Economy News
Thailand economy news, business updates, financial markets, and government policies—stay informed on economic developments shaping the nation. Get the latest from The Thaiger, your trusted source for Thailand economic news.
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Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Amata City factory in Rayong to close by January 2025
A long-standing company in Amata City Industrial Estate, Rayong, is set to close its doors after 20 years, gradually laying off employees to complete the process by the end of this year or at the latest by January 2025. This news, posted by the News Chon Buri-Rayong Online page, has sent shockwaves through the local workforce, as the company is…
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Thai king’s sustainable model boosts Thai agriculture
King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua’s Khok Nong Na Model is revitalising Thai agriculture with its sustainable approach designed for the people’s happiness. The model advises farmers to divide their land into equal parts for plant cultivation, pond construction, and housing. To commemorate the king’s 71st birthday last year, reporters interviewed Wiwat Salyakamthorn, former agriculture and cooperatives minister, who now chairs…
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Thailand delays legal advice on digital wallet funding
The Thailand government has not yet sought legal advice from the Council of State regarding the use of funds from the Bank for Agriculture and Agricultural Cooperatives (BAAC) to partially finance the digital wallet scheme, confirmed Pakorn Nilprapunt, Secretary-General of the Council. Pakorn clarified that the government does not need to consult the council if it plans to use money…
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Pol-ishing Thais: Thailand, Poland to boost medical technology ties
Thailand and Poland, despite their close trade ties, are urged to enhance their business cooperation, particularly in the medical technology sector, according to Polish Ambassador Artur Dmochowski. During a seminar in Bangkok yesterday, July 9, Dmochowski highlighted Poland‘s desire to strengthen economic, commercial, and technological exchanges with Thailand. The event aimed to showcase advancements in Polish medical technology. The Polish…
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Cash in the cloud: Thailand gears up for digital wallet launch
Thailand’s deputy finance minister recently disclosed that the prime minister will announce details about the digital wallet project, including registration and identity verification steps, on Wednesday, July 24. The project aims to distribute 10,000 baht through digital wallets, pending approval from various authorities. Deputy Finance Minister Paopum Rojanasakul addressed concerns raised by Deputy Leader of the Move Forward Party, Sirikanya…
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Reforming Thailand’s creative sector to boost economy globally
Thailand’s creative industry requires a comprehensive reform to foster growth both domestically and internationally, as emphasised by the soft power development subcommittee. The government has identified the creative sector as a crucial driver for economic enhancement and international recognition, leveraging Thailand’s soft power. The 5F approach, encompassing Thai food, films and videos, fabric and fashion design, martial arts, and traditional…
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Thailand aims for 8 million Chinese tourists if airlines boost capacity
The Tourism Authority of Thailand (TAT) has stated that the goal of attracting 8 million Chinese tourists this year is attainable, provided airlines can increase seat capacity to over 80% of pre-pandemic levels. Chinese tourists had surpassed visitors from other countries by June 30, with 3.5 million arrivals out of a total of 17.5 million foreign visitors to Thailand. The…
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Thailand faces ‘invisible time bomb’ population crisis
Thailand’s population crisis, described as an “invisible time bomb,” requires urgent government intervention, according to Varawut Silpa-archa, the Minister of Social Development and Human Security (MSDHS). Varawut stated the following during a forum on national strategies hosted by the National Press Council of Thailand on Thursday, July 4. “Environmental issues are visible, but this [population crisis] is an invisible time…
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Berry far away: Thai farmers chase sweeter loans in Scandinavia
The BAAC is offering loans for Thai farmers to harvest berries in Sweden and Finland this summer. The state-owned Bank of Agriculture and Agricultural Cooperatives (BAAC) earmarked 375 million baht to help 5,000 Thai farmers embark on an adventurous journey to pick wild berries in Sweden or Finland during this year’s harvest season, starting this month. BAAC President Chatchai Sirilai…
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Durian vendors reduce sizes to segments amid price surge
Durian prices have surged in Nakhon Ratchasima, prompting vendors to adapt by selling the fruit in segments instead of whole, as local purchasing power dwindles and sales plummet more than 50%. At the fruit sale zone within a local market in Mueang Nakhon Ratchasima, durian sellers have shifted from selling the fruit by kilogrammes to selling it in segments, measured…
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Thailand and Malaysia aim for 1 trillion baht trade by 2027
Thailand and Malaysia have set an ambitious goal to boost bilateral trade to 1 trillion baht by 2027, with a focus on enhancing border economic connections through the Twin Cities initiative. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai outlined the plans following the third Thailand-Malaysia Joint Trade Committee (JTC) meeting in Kuala Lumpur. Phumtham highlighted the strong relationship…
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Thailand’s airports hit new highs as passenger numbers increase
Thailand’s six international airports, operated by Airports of Thailand (AOT), witnessed a record-breaking influx of passengers in the first five months of 2024. Transport Minister Suriya Juangroongruangkit announced a whopping 52.16 million travellers, marking a 20.28% rise compared to the same period last year. AOT manages six key airports: Suvarnabhumi, Don Mueang, Chiang Mai, Mae Fah Luang, Phuket, and Hat…
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Revised debt management plan pushes borrowing to 1.03t baht
The Thai Cabinet approved a revised public debt management plan for the 2024 fiscal year, incorporating an additional 275.87 billion baht in borrowing. Of this, 269 billion baht is designated for direct government use and lending to state enterprises for debt restructuring. According to Deputy government spokesperson Rudklao Suwankiri, this revision increases the total new borrowing for the current fiscal…
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Political turmoil and economic strife rock Thailand’s elite
The fate of Thailand’s business-friendly Prime Minister Srettha Thavisin, a former real estate mogul, hangs by a thread less than a year after taking office. Political turmoil has shaken investor confidence in Southeast Asia’s second-largest economy, resulting in a 15% drop in the benchmark stock index since last year. Compounded by a weaker baht, the combined wealth of the nation’s…
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Thailand’s economic growth forecast cut to 2.4% amid weak exports
Thailand’s economic growth is forecasted to slow to 2.4% this year, a decrease from the 2.8% projection made in April, primarily due to weaker-than-expected exports and public investment in the early months of the year, the World Bank announced. The World Bank today, July 3, highlighted that the growth of Southeast Asia’s second-largest economy will be supported by consumer spending,…
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Brewing trouble: Coffee brand percolates price hike due to costs
A popular coffee brand plans to increase its prices by 5% to 10% this month, citing rising production costs. This follows the recent price adjustment by Ajinomoto for its monosodium glutamate (MSG) products, which saw a 4% to 5% increase for packages of 250 grammes, 500 grammes, and 1,000 grammes. Somsak Pornratanacharoen, honorary advisor of the Thai Wholesale and Retail…
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Thailand considers alcohol ban lift to boost restaurant spirits
The Government of Thailand is considering lifting the afternoon ban on alcohol sales to assist struggling restaurant operators amid an economic downturn. Representatives from the Restaurant Business Club submitted a letter to Prime Minister Srettha Thavisin, urging for measures to help restaurants survive the challenging economic climate. Restaurant operators highlighted rising operating costs and increasing prices of ingredients as major…
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Tokio Marine updates electric vehicle insurance policy in Thailand
Tokio Marine Insurance (Thailand) Public Company Limited recently announced changes in its electric vehicle (EV) insurance policy, which came into effect yesterday, July 1. The news sparked significant discussion among EV users. Tokio Marine Insurance clarified that it would continue to provide insurance for EVs. The company explained its decision to revise the premium calculation method, influenced by the fluctuating…
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Jet fuel tax relief losing altitude, says deputy finance minister
The Finance Ministry appears unlikely to extend the jet fuel excise tax reduction, which was initially introduced during the Covid-19 pandemic, stated Deputy Finance Minister Julapun Amornvivat. Julapun addressed a recent proposal by a group of budget airlines seeking further reductions in the jet fuel excise tax. He remarked that such requests are not of immediate importance. Julapun highlighted that…
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Deputy Thai PM orders plan to boost tapioca market in Korat
Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai visited tapioca farmers in Korat, where he ordered the development of a comprehensive plan to manage prices and urged the expansion of new export markets in the Middle East. During the recent off-site Cabinet meeting in Nakhon Ratchasima, Phumtham met with the Tapioca Association, farmer representatives, and the President of the…
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Phuket’s Walking Street market leads new street food initiative
Phuket’s Chartered Walking Street market has been selected by the Department of Health as the premier venue for the Street Food Good Health from Local to Global initiative. This programme aims to bolster tourist confidence and attract visitors throughout the year. Deputy Director-General of the Department of Health, Dr Atthaphon Kaewsamrit, and Dr Kusak Kukiattikoon, Chief of the Phuket Provincial…
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Credit agencies highlight Thailand’s EEC as key to industrial growth
Credit rating agencies underscore the significance of Thailand’s Eastern Economic Corridor (EEC) project in advancing the nation’s industrial sector and boosting competitiveness, according to the Public Debt Management Office (PDMO). The public debt advisor for PDMO, Jindarat Viriyataveekul, indicated that credit rating agencies have been closely observing the EEC project’s progress for years due to its pivotal role in shaping…
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Northeast plans NEC to boost economy at mobile Cabinet meeting
Private sector representatives in the northeast are set to present a series of economic stimulation projects, including the establishment of the Northeastern Economic Corridor (NEC), during the mobile Cabinet meeting in Nakhon Ratchasima on July 2. Hatsadin Suwattanapongchet, Secretary of the Northeastern Industrial Federations, announced that the NEC, traversing Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, will emulate…
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Biodiesel betrayal: Big fuel companies snub palm oil producers
The Thai Biodiesel Producers Association plans to lodge a formal complaint against major fuel traders under Section 7 of the Fuel Trade Act. The traders have refused to purchase B100 biodiesel from local palm oil producers. Section 7 traders, including industry giants like PTT Plc and Bangchak Corporation, are those handling over 100,000 tonnes of fuel annually. These powerhouses stand…
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Baht to hit 37.25 per US dollar amid global currency slump
The Thai baht is expected to plummet to 37.25 against the US dollar in the near future, as Asian currencies have weakened to their lowest levels since 2022. This decline is driven by ongoing global volatility and outflows from Thai stock and bond markets amid uncertainty surrounding US interest rate cuts, according to economists. The Thai currency yesterday dropped to…
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Thailand factory closures surge as cheap imports hit local industries
Factory closures in Thailand have surged this year, with local electronics, steel, and plastics manufacturers bearing the brunt as demand declines and cheap imports inundate the domestic market, according to the Industry Ministry. The closures were evaluated based on the investment value of the affected factories. Electronic parts and printed circuit board factories topped the list with an investment value…
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Thailand truckers protest rising diesel prices, demand 30 baht cap
A convoy of trucks will hit the roads next week as truckers in northeast Thailand protest against rising diesel prices which are massively cutting into their profits, demanding the government cap the price at 30 baht per litre. Chairman of the Land Transport Federation of Thailand in the northeast and transport company owner, Somkid Kingkrodklang, highlighted the severe impact of…
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Thailand and Singapore bolster regional stability through civil ties
Singapore and Thailand’s foreign ministers affirmed that enhanced civil service collaboration will deepen bilateral ties and contribute to regional development. Speaking at the 14th Civil Service Exchange Programme (CSEP), co-hosted by the Thai and Singaporean foreign affairs ministries, officials highlighted the importance of sharing knowledge and best practices among civil service officers from both nations. The ministers emphasised that such…
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Thai PM launches Phenix to make Thailand global food hub
Prime Minister Srettha Thavisin led the Phenix project yesterday, aiming to transform Thailand into a global food wholesale hub. The event saw participation from several key political figures, highlighting the project’s significance in positioning Thailand at the forefront of the global food industry. PM Srettha outlined that the Phenix project is designed to unite food industry professionals from around the…
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Ministry of Commerce turns local crafts into economic powerhouses
Tasked with transforming traditional crafts into a potent form of soft power, the Ministry of Commerce has charged the Sustainable Arts and Crafts Institute of Thailand (SACIT) with the mission of preserving the nation’s unique artistic heritage while making it appealing to both the younger generation and international audiences. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai laid out…
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