economy
- 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
Government cracks down hard on pork hoarders
After Songkhla authorities accused one food company of hoarding 200 tonnes of pork in January, the government is on a mission to crack down on pork hoarding. Authorities have gotten more strict about storage and receiving procedures, and inspected 24.48 million kilograms of pork. They then seized 1.07 million kilograms of it that was hoarded. Pork prices are finally lowering…
- 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…
- 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…
- Visa Information
10-year visa to attract engineers and IT experts, boost technology development
The 10-year visa scheme for wealthy foreigners and highly-skilled professionals is expected to attract engineers and IT experts, potentially boosting technology development in Thailand as the country anticipates a shortage of digital workforce over the next few years. The long-stay visa scheme was approved in principle by the Thai Cabinet last month, targeting foreign investors, highly-skilled professionals and wealthy retirees…
- 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
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
Vietnam gives green light to US$15 billion stimulus plan for economic recovery
The parliament of Vietnam has approved a stimulus package worth 347 trillion VND (US$ 15.3 billion) for those severely affected by the Covid-19 pandemic, especially businesses as well as expanding infrastructure expenditure amidst harsh lockdowns. Since the government is seeking sustainable growth, that ensures macroeconomic stability as concerns about inflation raised alarm over the National Assembly last month. Officials are…
- 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
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…
- Thailand News
Norwegian man in Thailand guilty for scamming Norway’s Covid-19 compensation scheme
A Norwegian man living in Thailand was found guilty by the Oslo District Court for scamming the Norwegian government’s Economic Covid-19 Compensation scheme by claiming lost revenue for fake companies. The court sentenced the man to three years and nine months in jail. Reports to do not identify the man, but say he is in his 50s carried out the scam…
- 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…
- Economy News
Finance Minister: economy of Thailand will recover in 2023
Minister of Finance Arkhom Termpittayapaisith says that the economy of Thailand should see a full recovery, not next year, but by 2023. The economy is expected to grow by about 4% next year so 2022 would begin economic recovery, but it will take longer for Thailand definitely bounce back after the devastation of the Covid-19 pandemic. The Finance Minister believes…
- Property
Crypto and digital nomads could boost Thailand’s real estate market
As cryptocurrency is the new payment option of the modern era, many real estate developers are now supporting their payments through it. And, as it is still new to the Thai real estate market, experts say its growth potential is huge. As it can serve as a new alternative to real estate trading, it can help real estate developers offer…
- Phuket News
Tourism recovery in Phang Nga still sluggish
Thailand may have re-opened but there’s little sign yet of any significant recovery in the southern province of Phang Nga. The Bangkok Post reports that most businesses in the tourist area of Khao Lak are still suffering. Despite the coastal resort being open for over 3 weeks now, there are only a handful of tourists in the region. Chayabol Hirankanokkul…
- World News
Thai research institute identifies global post-pandemic trends
There is no doubt that in many ways, the world looks like a very different place now than it did before Covid-19. The Thailand Development Research Institute (TDRI) has identified a number of global megatrends that they say will be a big part of post-pandemic life. The institute says that industries will have to learn to adapt to these new…
- Economy News
Chamber of Commerce proposes familiar plans for the economy
Ahead of a meeting with PM Prayut Chan-o-cha tomorrow, the Thai Chamber of Commerce has compiled a list of measures to boost Thailand’s struggling economy. The proposal was sourced from 5 regional chambers of commerce and will be submitted to the prime minister tomorrow as part of his meetings with private sector representatives. The proposed measures aren’t particularly groundbreaking, mostly…
- Thailand News
APEC summit in Thailand to focus on regional economy
Next year Thailand will be hosting the Asia Pacific Economic Cooperation (APEC) summit. The Foreign Ministry explains that this year the meeting will be focused on economic recovery and growth in the region following the global Covid-19 pandemic. Promoting cooperation between member nations is the emphasis of this event, reports Thai PBS. The theme of the summit is said to…
- Thailand News
American businesses pledge continued investment in Thailand
PM Prayut Chan-o-cha says that he is pleased with the ongoing economic relationship between Thailand and the United States. American businesses have pledged continued investment in the country as they acknowledge the many opportunities in Thailand, despite the setbacks that have been caused by Covid-19. A meeting between PM Prayut and the American Chamber of Commerce in Thailand (Amcham) was…
- Business News
Mass lay-offs at Thai AirAsia as aviation sector continues to struggle
Thailand may have re-opened to international travellers, but the aviation sector continues to struggle as a result of the pandemic. Today, the Bangkok Post reports that Thai AirAsia has announced mass redundancies and extended furlough arrangements for many of its staff. Asia Aviation, the largest shareholder in TAA, says the outlook for the aviation sector remains unstable and the company…
- Property
Government urged to simplify measures for foreign property ownership
Thailand’s government is being urged to simplify measures for foreigners who want to buy property. Such things as money transfers and more medical staff are among the measures that are being scrutinised as too stringent. The vice-chairman of the Board of Trade of Thailand, Atip Bijanonda, says these obstacles are making it hard for foreigners to buy condos. Thus, the…
- Economy News
4 new holidays in Thailand hoped to stimulate domestic travel
Apparently in an effort to boost tourism revenue in Thailand, the Thai Cabinet has approved the creation of 4 new holidays in the middle of next year that allows for extra-long weekends. The government hopes that the creation of these long holiday weekends will encourage domestic travellers to take short getaway holidays around Thailand and stimulate the economy. The move…
- Business News
More cuts at Thai Airways as flagship carrier continues rehab process
The chairman of the Thai Airways rehabilitation plan says the airline is making good progress with cost-cutting exercises. Piyasvasti Amranand says Thailand’s national carrier has managed to recover 44.8 billion baht by cutting its workforce and ending aircraft lease agreements. “Thai Airways’ operational performance has progressed satisfactorily in many aspects, including cost reduction and organisational restructuring.” According to a TTR…
- Covid-19 News
5 million deaths – 22 months of Covid-19
Covid-19 has killed more than 5 million people across the globe, a grim milestone after nearly 20 months of lockdowns, information overload, misinformation and misery. The US has contributed the largest single body count from the coronavirus – 4% of the world’s population but 15% of the total deaths. Covid-19 is now a leading cause of death in the US,…
- Tourism News
Opinion divided on proposed 500 baht tourism tax
A plan to impose a 500 baht “tourism tax” on foreign arrivals from next year has divided opinion among tourism operators. A report by Nikkei Asia says some operators are concerned such a move could deter tourists, just as the country prepares to re-open. One of those is the president of the Thai Hotels Association, Marisa Sukosol Nunbhakdi. “The fee…
- Tourism News
FTI warns Thailand must reopen to international tourists
With such a long time since tourists were welcomed into Thailand, the Federation of Thai Industries fears that potential tourists may be wandering away from Thailand. The FTI chairman warned that the window may be closing to still attract these travellers. They say absence makes the heart grow fonder, but as Thailand’s closure to most international travellers stretches to more…
