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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Travelling in Thailand is peak during April if you are looking for a real taste of summer. With high temperatures, amazing beaches, and exciting events, April is an amazing time to visit the country as a whole. Due to the...
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Thai export growth set to miss target amid global challenges
The anticipated growth in Thai exports this year is poised to fall short of expectations due to a mix of external and internal hurdles, as outlined by a recent assessment from a private sector panel. During its recent meeting, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) upheld its projection for export growth in 2024, estimating it to…
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PM Srettha sees a revenue-boosting recipe for Q4
Thailand’s government is exploring strategies to enhance state revenue, with Prime Minister Srettha Thavisin expressing optimism about economic improvement in the fourth quarter. The Bangkok-born PM convened a meeting yesterday with Finance Minister Pichai Chunhavajira, Deputy Finance Minister Julapun Amornvivat, and representatives from key revenue collection agencies, including the Excise Department, the Customs Department, and the Revenue Department, to discuss…
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Thai tourism revenue to hit 3 trillion baht, misses target
Thai tourism revenue is projected to reach 3 trillion baht this year, falling short of the government’s target of 3.5 trillion baht due to economic challenges in key markets, the Tourism Authority of Thailand (TAT) reported. As of today, Thailand has seen 14.9 million foreign arrivals, generating 709 billion baht (US$19.4 billion). This figure represents roughly 30% of the international…
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Thailand predicts 2.7% growth amid slow export recovery, high debt
Thailand’s economy is experiencing a gradual recovery, with projected growth of between 2.2% and 2.7% this year, according to a recent announcement by a prominent joint business consortium. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which includes key stakeholders from these sectors, has maintained its previous growth forecast. Exports, a crucial component of Thailand’s economic engine, are…
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Thailand to tax residents’ foreign income irrespective of remittance
The Revenue Department of Thailand will amend a law to tax individuals with foreign income, even if that income is not brought into Thailand. Director-General of the Revenue Department, Kulaya Tantitemit stated that the current tax law mandates individuals residing in Thailand for over 180 days per year to pay taxes on foreign income if it is brought into the…
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Thai govt unveils tax measures to spark tourism surge
The Thai Cabinet today approved a series of tax measures aimed at boosting domestic tourism during the low season, announced the deputy finance minister. These measures will be in effect from May to November and include tax deductions for companies organising conventions and seminars, according to Paopoom Rojanasakul. Further initiatives target increased domestic travel to secondary cities by allowing income…
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Cathay Pacific delays new routes for full capacity takeoff
Cathay Pacific Airways, Hong Kong’s flag carrier, will refrain from expanding into new routes until it achieves full capacity by early next year. Despite reaching 80% of its pre-pandemic capacity, Chairman Patrick Healy stated that speeding up the timeline “is not the right thing to do.” Healy revealed to the South China Morning Post that the airline has no immediate…
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Lack of digital literacy in Thai workforce likely to effect economy
The National Economic and Social Development Council (NESDC) raised concerns over the state of literacy and digital skills among the youth and workforce, citing potential detrimental effects on the economy in the coming years. According to NESDC Secretary-General Danucha Pichayanan, recent surveys indicate alarming figures with 64.7% of individuals possessing literacy skills below international standards, while 74.1% exhibit substandard digital…
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Thai trade event forecasts 60 billion baht in deals
Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai praised the THAIFEX–ANUGA ASIA 2024 event, predicting trade deals worth 60 billion baht over five days. The event, held from May 28 to June 1 at the Impact Exhibition Centre in Mueang Thong Thani, was organised by the Ministry of Commerce’s Department of International Trade Promotion, in collaboration with the Thai…
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Ethereum ETFs approved, crypto prices to surge this year
Cryptocurrencies are having a golden year, with the US Securities and Exchange Commission (SEC) recently approving eight funds set to launch spot Ethereum exchange-traded funds (ETFs). Analysts predict the bull run will persist into the second half of the year, driven by strong interest from institutional investors. The SEC’s approval on May 23 for rule changes allowing ETFs to buy…
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Thai film industry to exceed 3.8 billion baht at Cannes festival
The 77th Cannes Film Festival has presented significant opportunities for the Thai government, local filmmakers, and production companies to secure lucrative business deals. The festival, which ran from May 14 to 25, is expected to generate more than the 3.8 billion baht grossed from last year’s event. Companies participating in the Thai booth, which showcased local films and promoted tourism,…
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Thailand’s Pride Month to attract 860,000 visitors
The Thai government is preparing to champion gender equality, anticipating that Pride Month activities will provide a significant economic boost. Deputy government spokeswoman Kenika Ounjit highlighted that Prime Minister Srettha Thavisin’s administration had announced this initiative as he assumed office. “The government aims to foster a society that embraces diversity and equality across age, gender, religion, and social status, positioning…
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Thailand leads in fresh durian exports to China, 121 tonnes by April
Thailand firmly established itself as the top exporter of fresh durians to China, with over 121,398 tonnes shipped in 2024, according to Global Trade Atlas (GTA) data. Additionally, mango exports to South Korea have surged, influenced by favourable trade agreements. Government spokesperson Chai Wacharong announced that Thailand’s Ministry of Commerce revealed new data showing the country exported fresh durians to…
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Thailand hosts key ASEAN-Canada trade talks in Bangkok
Thailand has taken significant steps forward in trade relations by hosting the eighth round of ASEAN-Canada Free Trade Agreement (ACAFTA) negotiations in Bangkok between yesterday and today. The meeting aimed to expedite various aspects of the agreement, to conclude discussions by 2025. Chotima Iamsawatigul, Director-General of the Department of Trade Negotiations, appointed Ratchawit Piyapramote, Deputy Director-General of the same department,…
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Thai private sector seals 40 million baht meal deal with Dubai
Thai private sector, led by Phumtham Wechayachai, signed a significant food export agreement with Dubai, kicking off with an immediate order worth 40 million baht and aiming to exceed 100 million baht by year-end. Efforts to expand into the Middle Eastern market are now underway. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai revealed that he witnessed the signing…
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Srettha unveils plans for Thailand’s economy at UBS conference
At the UBS Asian Investment Conference 2024 in Hong Kong, Prime Minister Srettha Thavisin showcased a visionary blueprint for Thailand’s economic revolution. Addressing over 2,000 participants and 300 companies from the Asia-Pacific region, he laid out a series of strategic initiatives designed to attract global investment and drive innovation and sustainability. The 62 year old PM emphasised the nation’s readiness…
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Thai halal boom targets 84 trillion baht market
In a move to capture a share of the burgeoning US$2.3 trillion (approximately 84 trillion baht) global halal market, the Ministry of Industry has launched the Thai Halal Industry Centre. This strategic initiative aims to position Thailand as the regional hub for halal products and services, with the market value expected to soar to US$2.8 trillion by 2025, driven by…
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Thailand to issue US$1.1 billion sustainability-linked bonds
Thailand will issue up to US$1.1 billion (40 billion baht) in baht-denominated sustainability-linked bonds (SLBs) in the coming months, marking the first such offering by an Asian government. This initiative aims to address both the nation’s budget deficit and its environmental commitments. According to the public debt advisor at the Ministry of Finance, Jindarat Viriyataveekul, the proceeds from the bond…
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Making cents: Thai PM showers BoT governor with praise
During the Council of Economic Ministers’ meeting yesterday, Prime Minister Srettha Thavisin showered praise on Central Bank Governor Sethaput Suthiwartnarueput for his constructive opinions on economic measures. This commendation comes hot on the heels of criticism from the PM’s adviser, Pichai Naripathaphan, who had lambasted the central bank for its inaction in supporting the government’s efforts to spur economic growth.…
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Thai banks urged to ‘transact green’ by BoT to aid local businesses
The Bank of Thailand (BoT) urges large commercial banks in Thailand to provide transition finance to aid local businesses in shifting from carbon-intensive operations to more sustainable practices. During the seminar EARTH JUMP 2024: The Edge of Action organised by Kasikornbank, Ronadol Numnonda, deputy governor of the central bank, revealed that last year, large local banks reported a total of…
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Cracking news: Egg prices to soar due to extreme weather
As announced by the Thai Cooperative Network for Chicken Egg Producers, egg prices are set to rise by 20 satangs per egg tomorrow, citing the extreme weather as the reason for the increase. The farm price for eggs will be 4 baht each, marking an increase of 6 baht per tray. The members of the network include producers from Chachoengsao,…
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Chinese investors show strong interest in Thailand at RCEP-tion
Chinese investors eagerly engaged with Thailand’s business landscape at a recent matchmaking event held under the Regional Comprehensive Economic Partnership (RCEP) agreement. Marking its debut in Thailand, the event seeks to draw interest towards emerging S-curve industries and facilitate the transfer of technology from China. At the helm of the 1st RCEP Business Opportunities Matchmaking Conference (China-Thailand) was Commerce Minister…
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Thailand Cabinet boosts 2024 fiscal budget by 122 billion baht
The Thai Cabinet approved a plan to increase the 2024 fiscal budget by 122 billion baht to support its delayed household stimulus scheme, Deputy Finance Minister Paopoom Rojanasakul today announced. This adjustment will raise the new budget to 3.6 trillion baht, representing a 13% increase from the previous year, with the deficit swelling to 805 billion baht. The government’s decision…
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FTI argues minimum wage hike would primarily benefit migrants
The Federation of Thai Industries (FTI) is urging the government to reconsider its plan to raise the daily minimum wage to 400 baht nationwide, arguing that the policy would primarily benefit migrant workers rather than stimulate the local economy. Every year, migrant workers from neighbouring countries remit approximately 100 billion baht to their families back home. The FTI contends that…
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Mobile banking to operate normally during verification
The National Broadcasting and Telecommunications Commission (NBTC) clarified today that mobile banking services will continue to operate as usual on May 27. The NBTC, in collaboration with the Anti-Money Laundering Office (AMLO) and commercial banks, aims to ensure that mobile numbers linked to bank accounts are properly verified to tackle issues related to fraudulent SIM cards and mule accounts. The NBTC…
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Finance Ministry to reassess stock holdings worth 1.19 trillion baht
The Finance Ministry plans to reassess its shareholdings in various stocks to optimise its asset portfolio and generate additional revenue for the state. Deputy Finance Minister Paopoom Rojanasakul instructed the State Enterprise Policy Office to evaluate the ministry’s stock holdings. According to sources, this review aims to identify which assets the government should retain and which could be sold. A…
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Finance minister orchestrates with BoT for fiscal symphony
Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…
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Thai employment dips: Farm job cuts sow 0.1% decline in Q1 stats
Thailand today experienced a 0.1% decline in employment during the first quarter compared to the same period last year, primarily due to reductions in agricultural jobs, according to the National Economic and Social Development Council (NESDC). This follows a 1.7% year-on-year increase in employment in the previous quarter. The drop in agricultural employment was significant, with a more than 5.7%…
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Commerce Ministry investigates oil palm price drop
The Commerce Ministry directed the Internal Trade Department to investigate the recent drop in oil palm prices by visiting provinces known for palm plantations. This initiative follows complaints from growers about reduced purchase prices. Commerce Minister Phumtham Wechayachai instructed Wattanasak Sur-iam, director-general of the Internal Trade Department, to assess the situation in Phang-Nga, Krabi, and Surat Thani provinces. The goal…
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Finance Ministry to discuss new economic stimulus measures
The Ministry of Finance is currently considering new economic stimulus measures to boost the economy in the second half of 2024. Previously, Deputy Prime Minister and Finance Minister Pichai Chunhavajira held discussions about the economic situation, particularly focusing on economic figures. Despite the government’s extensive stimulus efforts, the economy grew by 1.5% in the first quarter of 2024, which, although…
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