economy
- Thailand News
Thai government invites citizens to register debts for resolution
The Thai government is inviting citizens to register their debts, both within and outside the formal system, to alleviate the burden of unregulated debt. This move by Prime Minister Settha Thaweesin and the Ministry of Finance is seen as a national issue, aiming to restore dignity, hope, and stability to Thai citizens suffering from the detrimental effects of unregulated debt.…
- Business News
Thailand’s export sector sees recovery with third month of growth
The Director-General of the Fiscal Policy Office, Pornchai Thiraveja, announced that the export sector is showing signs of recovery, marking its third month of consecutive growth. Despite a year-on-year contraction of 2.7% in the value of exports between January and October, monthly figures indicate a resurgence, with an 8% rise in October to US$23.5 billion. Quarterly analysis shows a decrease…
- Business News
Thailand’s shrimp exports forecasted to surge by 10% next year
A 10% surge in Thailand’s shrimp exports is on the horizon for the upcoming year, brought about by a minor uptick in local shrimp production and bolstered demand primarily from the United States. Thai Shrimp Association President Ekapoj Yodpinit disclosed that shrimp production in Thailand this year mirrored the previous year’s figure of 280,000 tonnes. Meanwhile, the country’s shrimp exports…
- Guides
Harnessing advanced techniques for gold trading in global markets
Trading gold has been a cornerstone of global financial markets for centuries, standing as a symbol of wealth, stability, and a safe haven for investors. In the contemporary landscape, the dynamic nature of markets demands a sophisticated approach to gold trading, leveraging advanced techniques to navigate the complexities and capitalize on opportunities. This guide delves into the realms of harnessing…
- Aviation News
Thai Airways’ sky high ambitions: Plans for 90 new jets unveiled
Thai Airways International PCL is gearing up for a jaw-dropping fleet expansion with a plan to soar with 90 new aircraft. In a game-changing move, Thai Airways International PCL is contemplating a colossal boost to its fleet, eyeing a procurement of up to 90 aircraft from aviation giants Airbus SE and Boeing Co. Sources reveal that Thai Airways is mulling…
- Business News
Former TAT governor urges government to boost Chinese visitor numbers
The former Tourism Authority of Thailand (TAT) governor urged the government to reconsider its tourism strategy to improve the dwindling Chinese market. Predictions for this year suggest that arrivals from China will only total 26.8% of the 2019 level. Former TAT governor Yuthasak Supasorn suggested that the government should negotiate with China to secure more flight routes and slots for Thai…
- Pattaya News
Global EV trend surges with Thailand joining the race
A surge in the global trend of electric vehicles (EVs) usage has been highlighted by Poonphong Naiyanaphakorn, the director of the Trade Policy and Strategy Office. This information was shared with the public on a day not too long ago. The International Energy Agency (IEA) has predicted that the total EV sales are set to rise from 10 million units…
- Thailand News
Thai Airways reveals rising revenue in third-quarter results this year
Thai Airways International Public Company Limited and its subsidiaries announced their third-quarter performance results today, showing a total revenue of 37,008 million baht. This is an increase from the same period last year, which stood at 32,860 million baht, marking a rise of 12.6%. The company and its subsidiaries transported a total of 3.27 million passengers, with Thai Airways accounting…
- Thailand News
Thai government to finance digital wallet scheme with 500 billion baht loan
The Thai government has plans to secure a loan of 500 billion baht to finance a digital wallet scheme, revealed Prime Minister Srettha Thavisin. This digital wallet scheme is targeted towards Thai citizens who are 16 years and older, earning less than 70,000 baht per month with less than 500,000 baht in bank deposits. The 61 year old Thai prime…
- Thailand News
Thai deputy PM defends government’s initial performance amidst economic criticism
Thailand Deputy Prime Minister Phumtham Wechayachai defended the government‘s performance during its initial two months in office, amidst criticism that the economy has seen little to no improvement and the cost of living remains high. The deputy PM stated that the fruits of the government’s labour would not be noticeable until at least 100 days have passed, as many departments,…
- Thailand News
Thai government to reveal details of contested 10,000-baht digital wallet scheme
The Thai government is set to disclose the specifics of its contentious 10,000-baht digital wallet scheme distribution today. Prime Minister Srettha Thavisin, in response to critics who argue the initiative could inflict more economic damage than benefit, will conduct a news conference at 2pm today to elucidate all aspects of the policy. The 61 year old Thai prime minister has…
- Thailand News
Thai PM evaluates potential wage increase for civil servants without price hike
Prime Minister Srettha Thavisin yesterday declared that an evaluation was underway to determine the feasibility of increasing wages for civil servants and government employees. However, he dismissed the notion that such a hike would lead to a rise in consumer goods prices. The prime minister’s comments came in response to inquiries concerning the potential inflationary effects of the proposed wage…
- Business News
Soft power strategy: Thailand targets 11 sectors with a focus on Muay Thai
Thailand’s National Soft Power Strategy Committee, established in September following the Cabinet formation, has recently identified 11 key sectors for soft power implementation. The Committee intends to action the Thailand Creative Content Agency (THACCA) Act, which will facilitate a unified agency to dictate policies across these sectors. The sectors in question span a broad range of creative industries: fashion, books,…
- Business News
Thailand’s proposed land bridge project could boost various sectors
The potential implementation of the proposed land bridge project in Thailand could significantly benefit sectors such as contractors, industrial estates, transport, and finance, according to industry analysts. The project, which has been under discussion by various governments for four decades, aims to connect the Andaman Sea to the Gulf of Thailand, specifically via the provinces of Ranong and Chumphon. The…
- Business News
Middle East tensions cause gold rush, prices poised to strike US$1,875
The escalating conflict in the Middle East could drive global gold prices to US$1,875 (67,950 baht) per ounce, as predicted by the Gold Traders Association (GTA). The association’s president, Jitti Tangsithpakdi, pointed out that prices have risen by US$20-30 per ounce since the onset of hostilities between Israel and Hamas militants. Gold prices reached a one-week high of US$1,860 yesterday…
- Economy News
Thai baht hits new low against US dollar amid gold price drop
The 2023 financial year has seen the Thai baht rank as one of the region’s poorest performing currencies, depreciating to a low of 37.14 to the US dollar on Tuesday – a level not seen since November of the previous year. The recent plummet in gold prices, with a decline of around 5% or US$7.45 (274.65 baht) per ounce, has…
- Business News
Thai high-flyer: PM Srettha aims to lift Thailand to upper-income status in four-year soar
Prime Minister Srettha Thavisin announced ambitious plans to elevate Thailand to an upper-income nation within the next four years. The 61 year old prime minister unveiled the government’s fiscal strategy for 2024, targeting an average economic growth of 5% per annum and a minimum daily wage of 600 baht by 2027. The initial proposal includes a raise of the minimum…
- Economy News
Economic unit predicts ‘bond-ing’ boom amidst 2024 global recession
Tisco Economic Strategy Unit (ESU) warns the impending global recession in 2024 could likely lead to a surge in the return on bond investments to over 10%. This potential economic shift prompts Komsorn Prakobphol, the head of the economist strategy unit at Tisco ESU, to advise investors to lessen their stock investments and instead channel more into debt instruments, particularly…
- Business News
Bank of Thailand raises policy rate to 2.5%, highest since 2013
The Monetary Policy Committee (MPC) of the Bank of Thailand unanimously approved a quarter-percentage point increase in the policy rate, raising it from 2.25% to 2.50%. This change, which took effect yesterday, marks the highest rate since October 2013. According to Piti Disyatat, the MPC secretary, the Thai economy is on a slow recovery path this year, primarily due to…
- Business News
Evergrande’s uphill battle: China’s property giant grapples with dwindling option
China Evergrande Group, the beleaguered real estate titan, is rapidly exhausting its options to salvage one of the most substantial restructuring efforts in the country’s history. A series of unforeseen circumstances, including the cancellation of crucial creditor meetings, the necessity to revise its restructuring plan, the detainment of staff from its money management division, and a failure to meet the…
- Economy News
Fiscal budget deficits risks Thai economy, chief economist warns
Kiatnakin Phatra Securities’ chief economist issued a stark warning over the government’s increasing reliance on fiscal budget deficits, cautioning that such an approach could harm the economy over an extended period. Pipat Luengnaruemitchai openly criticised the government’s latest populist strategies, including a digital money initiative and reduced oil costs, stating that these measures could erode fiscal discipline. He further warned…
- Thailand News
Prime Minister plans mobile Cabinet meeting to address Nong Bua Lamphu’s economic challenges
The Prime Minister, has confirmed his plans to hold a mobile Cabinet meeting in Nong Bua Lamphu province this November. The primary focus of the meeting will be to address the economic challenges the province is currently facing. Srettha Thavisin announced his decision during his visit to the Customs Office at the Laos border checkpoint in Nong Khai. The selection…
- Thailand News
Diesel dreams: Government plans 2-baht tax cut to fuel price drop below 30 baht per litre
The Excise Department is preparing a proposal to reduce diesel tax by 2 baht per litre and aiming to lower the retail price of diesel to less than 30 baht per litre according to the newly formed government. The proposal is in the pipeline following Prime Minister Srettha Thavisin’s announcement to slash the retail price of diesel to 30 baht…
- Tourism News
Thai hotel industry fears revenue and tax loss over reclassifying small properties
The Thai Hotels Association (THA) voiced concerns over recent ministerial regulations that exclude accommodations with fewer than eight rooms and 30 guests from being classified as hotels. The THA predicts this new rule will result in a 15-20% decrease in hotel tourism revenue, heightened safety risks, and loss of tax revenue. This regulation, announced in the Royal Gazette, has been…
- Economy News
Government economy plan: Cost of living cuts, fuel and electricity price adjustments
The government plans to announce initiatives to reduce living costs and boost the economy in an upcoming Cabinet meeting. Deputy Finance Minister Julapun Amornvivat revealed these measures would involve changes to diesel and electricity prices. A reduction in diesel excise tax is under consideration to lower retail prices at the pump and help the economy. A potential freeze on government…
- Business News
Thai rice body urges government to focus on new rice strains
The Thai Rice Exporters Association is calling on the new government to avoid manipulating rice market prices and instead focus on the strategic production of new rice varieties. Chookiat Ophaswongse, the association’s honorary president, emphasised the importance of developing new rice strains to maintain competitiveness with other exporting nations. “This is crucial for the future of Thai rice. Following roadshows…
- Economy News
Thai exports suffer 10th month of decline amid global economic challenges
In July, Thai exports decreased more than anticipated for the 10th successive month. The drop is primarily due to a decline in global commodity prices since their peak in the early months of the Russia-Ukraine conflict last year. High interest rates and stringent lending conditions, compounded by weak global demand, have led to a slowdown in consumer spending, explained Keerati…
- Economy News
Gold demand dips, jewellery market sees prices fall to 32,100 per baht weight
Demand for gold jewellery in Thailand experienced a drop causing a significant price dip in today’s market, according to the local gold traders association. The gold bar was trading at 32,100 baht per baht weight, a reduction of 150 baht compared to yesterday’s closing price, as reported on the association’s official website at 9.24am today. The 96.5% pure gold bars…
- Business News
Chinese economic woes dampen bookings for Thai tourism sector
Tourism operators indicated a slowdown in forward bookings from China for the upcoming Golden Week holiday in October due to a challenging economic climate. A representative from the Tourism Council of Thailand, Surawat Akaraworamat, revealed that a sluggish economic rebound and potential deflation are having far-reaching effects on disposable income for prospective tourists from the Chinese mainland. “Travel agents have…
- Business News
Thai consumer confidence dips due to political instability and slow recovery
Reports today reveal that last month Thai consumer confidence dramatically dropped for the first time in 14 months. Evidence pointed towards the general unease of continuous political instability in the Kingdom of Thailand after the General Election took place in May, as well as a sluggishly recovering economy. The survey, helmed by the esteemed University of the Thai Chamber of…
- Business News
Thai hotel chains unfazed by political uncertainty, anticipate revenue growth
Despite the ongoing political uncertainty, Thailand’s major hotel chains remain optimistic, as long as the situation stays peaceful and avoids any violent unrest. Centara Hotels and Resorts (CHR) and Minor International Plc voiced their confidence in their ability to weather any potential political storms, providing the environment remains stable. Gun Srisompong, the chief financial officer of CHR, stated that any…
- Economy News
Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
- Economy News
Thai economy boost: Bank forecasts GDP growth, increased tourism
Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…
- Business News
BEC World targets leading content provider status amid digital disruption
BEC World, the operator of Thailand‘s Channel 3, is embarking on a transformation to become a leading content provider and expand its revenue streams in the digital content platform and global content licensing sectors. Surin Krittayaphongphun, president of TV business and executive director at BEC World, said this strategic move aims to ensure the company’s survival and sustainable growth in…
- Business News
Thailand targets 3 trillion baht tourism revenue in 2023 with sustainability focus
The Tourism Authority of Thailand (TAT) is optimistic that the country’s tourism industry will achieve a revenue of 3 trillion baht in 2023, equal to the revenue generated in 2019. Tanes Petsuwan, TAT’s deputy governor for Asia and the South Pacific, revealed that the agency is developing new promotional strategies for the next fiscal year and anticipates finalising its proposal…
- Business News
Asia’s factory demand eases amid China’s faltering recovery and global trade slump
Factories across Asia experienced a further decline in demand during May, as China‘s sluggish recovery impacted a region already grappling with a global trade downturn. Taiwan’s purchasing managers indexes (PMI) dropped to 44.3 from 47.1 in April, while Vietnam recorded its lowest reading since September 2021, according to S&P Global. South Korea’s factory gauge saw a slight increase in May,…
- World News
Asia-Pacific markets to gain from US-Europe supply chain diversification
Asia-Pacific emerging markets are predicted to gain from the ongoing supply chain decoupling, as analysts highlight the US and Europe’s efforts to diversify risks in security-related sectors. Steven Cochrane, Moody’s Analytics chief Asia-Pacific economist, recently discussed the decoupling between the US and China within intermediate goods production during an online event. He explained that incentives, rather than government policies, are…
