Economy news of Thailand

Since the beginning of the year, food production in Thailand has seen a 2.5% to 5% increase in production costs due to higher electricity bills.

In his speech in honor of the National Labor Day, the Prime Minister of Thailand, General Prayut Chan-ocha, expressed gratitude to all the workers of the country, recognizing their important role in the development of the economy and social sphere. 

With the tourism industry on the rise, Phuket's hospitality industry is gearing up for a new wave of visitors. According to the Phuket Hotel Market Update 2023 report, Phuket will have 38 new hotels with an additional 14,357 rooms in 2032.

Malaysia continues to struggle with egg shortages caused by rising production costs and a lack of animal feed.

The Thai government is ready to start negotiations on a free trade agreement (FTA) with the UAE, one of its fastest growing trading partners. Both sides have already exchanged a plan of negotiations, which are scheduled for May 9.

According to the ERC, from May to August, the cost of electricity in Thailand will decrease by 2 satang per unit. The Fuel Tariff Adjustment Committee has approved a proposal to reduce the cost from 4.72 baht per unit to 4.70 baht per unit.

Thailand expects at least 25 million foreign tourists to visit in 2023 after more than 8 million foreign visitors visited the country in the first four months of this year. 

According to the latest figures from Thailand's National Statistical Office, the country's unemployment rate continues to decline, a sign of an improving economic situation.

Thailand shipped 2.17 million tons of fruit worth $4.9 billion to China last year, a Thai government official said. 

The Old Siam Plaza, one of Bangkok's most famous malls, is about to celebrate its 30th anniversary with a 400 million baht renovation. 

Thailand is seeing a solid economic recovery in the first quarter of 2023, reflected in the growth in new business registrations. 

In April 2023, an international passenger service was launched on the Laos-China Railway, connecting the Chinese city of Kunming and the capital of Laos, Vientiane.