economy
- 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
Making cents: Thai PM showers BoT governor with praise
During the Council of Economic Ministers’ meeting yesterday, Prime Minister Srettha Thavisin showered praise on Central Bank Governor Sethaput Suthiwartnarueput for his constructive opinions on economic measures. This commendation comes hot on the heels of criticism from the PM’s adviser, Pichai Naripathaphan, who had lambasted the central bank for its inaction in supporting the government’s efforts to spur economic growth.…
- 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…
- Thailand News
Thai trade envoy spices up talks with Shanghai to stir-fry ties
In a significant move to bolster economic ties, Thai trade representative Narumon Pinyosinwat met with Zhao Zhuping, Deputy Secretary-General of the Shanghai municipal government yesterday. The discussion centred on expanding trade and investment between Thailand and Shanghai. “Chinese investors sought the highest number of investment privileges from the Thai government last year.” Narumon noted that 430 projects valued at 160…
- 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…
- Business News
Thailand seeks new stimulus after Q1 growth falls short
Following Finance Minister Pichai Chunhavajira’s announcement yesterday, Thailand needs additional stimulus measures to unlock its economic potential after experiencing lower-than-expected growth in the first quarter. The country’s economy expanded by only 1.5% year-on-year in the first quarter. This performance, while surpassing analysts’ forecasts, fell short of the 1.7% growth recorded in the previous quarter, said Pichai. “There was still growth…
- Business News
Thailand’s economy grows 1.5% in Q1, beats forecasts
Thailand’s economy experienced a robust start to the year, expanding by 1.5% in the first quarter compared to the same period last year, according to official data released yesterday. This growth surpassed analysts’ expectations, indicating a positive shift for Southeast Asia’s second-largest economy. Every quarter, the economy grew by a seasonally adjusted 1.1% from January to March, as reported by…
- Thailand News
British family leaves UK for Thailand for cheaper living costs
A young British family has swapped the grey skies of Cheshire for the sunny shores of Thailand, seeking refuge from the UK’s crippling cost of living crisis. Jess, her partner Harry (surnames withheld), and their two year old daughter Cece uprooted their lives in Congleton to start afresh in Southeast Asia. Their decision was driven by surging energy bills that…
- Thailand News
Mango mania: Thailand’s sweet export boom
Thailand’s mango exports soared by a staggering 130% in the first quarter of this year, reaching an impressive 1.6 billion baht, compared to the same period last year. Not to be outdone, exports of sticky rice saw a notable increase of 13%, totalling about 1 billion baht. Chotima Iemsawasdikul, the Director-General of the Trade Negotiations Department, attributed this surge to…
- Thailand News
New Finance Minister Pichai pledges to boost Thailand’s economy
Newly appointed Finance Minister Pichai Chunhavajira pledged to accelerate initiatives aimed at addressing household debt, stimulating the economy, and raising personal income. Pichai, who previously held the chairman position at the Stock Exchange of Thailand and served as the prime minister’s advisor, observed a consistent decline in the country’s economic growth rate over the past two decades during his inaugural…
- Thailand News
Thai chamber opposes proposed minimum wage increase
The Thai Chamber of Commerce (TCC) is in dispute with the government over its proposal to increase the minimum daily wage to 400 baht for workers all over the country. The proposed wage increment is expected to take effect in October. Speaking on the issue, Poj Aramwattananont, Vice-President of the TCC and the Board of Trade of Thailand, painted the…
- Business News
Thailand implements blueprint for responsible tourism management
Concerns about overtourism are intensifying globally as popular destinations like Venice start imposing daily entry fees and Japan attempts to divert tourists to less-visited provinces. Thailand, expecting 40 million foreign arrivals this year, faces similar challenges. The Deputy Governor for Domestic Marketing at the Tourism Authority of Thailand (TAT), Somradee Chitchong, emphasised the lack of a tourism-carrying capacity blueprint in…
- Business News
Thailand’s DES ministry to establish national AI committee
Plans are underway by the Digital Economy and Society (DES) Ministry in Thailand to establish a new national artificial intelligence (AI) committee. The initiative is part of the second phase of the national AI strategy. The strategy is a cornerstone of Thailand’s ASEAN Digital Economy and AI Hub Plan, a key driver for the country’s digital economy. The ministry also…
- Thailand News
Thailand targets global animal feed market
The Government of Thailand is spearheading a move to become a global leader in the production and export of animal feed, focusing on quality assurance and safety to cater to the global market. The initiative is expected to generate an economic value of up to 300 billion baht. Chai Watcharong, the spokesperson for the Office of the Prime Minister, announced…
- Thailand News
Food for thought: Thai restaurant operators adopt new strategies
The increasingly competitive nature of Thailand’s food industry has spurred restaurant operators to adopt inventive strategies. They are now focusing on adapting to shifts in consumer preferences and lifestyle changes, ensuring their businesses remain competitive and continue to grow, as noted by the leader of a prominent conglomerate. Nath Vongphanich, who heads Central Restaurants Group, estimated the restaurant market in…
- Thailand News
Thailand revolutionises agriculture with nine policies
Thailand is gearing up for an agricultural revolution with nine bold policies aimed at transforming its farming sector into a global powerhouse. Thailand’s Minister of Agriculture and Cooperatives, Thamanat Prompow, unveiled these game-changing strategies during a seminar geared towards positioning Thailand as a premier destination for agriculture and food. Backed by Prime Minister Srettha Thavisin’s visionary Ignite Thailand agenda, these…
- Thailand News
Malaysia mulls expanding rail project towards Thai border
To outmanoeuvre economic rivalry with Thailand, Malaysia is contemplating extending its mammoth rail project closer to its northern neighbour, sparking debates over prosperity or peril. Malaysia’s Transport Minister, Anthony Loke, disclosed that the government is receptive to the notion of linking the ongoing East Coast Railway Link (ECRL) with Thailand’s existing or planned rail infrastructure. The move comes amidst Thailand’s…
- Thailand News
Minimum wage rises to 400 baht in 10 Thai provinces
The minimum wage in selected areas of 10 Thai provinces is set to rise to 400 baht per day, as decreed by the tripartite wage committee yesterday. This new wage increase, which comes into effect on April 13, will apply to tourism-related businesses and four-star hotels with a staff of 50 or more. Pairoj Chotikasathien, the committee’s chairman and permanent…
- Thailand News
Can Thailand achieve high-income status by 2037? (video)
As Thailand steers towards high-income status by 2037, a formidable obstacle looms large: rampant flooding wreaking havoc on its economy. In an exclusive interview with Thai PBS World, the World Bank unveils a groundbreaking strategy to expedite flood management, potentially transforming Thailand’s economic landscape. Read on to discover the game-changing insights and bold plans set to redefine Thailand’s future. Amid…
- Thailand News
TCC proposes temporary power tariff reduction for Thai households
The Consumers Council (TCC) has proposed a temporary reduction in power tariffs to alleviate the financial strain on Thai households during the summer’s peak demand. This request follows the Energy Regulatory Commission’s (ERC) suggested alterations to the current power rate, which critics argue would not result in cheaper electricity bills. Critics contend that the ERC’s adjustments primarily aim to lessen…
- Thailand News
Krungsri Research predicts growth for Thai construction
Krungsri Research unveiled the dynamic trajectory of Thailand’s construction sector for the next two years. According to the report, the construction industry is poised for a meteoric rise, with an anticipated annual growth rate of 3% to 4%. This surge aligns seamlessly with the overall investment value in construction, heralding a golden era of development on the horizon. The state…
- Tourism News
Centara sets on becoming Top 100 global hotel operator by 2027
2024 is set to be a momentous year for Centara Hotels & Resorts, Thailand’s leading hotel operator. The company is rolling out an ambitious plan to open new properties, refresh its brands, and introduce exciting experiences for guests, aiming to become a top destination for travellers and one of the world’s leading hotel operators by 2027. Centara laid solid foundations…
- Thailand News
Thai envoy unveils plan for Taiwanese investment boom
In an exclusive interview with CNA on Tuesday, the executive director of the Thailand Trade and Economic Office (TTEO), declared the nation’s readiness for an influx of Taiwanese investment, particularly in electronic manufacturing and construction projects. Narong Boonsatheanwong highlighted Thailand’s emergence as a Southeast Asian electronics manufacturing powerhouse, with a burgeoning global reputation for printed circuit board (PCB) production. Drawing…
- Thailand News
Thailand’s digital wellness revolution boosts revenue
Thailand’s Industry Ministry is spearheading a digital revolution aimed at boosting revenue for the nation’s wellness and medical business entrepreneurs. With the ambitious target of surpassing 30 million baht in revenue, this initiative promises to reshape the landscape of Thailand’s tourism and economy. Under this visionary scheme, the ministry is equipping businesses with cutting-edge digital equipment and technologies, propelling them…
- Thailand News
10 regions of Thailand to use new minimum wage calculation
The tripartite Wage Committee has given the green light, by a close vote of 7 to 5, to a new method for setting minimum wages. Ten key regions, including the bustling metropolis of Bangkok, are set to pioneer this transformative change from April onwards. The freshly endorsed formula marks a paradigm shift, incorporating elements such as labour productivity, contribution to…
- Thailand News
Over 147,000 sign up for debt relief programme worth billions
Some 147,714 individuals have registered for the Interior Ministry’s debt relief programme within the past three months, an initiative aimed at combating a staggering debt value of 10.74 billion baht, confirmed Permanent Secretary Suttipong Juljarern on Monday. With the registration window, which started on December 1, set to close tomorrow, Suttipong urged those grappling with debt woes to expedite their…
