Economy News
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Deputy Thai PM: “Don’t mention the economy”
“If we keep talking about it, it’ll make good things look bad, and this will have wide repercussions.” Thailand’s Deputy PM Somkid Jatusripitak is urging the public not to discuss Thai economic problems too much, saying it could affect investor confidence. Somkid says he’ll explain the economic slowdown if the opposition raises it at the censure debate against the government, which…
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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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Government wants to extend ‘Eat, Spend, Shop’ economic stimulus plan
The government is seeking to extend the deadline for its economic stimulus package, “Eat, Spend, Shop” (Chim Shop Chai) to January 31. The Nation reports that the Finance Ministry is planning to ask Cabinet today to agree to an extension from the original deadline of December 31, in order to provide a further boost to spending and the economy over…
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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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Ease on foreign investments and cut on official interest rate
The Bank of Thailand will now allow Thai residents to send money overseas to invest directly and the domestic trading in gold in foreign currencies. The Central bank governor Veerathai Santiprabhob says the move should help slow the baht’s worryingly rapid appreciation. The new measures will come into effect tomorrow. Exporters will be allowed to invest their earnings abroad, up to…
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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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Sit down, shut up and hang on – The Asian century is here
GRAPHIC: paragkhanna.com In the nineteenth century, the world was ‘Europeanised’. In the twentieth century, it was ‘Americanised’. This century it is all about being ‘Asianised’. With more than half of the world’s population, Asia has gone swiftly from low to middle-income status in a single generation. Today, its global share of trade grows quickly, along with capital, people, knowledge, transport,…
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Ministry considering third round of the Chim Shop Chai stimulus packages
Deputy PM Somkid Jatusripitak is praising the Chim Shop Chai (Eat Shop Spend) scheme and has told the Finance Ministry to consider launching a third round before the end of the year. In a policy speech, he defended the scheme, saying it’s neither wasteful nor a populist policy, fending off accusations by critics. He insists the program has been successful in…
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Thailand has 6 months to discuss GSP with US
PHOTO: TNA Thai authorities still have six months to discuss the US decision to suspend tariff exemptions for Thai exports under its Generalised System of Preferences, according to PM Prayut Chan-o-cha. The PM says the US has suspended GSP privileges not only for Thailand but other countries too. Thailand has enjoyed GSP privileges for nine years and Washington might think…
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High-speed rail link approved
Plans for a new 7.4 billion dollar high-speed rail link from Bangkok to Pattaya got the thumbs-up Thursday (October 24). The approval comes after months of acrimonious negotiations. The government said it had signed an agreement on Thursday to begin construction with a consortium led by conglomerate Charoen Pokphand Group (CP) and including China Railway Construction Corporation. Japanese banks have…
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Commerce Ministry will appeal US GSP decision
Thailand will ask the United States to reconsider removal of trade preferences for Thai exports under the Generalized System of Preferences (GSP), according to the Ministry of Commerce. In the past, whenever trade benefits for Thai products exported to the US were suspended, Thailand has appealed to the US, according to the commerce minister, who added that it is ultimately…
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Thai banks report strong mortgage growth despite April’s new loan regulations
Ever since the Thai government enforced the higher loan-to-value ratios on property lenders last April, borrowers and developers have been generally unhappy with the result – a sluggish new home-buyer market. But some commercial lenders, particularly some of the larger ones, have still reported strong lending growth for the first nine months of 2019. Kasikorn Bank says its housing loans surged…
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Thai government to slap CO2 tax on ‘big bikes’
PHOTO: bigbiketours.com The Thai Excise Department is poised to boost the tax on “big bikes” by 100,000 baht starting at the beginning of next year. The new tax will reflect motorcycle CO2 emissions. The director of the department’s Bureau of Tax Planning, Nutthakorn Utensute, says the Cabinet will adjust the tax increase for high-powered motorcycles based on their CO2 emissions,…
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Thai exports will suffer from Trump decision
US President Donald Trump announced on Friday that the US will suspend 1.3 billion dollars worth of duty-free trade for certain items from Thailand, claiming that Thailand has not taken steps to protect labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said he had suspended duty-free treatment because Thailand…
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Thai Airways not at risk of shutting down: president
Thai Airways is not at risk of shutting down and recent news reports about the airline’s situation were “misinterpreted”, the beleaguered carrier’s president insisted on Wednesday. The statement appeared to directly contradict remarks he made to high-ranking THAI staff in a speech on Tuesday. He said the remarks were to encourage staff to make an earnest effort to ensure the…
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Tax on salt content being considered
The Excise Department is considering imposing a tax on the salt content of food to encourage food producers to reduce the sodium content of snacks, instant noodles and seasoning cubes. The director of the Office of Tax Planning said that the department is discussing a limit on the amount of sodium food can contain, in line with the standard set…
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Asia leads the world in medical tourism
Over the past ten years, Asia has become a favourite destination for medical tourism for people from around the world. Besides the white sand beaches, historic monuments and rich cultural legacy, healthcare in Asia is now a major attraction. From transplants and surgeries to dental procedures and botox, people are turning to Asia. But what makes Asia the most popular…
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10 billionaires among Thailand’s 500 MPs
Thailand has 10 billionaire MPs, while the poorest MP has just 5,064 baht in his bank account, according to reports from the Office of the National Anti-Corruption Commission. Of the 10 billionaire MPs, Mrs. Nathee Ratchakitprakarn, of the Bhumjaithai Party, wife of Tourism and Sports Minister Pipat, is the richest, with declared assets of about 4.675 billion baht. The other…
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Opposition hits out at government’s military spending in 2020 budget
PHOTO: Reuters | The Business Times The opposition is accusing the government of being more concerned with military arms than the daily struggles of Thai citizens. During a debate in Parliament on the budget bill, the government was accused of caring more about the growth in military spending than citizens’ financial woes. The opposition levied the attack after PM General…
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Study shows most Thai people live hand to mouth
PHOTO: eTamping Nearly half of Thailand’s citizens aged 18-65 are spending everything they earn on monthly bills and living expenses, leaving them with nothing to put aside as savings. A study carried out by GoBear, an international financial comparison site, reveals that the highest percentage of people living paycheck to paycheck (53%) are those in the 36-45 age group. 51% of…
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Twin TAT campaigns will boost domestic travel
In November the Tourism Authority of Thailand plans two campaigns – “Visit Thailand with 100 Baht” and “Shocking Price Weekday Travel”, – aimed to generate 400 million baht in local tourism revenue before the end of the year. The TAT’s executive director of product promotion said “Shocking Price Weekday Travel” would encourage upper and middle-class Thai tourists to travel more…
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Thailand resume free trade talks with EU, reducing reliance on China
The European Union has restarted talks with Thailand about a potential free trade agreement. The talks started just days after unfreezing a deadlock put in place by the previous military junta. The resumption of talks comes as Thailand seeks to diversify its economy and reduce reliance on China, which accounted for 14% of the its total foreign direct investment in 2018.…
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TAT says ‘all go’ for tourism discount campaign
PHOTO: Thailand Shopping and Dining Paradise The Tourism Authority of Thailand’s governor says that the TAT will introduce two domestic tourism promotional measures – a 100 baht nationwide tourism campaign, and “shocking-price weekday” discounts. The 100 baht campaign will offer some 40,000 products and services at only 100 baht each. Registration is required and will be open on November 11-12…
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“Eat, Shop, Spend” drive reaches registration target
Ten million people signed up for the first Eat, Shop, Spend stimulus campaign since its launch on September 23. The organisers have expressed thanks to all who have participated. The first phase of the campaign aimed to boost domestic spending by offering 10 million people a 1,000 baht voucher via the G-Wallet mobile application to spend in specific shops, outside…
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Thailand’s growth forecasts for the rest of 2019 slashed again
Following their most recent meeting, the Joint Standing Committee on Commerce, Industry and Banking has announced Thailand’s economic growth this year has been revised downward to between 2.7 – 3.0% from the previous projection of 2.9 – 3.3%. It has also revised down its prediction of this year’s exports to between minus 2 – 0%. The committee says the revised…
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