Panel sets average rate hike at 5%: The national wage committee has finalised hikes in the daily minimum wage by an average of 5.02% and the new rates, which include a hike of 22 baht in Bangkok and its surrounding provinces, are expected to take effect in October. Bangkok Post
Export growth rate eases amid range of challenges: Thailand’s export growth slowed in July, mainly attributed to a decrease in fruit shipments, a semiconductor shortage that affected production in related sectors, and lockdown measures in some major Chinese cities that interrupted production and lengthened delivery times. Bangkok Post
Revenue collection likely to exceed B2.4tn target: The government’s revenue collection in fiscal 2022, which ends on Sept 30, is expected to beat the target by 40-60 billion baht, says Krisada Chinavicharana, permanent secretary for finance. Mr Krisada said the revenue is expected to exceed the target of 2.4 trillion baht, despite the government continuing with its subsidy for the diesel excise tax this year. Bangkok Post
Prawit granted full powers as PM: The cabinet yesterday issued a resolution entrusting Deputy Prime Minister Prawit Wongsuwon with the full prime ministerial powers including authorising high-level appointments and passing budgetary decisions. Bangkok Post
Dept of Energy Business reported 7M22 avg daily fuel usage +13.5% yoy to 151.04m liter/day, diesel +16.2%, jet +69.5%, bunker +18.9%, LPG +9.4%, NGV +5.6%, benzene +2.4%, kerosene -3.2%.
Exports dropped in July, mainly attributed to lower demand from trading partners in line with a riskier global economy, though Thailand’s economic continues to see signs of recovery, says a BOT executive.
Shopping subsidy stimulus phase 5 go live today, 18m individual registered, 420k shops participated, expects Bt40b circulate in the economy, MOF.
Full steam ahead for high-speed trains: High-speed train projects are an important element in Thailand’s ambition to become an Indochina logistics hub with the development of the country’s rail transport system being a key priority in the government’s 20-year development strategic plan (2018- 2037). Bangkok Post
Recovery held back by few flights: With international flights reaching only 40% of pre-pandemic levels, Thai tourism must wait for a clearer outlook, particularly with the government budget running dry, says the Tourism Authority of Thailand (TAT). Bangkok Post
BoT prepares new debt mediation event: Seven retail loan products included. Unsecured loans, such as credit cards and personal loans, are a concern for the central bank. The Bank of Thailand plans to hold a new debt mediation event in an effort to ease the country’s swelling household debt and help vulnerable borrowers restructure debt amid the uneven economic recovery. Ronadol Numnonda, the central bank’s deputy governor, said yesterday household debt stood at 14.6 trillion baht. Bangkok Post