spreads the walking street ‘boost’ to other provinces. Silom and Yaowarat roads are becoming pedestrian walkways today and other provinces have temporary walking street events starting on…
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Forecasts are in negative territory for south east and wider Asia
PHOTO: asiahouse.org The Asian Development Bank has trimmed its forecasts for economic growth in developing Asia this year and next as growth in the People’s Republic of China and India are weighed down by both external and domestic factors. Closer to home, south east Asia’s growth projections have also been revised down slightly to 4.4% for 2019. Economic woes of…
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Thai economy not desperate, just a bit slow – Finance Minister
PHOTO: The Nation Thailand’s Finance Minister says the economy is not in a critical situation, it’s just on a bit of a “go-slow” right now. Uttama Savanayana adds that he’s hopeful the situation will improve next year with the go-ahead on a number of large national infrastructure projects. Thai PBS World reports that the minister references the Government’s stimulus efforts…
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Increase agreed for Thailand’s minimum wage
PHOTO: Chiang Mai Citylife Thailand’s minimum daily wage is going up. But not by much. The National Wage Committee has singled out nine provinces for a 6 baht increase in the minimum daily wage, while the rest of the country gets an increase of 5 baht. The Permanent Secretary of Labour, Suthi Sukosol, confirms the nine provinces are Chonburi in eastern…
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Thai central bank calms businesses concerns over strong baht
The Bank of Thailand is attempting to quell business concerns over the strong baht, saying the currency will eventually reverse its upward trend and that more two-way movement in relation to the US dollar is expected in 2020. The central bank’s deputy governor Mathee Supapongse says that investors now see the baht as overvalued, given the kingdoms sluggish economic forecast…
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PM says Thailand must spend in dollars to weaken the baht
PHOTO: Bloomberg “We have to think how we will spend in dollars in many ways to help weaken the baht.” Thai PM Prayut Chan-o-cha says the nation should think about ways to spend in US dollars to help weaken Thailand’s booming currency. Speaking in Bangkok the PM said that the private sector also needs to help with the process. “A current-accounts…
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“The Thai economy is teetering on recession” – Kasikorn Bank
A financial analyst is sounding the warning bells saying that the Thai economy is on the verge of a recession while the baht will remain strong. The head of capital markets research at Kasikorn Bank, Kobsidthi Silpachai, says all eyes will be on Thailand’s economic growth to see if it slows in the fourth quarter, compared to the third. The economy…
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Thai government introduces property stimulus package
PHOTO: homeservicerayong.com “Buyers must earn no more than 100,000 baht a month and be registered on the Revenue Department’s tax database.” Thailand’s Finance Ministry spokesman Lavaron Sangsnit says that the three major housing associations are ready to support the government’s latest stimulus measures to support home purchases. There was a meeting between Ministry officials and the Housing Business Association, Thai Real…
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Thai household debt hits all-time high of 340K baht per house
Household debt in Thailand is at a record high. A survey carried out by the University of the Thai Chamber of Commerce shows that household debt has increased by 7.4% since this time last year and now sits at a record high of 340,000 baht. The survey was carried out between November 11-23, canvassing 1,201 people around the country. The…
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Thailand signs 3 MoUs with South Korea during PM’s visit
PHOTO: Thai PBS World Thailand has signed three MoUs (Memorandum of Understanding) with South Korea during PM Prayut Chan-o-cha’s official visit, taking place from November 24-27 for the 2019 ASEAN – Republic of Korea Commemorative Summit. Thai PBS World reports that the three agreements were signed yesterday, the first being between Thailand’s Ministry of Higher Education Science, Research and Innovation…
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Thais are tightening their belts and spending less – survey
“Nearly 70% said they’ve reduced spending on things like travel, shopping, parties and luxury goods.” Thais are tightening their belts and reducing their spending to weather the country’s growing stumbling economy, according to a Dusit Poll survey. The poll was conducted November 19-23 and surveyed 1,174 people from across Thailand. When asked how they’ve cut back, nearly 70% said they’ve…
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Thai exports down 4.5% in October, 2.35% for the year
PHOTO: Commerce Ministry Thai exports have crashed 4.5% for October 2019, compared with the same month last year. The total contraction in first 10 months of this year has now averaged 2.35%, and things don’t look like improving any time soon, according to the Commerce Ministry, as reported in the Bangkok Post. The director-general of the ministry’s Trade Policy and…
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No Chim-Shop-Chai deadline for over 60s
The third phase of the government’s “Chim-Shop-Chai” (Eat-Shop-Spend) program has a special quota of 500,000 reserved for the Thai elderly, in addition to the already fully subscribed 1.5 million. A spokesman says the Finance Ministry has not set a time frame for elderly people to subscribe so they won’t feel pressured to meet a deadline. More than 90,000 seniors subscribed…
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Eat, Shop, Spend campaign – Phase 3 full, unless you’re over 60
A Thai government spokesperson says Phase 3 of the hugely popular economic stimulus program “Eat, Shop, Spend” (Chim Shop Chai), is now fully subscribed, although spaces still remain open to allow those Thais over 60 to sign up. The Nation reports that 1.5 million people registered for the scheme between November 14 and 16. A special quota was made available…
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Deputy PM claims US tech giants eager to invest in Thailand
The Deputy Thai PM and government ‘Finance Tzar’ Somkid Jatusripitak claims that Amazon and an unnamed American digital company are both keen to invest in the Kingdom. Somkid says both organisations have enquired about meeting the relevant ministers and have been advised to hold talks with the Finance Ministry and the Ministry of Digital Economy and Society. The Deputy PM…
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Thailand ranks in top five economies for salary increases
PHOTO: iglu A report in Thailand Business News says Thailand is among the top five countries in the world for salary increases. The Annual Salary Trends Report, carried out by ECA (Employment Conditions Abroad) International, looked at salary trends for 60 countries and forecasts a 2020 salary increase of 4.1% for Thailand, up from 3.9% this year. In general, Asian nations…
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Sugar industry expert says banning of 3 agri-chemicals will severely damage business
The president of the Thailand Society of Sugarcane Technologists has criticised the recently- implemented ban on three agri-chemicals that were commonly used in the industry. The Nation reports that Dr Kitti Chunhawong insists the ban on Paraquat, Chlorpyrifos and Glyphosate will cripple business. “Currently Thailand is the world’s fifth sugar producer and second biggest exporter with more than 11 million…
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A restart for resumption of Thai-EU trade talks scheduled
MONTAGE: The Thaiger Free trade talks between the EU and Thailand are about to start again after years in the wilderness following the 2014 military coup, and years of protracted negotiations before stretching back to 2005. The Thai Commerce Ministry is now preparing to resume free-trade talks with the European Union. The director-general of the Department of Trade Negotiations, Auramon…
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Thailand’s ‘economic condition index’ expected to decline in Q3
PHOTO: Culture Trip Thailand’s household economic condition index is likely to drop further due to the ongoing global economic slowdown. Another drop would make it the third this year, measured in quarters. The slowdown is impacting the domestic economy and employment, according to the Kasikorn Thai research centre. Thai PBS reports that the latest ECI report indicates that a survey…
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Government’s economic stimulus package generates over 10 billion baht so far
PHOTO: Fodors Travel Guide The Thai government’s campaign to stimulate domestic tourism – the Chim Shop Chai campaign – has generated over 10 billion baht so far. The Nation reports that transactions carried out through the g-Wallet app have generated 225 million baht in the Yala province alone. The southern province now ranks 10th highest for spending during the campaign.…
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Thai baht dips after rate cut
The baht continued losses yesterday after the Thai central bank cut interest rates. Other Asian currencies dipped as markets assess the latest details of the US-China tariff talks. The Bank of Thailand cut rates for the second time this year, with the benchmark one day repurchase rate now at a record low, as the bank tries to manage inflation and…
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Chonburi manufacturers suspend operations, workers laid off
PHOTO: Nippon Steel Steel Processing Company storage yard and port facilities Thailand’s division of the Nippon Steel Steel Processing Company, in Rayong province, says they will suspend operations, temporarily, starting November 9, citing a steady drop in steel sales. Japan’s local affiliate Nippon Steel, says that, if all its employees work full-time, the company’s output of steel will far exceed…
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PM signals more stimulus packages to lift Thai economy
Thai PM Prayut Chan-o-cha says Thailand needs more measures to boost the local economy. He made the remark during the meeting of the Council of the Economic Ministers on Friday. The PM reassured the meeting that Thailand’s and other ASEAN economies were not in recession, but would have slower growth next year, so Thailand needs to come up with stimulus measures.…
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