economy
- Thailand News
Durian vendors reduce sizes to segments amid price surge
Durian prices have surged in Nakhon Ratchasima, prompting vendors to adapt by selling the fruit in segments instead of whole, as local purchasing power dwindles and sales plummet more than 50%. At the fruit sale zone within a local market in Mueang Nakhon Ratchasima, durian sellers have shifted from selling the fruit by kilogrammes to selling it in segments, measured…
- Thailand News
Revised debt management plan pushes borrowing to 1.03t baht
The Thai Cabinet approved a revised public debt management plan for the 2024 fiscal year, incorporating an additional 275.87 billion baht in borrowing. Of this, 269 billion baht is designated for direct government use and lending to state enterprises for debt restructuring. According to Deputy government spokesperson Rudklao Suwankiri, this revision increases the total new borrowing for the current fiscal…
- Thailand News
Political turmoil and economic strife rock Thailand’s elite
The fate of Thailand’s business-friendly Prime Minister Srettha Thavisin, a former real estate mogul, hangs by a thread less than a year after taking office. Political turmoil has shaken investor confidence in Southeast Asia’s second-largest economy, resulting in a 15% drop in the benchmark stock index since last year. Compounded by a weaker baht, the combined wealth of the nation’s…
- Business News
Thailand tourism spending to miss 1.2tn baht target, rising costs
Thailand’s domestic tourism spending is projected to fall short of the government’s ambitious target of 1.2 trillion baht amid economic concerns and rising travel costs, as the Tourism Authority of Thailand (TAT) indicates. TAT Deputy Governor for Domestic Marketing, Somradee Chitchong, expressed confidence that domestic trips would reach 210 million this year, surpassing the initial target of 200 million. Despite…
- Business News
Food delivery market grows as economy threatens restaurants
The online food delivery market in Thailand is experiencing growth but the challenging economy might force closures of between 50,000 and 100,000 small restaurants. Thailand has approximately 700,000 restaurants, including mobile street vendors, with the total business valued at 800 billion baht. Online food delivery services contribute 15% to this total. Chief Executive of Line Man Wongnai, Yod Chinsupakul, reports…
- Thailand News
PM Srettha in talks with BoT chief over handout scheme
Thailand Prime Minister Srettha Thavisin has yet to address Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput’s staunch opposition to the government’s colossal 500-billion-baht handout scheme. Acknowledging the brewing conflict, PM Srettha admitted he and the central bank governor held divergent views, necessitating urgent discussions. Governor Sethaput, in a candid Bloomberg interview, criticised the sweeping economic stimulus, suggesting it was excessive…
- Thailand News
Lamps out: Lampang horse-drawn carriage rides face unbridled end
The famed horse-drawn carriage rides in Lampang may soon become a relic of the past, as dwindling tourism revenue fails to attract new generations to sustain the business, according to the Tourism Council of Lampang. Lampang registered 559,892 visitors in the first four months of this year, a 0.52% decline year-on-year, with only 35,131 foreign travellers. Despite the drop in…
- Thailand News
Thailand unveils 3.75 trillion baht budget bill to boost economy
As the House of Representatives kicked off a three-day debate, Prime Minister Srettha Thavisin introduced a 3.75 trillion baht budget bill for the 2025 fiscal year, aimed at revitalising Thailand’s sluggish economy. Simultaneously, he remains focused on advancing the digital wallet scheme. The budget intends to stimulate economic growth, with forecasts suggesting an increase of 2.5% to 3.5% in 2025…
- Thailand News
PM Srettha unveils 3 trillion baht economic boost plan
Prime Minister Srettha Thavisin rolled out a mammoth 3.753-trillion-baht economic revival blueprint aimed at turbocharging Thailand’s financial fortunes. As lawmakers embarked on a heated three-day debate, the Bangkok-born Thai PM pitched his vision to rejuvenate the sluggish economy, promising a surge in growth. In a bid to unleash Thailand’s economic potential, Prime Minister Srettha Thavisin proposed a hefty 3.753 trillion baht…
- Thailand News
Thailand shoots to the top, leaves Malaysia trailing in ASEAN rankings
Thailand has rocketed up the global competitiveness rankings, leaving Malaysia in the dust and securing the second spot in ASEAN. The IMD World Competitiveness Centre’s 2024 report catapulted Thailand from 30th to 25th place worldwide, highlighting a significant leap in economic performance. Danucha Pichayanan, the Secretary-General of the National Economic and Social Development Council, briefed the Cabinet yesterday regarding this…
- Thailand News
Finance minister: Digital wallet funds to exclude mobile phones
Deputy Finance Minister Julapun Amornvivat urged the Commerce Ministry to reconsider its decision to permit recipients of the 10,000-baht payout from the digital wallet scheme to use the funds on mobile phones. He argued that this move would not benefit the domestic economy as intended. Prime Minister Srettha Thavisin shares these concerns, noting that most mobile phones are either manufactured…
- Thailand News
Crisis in Thai industry: Are major collapses on the horizon?
Thailand’s industrial sector is teetering on the brink of a crisis as rapid technological advancements, fierce competition from China, and a planned hike in the daily minimum wage threaten to trigger a massive collapse. With two Japanese car giants, Subaru and Suzuki, set to shut down their manufacturing operations in Thailand, the situation is dire. KKP Research reports that 1,700…
- Thailand News
Consumer confidence lowest this year amid political instability
Thai consumer confidence has plummeted for the third consecutive month, reaching its lowest point since October of last year, amid worries over a sluggish economic recovery and political instability, according to a survey released yesterday. The University of the Thai Chamber of Commerce (UTCC) reported that its consumer index dropped to 60.5 in May from 62.1 in April. This decline…
- Thailand News
Thailand’s food delivery apps dish out tasty profits
Thailand’s food delivery and on-demand super apps have demonstrated moderate growth despite economic hurdles, with major players generating significant revenue increases in 2023. Business data provider creden.co reports that total revenue for these apps reached 31.7 billion baht last year, rising from 27 billion baht in 2022. Grab Taxi (Thailand) achieved a profit for the second year running, with revenue…
- Thailand News
Thailand is fast becoming a global LGBTQIA+ hub
Thailand is on the brink of becoming the ultimate destination for the LGBTQIA+ community, thanks to its welcoming environment, progressive policies, and the recent launch of the Pink Plus Economy initiative. This revolutionary move, announced on Sunday by Borderless.lgbt, aims to create a supportive ecosystem for LGBTQIA+ individuals in Thailand, encompassing living, family planning, and retirement. The initiative is backed…
- Thailand News
Tourist association unveils 11-point plan to bolster tourism
The Federation of Thai Tourist Associations (FETTA) unveiled an ambitious plan aimed at revitalising Thailand’s tourism sector, proposing an 11-point strategy to bolster the industry’s resilience and competitiveness. Following extensive consultations with tourism entrepreneurs and private sector stakeholders, the plan aims to position Thailand as a leading global tourist destination. FETTA’s proposal encompasses a range of initiatives designed to enhance…
- Thailand News
PM Srettha sees a revenue-boosting recipe for Q4
Thailand’s government is exploring strategies to enhance state revenue, with Prime Minister Srettha Thavisin expressing optimism about economic improvement in the fourth quarter. The Bangkok-born PM convened a meeting yesterday with Finance Minister Pichai Chunhavajira, Deputy Finance Minister Julapun Amornvivat, and representatives from key revenue collection agencies, including the Excise Department, the Customs Department, and the Revenue Department, to discuss…
- Thailand News
Lack of digital literacy in Thai workforce likely to effect economy
The National Economic and Social Development Council (NESDC) raised concerns over the state of literacy and digital skills among the youth and workforce, citing potential detrimental effects on the economy in the coming years. According to NESDC Secretary-General Danucha Pichayanan, recent surveys indicate alarming figures with 64.7% of individuals possessing literacy skills below international standards, while 74.1% exhibit substandard digital…
- Thailand News
Thai trade event forecasts 60 billion baht in deals
Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai praised the THAIFEX–ANUGA ASIA 2024 event, predicting trade deals worth 60 billion baht over five days. The event, held from May 28 to June 1 at the Impact Exhibition Centre in Mueang Thong Thani, was organised by the Ministry of Commerce’s Department of International Trade Promotion, in collaboration with the Thai…
- Thailand News
Thailand sees 60% rise in Indian tourists with new visa-free policy
Thai Government spokesperson Chai Watcharong announced the success of a visa-free policy for Indian tourists, effective from May 11 to November 11. This initiative aims to boost tourism and stimulate Thailand’s economy. Bookings by Indian tourists surged by 60% between 2022 and last year, according to Airbnb. Searches for accommodations in Thailand by Indian tourists increased by over 200% during…
- Thailand News
Phuket Airport to invest 6 billion baht in new international terminal
Phuket Airport plans to invest 6 billion baht to construct a new terminal dedicated to international flights, aiming to boost its passenger handling capacity from 12.5 million annually to 18 million. The airport’s director, Monchai Tanod, highlighted the urgent need for expansion. Last month, the airport saw an influx of around 16,000 domestic passengers daily, hitting 90% of its pre-Covid-19…
- Thailand News
Thai film industry to exceed 3.8 billion baht at Cannes festival
The 77th Cannes Film Festival has presented significant opportunities for the Thai government, local filmmakers, and production companies to secure lucrative business deals. The festival, which ran from May 14 to 25, is expected to generate more than the 3.8 billion baht grossed from last year’s event. Companies participating in the Thai booth, which showcased local films and promoted tourism,…
- Thailand News
Taxing times: Tourism Minister stands firm with 300 baht tourist tax
In a recent press conference, Thailand’s new Tourism and Sports Minister, Sermsak Pongpanich, hinted at the impending introduction of a tourist tax, known as the Kha Yeap Pan Din, translating to a landing fee. Although no specific timeline was provided for its implementation, the newly-appointed minister emphasised the unlikelihood of abandoning the proposed tax. Sermsak, formerly the Culture Minister, assumed…
- Thailand News
Srettha unveils plans for Thailand’s economy at UBS conference
At the UBS Asian Investment Conference 2024 in Hong Kong, Prime Minister Srettha Thavisin showcased a visionary blueprint for Thailand’s economic revolution. Addressing over 2,000 participants and 300 companies from the Asia-Pacific region, he laid out a series of strategic initiatives designed to attract global investment and drive innovation and sustainability. The 62 year old PM emphasised the nation’s readiness…
- Thailand News
Tourism boom: Thailand clocks in 14.3 million visitors
Thailand welcomed 14.3 million international tourists in the first five months of this year, generating close to 683 billion baht (US$18.7 billion) in revenue. The Tourism and Sports Minister, Sermsak Pongpanich, shared these figures, highlighting the significant contribution of foreign visitors to the country’s economy from January 1 to May 26. The top five countries with the highest number of…
- Thailand News
FTI argues minimum wage hike would primarily benefit migrants
The Federation of Thai Industries (FTI) is urging the government to reconsider its plan to raise the daily minimum wage to 400 baht nationwide, arguing that the policy would primarily benefit migrant workers rather than stimulate the local economy. Every year, migrant workers from neighbouring countries remit approximately 100 billion baht to their families back home. The FTI contends that…
- Business News
Thailand PM calls urgent meeting with economy ministers
Thailand Prime Minister Srettha Thavisin called for an urgent meeting with economy ministers to discuss short-term economic stimulus measures to address Thailand’s sluggish economic performance in the first quarter of 2024. The National Economic and Social Development Council (NESDC) reported that Thailand’s economy grew by only 1.5% year-on-year for the first three months of 2024. This lacklustre growth has prompted…
- Thailand News
Finance Ministry to discuss new economic stimulus measures
The Ministry of Finance is currently considering new economic stimulus measures to boost the economy in the second half of 2024. Previously, Deputy Prime Minister and Finance Minister Pichai Chunhavajira held discussions about the economic situation, particularly focusing on economic figures. Despite the government’s extensive stimulus efforts, the economy grew by 1.5% in the first quarter of 2024, which, although…
- Business News
Betting on Songkhla: Legal casino spin to boost border tourism
Tourism operators in Songkhla urge the government to consider developing an entertainment complex with a legal casino to revitalise tourism in border areas and reduce dependence on Malaysian visitors. As the government reviews a project for an integrated entertainment complex, Songchai Mungprasithichai, President of the Songkhla Tourism Promotion Association, highlighted the potential of Ban Dan Nok and the area around…
- Business News
Thailand’s hydrogen hype: Fuelling a cleaner future
Thailand is gearing up to construct a hydrogen economy, motivated by both state and business initiatives to advance hydrogen fuel ventures and foster cleaner energy usage. The nation’s potential for a low carbon-driven economy is gaining traction following a joint announcement by PTT Global Chemical (PTTGC), the largest petrochemical producer in Thailand, and Bangkok Industrial Gas, the country’s leading industrial…
