Economy News
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Sponsored Retiring in Thailand: Why and how health insurance is crucial for your golden years
Thailand offers an ideal setting for retirees with its tropical climate, warm hospitality, and affordable living. But enjoying your golden years to the fullest means planning for health coverage. Here’s a complete guide on why health insurance is essential for...
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Phuket’s Walking Street market leads new street food initiative
Phuket’s Chartered Walking Street market has been selected by the Department of Health as the premier venue for the Street Food Good Health from Local to Global initiative. This programme aims to bolster tourist confidence and attract visitors throughout the year. Deputy Director-General of the Department of Health, Dr Atthaphon Kaewsamrit, and Dr Kusak Kukiattikoon, Chief of the Phuket Provincial…
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Credit agencies highlight Thailand’s EEC as key to industrial growth
Credit rating agencies underscore the significance of Thailand’s Eastern Economic Corridor (EEC) project in advancing the nation’s industrial sector and boosting competitiveness, according to the Public Debt Management Office (PDMO). The public debt advisor for PDMO, Jindarat Viriyataveekul, indicated that credit rating agencies have been closely observing the EEC project’s progress for years due to its pivotal role in shaping…
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Northeast plans NEC to boost economy at mobile Cabinet meeting
Private sector representatives in the northeast are set to present a series of economic stimulation projects, including the establishment of the Northeastern Economic Corridor (NEC), during the mobile Cabinet meeting in Nakhon Ratchasima on July 2. Hatsadin Suwattanapongchet, Secretary of the Northeastern Industrial Federations, announced that the NEC, traversing Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, will emulate…
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Biodiesel betrayal: Big fuel companies snub palm oil producers
The Thai Biodiesel Producers Association plans to lodge a formal complaint against major fuel traders under Section 7 of the Fuel Trade Act. The traders have refused to purchase B100 biodiesel from local palm oil producers. Section 7 traders, including industry giants like PTT Plc and Bangchak Corporation, are those handling over 100,000 tonnes of fuel annually. These powerhouses stand…
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Baht to hit 37.25 per US dollar amid global currency slump
The Thai baht is expected to plummet to 37.25 against the US dollar in the near future, as Asian currencies have weakened to their lowest levels since 2022. This decline is driven by ongoing global volatility and outflows from Thai stock and bond markets amid uncertainty surrounding US interest rate cuts, according to economists. The Thai currency yesterday dropped to…
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Thailand factory closures surge as cheap imports hit local industries
Factory closures in Thailand have surged this year, with local electronics, steel, and plastics manufacturers bearing the brunt as demand declines and cheap imports inundate the domestic market, according to the Industry Ministry. The closures were evaluated based on the investment value of the affected factories. Electronic parts and printed circuit board factories topped the list with an investment value…
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Thailand truckers protest rising diesel prices, demand 30 baht cap
A convoy of trucks will hit the roads next week as truckers in northeast Thailand protest against rising diesel prices which are massively cutting into their profits, demanding the government cap the price at 30 baht per litre. Chairman of the Land Transport Federation of Thailand in the northeast and transport company owner, Somkid Kingkrodklang, highlighted the severe impact of…
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Thailand and Singapore bolster regional stability through civil ties
Singapore and Thailand’s foreign ministers affirmed that enhanced civil service collaboration will deepen bilateral ties and contribute to regional development. Speaking at the 14th Civil Service Exchange Programme (CSEP), co-hosted by the Thai and Singaporean foreign affairs ministries, officials highlighted the importance of sharing knowledge and best practices among civil service officers from both nations. The ministers emphasised that such…
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Thai PM launches Phenix to make Thailand global food hub
Prime Minister Srettha Thavisin led the Phenix project yesterday, aiming to transform Thailand into a global food wholesale hub. The event saw participation from several key political figures, highlighting the project’s significance in positioning Thailand at the forefront of the global food industry. PM Srettha outlined that the Phenix project is designed to unite food industry professionals from around the…
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Ministry of Commerce turns local crafts into economic powerhouses
Tasked with transforming traditional crafts into a potent form of soft power, the Ministry of Commerce has charged the Sustainable Arts and Crafts Institute of Thailand (SACIT) with the mission of preserving the nation’s unique artistic heritage while making it appealing to both the younger generation and international audiences. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai laid out…
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Thailand government slashes hotel fees in tourism boost gamble
The Thai Cabinet made a bold move to bolster its tourism sector by extending a waiver on operating fees for hoteliers for another two years. This strategic decision, made yesterday, June 25, aims to support the country’s ongoing economic recovery following the devastating impact of the Covid-19 pandemic. The fee exemption, which spares hoteliers from the annual charge of 40…
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Finance Ministry to launch 500 billion baht fund to boost shares
Stock analysts are backing the Finance Ministry’s initiative to establish a new fund aimed at boosting investment in Thai shares, predicting a surge in trading activity in the fourth quarter. To revitalise the sluggish stock market, Finance Minister Pichai Chunhavajira announced that the ministry is exploring the creation of a new fund similar to the Vayupak Fund, a former state-managed…
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Thailand’s tourism revenue goal in jeopardy: Tourism minister
Thailand faces an uphill battle in reaching its ambitious 3.5 trillion-baht tourism revenue target for 2024, as admitted by Tourism and Sports Minister Sermsak Pongpanich. Speaking at the Thai Hotels Association’s annual conference, Sermsak highlighted the current progress and challenges ahead. “In the first five months of this year, Thailand has welcomed 15 million foreign tourists, generating 1.1 trillion baht.…
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BoT urges usage of older banknotes for special occasions
The Bank of Thailand (BoT) urged consumers to use existing banknotes for special occasions instead of requesting newly printed ones. This request comes as the circulation period of banknotes has extended due to the rise in digital payments and improved banknote quality. Currently, the first-in, first-out cycle for banknotes means they stay in circulation about 10% longer than before. The…
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Thailand’s national parks smash revenue records
Thailand’s national parks achieved a monumental milestone, breaking revenue records by collecting a whopping 1.785 billion baht between October 1 last year, and June 20 this year. This incredible sum surpasses the total amount collected in the whole of 2023, which stood at 1.467 billion baht. Leading the charge is the Nopparat Thara Beach National Park, Phi Phi Islands, raking…
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Thai handicrafts to drive economic growth, says Deputy PM
The Deputy Prime Minister and Minister of Commerce has tasked the Institute for the Promotion of Thai Arts and Crafts (SACIT) with enhancing Thai handicrafts to boost the economy. This initiative aims to honour the legacy of Her Majesty Queen Sirikit, The Queen Mother. Deputy PM Phumtham announced policies to advance the SACIT at Bang Sai, Phra Nakhon Si Ayutthaya.…
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Thailand’s exports surge in May with agricultural products
Thailand’s exports reached their highest level in 14 months, achieving a 7.2% year-on-year growth in May, largely due to a surge in agricultural products. Director-General of the Trade Policy and Strategy Office Poonpong Naiyanapakorn announced that the value of exports in May expanded to US$26.2 billion (approximately 960 billion baht), marking a significant gain of 7.2%. Thai shipments, excluding gold,…
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Government may raise foreign condo ownership limit to 75%
The government considers increasing the foreign ownership limit in condominiums from 49% to 75% of a building’s usable space, as disclosed by Deputy Prime Minister Phumtham Wechayachai. The Interior Ministry is evaluating the feasibility of extending the maximum leasehold period for foreigners from 50 years to 99 years. Phumtham stated that this proposal was first discussed at a Cabinet meeting…
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Haulage operators in Thailand threaten strike over diesel prices
Road haulage operators have hiked their charges by an average of 9% today and are now gearing up for a nationwide strike unless the government addresses their demands to cap diesel prices at 30 baht per litre. Apichart Prairungruang, Land Transport Association of Thailand President, expressed frustration. “We’ve adjusted charges to cope with rising costs after four petitions to Prime…
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Food delivery market grows as economy threatens restaurants
The online food delivery market in Thailand is experiencing growth but the challenging economy might force closures of between 50,000 and 100,000 small restaurants. Thailand has approximately 700,000 restaurants, including mobile street vendors, with the total business valued at 800 billion baht. Online food delivery services contribute 15% to this total. Chief Executive of Line Man Wongnai, Yod Chinsupakul, reports…
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Thailand’s durian diplomacy: Cracking the chinese market wide open
Thailand is going all out to secure its crown in the lucrative Chinese durian market. The government has rolled out a series of innovative strategies, including high-tech farming enhancements and stringent quality controls, to ensure Thailand remains the top durian supplier to China. Prime Minister’s Office spokesman Chai Wacharonke announced at a press conference that Thailand has significantly bolstered its…
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PM Srettha in talks with BoT chief over handout scheme
Thailand Prime Minister Srettha Thavisin has yet to address Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput’s staunch opposition to the government’s colossal 500-billion-baht handout scheme. Acknowledging the brewing conflict, PM Srettha admitted he and the central bank governor held divergent views, necessitating urgent discussions. Governor Sethaput, in a candid Bloomberg interview, criticised the sweeping economic stimulus, suggesting it was excessive…
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Malaysia and China join forces on billion-dollar rail project
China’s plans to extend the East Coast Rail Link (ECRL) into Thailand are set to transform Southeast Asian trade. Chinese Premier Li Qiang announced the initiative during his visit to Malaysia yesterday. The US$10 billion (approximately 366 billion baht) ECRL, a key project of China’s Belt and Road Initiative, aims to connect Malaysia’s east and west coasts by 2026. Initially…
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Thailand eyes cleaner energy with new power plan for 2024 to 2037
Thailand’s revised power development plan (PDP) is set to be submitted for approval after a week-long public hearing concluded yesterday, the implementation of the plan by year’s end, will steer the country towards cleaner energy. Central to Thailand’s commitment to reducing carbon dioxide emissions, the PDP is expected to provide a clearer path for the nation. Thailand announced its commitment…
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Deputy PM defends mammoth borrowing to jump start growth
In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…
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Thailand unveils 3.75 trillion baht budget bill to boost economy
As the House of Representatives kicked off a three-day debate, Prime Minister Srettha Thavisin introduced a 3.75 trillion baht budget bill for the 2025 fiscal year, aimed at revitalising Thailand’s sluggish economy. Simultaneously, he remains focused on advancing the digital wallet scheme. The budget intends to stimulate economic growth, with forecasts suggesting an increase of 2.5% to 3.5% in 2025…
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Thailand promotes OTOP products to boost local economies
Thailand’s deputy interior minister recently presided over the opening of an event aimed at developing and supporting marketing channels for One Tambon One Product (OTOP) items, poised to enhance community enterprises. The event, titled Community Enterprises: United in Promoting Thai Products saw the participation of Deputy Interior Minister Kreang Kalltinant, who was accompanied by several members of the ministry, alongside…
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BoT opposes cash handout scheme, urges help for those in need
The Bank of Thailand (BoT) firmly opposes the digital wallet cash handout initiative proposing a 500 billion baht cash distribution to nearly all adult citizens to boost consumption, emphasising that it would be more beneficial to directly assist those in need. Private consumption is expected to grow by about 4% this year following a record 7% increase last year. However,…
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Thailand shoots to the top, leaves Malaysia trailing in ASEAN rankings
Thailand has rocketed up the global competitiveness rankings, leaving Malaysia in the dust and securing the second spot in ASEAN. The IMD World Competitiveness Centre’s 2024 report catapulted Thailand from 30th to 25th place worldwide, highlighting a significant leap in economic performance. Danucha Pichayanan, the Secretary-General of the National Economic and Social Development Council, briefed the Cabinet yesterday regarding this…
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Inflate debate: BoT warns against raising inflation target
Bank of Thailand (BoT) cautioned against raising the inflation target to match the range established by the monetary authority, citing concerns that such a move may destabilise expectations and accelerate price increases. BoT Governor Sethaput Suthiwartnarueput stated that the current range is appropriate. “The current inflation target range is appropriate for the circumstances and it has worked well in terms…
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