economy

  • Thailand NewsMilking it: ThaiBev pours 18 billion baht into dairy, drinks expansion

    Milking it: ThaiBev pours 18 billion baht into dairy, drinks expansion

    ThaiBev Group plans to invest 18 billion baht in 2025, more than doubling its annual investment, focusing on strengthening its non-alcoholic beverage and dairy businesses, including establishing a dairy farm in Malaysia. ThaiBev Group, led by CEO Thapana Sirivadhanabhakdi, announced a significant investment increase to 18 billion baht for the fiscal year 2025, which spans from October to September 2025.…

  • Thailand NewsThailand’s bold plan to regulate sex work sparks heated debate

    Thailand’s bold plan to regulate sex work sparks heated debate

    Thailand Prime Minister Paetongtarn Shinawatra’s government is stirring up controversy with a proposal to develop an entertainment complex aimed at formalising underground businesses—sex work included. The plan is designed to bring these industries into the formal economy, making them taxable, and, in the long term, funding welfare programmes in education, public health, and infrastructure. But the proposal has ignited a…

  • Thailand NewsFinance ministry sees record revenue of 14.4 billion baht

    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 NewsThailand’s local businesses get a global boost: It’s time to trade up

    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,…

  • Business NewsBaht-boom fallout: Thai economy in choppy waters after Fed slash

    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 NewsThai household debt hits 13.6 trillion baht as bad loans rise

    Thai household debt hits 13.6 trillion baht as bad loans rise

    Thai household debt has surged to alarming levels, reaching 13.6 trillion baht, with non-performing loans (NPLs) climbing to 1.2 trillion baht. The National Credit Bureau reports a consistent rise in bad debts across housing, automotive, and credit card sectors. Data from the end of July indicates that household debt in Thailand reached a staggering 13.6 trillion baht. This figure is…

  • Thailand NewsThailand banks could be forced to share hacking costs

    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 NewsThailand Cabinet keeps VAT at 7% for another year

    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…

  • Business NewsETDA plugs in: Powering up Thailand’s digital economy for 2024

    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 NewsCentral Pattana invests 4.5 billion baht in Krabi development project

    Central Pattana invests 4.5 billion baht in Krabi development project

    Central Pattana Public Company Limited (CPN) is gearing up to shake up Krabi with a dazzling new mixed-use development, part of a massive 15 billion baht investment to turbocharge Thailand’s economy and tourism sector. The Central Krabi project, valued at a staggering 4.5 billion baht, will cover a sprawling 114 rai of land and promises to be a game changer.…

  • Thailand NewsDigital wallet delay: No green light before year-end

    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 NewsPM Paetongtarn unveils 10 policies on economic and social welfare

    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 NewsRed Lobster Thailand’s endless shrimp deal led to bankruptcy woes

    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 NewsThailand’s 400-baht wage hike alarms small hotel owners

    Thailand’s 400-baht wage hike alarms small hotel owners

    Hoteliers in Thailand express concern that raising the daily minimum wage to 400 baht exclusively for large employers could disrupt the job market in the hotel sector. This pay disparity may attract workers to larger hotels, leaving smaller establishments struggling to retain staff. With Thailand’s tourism industry yet to fully rebound, industry leaders urge the government to focus on reducing…

  • Thailand NewsEconomic challenge: Business tycoon Pichai to the rescue

    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 NewsPhuket hotels see steady service charges and rising room rates

    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 NewsHungary and Thailand to sign MoU for stronger economic ties

    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 NewsTourism triumph: Can Thailand hit the 2.3 trillion baht jackpot?

    Tourism triumph: Can Thailand hit the 2.3 trillion baht jackpot?

    Despite a whirlwind of global economic challenges and shrinking wallets worldwide, Thailand’s tourism sector is making a remarkable comeback. The nation is on the brink of welcoming nearly as many visitors as it did in the golden year of 2019, when almost 40 million foreign tourists poured in, generating a staggering 2 trillion baht in international revenue. However, while the…

  • Thailand NewsThailand’s female CEOs soar but the gender equality gap remains

    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 NewsJob jolt: Thailand’s unemployment hits two-year high at 1.07%

    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…

  • Business NewsThailand bids for 2030 Youth Olympics to boost sports industry

    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…

  • Thailand NewsThaksin denies political deal on return from exile

    Thaksin denies political deal on return from exile

    Thaksin Shinawatra firmly stated yesterday that no political arrangement was crafted with his conservative adversaries to facilitate his return from a 15-year exile last year. The former Thai premier made the statement during an on-stage interview at a forum organised by a local media group. “There is no deal, no one dare do a deal with me.” The 75 year…

  • Tourism NewsThailand’s tourism boom tainted by zero-dollar tours

    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 NewsThailand’s economy grows 2.3% in Q2, surpassing forecasts

    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…

  • Politics NewsFTI rattled by PM Srettha’s ousting: Investors on edge

    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,…

  • Business NewsThai central bank to cut rates as US economy slows

    Thai central bank to cut rates as US economy slows

    The US economy is anticipated to face a cyclical slowdown from late next year into 2025, prompting the Bank of Thailand to reduce its policy rate by up to 1.5 percentage points, according to KGI Securities (Thailand). KGI analysts, Rakpong Chaisuparakul and Pragrom Pathomboorn highlight in their report that this slowdown will normalise the labour market and make US consumers…

  • Thailand NewsThailand new generation drive sales surge despite economic woes

    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 NewsThai consumer confidence hits 11-month low

    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 NewsThailand outbound travel takes a dive amid economic woes

    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…

  • Thailand NewsTang Rat app crashes amid rush for 10,000 baht digital wallet

    Tang Rat app crashes amid rush for 10,000 baht digital wallet

    The Tang Rat application crashed as numerous people rushed to download and verify their identities ahead of the registration for the 10,000 baht digital wallet set to begin tomorrow, August 1. It was reported today that the government, through the Ministry of Digital Economy and Society (MDES) and the Ministry of Finance, will open the registration for the 10,000 baht…