economy
- Business News
Thailand’s economy to grow 2.7% this year
Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance. Deputy Finance Minister Paopoom Rojanasakul highlighted the positive outlook, attributing it to improving economic conditions among trading partners. He noted that growth could potentially reach 3% this year,…
- Thailand News
Invasive fish in Thailand causes 100 million baht annual damage
Thammasat University research reveals that the blackchin tilapia has caused economic damage to the Praek Nam Daeng community, amounting to at least 100 million baht per year. The SROI TU Centre for Social Return on Investment Research and Development recently posted a study detailing these impacts. The research, conducted between 2018 and 2019 by SROI TU, part of the Puey…
- Business News
Thailand faces investment challenge post-1997 financial crisis
Thailand faces investment challenges post-1997 financial crisis despite natural gas discovered in the Gulf of Thailand around 40 years ago sparked nationwide excitement, marking the beginning of a golden era. This period saw the launch of the Eastern Seaboard Development Project aimed at developing the eastern coastal region. Foreign investment surged, propelling the economy to expand at double-digit rates, and…
- Thailand News
Bangchak cuts high-premium fuel prices by 5 baht per litre
Bangchak Corporation announced a significant price reduction on its high-premium fuel types, offering a discount of 5 baht per litre nationwide from today to tomorrow, July 20. This promotion includes both Bangchak Hi Premium 97 and Bangchak Hi Premium Diesel S, with no minimum purchase required. Bangchak Corporation, a leading company in the fuel industry, is running its major annual…
- Thailand News
Thailand approves genome editing to boost agricultural yields
Thailand officially sanctioned Genome Editing (GEd) technology for advanced plant breeding, aiming to boost yields while reducing chemical use in agriculture, according to the Department of Agriculture (DoA). DoA Chief Rapeepat Chansriwong announced the approval of the GEd technique under a ministerial regulation. This decision was endorsed by the agriculture minister and subsequently published in the Royal Gazette. Typically, new…
- Thailand News
Fishing boat nets 4 tonnes of shrimp off Phang Nga coast
A fishing boat’s single catch netted an astonishing 4 tonnes of shrimp, worth nearly 1 million baht, off the coast of Phang Nga. The catch highlights the rich marine life in the area, following a recent conservation period. Officers from the Krabi Provincial Fisheries Office inspected the commercial fishing vessel, S. Phet Samut 11, upon its return to the Sai…
- Thailand News
Thai PM announces 10,000 baht digital wallet registration date
Registration for the 10,000-baht digital wallet handout starts on August 1, as announced by Prime Minister Srettha Thavisin. This initiative aims to stimulate the economy through significant government spending. The Bangkok-born PM shared the date on X (Twitter) yesterday, July 15, coinciding with the Digital Wallet Policy Committee’s meeting to finalise preparations for registering eligible recipients and vendors. He emphasised…
- Business News
Thai factory closures, a victim of Chinese imports surge
Chinese electric vehicle (EV) manufacturer BYD recently opened its inaugural Southeast Asian factory in Thailand, garnering considerable attention and praise for the country’s industrial foresight. However, this development also adversely affected long-established Japanese automakers, leading to a ripple effect across numerous Thai factories. A crucial development went relatively unnoticed as Suzuki Motor announced the closure of its Thai factory, with…
- Thailand News
Nation Group: Salary cuts apply to management team only
Nation Group has clarified that its recent salary suspension affects a mere 10% of its staff, primarily targeting the management team. This revelation comes amid swirling rumours and public outcry, which the company attributes to distorted messages presenting partial truths, causing widespread public misunderstanding and online criticism, damaging the organisation’s reputation. Dismissing any notions of being in crisis, Nation Group…
- Thailand News
Thai investors flee Myanmar chaos, pulling out 253 billion baht
Thai companies are fleeing Myanmar amid escalating conflict and economic instability. The ongoing clash between Myanmar’s military government and opposition forces shows no signs of easing, prompting Thai firms to withdraw a staggering US$7 billion (around 253 billion baht) in investments. Once the third-largest investors in Myanmar, Thai companies are now ranked 5th, with investments plummeting from US$11.6 billion in…
- Thailand News
Nation Group announces partial salary suspension
Nation Group announced a partial salary suspension for some employees due to a significant decline in advertising revenue across the media industry, driven by current economic conditions. Chairperson Chai Bunnag also opted to forego his salary. Nation Group released an announcement, numbered 015/2567, detailing the decision to partially suspend salaries. This measure comes in response to a sharp decrease in…
- Thailand News
Japanese tourists to flock to Thailand despite economic woes
To revive tourism, the Tourism Authority of Thailand (TAT) unveiled dynamic strategies to draw Japanese tourists back to the Land of Smiles. Despite the yen’s depreciation, TAT Tokyo Office Director Kajorndet Apichartrakul remains optimistic about reversing the deficit in tourist numbers with Japan. Last year, 995,000 Thai tourists visited Japan, while only 804,000 Japanese tourists came to Thailand, resulting in…
- Thailand News
Seoul-searching: South korea & Thailand kickstart trade pact talks
The Trade Ministry of South Korea yesterday announced the initiation of negotiations with Thailand to establish an Economic Partnership Agreement (EPA) to enhance bilateral trade and investment. The South Korean delegation, headed by Deputy Minister for FTA Negotiations Roh Keon-ki, is set to engage in discussions with his Thai counterpart, Chotima Iemsawasdikul, in Bangkok through until tomorrow, as reported by…
- Thailand News
Chiang Mai used car dealers rev up amid economic turmoil
Chiang Mai’s used car dealerships are on the brink of collapse as they battle economic woes and intense price wars. The once-thriving market is now a battleground, with many dealerships shutting their doors while the survivors cling on by the skin of their teeth. The surge in repossessed vehicles and stricter financing regulations have only added fuel to the fire.…
- Thailand News
Thailand faces ‘invisible time bomb’ population crisis
Thailand’s population crisis, described as an “invisible time bomb,” requires urgent government intervention, according to Varawut Silpa-archa, the Minister of Social Development and Human Security (MSDHS). Varawut stated the following during a forum on national strategies hosted by the National Press Council of Thailand on Thursday, July 4. “Environmental issues are visible, but this [population crisis] is an invisible time…
- Business News
Fiorentine fusion: Ttalian-Thai forum sparks economic amore
The ninth annual Italian-Thai Business Forum (ITBF) was recently held in Florence, Italy, organised by the Thai Chamber of Commerce, the Thai Board of Trade, and the Italian Embassy in Bangkok, the event aims to bolster economic cooperation between the two nations, which have enjoyed 156 years of diplomatic relations. Business leaders from 16 Thai and 13 Italian companies attended…
- Thailand News
Revised debt management plan pushes borrowing to 1.03t baht
The Thai Cabinet approved a revised public debt management plan for the 2024 fiscal year, incorporating an additional 275.87 billion baht in borrowing. Of this, 269 billion baht is designated for direct government use and lending to state enterprises for debt restructuring. According to Deputy government spokesperson Rudklao Suwankiri, this revision increases the total new borrowing for the current fiscal…
- Thailand News
Political turmoil and economic strife rock Thailand’s elite
The fate of Thailand’s business-friendly Prime Minister Srettha Thavisin, a former real estate mogul, hangs by a thread less than a year after taking office. Political turmoil has shaken investor confidence in Southeast Asia’s second-largest economy, resulting in a 15% drop in the benchmark stock index since last year. Compounded by a weaker baht, the combined wealth of the nation’s…
- Business News
Thailand tourism spending to miss 1.2tn baht target, rising costs
Thailand’s domestic tourism spending is projected to fall short of the government’s ambitious target of 1.2 trillion baht amid economic concerns and rising travel costs, as the Tourism Authority of Thailand (TAT) indicates. TAT Deputy Governor for Domestic Marketing, Somradee Chitchong, expressed confidence that domestic trips would reach 210 million this year, surpassing the initial target of 200 million. Despite…
- Business News
Weak economy and loan restrictions further plummets pickup sales
Domestic car sales are facing significant challenges as pure pickup sales dropped by 40.8% in the first five months of 2024, primarily due to a weak economy and difficulties in accessing loans, according to the Federation of Thai Industries (FTI). From January to May, sales of pickup trucks fell by 40.8% year-on-year to 75,510 units. While sales of pickup passenger…
- Thailand News
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…
- Thailand News
Lamps out: Lampang horse-drawn carriage rides face unbridled end
The famed horse-drawn carriage rides in Lampang may soon become a relic of the past, as dwindling tourism revenue fails to attract new generations to sustain the business, according to the Tourism Council of Lampang. Lampang registered 559,892 visitors in the first four months of this year, a 0.52% decline year-on-year, with only 35,131 foreign travellers. Despite the drop in…
- Thailand News
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…
- Business News
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,…
- Thailand News
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…
- Thailand News
Finance minister: Digital wallet funds to exclude mobile phones
Deputy Finance Minister Julapun Amornvivat urged the Commerce Ministry to reconsider its decision to permit recipients of the 10,000-baht payout from the digital wallet scheme to use the funds on mobile phones. He argued that this move would not benefit the domestic economy as intended. Prime Minister Srettha Thavisin shares these concerns, noting that most mobile phones are either manufactured…
- Thailand News
Crisis in Thai industry: Are major collapses on the horizon?
Thailand’s industrial sector is teetering on the brink of a crisis as rapid technological advancements, fierce competition from China, and a planned hike in the daily minimum wage threaten to trigger a massive collapse. With two Japanese car giants, Subaru and Suzuki, set to shut down their manufacturing operations in Thailand, the situation is dire. KKP Research reports that 1,700…
- Thailand News
Digital wallet scheme to include smartphones purchases
The Ministry of Finance confirmed that the distribution of a 10,000 baht digital wallet can be used to purchase smartphones, which are seen as essential livelihood tools by the minister. Deputy Minister of Finance Chulpan Amornwiwat provided an update on the progress of the 10,000 baht top-up project through digital wallets. He announced that an operational subcommittee meeting is scheduled…
- Thailand News
Thailand’s food delivery apps dish out tasty profits
Thailand’s food delivery and on-demand super apps have demonstrated moderate growth despite economic hurdles, with major players generating significant revenue increases in 2023. Business data provider creden.co reports that total revenue for these apps reached 31.7 billion baht last year, rising from 27 billion baht in 2022. Grab Taxi (Thailand) achieved a profit for the second year running, with revenue…
- Thailand News
Thailand is fast becoming a global LGBTQIA+ hub
Thailand is on the brink of becoming the ultimate destination for the LGBTQIA+ community, thanks to its welcoming environment, progressive policies, and the recent launch of the Pink Plus Economy initiative. This revolutionary move, announced on Sunday by Borderless.lgbt, aims to create a supportive ecosystem for LGBTQIA+ individuals in Thailand, encompassing living, family planning, and retirement. The initiative is backed…
