Thai economy
- Business News
SET index drops after MFP election win spooks investors
Despite the Move Forward Party (MFP) election victory on Sunday, the Stock Exchange of Thailand (SET) experienced a downturn yesterday. Investors sold shares related to politics and large-cap stocks that could be negatively impacted by the MFP’s policies, according to analysts. The SET index closed 1.28% lower yesterday, with shares of Gulf Energy Development Plc (GULF), Thailand’s largest power producer,…
- Business News
New government urged to tackle living costs, support steel industry
The incoming government, led by the Move Forward Party, has been urged to address the high cost of living and expensive electricity bills while continuing to support the domestic steel industry, according to Somsak Leeswadtrakul, a prominent steel magnate and philanthropist. Tackling the rising cost of living, particularly for low-income earners, should be among the top priorities for the new…
- Business News
Thai consumer confidence reaches 38-month high in April
Consumer confidence in Thailand experienced an 11th consecutive month of growth in April, hitting a 38-month high, according to a recent survey. It revealed that the continued recovery in the tourism sector, combined with increased activities in anticipation of the May 14 election, were major contributors to this boost. The University of the Thai Chamber of Commerce (UTCC) reported that…
- Business News
Doi Kham Food Products expands into ice cream market amid declining fruit juice demand
Doi Kham Food Products Co, a Thai manufacturer and distributor of fruit juice and dried fruit has expanded its business to enter Thailand’s 15-billion-baht ice cream market in an effort to counter the ongoing decline in fruit juice demand. Chanannat Polpathapee, the company’s executive vice president for sales and marketing, said the Thai fruit juice market, particularly in the middle…
- Business News
TNSC lowers Thailand’s export growth forecast due to global economic challenges
The Thai National Shippers’ Council (TNSC) has revised its export growth forecast for Thailand, predicting a 0-1% increase due to negative factors and uncertainty in the US and Chinese economies, as well as ongoing geopolitical conflicts. Despite the downward revision, the group remains confident that Thailand’s exports will not contract this year. Chaichan Chareonsuk, chairman of the TNSC, stated that…
- Business News
Thai gems and jewellery exports set to grow 10% despite global challenges
Exports of gems and jewellery (excluding gold) from Thailand are forecasted to grow by 10% this year, despite concerns of economic slowdown and ongoing geopolitical conflicts. This optimistic projection comes from increased demand for high-end luxury jewellery, particularly gemstone jewellery, according to Sumed Prasongphongchai, director of the Gem and Jewelry Institute of Thailand. In the first quarter of this year,…
- Thailand News
Poverty in Thailand has been halved says govt
The Ministry of Interior insists that 1.9 million poor families have been rescued by the Thai government and that the state has halved the poverty problem in Thailand. The Permanent Secretary of the Interior Ministry, Suttipong Juncharoen, said poverty is a problem residents have to face and that the government cannot solve the problem by itself. Suttipong announced that the…
- Thailand video news
Bangkok, Pattaya, and Phuket to open new theme parks | GMT
Bangkok, Pattaya, and Phuket to open new theme parks. NGOs plan to boost Thai language skills in migrant workers. Can the space industry revive the Thai economy? Thailand says going backwards is not an option for cannabis. Tour bus incentive by TAT hoped to spur domestic tourism. Weddings record bid for Valentine’s Day.
- Thailand News
Govt wants Thailand to be No.1 in Asian business market by 2027
The Deputy PM and Commerce Minister, Jurin Laksanavisit, has set an ambitious target for Thai brands and businesses to be top of the Asian market by 2027. The Deputy Spokesperson of the PM Office, Ratchada Thanadirek, yesterday reported that Commerce Minister Jurin was working on a project called “Promoting Thai Brands to the World” to develop Thai brands and businesses…
- 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…
- Thailand News
Thailand expects economy to grow 3% next year
The Office of the National Economic and Social Development Council expects the Thai economy to grow by 3% next year, even if there is more tension between Ukraine and Russia. The council’s permanent secretary, Danucha Pitchayanan, says by coordinating with every country Thailand can grow despite the current choppy economical waters the world has to navigate. The 51 year old…
- Economy News
Foreign arrivals in April show things are looking up for tourism, the economy
Things are looking up for the Thai economy, thanks to an increase in foreign and domestic tourism in April, according to the Bank of Thailand. The Bangkok Post also reports a year-on-year increase in consumer spending during the month of April. The easing of travel restrictions has brought more foreign tourists to the kingdom, with numbers up from 210,836 in…
- Economy News
Now there’s a Pepsi price surge coming to Thailand, too
Amidst Thailand’s skyrocketing prices on fuel, postal services, and palm oil, another item’s price is set to go up- Pepsi. Suntory Pepsico (Thailand) Beverage announced today that Pepsi’s price will rise by up to 2 baht per bottle starting June 1, now that the cost of plastic bottles and aluminium cans has risen. The company noted, however, that the price…
- World News
Saudi deal to inject ‘billions’ into Thai economy
Thailand is to welcome a delegation from oil-rich Saudi Arabia in July which could potentially inject “billions” into the nation’s economy. Board of Trade of Thailand Chairman Sanan Angubolkul yesterday revealed delegations from both the private and public sector of Saudi Arabia are scheduled to visit the kingdom from July 4-7 to discuss trade and investment between the two countries.…
- Economy News
Thai PM suggest people only drive for “essential journeys”
Amidst the global surge in fuel prices impacting Thailand, a spokesman for PM Prayut Chan-o-cha is giving drivers some advice. The spokesman, Thanakorn Wangbunkhongchana, said yesterday that Prayut wants to keep prices as low as possible to help people avoid economic hardship. He said Prayut suggests people only use their private vehicles for “essential journeys” since the price of petrol…
- Tourism News
Thai tourism officials aiming for 50% hotel occupancy rate this year
Tourism officials in Thailand have set a target of 50% hotel occupancy this year, in order to revive the tourism sector, following a further easing of restrictions from June 1. According to Yuthasak Supasorn, governor of the Tourism Authority of Thailand, hotel occupancy dropped to 29% during 2020 and then plunged to 14% in 2021. It needs to climb back…
- Thailand video news
Is now the best time to invest in Thailand due to the weak Baht | GMT
Is now the best time to invest in Thailand? what are the pros and cons of a weaker Baht? Asia’s largest water park, Bangkok governor election winner and Do Thai teachers and institutions abuse their power? All this and more on today’s Good Morning Thailand.
- Economy News
Thailand’s bottled palm oil price continues to skyrocket
Efforts by Thailand’s palm oil farmers, extractors, and producers to cap the price of bottled palm oil at 64-66 baht per litre have proved fruitless. The price has now skyrocketed to 70-76 baht in some markets, according to a survey by Thai PBS. The survey says that in department stores, the price is 68 baht per litre or lower. Palm…
- Economy News
New wages for Thailand’s skilled workers
Thailand’s cabinet has approved new wages for construction workers, industrial arts workers and service workers. The new wages are expected to come into effect 90 days after the announcement was made on Tuesday. In the construction industry, tilers considered ‘level 1’ will earn 465 baht per day. Those considered level 2 will earn 550 baht a day. Level 3 tilers…
- Economy News
Government economic agency says China’s zero-Covid policy hurting Thai economy
China’s relentless pursuit of a zero-Covid status, coupled with tough import restrictions, is having a negative impact on the Thai economy. So says the Thai economic planning agency, the National Economic and Social Development Council. According to a Nation Thailand report, the NESDC says it’s watching China closely, after a strict lockdown was enforced in Shanghai and other cities. “China’s…
- World News
After Indonesia’s export ban, palm oil producers promise price cap in Thailand
In the midst of the global palm oil crisis following Indonesia’s export ban, palm oil farmers, extractors, and producers are promising Thailand’s Internal Trade department that they will cap the price on the product. The Internal Trade Department’s chief said the 3 groups were told that an export ban may be considered if palm oil stocks fall below 300,000 tonnes.…
- Thailand News
Thailand borrows 50 billion yen from Japan to cope with Covid aftermath
The Thai government has signed a loan contract to borrow 50 billion yen or about 13 billion baht (US$385 million) from Japan International Cooperation Agency or JICA to cope with costs of handling the Covid pandemic in Thailand. Thai PM and Defence Minister Prayut Chan-o-cha urged Thais not to criticise the government borrowing money again because the amount was included…
- Thailand video news
Thailand News Update | Tourism Tax for Foreigners pushed back
Thailand’s PM has pushed back the introduction of a 300 baht ‘entry fee’ for international tourists arriving in the kingdom. Since Test & Go, Sandbox and other entry restrictions were dropped on May 1, Thailand has experienced a surge in international arrivals. If tourism levels continue to climb and significantly improve national income this year, it might not be necessary…
- Tourism News
Thai PM expects tourism to recover to half of pre-pandemic levels by next year
The Thai PM says he expects 20 million tourists to visit the kingdom next year, around half the number of pre-pandemic years. PM Prayut Chan-o-cha says this prediction still relies on the Covid-19 situation not deteriorating. According to a Bangkok Post report, the PM has acknowledged that tourism numbers have increased significantly since the easing of some restrictions. ‘Significant’ is…
- Thailand video news
Thailand News Update | Major drug bust in Thailand’s north
Thailand’s Federation of Thai Industries has expressed concern about the impact a rise in the minimum wage could have on small and medium-sized businesses. The federation says if a proposal to increase the minimum wage to 492 baht goes ahead, it will have a severe impact on such firms. The FTI was responding to a letter submitted to the government…
- Economy News
Federation of Thai Industries concerned about plans for minimum wage hike
Thailand’s Federation of Thai Industries has expressed concern about the impact a rise in the minimum wage could have on small and medium-sized businesses. The federation says if a proposal to increase the minimum wage to 492 baht goes ahead, it will have a severe impact on such firms. According to a Bangkok Post report, the FTI was responding to…
- Economy News
Survey says Thailand’s worker’s debt has hit a high after over a decade
A survey by the University of the Thai Chamber of Commerce says the average debt of each worker’s household in Thailand is 217,000 baht this year. This is a 14 year high for Thailand. At the end of 2021, the country’s overall household debt was 14.6 trillion baht, one of the highest in Asia, per capita. Most service sector workers…
- Economy News
Thailand’s March exports spike nearly 20% year on year
Last month, Thailand’s exports surged at an unexpectedly high rate, jumping by 19.5% when compared to the same time last year. A Reuters poll conducted in March had predicted the country’s exports would only rise by 2.4%. According to the Thai customs department data, 2 major products contributing to the export jump were gold, and electronics. Gold exports in March were…
- Economy News
Thailand’s diesel price expected to spike starting May 1
Even though Thailand’s energy minister vowed last month to keep the 30 baht per litre cap on diesel prices until the end of May, officials now expect the diesel price to start pushing 35-36 baht per litre by the start of May. The director of the Energy Policy and Planning Office says all agencies have been instructed to plan how…
