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.
-
Sponsored Moving to Thailand? Here are the health documents you should prepare before you go
The Thaiger key takeaways Valid passport, visa documents, health certificate, and vaccination records are essential for immigration and medical care in Thailand. Health insurance that meets visa requirements, like Cigna, provides protection, direct billing, and access to a wide hospital...
-
Thailand tourism spending to miss 1.2tn baht target, rising costs
Thailand’s domestic tourism spending is projected to fall short of the government’s ambitious target of 1.2 trillion baht amid economic concerns and rising travel costs, as the Tourism Authority of Thailand (TAT) indicates. TAT Deputy Governor for Domestic Marketing, Somradee Chitchong, expressed confidence that domestic trips would reach 210 million this year, surpassing the initial target of 200 million. Despite…
-
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…
-
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…
-
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…
-
Bank of Thailand predicts slower third and fourth quarter growth
The Bank of Thailand anticipates slower economic growth in the upcoming third and fourth quarters, attributing this to a high base effect. According to Piti Disyatat, secretary of the central bank’s Monetary Policy Committee (MPC), second-quarter GDP is expected to grow by 1% from the previous quarter, a decline from the 1.5% growth observed in the first quarter. These projections…
-
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…
-
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…
-
Thailand government slashes hotel fees in tourism boost gamble
The Thai Cabinet made a bold move to bolster its tourism sector by extending a waiver on operating fees for hoteliers for another two years. This strategic decision, made yesterday, June 25, aims to support the country’s ongoing economic recovery following the devastating impact of the Covid-19 pandemic. The fee exemption, which spares hoteliers from the annual charge of 40…
-
Thailand imports shrimp from Ecuador amid local production crisis
Thailand, once the world’s leading shrimp exporter, now finds itself importing shrimp from Ecuador. Prime Minister Srettha Thavisin directed the Department of Fisheries to investigate and report back in the next Cabinet meeting. The nation, which used to produce and export 600,000 tonnes of shrimp annually, now produces only 200,000 tonnes. This significant decline has necessitated the importation of shrimp,…
-
Thailand’s tourism revenue goal in jeopardy: Tourism minister
Thailand faces an uphill battle in reaching its ambitious 3.5 trillion-baht tourism revenue target for 2024, as admitted by Tourism and Sports Minister Sermsak Pongpanich. Speaking at the Thai Hotels Association’s annual conference, Sermsak highlighted the current progress and challenges ahead. “In the first five months of this year, Thailand has welcomed 15 million foreign tourists, generating 1.1 trillion baht.…
-
BoT urges usage of older banknotes for special occasions
The Bank of Thailand (BoT) urged consumers to use existing banknotes for special occasions instead of requesting newly printed ones. This request comes as the circulation period of banknotes has extended due to the rise in digital payments and improved banknote quality. Currently, the first-in, first-out cycle for banknotes means they stay in circulation about 10% longer than before. The…
-
Thailand’s national parks smash revenue records
Thailand’s national parks achieved a monumental milestone, breaking revenue records by collecting a whopping 1.785 billion baht between October 1 last year, and June 20 this year. This incredible sum surpasses the total amount collected in the whole of 2023, which stood at 1.467 billion baht. Leading the charge is the Nopparat Thara Beach National Park, Phi Phi Islands, raking…
-
Harman hits the gas with Thailand factory for electronic auto boost
Harman, a subsidiary of Samsung Electronics based in the United States, has announced the establishment of its first factory in Southeast Asia, selecting Thailand as the location for its production hub aimed at exporting electronic automotive products. Harman’s head of operations, Sami Krimi, stated his excitement at the project. “Thailand’s extensive experience in the automotive and related industries has encouraged…
-
Thailand’s exports surge in May with agricultural products
Thailand’s exports reached their highest level in 14 months, achieving a 7.2% year-on-year growth in May, largely due to a surge in agricultural products. Director-General of the Trade Policy and Strategy Office Poonpong Naiyanapakorn announced that the value of exports in May expanded to US$26.2 billion (approximately 960 billion baht), marking a significant gain of 7.2%. Thai shipments, excluding gold,…
-
Government may raise foreign condo ownership limit to 75%
The government considers increasing the foreign ownership limit in condominiums from 49% to 75% of a building’s usable space, as disclosed by Deputy Prime Minister Phumtham Wechayachai. The Interior Ministry is evaluating the feasibility of extending the maximum leasehold period for foreigners from 50 years to 99 years. Phumtham stated that this proposal was first discussed at a Cabinet meeting…
-
Haulage operators in Thailand threaten strike over diesel prices
Road haulage operators have hiked their charges by an average of 9% today and are now gearing up for a nationwide strike unless the government addresses their demands to cap diesel prices at 30 baht per litre. Apichart Prairungruang, Land Transport Association of Thailand President, expressed frustration. “We’ve adjusted charges to cope with rising costs after four petitions to Prime…
-
MFP urges budget reform, reassures public with its scrutiny efforts
In a heated budget debate, the Move Forward Party (MFP) claims a significant victory in its relentless scrutiny of the 2025 budget. Party leaders assure the public that their meticulous examination has met expectations, confident that their efforts won’t disappoint. Natthapong Rueangpanyawut, a party-list MP from MFP, highlighted a pressing issue during the debate: the need for fundamental budgetary reform.…
-
Thailand’s durian diplomacy: Cracking the chinese market wide open
Thailand is going all out to secure its crown in the lucrative Chinese durian market. The government has rolled out a series of innovative strategies, including high-tech farming enhancements and stringent quality controls, to ensure Thailand remains the top durian supplier to China. Prime Minister’s Office spokesman Chai Wacharonke announced at a press conference that Thailand has significantly bolstered its…
-
PM Srettha in talks with BoT chief over handout scheme
Thailand Prime Minister Srettha Thavisin has yet to address Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput’s staunch opposition to the government’s colossal 500-billion-baht handout scheme. Acknowledging the brewing conflict, PM Srettha admitted he and the central bank governor held divergent views, necessitating urgent discussions. Governor Sethaput, in a candid Bloomberg interview, criticised the sweeping economic stimulus, suggesting it was excessive…
-
Malaysia and China join forces on billion-dollar rail project
China’s plans to extend the East Coast Rail Link (ECRL) into Thailand are set to transform Southeast Asian trade. Chinese Premier Li Qiang announced the initiative during his visit to Malaysia yesterday. The US$10 billion (approximately 366 billion baht) ECRL, a key project of China’s Belt and Road Initiative, aims to connect Malaysia’s east and west coasts by 2026. Initially…
-
Lamps out: Lampang horse-drawn carriage rides face unbridled end
The famed horse-drawn carriage rides in Lampang may soon become a relic of the past, as dwindling tourism revenue fails to attract new generations to sustain the business, according to the Tourism Council of Lampang. Lampang registered 559,892 visitors in the first four months of this year, a 0.52% decline year-on-year, with only 35,131 foreign travellers. Despite the drop in…
-
Deputy PM defends mammoth borrowing to jump start growth
In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…
-
Thailand unveils 3.75 trillion baht budget bill to boost economy
As the House of Representatives kicked off a three-day debate, Prime Minister Srettha Thavisin introduced a 3.75 trillion baht budget bill for the 2025 fiscal year, aimed at revitalising Thailand’s sluggish economy. Simultaneously, he remains focused on advancing the digital wallet scheme. The budget intends to stimulate economic growth, with forecasts suggesting an increase of 2.5% to 3.5% in 2025…
-
Thailand promotes OTOP products to boost local economies
Thailand’s deputy interior minister recently presided over the opening of an event aimed at developing and supporting marketing channels for One Tambon One Product (OTOP) items, poised to enhance community enterprises. The event, titled Community Enterprises: United in Promoting Thai Products saw the participation of Deputy Interior Minister Kreang Kalltinant, who was accompanied by several members of the ministry, alongside…
-
PM Srettha unveils 3 trillion baht economic boost plan
Prime Minister Srettha Thavisin rolled out a mammoth 3.753-trillion-baht economic revival blueprint aimed at turbocharging Thailand’s financial fortunes. As lawmakers embarked on a heated three-day debate, the Bangkok-born Thai PM pitched his vision to rejuvenate the sluggish economy, promising a surge in growth. In a bid to unleash Thailand’s economic potential, Prime Minister Srettha Thavisin proposed a hefty 3.753 trillion baht…
-
Thailand shoots to the top, leaves Malaysia trailing in ASEAN rankings
Thailand has rocketed up the global competitiveness rankings, leaving Malaysia in the dust and securing the second spot in ASEAN. The IMD World Competitiveness Centre’s 2024 report catapulted Thailand from 30th to 25th place worldwide, highlighting a significant leap in economic performance. Danucha Pichayanan, the Secretary-General of the National Economic and Social Development Council, briefed the Cabinet yesterday regarding this…
-
Inflate debate: BoT warns against raising inflation target
Bank of Thailand (BoT) cautioned against raising the inflation target to match the range established by the monetary authority, citing concerns that such a move may destabilise expectations and accelerate price increases. BoT Governor Sethaput Suthiwartnarueput stated that the current range is appropriate. “The current inflation target range is appropriate for the circumstances and it has worked well in terms…
-
Finance minister: Digital wallet funds to exclude mobile phones
Deputy Finance Minister Julapun Amornvivat urged the Commerce Ministry to reconsider its decision to permit recipients of the 10,000-baht payout from the digital wallet scheme to use the funds on mobile phones. He argued that this move would not benefit the domestic economy as intended. Prime Minister Srettha Thavisin shares these concerns, noting that most mobile phones are either manufactured…
-
Thailand to explore AANZFTA ties and new economic partnerships
Prime Minister Srettha Thavisin has committed to strengthening collaboration under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), maintaining current markets, and forging new economic partnerships, government spokesman Chai Wacharonke announced yesterday. Delegates from the Commerce Ministry and the Department of Trade Negotiations (DTN) participated in the 21st AANZFTA Joint Committee Meeting held in Auckland, New Zealand, from May 26 to…
-
Pride Month to boost Thai economy by 4.5 billion baht
June’s Pride Month is anticipated to stimulate over 4.5 billion baht in economic activity, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham announced yesterday that the government, led by Prime Minister Srettha Thavisin, is actively endorsing sexual diversity and collaborating with the private sector to organise additional Pride Month festivities. These events aim to attract LGBTQ+ tourists…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.