Economy News
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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 to export additional 1 million tonnes of rice to China
PHOTO: asia.nikkei.com The Agriculture and Cooperatives Minister says he aims to increase exports of Thai rice to China by another 1 million tonnes. The Nation reports that Chalermchai Sri-on says a second list of approved Thai rice manufacturers has been provided to China, with officials there pledging to finalise the country’s import scheme registration as soon as possible. Minister Chalermchai…
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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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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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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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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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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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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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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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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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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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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 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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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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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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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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