economy
- Economy News
Thai baht plummets even further against US dollar
The Thai baht depreciated even further against the strengthening US dollar. Last month, the baht plunged to 38 to the dollar for the first time in 16 years. Today, US$1 is worth 38.35 baht. Market strategist at Krungthai Bank Poon Panitphiboon revealed that the baht weakened from 38.25 yesterday to 38.35 against the dollar this morning. As US bond yields…
- Business News
The impact of leisure activities on the Thai Economy
The always boisterous and immensely beautiful country of Thailand has always provided tourists with a plethora of incredible activities and events to embark on. Given that an increased amount of tourist-related activity still fully resides in Thailand’s most populated destinations, it is important to note the wider impact that the leisure industry has brought to the country’s economic stance and…
- Economy News
Floods could take a toll on Thailand’s rice industry
Floods could take a toll on Thailand’s rice industry. The honorary president of the Thai Rice Exporters Association, Chookiat Ophaswongse, says it’s too early to estimate the value of damages since floods are still happening in many parts of the country. However, the Kasikorn Research Center estimates that the floods from August and October may cause around 2.9-3.1 billion baht…
- Hot News
IMF says world economy about to hit recession
The International Monetary Fund (IMF) warns the world economy will be in a recession as it downgraded global growth projections for next year. The IMF warned policymakers that a worldwide recession will occur if the fight against inflation is mishandled. The IMF’s bleak assessment comes after reviewing the World Economic Outlook report. According to The Straits Times, the report was…
- Hot News
WTO chief says world economy tipping towards recession
The World Trade Organisation chief is echoing others in their concern over the world economy falling into a recession. WTO director-general Ngozi Okonjo-Iweala didn’t hold back when she recently commented on the situation. “The indicators are not looking good. I think a global recession-that is what I think we are edging into.” Her analysis comes as the WTO intends to…
- Economy News
Thai baht plunges to 38 against US dollar for first time in 16 years
The volatile Thai baht has depreciated to 38 against the US dollar even faster than foreseen by economists. The last time the baht reached 38 to the dollar was 16 years and two months ago on July 26, 2006. The baht has hit the 38 mark even earlier than expected by the Head of Capital at Kasikorn Bank Kobsidthi Silpachai,…
- Tourism News
Thailand’s weak baht could have a silver lining in the tourism industry, THA says
There might be a silver lining to Thailand’s weakening baht for the tourism industry. The president of the Thai Hotels Association (THA) says the weakening baht is one of several factors making Thai tourism more attractive in post-pandemic times. THA president Marissa Nunbhakdi says that now the ‘Test & Go’ and ‘Thailand Pass’ schemes have been scrapped, momentum has built…
- Thailand News
Shopee Thailand to lay off about 10% of employees
Shopee started a major restructuring charge and it includes plans to lay off more employees of Shopee Thailand. About 10% of jobs will be cut, and it is expected to affect about 100 employees. The Singaporean multinational technology company, a subsidiary of Sea Limited, has restructured its business in many countries this year to make the company more self-sufficient, they…
- Phuket News
Price hike in vegetables prior to Phuket Vegetarian Festival
Phuket is seeing a jump in its vegetable prices as the annual Phuket Vegetarian Festival is coming up on September 26. The prices of many vegetables have shot up on average from five to 20 baht per kilogram. The prices on other vegetarian ingredients have bumped up as well. Vegetable prices usually increase in Phuket before and during the festival…
- Economy News
Thailand’s baht weakens against US dollar
Thailand’s baht has weakened against the US dollar this year. On Wednesday, the conversion rate was 36.73 baht per dollar, having been weakened by 8.8% this year. The baht hit its lowest point in 15 years in July, when the rate was 36.945 baht per dollar. The US dollar has gotten stronger due to a drop in many countries’ foreign…
- Economy News
Thai cabinet extends excise diesel tax cut for 2 more months
The Thai Cabinet is extending the country’s excise diesel tax cut for another two months after diesel prices hit Thailand hard this year. The cut of five baht per litre will be extended from September 21 to November 20. The elimination of excise tax on bio-diesel and bunker oil used to generate power will also continue from September 16 to…
- Economy News
Rice exporters say Thailand needs new rice breeds to be competitive
Rice exporters have said that Thailand needs new breeds of rice to compete in the global rice market. The president of the Thai Rice Exporters Association said yesterday that Thailand tends to set its rice prices too high for its quality, which is why the country’s rice export volume has continued to drop. The president, Charoen Laothamatas, said that new…
- Economy News
Thailand sees more businesses go bankrupt over past 7 months
The Business Development Department (BDD) under the Commerce Ministry revealed yesterday that more than 7,500 businesses in Thailand went bankrupt in the past seven months. The number of bankruptcies increased by 24% compared to the same time last year while the number of new businesses is also expected to decrease said the BDD. BDD Director Tossapon Tangsuboot made public business…
- Pattaya News
More tourists are heading to Pattaya, but spending less cash, mayor says
As Thailand slowly rises from the ashes of Covid-19’s economic destruction, more foreign tourists are heading to Pattaya. The catch? They’re spending less money, according to the city’s mayor Poramet Ngampichet. Pattaya’s changing demographics in tourism may have something to do with the spending differences. The mayor said on Tuesday that this year, the million foreign tourists that have arrived…
- Economy News
Household debt hits all-time high, nearly 100% of Thais have debt
A Thai household debt survey this year revealed that almost every person in Thailand has household debt. But that’s not all, the average household debt hit an all-time high in the kingdom. Today, the Centre for Economic and Business Forecasting of the University of the Thai Chamber of Commerce revealed the survey results, saying nearly 100% of Thai people had…
- Economy News
After poor South Koreans die in flooded basement home, will there be change?
After a poor South Korean family died after being trapped in a flooded basement apartment this week, authorities are discussing changes to poor areas of Seoul. Across the capital city, 13 people were killed because of the floods. The family of three who died in the basement home included a woman in her 40s with down syndrome, the woman’s sister,…
- Economy News
Robots now serving people at Thai restaurant chain
Robots are now serving people at a Thai restaurant chain. S&P, the bakery and restaurant chain, is using robots as a way to cope with skyrocketing costs while keeping its prices down. Each restaurant usually employs 10 staff. S&P’s operator company, SET-listed S&P Syndicate Plc, currently operates 460 production hubs around the country. Its goal is to operate 480 by…
- Economy News
Thailand’s hotels are short on workers
The majority of Thai hotels surveyed recently admitted they are short on workers, according to the Thai Hotels Association. About 68% of 118 hotels surveyed said they are short-staffed. The workers needed include maids, receptionists, cleaners, cooks, waiters, and technicians. The survey was conducted from July 17-25. The reason not enough people are seeking hotel jobs may likely have to…
- Thailand News
Thailand to exploit the mini trade war between Taiwan & China
Thailand is looking to exploit the strained relationship between China and Taiwan exacerbated by the visit of Nancy Pelosi to Taipei on Tuesday. Reports circulating in the media say that China is to embark on a mini-trade war with Taiwan to economically punish them because of Pelosi’s visit, and plans to suspend the import of 35 foodstuff categories from the…
- Economy News
Thailand pitches in to help Sri Lanka in its time of crisis
Thailand is pitching in to help Sri Lanka in its tumultuous economic crisis. Thailand’s Foreign Ministry announced yesterday that the country has donated medicines, medical supplies, food, and financial support to Sri Lanka. Several departments made donations adding up to about 5 million baht, while the Foreign Ministry donated another 1.3 million baht worth of medical supplies to Sri Lanka.…
- Phuket News
Indian tourists are picking up Phuket’s Old Town economy
Phuket’s recovering tourism economy is picking up again thanks to Indian tourists. Indians have been the biggest tourist group in Phuket, and Thailand overall this year. Since May 1, over 72,000 Indian tourists have visited Phuket, according to the president of Phuket Old Town Tourism Community, Somyot Pathan. Phuket’s ‘Old Town’ in the main city district is a particular hotspot…
- Economy News
Thailand’s bottled palm oil price drops slightly
After Thailand’s price of bottled palm oil has kept surging and surging for months, it has now finally come down a bit. Prices in department stores and supermarkets on 1 litre bottles have dropped from 69-70 baht, to 64-65 baht. The director-general of Thailand’s Internal Trade Department, Udom Srisomsong, pointed out that prices may differ between stores, though. Udom stressed…
- Economy News
A jump in Thailand’s Consumer Confidence Index
Thailand’s economy is slowly but surely making a comeback after being devastated by Covid-19 restrictions. Last week, the University of the Thai Chamber of Commerce reported that Thailand’s Consumer Confidence Index had risen. The country’s CCI rose from 40.2 to 41.6 in June, the UTCC said. This news comes after Thailand’s CCI had been in decline for several months. April’s…
- Economy News
Thailand-France business investment discussed in PM meeting
PM Prayut Chan-o-cha recently met with MEDEF International, the largest employer federation in France, to discuss future partnerships with Thailand. Francois Corbin, the Vice President of the Movement of the Enterprises of France, along with other delegates, met with the Thai prime minister on Friday to look at the future of Thai-French business partnerships. French firms are examining the post-pandemic…
- Economy News
Price of made-to-order food surge in Thailand
Price inflation continues to rear its head in Thailand and across the globe. The latest item to get more expensive is made-to-order food. The average price per dish of made-to-order food bumped up by about 3.7 baht or 6.7% in May, according to a year-on-year comparison by the food delivery app Line Man Wongnai. The report said that dishes with…
- World News
Sri Lanka’s doctors and nurses demand fuel and medicine
Sri Lanka’s medical staff is suffering from a shortage of fuel and medicine. Doctors and nurses say they are struggling to find enough fuel to get to work, even though they are designated, essential workers. On top of this, the island nation is suffering power cuts and shortages of food and medicines. On Wednesday, over 100 medical staff from the…
- World News
Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
- Economy News
Thailand plans to negotiate with Saudi Arabia over fertiliser
Thailand is suffering a fertiliser shortage, with the country’s farmers bearing the high costs of imported fertilisers. Now, the Chamber of Commerce plans to negotiate with Saudi suppliers. Saudi Arabia recently allowed 2 of its suppliers to sell fertiliser to Thailand, according to Thai Commerce Minister Jurin Laksanawisit. The International Trade Promotion Department is scheduled to hold a business matching…
- Economy News
Thai officials say price of bagged rice won’t jump
In the midst of the world’s ongoing price inflation, Thailand’s Commerce Ministry says retail prices on bagged rice will not jump. The chairman of the Thai Rice Packers Association said in a meeting yesterday that the association has cooperated with the Internal Trade Department to freeze retail prices. The Commerce Ministry has noted, however, that some sellers could reduce promotional…
- Phuket News
Phuket officials say local Sunday market rakes in 2 million baht a week
Phuket officials say that a weekly market in the island province’s main city district has raked in at least 2 million baht a week this month. A local leader said the famous “Lard Yai” Phuket Street Sunday Market has seen a jump in tourists visiting it every week, now that Thailand is slowly winding its tourism industry up again. The…
