Economy News
Discover the latest updates on Thailand’s economy with our in-depth coverage of breaking news, developments, and events shaping its financial landscape. Stay informed and ahead of the curve with our thorough analysis and insights into the business sectors, financial markets, and government policies of Thailand.
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Sponsored Why is Bangkok's air quality so bad?
Imagine waking up early in Bangkok and you see all the beautiful morning fog from your balcony, but as you sip your coffee you realise it's just Bangkok's air pollution that's making the sun rise aesthetic. Ranked as the 36th...
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Syntec construction prioritises data centre projects
Public traded contractor Syntec Construction formed a dedicated team to manage the growing demand for data centre construction projects, particularly from industry heavyweights. This initiative is part of Syntec’s business strategy for this year, which prioritises bids for data centre construction owing to their heightened demand across the industry, according to Chief Executive, Somchai Sirilertpanich. The company has expanded its…
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Thailand unites for eco-friendly transformation of rice farming
A cohesive effort to revolutionise Thailand’s rice farming industry has been forged, with a collective aim to modernise traditional farming methods towards environmentally friendly practices. This initiative is targeted at preserving biodiversity and enhancing the overall ecosystem across the varied landscapes of the nation. This recent synergy saw the collaboration of governmental bodies, the public, private sector participants, and non-governmental…
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Finance ministry secures deals for 250 billion baht investments
Following the passing of the fiscal 2024 Budget Expenditure Act, the Finance Ministry has confirmed that new financial agreements for investment projects totalling 250 billion baht have been finalised. Deputy Finance Minister Krisada Chinavicharana revealed that during the delay in the act’s signing, governmental bodies with pending investment projects initiated their procurement processes. These processes included creating terms of reference…
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Thailand’s daily online fraud falls to 110 million baht in April
Online fraud damage in April was reported at 110 million baht daily, indicating a 26% decrease from the 149 million baht experienced daily in March. This significant reduction is a result of the intensified crackdown on online fraud by authorities. On the first of April, Prime Minister Srettha Thavisin delegated several organisations to yield tangible results from their efforts to…
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Thai dividend stocks outperform bank deposits
The quest for investments with steady returns in an era of global volatility and high interest rates has led many investors to gravitate towards dividend stocks. With the potential for yields exceeding 5% and a payout that can reach up to 20% yearly, these stocks offer a lucrative alternative to conventional bank deposits. A study conducted by the Stock Exchange of…
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BGRIM to invest US$3.39m in Middle East’s energy market
A dominant player in the power industry, BGRIM disclosed its plans to infiltrate the Middle Eastern clean energy market, with an investment approaching US$3.39 million for a 40% stake in the independent power producer, ThreeEightSix Holdings Ltd. The company’s president, Harald Link, confirmed this strategic investment that focuses on commercial and industrial solar assets within the Gulf Cooperation Council region,…
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Southern simmer: Betong noodle vendor stays grounded as prices boil over
In the southern Thai town of Betong, Yala Province, consumers and food vendors are feeling the pinch as the prices of essential goods and ingredients creep upward. Amidst this economic squeeze, one noodle vendor remains resolute in her commitment to her customers, refusing to increase prices despite soaring operational costs. The 45 year old woman, Lampai Langprakhon, who runs Nuch…
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Bitcoin ETFs close with largest discounts due to crypto plunge
The largest spot-Bitcoin exchange-traded funds (ETFs) closed today with significant discounts to their underlying asset values, the biggest since their inception. This disparity emerged when the cryptocurrency plunged to its lowest in two months, consequently affecting the ETFs’ Bitcoin value tracking. The iShares Bitcoin Trust, a US$16 billion fund, closed approximately 1.7% below its net asset value. Other funds like…
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Thai banks reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
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Thai renewable energy industry urges govt to revise trade system
The Federation of Thai Industries’ Renewable Energy Industry Club urged the government to revise the country’s electricity trade system from the longstanding enhanced single buyer (ESB) model, arguing it hampers the growth of renewable energy. The ESB structure, which designates the Electricity Generating Authority of Thailand (EGAT) as the sole entity that sells electricity to the public, is seen as…
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IBM Thailand Director emphasises AI’s impact on economy
As Thailand grapples with geopolitical conflicts, economic barriers, and technological disruptions, the newly appointed managing director of IBM Thailand shared his vision for the nation’s future. Anothai Wettayakorn emphasised the critical importance of focusing on controllable factors in a complex world and said that strategic planning and positivity could bring about positive change. Anothai went on to highlight the exceptional convergence…
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Jorakay to invest 300 million baht in Vietnam factory
Jorakay Corporation, a renowned producer of tile adhesive, grouting products, and various construction chemicals under the Crocodile brand, announced intentions to invest 300 million baht in a Vietnam factory in 2028. The investment is earmarked for the establishment of a factory in Vietnam, driven by robust demand and the company’s aspiration to expand its export reach to the Philippines and…
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AoT tee up 3 billion baht compensation swing for RTAF
Thailand’s Defense Ministry spokesperson, Jirayu Houngsub, revealed yesterday that the Airports of Thailand (AoT) could be liable for a compensation payment of at least 3 billion baht to the Royal Thai Air Force (RTAF). This potential payment is in relation to the Kantarat Golf Course, a property currently owned by the RTAF, which the AoT is considering repurposing. Previously, the…
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Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
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Thai baht finds its groove: Depreciation rate takes a dip
The Thai baht experienced a lessening in its depreciation rate in April, buoyed by an uptick in the country’s economic performance. A leading figure from the country’s central bank anticipates that the local currency will make a recovery in the second half of the year. In the initial quarter of this year, the baht saw a 7.8% decline against the…
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Heatwave havoc: DIT keeps close thermometer on Thai farming
The sweltering weather conditions currently sweeping across Thailand have prompted the Department of Internal Trade (DIT) to closely monitor their impact on the country’s agricultural and livestock production. Despite the challenging weather and drought, DIT Director-General, Wattanasak Sur-iam, assured that the price of agricultural goods remains stable. To alleviate the cost of living for consumers and restaurant owners, the DIT…
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Thai PM’s frozen durian order: A fruitful venture worth millions
Thailand Prime Minister Srettha Thavisin yesterday publicised the country’s recent acquisition of a 300-million-baht (US$8.1 million) frozen durian order on social media. The announcement came in the aftermath of his trip to Chanthaburi, which further emphasised the global appetite for Thai durians. “Post my visit, an order was placed. Business tycoons have expressed interest in placing an annual order worth 300…
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Thai commerce minister to boost fruit exports to China via Laos
An evaluation of the Boten and Mohan checkpoints’ capacity to facilitate Thai fruit exports to China is on the agenda for Commerce Minister Phumtham Wechayachai. This is part of a strategy to ease the exportation process of Thai fruit during the 2024 harvest season, with shipments expected to commence at the end of April. The ministry’s spokesperson, Wittayakorn Maneenetr, reported that…
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Asian millennials and Gen Z prefer regional travel, says Marriott
Rising travel expenses have led to an increase in intra-regional tourism among Asia-Pacific’s Gen Z and millennial tourists, according to Marriott International. The younger adults, keen on saving for their travels, are opting for trips within their region. In 2023, intra-regional travellers accounted for over 60% of bookings in the Asia-Pacific region, a significant increase from the 40-50% before the…
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Fintech friends: Thai-Australian pact seals future prosperity
A landmark Memorandum of Understanding (MoU) has been inked between the Thai Fintech Association and FinTech Australia, setting the stage for increased collaboration in the burgeoning financial technology sector. The agreement was signed this week, reflecting both nations’ commitment to enhancing their fintech industries. The Deputy Chair of FinTech Australia, Brian Collins, acknowledged the vast potential for growth in Thailand…
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Thailand sees surge in foreign investment in Q1
Thailand has seen a recent surge in foreign investment, according to recent statistics from the Thai Ministry of Commerce. Government spokesperson Chai Watcharong yesterday, April 25, unveiled these numbers, highlighting a significant upsurge in foreign investment within the first quarter of 2024. A staggering total of more than 35 billion baht has been funnelled into the Thai economy by foreign investors,…
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Bangkok riverside estate lists at 200 million baht
A Facebook post advertising a house for sale along the Chao Phraya River on Charansanitwong Road in Bangkok sparked widespread interest and surprise with its staggering 200 million baht price tag. Social media users have been buzzing about the post, shared in an exclusive group for luxury properties, presenting a prime piece of land with a view of the Sapaya…
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Bank of Thailand warns government against digital wallet plan
Phumtham Wechayachai, Deputy Prime Minister and Commerce Minister, dismissed concerns about a confidential Bank of Thailand (BoT) document warning the government against the proposed digital wallet handout initiative. Phumtham, a prominent figure in the Cabinet, stated he was unaware of the document’s contents and questioned its credibility, insisting that if it were a real warning, it would have been officially…
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Thai government changes funding approach for digital wallet project
Prime Minister Srettha Thavisin’s coalition government has made a crucial change to its flagship scheme, a digital wallet project aiming to distribute 10,000 baht (US$270) to 50 million Thais. The government has switched from borrowing funds, which faced severe criticism and raised concerns about possible violations of financial and fiscal discipline regulations, to using money from the annual expenditure budget.…
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Thai firms jointly build waste-to-energy power facilities
A strategic alliance has been formed between local power and waste management firms to jointly finance and construct 12 waste-to-energy power facilities and three refuse-derived fuel production plants. This initiative is aimed at bolstering the country’s bio, circular, and green economic strategies. Supawat Khunvoravinij, who is currently serving as the acting managing director of Earth Tech Environment, a waste recycling…
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BoT may adjust policy due to economic changes and challenges
The Bank of Thailand (BoT) may revise its monetary policy if economic changes in the landscape and structural challenges significantly lower its long-term potential growth, disclosed BoT Deputy Governor Alisara Mahasandana. This follows governmental pressure on the central bank to decrease interest rates. Alisara, speaking from the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, highlighted that…
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Thailand targets global animal feed market
The Government of Thailand is spearheading a move to become a global leader in the production and export of animal feed, focusing on quality assurance and safety to cater to the global market. The initiative is expected to generate an economic value of up to 300 billion baht. Chai Watcharong, the spokesperson for the Office of the Prime Minister, announced…
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Phuket seeks special administrative zone status for tourism boost
Phuket’s Tourism Council of Thailand (TCT) Region 11 branch, led by Wirintra Paphakityotphat, has made four formal requests to Prime Minister Srettha Thavisin. The topmost request is to elevate Phuket to a Special Administrative Zone. The requests were submitted to PM Srettha during his visit to Phuket on Friday, April 19. The purpose of these requests, presented at the Heroines…
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Thai baht expected to weaken against US dollar
The Thai baht is expected to weaken to an estimated 37.20 baht against the US dollar later this week, due to the continued Middle East tensions, says Kasikorn Research Centre (K-Research). The economic indicators from the US, due for release this week, are also predicted to bolster the dollar’s strength. Monday morning trading saw the Thai currency quoted at 36.97…
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Thai Restaurant Association rolls dice with dream casino complex
An integrated entertainment complex, housing a casino, hotel, shopping mall, amusement park, and a variety of restaurants is sought by the Thai Restaurant Association. The association urged the Government of Thailand to consider constructing this innovative hub in a second-tier area, with the idea of promoting and selling local cuisine within the complex. Thai Restaurant Association President Thaniwan Kulmongkol stated…
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