economy
- World News
Amidst shortage, cooking oil ‘mafias’ form in Indonesia
As the global price on crude palm oil surges, Indonesia faces a shortage of cooking oil. The Russia-Ukraine crisis has impacted the supply of vegetable oil in Indonesia, making palm oil more expensive. In November last year, the global CPO price was about US$1,300 per tonne. Now, it’s US$1,600 per tonne. Indonesian authorities tried to enforce one price, 14,000 rupiah…
- Phuket News
Upcoming seafood festival at Nai Yang Beach this Friday and Saturday, Phuket
Phuket’s Roi Rim Lay seafood festival will be hosted at Nai Yang Beach this coming weekend on Friday and Saturday. The festival will start at 4pm on Friday, and end at 11pm on Saturday, March 25-26. The festival will host over 100 food stands, live ‘Luk Thung’ Thai folk music, and cooking competitions with chili paste and grilled seafood. The…
- Press Room
ADB reports Southeast Asian countries well-positioned to bounce back from COVID-19
Press Release The coronavirus disease (COVID-19) pandemic pushed 4.7 million people in Southeast Asia into extreme poverty in 2021, as 9.3 million jobs disappeared, compared with a baseline no-COVID scenario, according to a new Asian Development Bank (ADB) report presented at the Southeast Asia Development Symposium (SEADS). The Omicron wave could cut the region’s economic growth by as much as…
- Thailand Travel
UNESCO awards Petchaburi culinary scene, now it’s a hotspot in Thailand
UNESCO named Petchaburi a Creative City of Gastronomy in November last year, as part of its creative cities network. Now, the city continues to draw income from food tourism and locally produced ingredients. The Petchaburi provincial governor said ingredients local artisans use in their food are entirely produced in the province. “That means all the production capital used to create…
- Economy News
Thailand’s power will be more expensive in May
From May until August, Thailand’s electricity price will rise to four baht per kilowatt hour, going up by 0.23-1.3 baht per unit. The country’s Energy Regulatory Commission is raising fuel tariffs following Russia’s invasion of the Ukraine. An ERC spokesman said another reason for the price surge is the declining supply of natural gas from the Gulf of Thailand. Russia’s…
- World News
1,000 Thais register to apply for jobs in Saudi Arabia
Thai and Saudi officials say labour relations between their countries are strengthening following renewed relations. Thailand’s labour minister said over 1,000 people have registered online with the Department of Employment to apply for jobs in Saudi Arabia. He claimed the final remaining step is signing a bilateral labour agreement, which is expected to occur soon. The agreement will allow Thailand…
- World News
United States trade dispute on solar products from Thailand, Southeast Asia
Projects in the United States might freeze over a recent dispute on solar panels imported from Thailand, Malaysia, Vietnam, and Cambodia. Even though these countries supply the United States with about 80% of its solar imports, the United States’ Commerce Department is scheduled to probe whether the solar products are circumventing tariffs. The probe is over whether Chinese manufacturers are…
- World News
Kanchanaburi fishery official allegedly smuggled migrants from Myanmar
Police caught a fishery official at a checkpoint in Kanchanaburi province allegedly smuggling three migrant women from Myanmar into Thailand. Police say the official confessed to illegal transporting the women across the border. All were taken to Muang district police for legal proceedings. The Burmese women were charged with illegal entry and the official with helping foreigners enter the country…
- Economy News
Federation of Thai Industries wants gov to scrap Test & Go, stop fuel price crisis
The Federation of Thai Industries has called on Thailand’s government to scrap the Test & Go scheme, and stop the ongoing fuel price crisis. On Thursday, the president of the federation suggested easing Test & Go to support tourism and a recovery for the Thai economy. The FTI suggested that Thailand only require fully vaccinated travellers to show proof of…
- Thailand Travel
TAT says Phuket is ready for boat tourists
After four Indonesian tourists arrived in Phuket on a yacht on Tuesday, the Tourism Authority of Thailand Phuket says the island is ready to welcome back boat tourists. The people who arrived on Tuesday were the first tourists to arrive in Phuket under Test & Go’s new extension for sea tourists, which started on March 1. Under the policy, sea…
- Economy News
As Thailand’s fuel prices spike, stockpile raised
As Thailand’s fuel prices continue to spike, officials have announced that the government will extend fuel stockpiling. Thailand’s Deputy PM and Energy Minister said in a meeting yesterday that the government has instructed oil companies to extend stockpiling of oil reserves from 60 to 70 days to help defuse a pending crisis. He said Thailand will keep its policy of…
- Thailand News
SEADS 2022: New ADB study on ‘Southeast Asia rising from the pandemic’
Press Release KEY TAKEAWAYS SEADS 2022 will be headlined by experts in government, development, and the private sector to discuss novel approaches that can help countries build back better from the pandemic. #SEADS2022 will focus on actionable solutions supporting three lynchpins of the region’s recovery: addressing debilitating supply chain bottlenecks; rejuvenating the region’s once-flourishing tourism industry, and advancing digital transformation.…
- Economy News
Prices for instant noodles, condensed milk to rise next month
Prices for instant noodles and condensed milk are set to rise next month as the Ukraine-Russia conflict has affected imports and exports in Thailand, according to the Ministry of Thai Commerce. The ministry says that the situation could cause inflation, but says the state would try to control the price of food and necessary products as much as possible. Commerce…
- Thailand News
Thais can now work in Saudi Arabia
As of yesterday, Thai workers can now work in Saudi Arabia, and will be protected by Saudi laws. Thailand’s cabinet approved two draft agreements about this yesterday, which will last for five years. They will be extended for another five years unless one or both parties decide against it. Both countries will cooperate to make sure recruitment and employment is…
- Property
Thailand real estate market to see post-pandemic boom by 2024
Real estate developers in Thailand should brace themselves for a post-pandemic boom, despite the current inflation and higher development prices, economists say. After a 2 year slowdown during the pandemic, Thailand will enter a new economic phase from 2022 to 2024, according to Bangkok Bank’s Senior Executive Vice-President Kobsak Pootrakool in the Bangkok Post. “We are getting close to the end…
- Thailand News
Thailand’s businesses appeal to government to lower labour import cost
Thai businesses say they need more workers, and have appealed to the Labour Ministry to reduce costs of importing migrant workers from surrounding countries like Myanmar and Cambodia. Labour ministers said business operators are concerned that if not enough workers are brought in on time, their businesses won’t be able to meet orders and will have to pay fines. PM…
- Thailand News
Truck drivers threaten to camp in front of Energy Ministry because of diesel price
Angry truck drivers say they will protest and camp out in front of if Thailand’s energy ministry if the minister doesn’t lower diesel prices in seven days. The chairman of the Land Transport Federation of Thailand (LTFT) also said the federation would join protests with other groups hurt by Thailand’s rising cost of living, like farmers affected by low crop…
- Economy News
Fear of back taxes preventing some businesses from participating in government co-payment scheme
Signs are popping up outside restaurants and shops across Thailand, advising customers that they don’t accept payment via the government’s 50/50 stimulus scheme. Thai PBS World reports that a number of businesses are refusing to participate in the Khon La Khrueng (Let’s Go Halves) subsidy scheme, fearful that the government will come along and claim back taxes further down the…
- Thailand News
Thai customs officials have dogs sniff for pork at Laos border to prevent smuggling
Thai customs and livestock officials now have trained dogs sniffing for pork that could be smuggled over the Laos border. This news comes after about 300 kilograms of pork were found at a dump near the moon river yesterday. Officials think a pork trader who hoarded too much pork might have dumped it there. They have deployed the dogs at…
- Property
Thailand real estate prices expected to rise in 2022
Since the first quarter of 2020, the home price index has been declining while new home prices have increased. Several pandemic-related factors are to blame, including an increase in the costs of fuel and construction materials, along with higher inflation and a labour shortage. The compounding of these pressures mean real estate prices in Thailand are ready to rise in…
- Thailand News
Streaming services rake in more than 815 million baht, emerge as new cash cow for Thai entertainment industry
The Department of International Trade Promotion announced on Tuesday that international streaming services like VIU, iQiyi, WeTV, and Netflix, alongside the Thai film industry, have earned Thailand more than 815 million baht. The news comes after the DITP held a meeting with members from international streaming providers and 15 Thai content creators to improve their relationship on January 27. This…
- Thailand News
Thailand will raise 12% fewer pigs this year, livestock department says
Thailand’s livestock department says farmers will probably raise 11.8% fewer pigs this year. Already, male pig breeders have dropped 41.1%, while female breeders have dropped 11%. The department general said this is because of economic conditions during the pandemic, and also farmers not having too many pigs in case of disease outbreaks. There are 107,000 pig raisers in the country,…
- Thailand News
Pork price crisis ups demand for poultry, chicken added to price control list
Thailand’s pork price crisis is causing an increased demand for chicken, leading poultry and egg prices to surge. The Ministry of Commerce has now added chickens and chicken meat to their price control list. The ministry now mandates that chicken raisers with over 100,000 chickens, and slaughterhouses with the capacity for over 4,000 chickens a day, disclose their quantity, stocks,…
- Economy News
Thailand’s Commerce Ministry sets up war rooms to combat high prices
In an effort to take legal steps against merchants selling products at unfairly high prices, the Permanent Secretary of Thailand’s Ministry of Commerce Boonyarit Kalayanamit says he will chair war rooms to combat high prices. The secretary stated this yesterday in an urgent meeting with Commerce Minister Jurin Laksanawisit. The director-general of the Internal Trade Department under the Commerce Ministry,…
- World News
Laos PM visited Vietnam’s capital for three days to enchance bilateral relations
Laos Prime Minster, Phankham Viphavanh, has visited Hanoi for three days to meet with Vietnam’s Pham Minh Chinh on Saturday to enhance bilateral relations between the two nations, according to official reports. The two leaders then discussed ways to improve economic cooperation and agreed to increase connections between their economies, particularly through land-road, railway, aviation, and marine port projects, including…
- Thailand News
Bank of Thailand forecasts lower economic growth during Omicron outbreak
With the emergence of the Omicron variant in Thailand and an uptick of cases after the New Year holiday, the country’s central bank says the economy might grow slower in the first half of the year. The kingdom has seen a revival in tourism, especially over the past two months with the Test & Go quarantine exemption scheme. Registration for…
- Thailand News
NIDA Poll: No optimism about pandemic, economy, and politics
A new NIDA Poll asked people about their thoughts on 2022, asking about politics, the economy, and the Covid-19 pandemic, with the majority of respondents not having a particularly positive outlook on the coming year. They were asked if the economy will improve, if the pandemic will subside, and also if PM Prayut Chan-o-cha will remain in power or what…
- Covid-19 News
Thai industry body confident government will curb spread of Omicron variant
The Federation of Thai Industries says it believes the government can slow the rate of Covid-19 infection, despite the alert level being raised yesterday. The level moved from 3 to 4, with officials asking people to work from home if possible and to avoid all non-essential travel. However, Kriengkrai Thiennukul from the FTI is confident Thailand will cope. “The FTI…
- Economy News
Minister of Finance: too soon to know Omicron variant effect on economy
Will the new and rapidly spreading Omicron variant of Covid-19 have a strong effect on the economy of Thailand? According to the Ministry of Finance, the answer is a solid maybe. Minister of Finance Arkhom Termpittayapaisith says it’s just too soon to know if and how Thailand’s economy will be affected by the Omicron variant. The Ministry of Finance is…
- Tourism News
Thai aviation sector calls for visa waiver for international travellers
Thailand’s aviation sector is calling on the government to introduce a visa waiver scheme for international arrivals to boost demand. The Airlines Association of Thailand says global competition for tourists is getting tough and the government needs to do more to attract international visitors. “We are in a fierce competition as every country needs tourists to cushion the economic impact.…
