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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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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Thailand’s internet economy to hit 50 billion dollars by 2025
Google and Singaporean investment firm Temasek launched a research program into the internet economies of Southeast Asia In 2016 and continue tracking economies in the region. Their “E-Conomy SEA 2019” report shows that Southeast Asia’s internet economy reached 100 billion dollars for the first time this year, with 360 million people now linked to cyberspace – 100 million more than…
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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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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 exports will suffer from Trump labour rights decision
The Thai export sector will suffer another blow after the US President Donald Trump announced on Friday the suspension of 1.3 billion dollars worth of duty-free trade for certain Thai goods, claiming Thailand has not taken steps to protect the labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said…
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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 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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Airline on brink of collapse, TG president warns
The president of Thai Airways has announced that the national flag carrier is in deep financial trouble and may have to fold unless staff members unite to work harder. He also said that there may still be time, though not much, to save the company. “Otherwise speculation that THAI is going bankrupt will materialize and there is a chance that…
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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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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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Local investor sentiment dampened by Brexit woes and slump in Chinese economy
The British pound fell today as investors fret over PM Boris Johnson’s chances of pushing his Brexit deal through the British parliament, while Asian markets were mostly down after data showed China’s economy expanded at its slowest pace in nearly three decades. The pound rallied almost to US$1.30 yesterday following news that negotiators had hammered out an agreement that would…
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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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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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Strong baht and divisive politics threatening Thailand’s economy
The director of the Economic and Business Research Centre for Reform at Thailand’s Rangsit University, says that if the US Federal Reserve cuts the policy rate by another 25 basis points this month, the baht could reach 29 baht to the US dollar. Anusorn Tamajai says such a cut would put pressure on Thailand’s currency, which has been seen as…
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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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Asian markets stumble over trade concerns, Brexit sentiment sinks pound
Asian markets fell after hefty losses in New York yesterday, owing to growing China-US tensions in the next round of trade talks, while the British pound continues to be beaten down by fears the UK is on the verge of crashing out of the EU. The downbeat mood comes as investors fret over signs the global economy is slowing down.…
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Eat Shop Spend version 2 on the way, but no cash giveaway
After feedback from the successful “Chim-Shop-Chai” (Eat-Shop-Spend) campaign, the Minister of Finance says campaign will now be extended into Phase 2 but with the criteria and regulations adjusted to attract more people with purchasing power to spend their own money, without the 1,000 baht per person give-away. The Minister of Finance Uttama Savanayana says there have been 1.3 million persons so…
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Focus back on US-China trade talks – Asian markets rise
“A large percentage of the market thinks China may roll the dice and take advantage of what they think is Trump’s weakened political state.” Asian markets rise today as investors resume their focus on the next round of China-US trade talks this week. But hopes for success are being tempered by mixed messages from both sides of the table. There has been…
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Chim-Shop-Chai stimulus scheme set for a second roll-out
Thai PM Prayut Chan-o-cha is hinting the government may launch a second phase of the “Chim-Shop-Chai” (Eat-Shop-Spend) scheme. He says he’s waiting for officials to complete an assessment of the first phase and its ability to boost the sluggish economy. Chim-Shop-Chai was a raging success. Up to one million Thais were able to register each 24 hours to apply for…
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Thais clamour for the “Chim, Shop, Chai” 1000 baht give-away program
PHOTO: buriramguru.com The “Chim, Shop, Chai” (Eat, Shop, Spend) program has been a resounding success, and it’s still got a another five days or so to go. Thai citizens can apply for the 1000 baht ‘gift’ from the government and spend the money at selected shops anywhere outside their home province. The government only accepts one million applications each day so,…
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PM says Thailand plans to be a high income country within 17 years
PHOTO: AFP The PM General Prayut Chan-o-cha has high ambitions for Thailand within the next 17 years, saying the government aims to see it become a high income country. The PM made the claim while attending a lunch meeting with the Asia Society for Executives and foreign media in New York. He says the government has spent the last five…
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Asian Development Bank drops growth forecast for Thailand
“The bank forecasts a slightly higher growth rate at 3.2% next year, due largely to infrastructure investment in the Eastern Economic Corridor.” The Asian Development Bank is lowering its growth forecast for Thailand’s economy from 3.9% to 3% but is optimistic that conditions will improve next year. “The bank forecasts a slightly higher growth rate at 3.2% next year, due…
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Chim-Shop-Chai – more than a million already register for the latest Thai stimulus package
Interest in the government’s latest stimulus package has been massive with online portals being battered by people wanting to know more about how they can get their hands on the 1000 baht give-away from the Thai government. More than a million people have already registered to join the government’s Chim-Shop-Chai (Taste-Shop-Spend) program, where they will receive a 1000 baht to…
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Thailand’s August exports fall further than expected
Some more lumpy economic news for Thialand as the focus is on the monthly customs clearances to provide a compass for the country’s economy. Customs-cleared exports dropped in August 4% compared to the same month a year earlier. Exports unexpectedly rose in July, according to the commerce ministry today. The decline in August has shown itself to be greater than…
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Focus on quality over quantity, says leading Thai economist
PHOTO: Sbs.com.au One of Thailand’s leading economists says we’ve got it all wrong and the country needs to change the way it thinks about the economy. Pasuk Phongpaichit from Chulalongkorn University says Thailand should stop focusing on growth and consumption and prioritise quality of life instead. She was speaking at the Fukuoka Prize Symposium in Japan earlier this week. Pasuk…
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