economy
- Thailand News
Finance ministry sees record revenue of 14.4 billion baht
The Ministry of Finance announced that the Treasury Department has achieved record-breaking revenue collection for the fiscal year 2024, amounting to 14.4 billion baht. This represents a 57.9% increase from the previous year and exceeds projections by 25.4%, marking the highest revenue since the department’s establishment on September 30, 1924. The Deputy Minister of Finance, Paophum Rojanasakul attributed this remarkable…
- Business News
Thailand’s local businesses get a global boost: It’s time to trade up
Strengthening Thailand’s local businesses to compete on the global stage could be a game-changing strategy for revitalising the national economy, according to Bank of Thailand Governor Sethaput Suthiwartnarueput. Sethaput is advocating for the implementation of “globally competitive localism,” a concept that leverages the strengths of local entrepreneurs, such as cultural assets, to create value-added products and services. This, he believes,…
- Thailand News
Gen Z goes wild for Thailand’s ‘Mutelu’ faith economy
A new survey by Zanroo, a social media data expert, revealed that young Thais are leading the charge in an occult frenzy, racking up billions of engagements online. Zanroo’s study found that Gen Z, those aged 12 to 27, show the highest interest in Mutelu – a term derived from the Indonesian horror film Mutelu: Occult War. The word now…
- Business News
Baht-boom fallout: Thai economy in choppy waters after Fed slash
The economy is teetering on the edge as the surging Thai baht causes ripples across the nation. In the wake of a significant rate cut by the US Federal Reserve (Fed), local industries are now urging the Bank of Thailand’s Monetary Policy Committee (MPC) to take swift action. For over a year, the MPC has held interest rates steady, but…
- Thailand News
Thailand banks could be forced to share hacking costs
Thailand’s Digital Economy and Society (DES) Minister Prasert Chantararuangthong has thrown his weight behind a groundbreaking proposal that could see commercial banks sharing the financial burden when their customers’ accounts are hacked. Prasert, who also serves as Deputy Prime Minister, publicly backed opposition MP Wiroj Lakkhanaadisorn’s suggestion during a heated House debate. Wiroj, from the People’s Party, argued that banks…
- Thailand News
Thailand Cabinet keeps VAT at 7% for another year
The Thailand Cabinet has decided to maintain the current value-added tax (VAT) rate at 7% for another year. This decision was announced by Jirayu Huangsub, an advisor to the Prime Minister of Thailand, at 12.40pm yesterday, September 17. The announcement follows a Cabinet meeting where the economic situation was discussed, especially concerning the VAT rate set to expire at the…
- Thailand News
Thai business leaders grill PM Paetongtarn on economic rescue
Thai business leaders and economic gurus are turning up the heat on Prime Minister Paetongtarn Shinawatra, urging immediate and long-term strategies to avert an economic catastrophe. Top of their list? Comprehensive debt restructuring, help for the low-income earners, and bolstering small and medium-sized enterprises (SMEs) against the foreign online trading juggernauts. In a dramatic parliamentary session yesterday, September 15, the…
- Business News
ETDA plugs in: Powering up Thailand’s digital economy for 2024
Thailand’s Electronic Transactions Development Agency (ETDA) unveiled plans to further its role as a co-creation regulator and promoter next year, aiming to boost the digital economy’s value and generate positive social impact. The ETDA intends to enhance the nation’s digital infrastructure, focusing on promoting e-document management, improving governance of digital platform services, and leveraging artificial intelligence (AI) for good governance…
- Thailand News
Digital wallet delay: No green light before year-end
The highly anticipated second phase of Thailand’s digital wallet initiative is on ice, with Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealing that it’s unlikely to roll out before the end of the year. In a brief meeting with the press today, Pichai highlighted the need for a cautious approach, stressing that factors like timing and continuity must be…
- Thailand News
PM Paetongtarn unveils 10 policies on economic and social welfare
Thai Prime Minister Paetongtarn Shinawatra delivered the government’s policy statement to Parliament yesterday, outlining 10 urgent policies to address pressing national issues. The policies cover a broad spectrum of areas, with a focus on economic stability, social welfare, and national development. The government intends to undertake comprehensive debt restructuring, focusing particularly on housing and auto loans. Both formal and informal…
- Thailand News
Digital wallet to the rescue: PM bets on cashing in for Thailand’s economy
Prime Minister Paetongtarn Shinawatra firmly believes that the government’s policy, particularly the digital wallet handout programme, will act as a significant catalyst to regenerate the flailing economy of Thailand. This policy will be officially presented to Parliament over two days, starting tomorrow, as mandated by the constitution, before the government can begin its work. The 38 year old Paetongtarn plans…
- Thailand News
Red Lobster Thailand’s endless shrimp deal led to bankruptcy woes
Red Lobster’s Ultimate Endless Shrimp promotion, offering unlimited shrimp for US$20 (around 670 baht), became a permanent menu item last year, leading to a surge in customer traffic at the chain’s nearly 700 restaurants. Diners flocked to Red Lobster, indulging in various shrimp dishes like Parrot Isle Jumbo Coconut Shrimp, Walt’s Favorite, Garlic Shrimp Scampi, Shrimp Linguini Alfredo, and Grilled…
- Thailand News
Economic challenge: Business tycoon Pichai to the rescue
Pichai Naripthaphan, a businessman-turned-politician, is stepping into the hot seat as Thailand’s new Commerce Minister at a time when the nation’s economy teeters on the edge of disaster. With sky-high expectations from every corner, Pichai faces the daunting task of steering the country out of economic turbulence. Pichai takes over from Phumtham Wechayachai, who has moved to Defence Minister and…
- Phuket News
Phuket hotels see steady service charges and rising room rates
Phuket’s hotel industry will see stable service charge income and rising room rates during the upcoming peak season, according to the Phuket Hotels Association (PHA). PHA President Bjorn Courage noted that employment levels in Phuket’s 95-member hotels have fully rebounded post-pandemic. Typically, service charges account for 10% of paid room nights and are distributed monthly among all staff members. With…
- Thailand News
TAT targets 12.2 million foreign visitors in late 2024
Thailand anticipates a surge in foreign arrivals, targeting 12.2 million visitors in the final four months of 2024. This influx is projected to elevate the annual total to nearly 36 million, generating 1.8 trillion baht in revenue, as reported by the Tourism Authority of Thailand (TAT). According to TAT Governor Thapanee Kiatphaibool, the market’s growth is expected to benefit from…
- Thailand News
Hungary and Thailand to sign MoU for stronger economic ties
Hungary and Thailand are set to strengthen their economic ties with the signing of a Memorandum of Understanding (MoU) between the Hungarian-Thai Chamber of Commerce and the Budapest Chamber of Commerce next month. The Hungarian embassy facilitated a luncheon in Bangkok, where the Hungarian ambassador and local Thai media discussed Hungary’s role as president of the Council of the European…
- Thailand News
Thailand’s female CEOs soar but the gender equality gap remains
Thailand’s female business leaders are smashing glass ceilings at an impressive rate, but the country’s gender equality struggle is far from over. With 32% of senior leadership positions in Thai businesses held by women, compared to a global average of 27%, Thailand boasts one of the highest ratios of women CEOs in the world. Nearly 90% of businesses in Thailand…
- Thailand News
Job jolt: Thailand’s unemployment hits two-year high at 1.07%
Thailand’s unemployment rate surged to a two-year high, with 1.07% of the workforce out of a job, the National Economic and Social Development Council (NESDC) revealed. The rise marks the highest level of unemployment since the Covid-19 pandemic waned, showing a worrying trend in the nation’s job market. Danucha Pichayanan, NESDC Secretary-General, reported that the rate had climbed slightly from…
- Thailand News
Thailand’s BRICS ambition: Gateway to economic power?
As Thailand contemplates joining the BRICS economic bloc, the nation’s public and private sectors are buzzing with anticipation over the potential opportunities and benefits. The growing excitement was evident at the International Media Club of Thailand (IMCT)’s inaugural seminar in Bangkok last Thursday, August 22, where two panels dissected the pros and cons of the Brazil, Russia, India, China, and…
- Business News
Thailand bids for 2030 Youth Olympics to boost sports industry
Two weeks after the Games of the XXXIII Olympiad concluded, Thailand is reiterating its commitment to bidding for the 2030 Youth Olympic Games, viewing it as a pivotal opportunity to advance its sports industry and generate revenue. The Governor of the Sports Authority of Thailand (SAT), Kongsak Yodmanee, stated that one of SAT’s missions is to promote sports within Thailand…
- Tourism News
Thailand’s tourism boom tainted by zero-dollar tours
Thailand’s booming tourism sector is thriving under a new visa-free policy, attracting millions of foreign tourists. Yet, while Chinese visitors top the list, concerns are mounting over the resurgence of Chinese zero-dollar tours, which could be draining potential revenue from the Thai economy. From January 1 to August 18, Thailand welcomed a staggering 22,474,172 international tourists, who pumped 1.05 trillion…
- Economy News
Thailand’s economy grows 2.3% in Q2, surpassing forecasts
Thailand’s economy roared back to life in the second quarter, fuelled by a surge in consumption, tourism, and exports, according to today’s eye-popping official data. This economic boost has prompted the government to up its growth forecast for the year. The National Economic and Social Development Council (NESDC) revealed that Southeast Asia’s second-largest economy expanded by 2.3% from the same…
- Aviation News
Soaring high: Thai AirAsia’s stunning turnaround in 2024
Asia Aviation (AAV), the proud sole shareholder of Thai AirAsia, unleashed its operational results for the first half of 2024, boasting an impressive financial recovery. The figures are staggering, with revenue from sales and services soaring to 25,279 million baht, marking a 32% year-on-year increase. AAV’s profit from core operations skyrocketed by a jaw-dropping 1,015%, reaching 1,950 million baht from…
- Politics News
FTI rattled by PM Srettha’s ousting: Investors on edge
The Federation of Thai Industries (FTI) voiced alarm following the Thai Constitutional Court‘s shock decision to remove Prime Minister Srettha Thavisin from office yesterday. Kriengkrai Thiennukul, Chairman of the FTI, warned that the ruling could put a brake on both local and foreign investment as investors rethink their strategies amid the political turmoil. Thailand is already wrestling with major economic hurdles,…
- Thailand News
Thailand new generation drive sales surge despite economic woes
Luxury retail has skyrocketed, with sales in the first half of this year soaring to four times the levels seen in 2019, before the Covid-19 pandemic hit, according to a market survey by The 1 Insight. This staggering growth comes despite a sluggish economy, thanks largely to the spending habits of new-generation shoppers. The 1 Insight report highlights the resurgence…
- Thailand News
Thai consumer confidence hits 11-month low
Thai consumers’ confidence in July continued to decline, marking the fifth consecutive month and reaching the lowest point in 11 months. The consumer confidence index fell from 58.9 to 57.7, driven by concerns over political stability in Thailand. Thanavath Phonvichai, President of the University of the Thai Chamber of Commerce and Chairman of the Advisory Centre for Economic and Business…
- Thailand News
Thailand construction contract mismanagement leads to big loss
Inefficient management of construction contracts in Thailand during the 2023 fiscal year led to financial losses exceeding 30 billion baht, according to a spokesperson from the State Audit Office (SAO). SAO spokesperson Sutthipong Boonnithi revealed that these figures emerged from the SAO’s annual audit, which examined over 14,148 projects and contracts across 9,426 public agencies nationwide. The audit identified budget…
- Thailand News
Thailand outbound travel takes a dive amid economic woes
Thailand’s outbound travel market is facing a sharp decline, with consumer spending power plummeting and overseas holiday plans on hold. Charoen Wangananont, President of the Thai Travel Agents Association (TTAA), revealed in an exclusive interview with Krungthep Turakij that economic uncertainties have led many Thais to postpone international trips to avoid extra costs during these tough times. “We had initially…
- 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…
