Thai economy
- 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…
- Transport News
Thailand officials say diesel will be 32 baht per litre from May 1
Get ready to say goodbye to Thailand’s 30 baht per litre price cap on diesel on May 1. Starting on Sunday, the price will be 32 baht per litre, according to the Oil Fuel Fund Office. Thailand’s permanent secretary for energy said the current 11 baht subsidy per litre is falling to 9.6 baht per litre. Officials from Thailand’s energy…
- 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 Prayut to hold public forum on economy
Thailand’s PM Prayut Chan-o-cha announced yesterday at a cabinet meeting that the government will hold a public forum on the economy. The date for the forum has not yet been announced. PM Prayut said the government is trying to ensure better welfare for elderly citizens and vulnerable groups in Thailand. He said it wants to introduce measures to help medium-sized…
- Covid-19 News
Thai tourists postponing overseas travel
The Thai Travel Agents Association says rising costs and a weak economy are affecting the number of Thai travellers taking overseas trips. TTAA boss Suthiphong Pheunphiphop says that currently, only high earners are travelling abroad, while those on lower incomes are being more conservative, due to their income and jobs being affected by the pandemic. The Bangkok Post reports that…
- Economy News
Songkran: Academics predict 10 year low in festival spending this year
Thailand academics predict the public’s spending during next week’s Songkran holiday will be the lowest in 10 years. An associate professor at the University of the Thai Chamber of Commerce said he expects people to spend around 106 billion baht altogether across Thailand this year. This will be 5.4% less than last year, when public spending was recorded at about…
- Thailand News
Foreign investors sell 123 billion baht in bonds since Russia’s war in Ukraine
Foreign investors of Thai bonds are selling off their baht in favour of the US dollar. Since Russia’s invasion of Ukraine, the Thai bond market has recorded net sales of some 123 billion baht in foreign capital. That’s according to the Thai Bond Market Associate, which reported the data for February 4 to March 28. Last month, about 100 billion…
- Thailand video news
Thailand News Today | Phuket pushes for special visa for digital nomads
Phuket officials are pushing for a visa scheme for “digital nomads” who want to live or stay in Thailand while working remotely. Under the proposed Phuket X Community for Digital NOMADs Visa, eligible foreigners would be offered a work permit and a stay on the island province for six months to a year. The visa scheme would also allow foreigners…
- Economy News
Thailand’s electricity tariff expected to surge higher than ever
After Thailand’s Energy Regulation Commission announced yesterday that the electricity price could rise to four baht per kilowatt hour, the ERC now says it will rise to a record high above that. The ERC says this will be the first time the price has surged this high. The fuel tariff is expected to be 0.24 baht per unit between May…
- Economy News
Thailand’s power will be more expensive in May
From May until August, Thailand’s electricity price will rise to four baht per kilowatt hour, going up by 0.23-1.3 baht per unit. The country’s Energy Regulatory Commission is raising fuel tariffs following Russia’s invasion of the Ukraine. An ERC spokesman said another reason for the price surge is the declining supply of natural gas from the Gulf of Thailand. Russia’s…
- World News
1,000 Thais register to apply for jobs in Saudi Arabia
Thai and Saudi officials say labour relations between their countries are strengthening following renewed relations. Thailand’s labour minister said over 1,000 people have registered online with the Department of Employment to apply for jobs in Saudi Arabia. He claimed the final remaining step is signing a bilateral labour agreement, which is expected to occur soon. The agreement will allow Thailand…
- Economy News
Federation of Thai Industries wants gov to scrap Test & Go, stop fuel price crisis
The Federation of Thai Industries has called on Thailand’s government to scrap the Test & Go scheme, and stop the ongoing fuel price crisis. On Thursday, the president of the federation suggested easing Test & Go to support tourism and a recovery for the Thai economy. The FTI suggested that Thailand only require fully vaccinated travellers to show proof of…
- Thailand News
Thai noodle price crisis averted
After some local media outlets reported that noodle prices will rise soon, Thai trade officials claim this isn’t true. The director-general of Thailand’s International Trade Department told the Bangkok Post the department has not yet approved any manufacturers raising their prices. The director-general said the department regularly speaks to instant noodle manufacturers. He said manufacturers who want to raise prices…
- Thailand video news
Thailand News Today | Thai scientists develop anti-Covid nasal spray
A new “anti-Covid-19” nasal spray that is being developed by Thai scientists is expected to be available to the public later this year. In studies using lab animals, the nasal spray has been shown to block the virus from entering the body. The Health Systems Research Institute, Silpakorn University, Chulalongkorn University, the Government Pharmaceutical Organisation and an unnamed private bioscience…
- World News
Government to discuss measures to mitigate economic fallout from Russian invasion of Ukraine
The Thai Cabinet meets later today to discuss a number of measures aimed at mitigating the fallout from Russia’s invasion of Ukraine, according to a Bangkok Post report. Government spokesman Thanakorn Wangboonkongchana says PM Prayut Chan-o-cha will meet with officials to discuss the impact on the economy, in particular on global energy prices and instabilities in the equity and cryptocurrency…
- Phuket News
TAT says Phuket sandbox has generated over 43 billion baht in revenue
The Phuket sandbox scheme has so far generated over 43 billion baht in revenue, with visitor numbers steadily increasing. So says the Phuket office of the TAT, in a Bangkok Post report today. According to TAT Phuket director, Nanthasiri Ronnasiri, the sandbox scheme initially welcomed around 300 foreign tourists a day when it first launched last July. Since then, that…
- Thailand video news
Thailand News Today | Devastating economic damage from Covid restrictions
Tourism revenue has plummeted across each of the 77 provinces, according to data from Thailand’s tourism ministry. A report revealed that income from both foreign and local tourism reached an historic low in 2021, dropping by nearly 70%. Meanwhile, the revenue gap between Bangkok and other major provinces remains wide. In 2021, Bangkok posted revenue at 62.7 billion baht, a…
- Economy News
Fear of back taxes preventing some businesses from participating in government co-payment scheme
Signs are popping up outside restaurants and shops across Thailand, advising customers that they don’t accept payment via the government’s 50/50 stimulus scheme. Thai PBS World reports that a number of businesses are refusing to participate in the Khon La Khrueng (Let’s Go Halves) subsidy scheme, fearful that the government will come along and claim back taxes further down the…
- China News
First Thai rice export on Laos-China railway, step toward strengthening bilateral trade
The Lao-Chinese railway to Chongqing delivered its first Thai rice shipment of 1,000 tonnes, boosting hopes to strengthen bilateral trade and benefit the economy. More rice exports, and other farm exports, will follow, says the advisor to Thailand’s Agricultural Minister. The advisor added that the Thai government is looking into exporting fruit, orchids, rubber, cassava, palm oil as well as…
- Visa Information
Thailand approves plan to attract highly-skilled foreign workers, investors, wealthy retirees
Measures aimed at attracting wealthy long-stay foreigners to Thailand have been approved in principle by Cabinet. The government is targeting foreign investors, highly-skilled professionals and wealthy retirees in a bid to develop the Covid-battered economy. Long-term residence visas of up to 10 years are on offer, along with work permits for those who qualify, according to Thai PBS World. Government…
- Covid-19 News
Thai industry body confident government will curb spread of Omicron variant
The Federation of Thai Industries says it believes the government can slow the rate of Covid-19 infection, despite the alert level being raised yesterday. The level moved from 3 to 4, with officials asking people to work from home if possible and to avoid all non-essential travel. However, Kriengkrai Thiennukul from the FTI is confident Thailand will cope. “The FTI…
- Economy News
PM says government will make tackling household debt a priority in 2022
The Thai PM has used his New Year address on Facebook to reassure citizens that 2022 will be the year the government tackles household debt. PM Prayut Chan-o-cha says the government will focus on accelerating economic recovery and dealing with household debt in 2022. According to a Bangkok Post report, he acknowledges the economic hardships caused by the pandemic and…
- Thailand News
Nightlife workers protest at Government House, call for financial assistance
Thailand’s nightlife workers have rallied in Bangkok, protesting outside Government House as they demand government assistance. The workers, known as the “high heel mob” are calling on PM Prayut Chan-o-cha to offer state aid to industry workers adversely affected by Covid-19 closure orders. According to a Bangkok Post report, the workers were led by the Empower Foundation. Employees say their…
- Economy News
Thai government happy with results of economic stimulus measures
A spokesman says officials are pleased with the results of 4 economic stimulus measures introduced by the government. Thanakorn Wangboonkongchana says over 41.3 million citizens have spent over 223.82 billion baht, thanks to the 4 schemes, describing the results as satisfactory. The stimulus campaigns were introduced during the Covid-19 pandemic in an attempt to boost the economy and help those…
- Thailand video news
Thailand Top Stories | 4th Omicron case, brutal BKK murder, recovery in 2023 | Dec 10
Thailand’s Public Health Ministry today said that a 41 year old Thai man who arrived from Congo via the “Test & Go” program is likely to be the fourth Omicron case. A man in Bangkok has been charged with the brutal murder of his mother in a food mall. The Thai government is poised to loosen restrictions even more now…
- Economy News
Government agency ups 2021 foreign arrivals prediction to 200,000
An agency under the Ministry of Finance has increased its 2021 tourist arrivals forecast to 200,000. The Fiscal Policy Office had previously stated that it expected 180,000 foreign arrivals by the end of the year. According to a Bangkok Post report, Pornchai Thiraveja from the FPO says this now looks likely to increase. During the first 2 weeks of November,…
- Business News
More cuts at Thai Airways as flagship carrier continues rehab process
The chairman of the Thai Airways rehabilitation plan says the airline is making good progress with cost-cutting exercises. Piyasvasti Amranand says Thailand’s national carrier has managed to recover 44.8 billion baht by cutting its workforce and ending aircraft lease agreements. “Thai Airways’ operational performance has progressed satisfactorily in many aspects, including cost reduction and organisational restructuring.” According to a TTR…
- Politics News
PM tells reporters to focus on economy, doesn’t want to talk about election
The Thai PM says he can cope with everything he has to deal with and is not bothered by rumours of political disagreements. However, according to a Bangkok Post report, he then asked journalists to stop asking about the election and focus their questions on the economy instead. Prayut Chan-o-cha was addressing the media after yesterday’s meeting of the Defence…
- Economy News
Prominent economic think-tank welcomes November 1 re-opening plans
A leading economic research body says a planned re-opening to international tourism from November will give the Thai economy the boost it needs. According to a Nation Thailand report, the Kasikorn Research Centre predicts further economic growth from next year, provided the government gets Covid-19 under control. It points out that the country’s tourism sector will only see a full…
