economy
- 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
Thai govt earned 2.02 trillion baht in 10 months but still borrowed
The Fiscal Policy Office of Thailand revealed the kingdom filled its coffers with 2.02 trillion baht in the past ten months but still had to borrow about 658 billion baht to overcome its deficit. The Director of the Fiscal Policy Office of Thailand, Pornchai Theerawet, yesterday revealed that Thailand earned 2.02 trillion baht in the first 10 months of the…
- 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,…
- Cannabis News
Thailand getting high on cannabis boost to tourist economy
Thai Prime Minister Prayuth Chan-o-cha recently reported the government is expecting about 10 million tourists to hit the kingdom before the end of the year and it reports are true, most of them plan on getting high. The Thai government removed cannabis and hemp plants from its banned narcotics list on June 9 leaving people in Thailand free to grow and…
- 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.…
- World News
Sri Lanka’s children face malnutrition
More and more children in Sri Lanka face malnutrition as the country’s economic crisis is spiralling out of control. Now, government agencies along with UN agencies are seeking donations for the island nation’s children. Sri Lanka’s Ministry for Women and Child Affairs is seeking private donations to feed possibly several hundred thousand children. The ministry’s secretary, Neil Hapuhinne, said that…
- 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…
- Tourism News
Inflation causing a problem for airlines coming to Thailand
The Thai tourism industry is trying to recover as fewer international flights are now arriving due to inflation as prices of fuel are rising. There are also problems in both Europe and the US with flights being cancelled or with long delays, causing additional travel chaos as the world’s travel and aviation tries to recover. World inflation is also hitting…
- 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…
- Crime News
Cannabis vendor in central Thailand is making bank
One vendor in central Thailand is pretty happy about Thailand’s new cannabis laws. The vendor, 53 year old Khamphai, is bringing good vibes to local stoners in Ang Thong province, and over 1,000 baht a day to herself. Despite the announcement to decriminalise aspects of cannabis and marijuana use, specific laws and guidelines are yet to be presented to the…
- 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…
- Economy News
- Bangkok News
Bangkok man steals gold valued at 2 million baht after his crypto stash tanked
The impact of the crypto crisis is rearing its head in Bangkok. Yesterday, a man stole necklaces valued at 2 million baht from a gold shop in Phra Nakhon district of Thailand’s capital city. The man entered the gold shop before pulling out a gun, waving it at staff and customers. The shop’s owner, staff, and customers all fled to…
- Economy News
Poll shows that Thais like ‘soft power’
Thais are liking their government’s new ‘soft power’ promotion of the Kingdom to the rest of the world and to boost the local economy. The idea of soft promotion, or indirect promotion, took off after young rapper ‘Milli’ promoted the country’s signature sticky rice and mango dish in April. In the scheme, Thai authorities aim to promote the ‘5 Fs’…
- Economy News
In midst of price inflation, Thailand to freeze prices on dozens of products
In the midst of the world’s overwhelming price inflation, Thailand plans to freeze the prices of 46 items. The items are grouped into 9 categories, which are: paper and paper products, transport-related products, farm-related products, petroleum products, medicines, construction materials, “important” farm products, consumer products and food. The items include bicycle and car tires, motorcycles and trucks, water pumps, fertiliser,…
- Thailand Travel
Thailand’s cabinet approves budget to help Andaman tourism and development
Thailand’s cabinet is making it a priority to support development in the country’s Andaman provinces of Phuket, Phang Nga, Krabi, Trang, and Satun. The budget of 338.8 million baht will go towards 6 projects in environmental and tourism development. A budget of 80.8 million baht will go to health services and environmental systems projects at Lipe Island in Satun. A…
- World News
Pakistani government tells people “drink less tea” amidst economic crisis
Pakistan is the latest of several countries hit by an economic crisis. In the midst of the crisis, Pakistan’s Federal Minister for Planning and Development has some interesting instructions for citizens: drink less tea. Pakistan is the world’s largest importer of tea, buying more than US$640 million worth in 2020, according to the Observatory of Economic Complexity. The minister, Ahsan…
- Phuket News
Phuket officials hold job fair, wanting to solve unemployment problems
A job fair in Phuket yesterday featured over 30 employers receiving applications from hopeful searchers. Phuket’s Vice Governor Pichet, who facilitated the event’s opening, noted that “there is a lot of interest in applying for a job”. The fair advertised 1,000 vacancies. It was held at the Central Festival Phuket, in the middle of the island. Pichet added that the…
- Economy News
Employment at Thailand’s venues slowly picks up following nightlife reopening
Aspiring bartenders can dream again, because now that Thailand’s nightlife is ‘officially’ back on, venues are slowly employing again. The country’s pubs, bars, karaoke bars, massage parlors and other venues are picking up the pieces after having to lay off employees during the Covid-19 pandemic. This news comes after Thailand stopped requiring such venues to call themselves ‘restaurants’ on June…
- Economy News
Thai stock market is a favorite among foreign shareholders
Last month, foreign investor confidence in Thai stocks stayed strong, with the kingdom’s stock exchange recording net inflows of nearly 140 billion baht for the sixth month in a row. International investors believe that any food shortages will have a minimal effect on the Thai economy and that the tourism sector will rebound in the second half of 2022, according…
