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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Slowing Chinese economy may impact Thailand’s exports, tourism and investment
Economic experts are voicing apprehension over the slowing Chinese economy, citing that the mainland’s deceleration and escalating tensions with the US could potentially affect Thailand in terms of exports, tourism, direct investment, and property. Despite China’s economy surpassing estimates by growing 4.5% in the first quarter, it has since experienced a slowdown. The disappointing figures in terms of investment, consumption,…
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Electronics firms poised for a shocking surge in the new year
Electronics companies listed on the stock market are set to witness a performance upturn in the new year, owing to a forecasted global recovery across all industry sub-sectors, according to KGI Securities. The firm predicts a higher growth rate in the second half of the year on the back of continuing inventory restocking. The outlook is based on the steady…
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Thai labour minister takes wages for a spin: Cabinet gears up for minimum wage review
Thai Labour Minister Phiphat Ratchakitprakarn announced that the Cabinet will be looking into a review of the new daily minimum wage rates. This comes after several business organisations urged the government to uphold the decision made by a tripartite wage committee regarding the increase in wages. Phiphat disclosed that he has no authority to review the rates approved by the…
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Thai high-value sectors to boost economy, exports in 2024 says FTI
The Federation of Thai Industries (FTI) forecasted that the country’s high-value sectors such as agriculture, food, automotive, and bio-, circular and green (BCG) manufacturing will bolster the economy and exports in the coming year. The BCG initiative, launched as a national agenda in 2021, aligns with global environmental campaigns, encouraging manufacturers to adopt environmentally friendly technologies. Kriengkrai Thiennukul, FTI chairman,…
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Surat Thani’s hidden gems captivate American tourists
Tourism operators within the southern province of Surat Thani are pivoting their attention to the US market, showcasing the distinctive local attractions. Atirat Danpattaraworawat, who heads the Cheow Lan Lake Tourism Promotion Association, disclosed on Sunday that their recent networking expedition to the United States, spearheaded by the Tourism Authority of Thailand (TAT), garnered considerable interest from the US market.…
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Bangkok’s mobile grocery stores to ease living costs
The Ministry of Commerce remains steadfast in its mission to operate mobile grocery stores across Bangkok and its neighbouring provinces, to alleviate the cost of living. Goranij Nonejuie, the Deputy Director-General of the Internal Trade Department, confirmed the continuation of the mobile grocery store initiative, now entering its fifth year of operation. The initiative will see deployment in over 100…
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Thailand’s minimum wage increase sparks controversy and calls for revision
The contentious decision to marginally increase the daily minimum wage in Thailand spurred the Ministry of Labour into seeking discussions with the tripartite committee, which approved the hike. Prime Minister Srettha Thavisin critiqued the decision as insignificant, stating that the 2 to 16 baht rise approved last Friday was insufficient. The tripartite committee, also referred to as the wage board,…
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Thailand’s 2 billion baht electricity subsidy for 17.7 million households
The Thai Cabinet has allocated 2 billion baht to subsidise electricity costs for 17.7 million vulnerable households. The scheme, set to be a new year’s gift, will apply to those using no more than 300 units of electricity per month, maintaining a cost of 3.99 baht per unit. Deputy Prime Minister and Energy Minister Peeraphan Salirathaviphak, stated today, December 8,…
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Vietnam attracts soaring Chinese investment as US trade dwindles
With a surge in Chinese investment, Vietnam has become a hotspot for economic activity this year, as figures indicate a decline in US trade and spending. Vietnam’s strategic location along the South China Sea makes it a vital link in global supply chains, particularly for Chinese components and American consumers. September saw United States President Joe Biden elevate diplomatic relations…
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KFC invests 500 million baht for digital transition in Thailand
KFC, overseen by Central Restaurants Group (CRG), unveiled plans to invest 500 million baht in the transition to digital stores in the coming year. Piyapong Chitchumnong, who oversees quick-service restaurants & Western cuisine, as well as the KFC brand, revealed that the budget is allocated for the inauguration of 15-20 new KFC digital outlets, and the transformation of a similar…
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Tripartite committee set to discuss new daily minimum wage rates
The tripartite committee, which consists of representatives from the ministry, employers, and employees, is set to deliberate on the new daily minimum wage rates across various provinces. The meeting, confirmed by Pairoj Chotikasathien, the permanent secretary for labour, is scheduled for today, December 8. According to the data finalized by a sub-committee under the main wage committee on November 27,…
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Homeowners confidence hits rock bottom- is your dream home still a dream?
The 2023 Homebuyer Confidence Index has taken a nosedive, leaving prospective homeowners questioning their property dreams. Recent research unveils the shocking truth behind this unexpected slump in optimism. Despite a generally content outlook on the Thai economy, the Consumer Confidence Index for 2023 has fallen to 76, a noticeable dip from the previous year’s score of 80. Sumitra Wongpakdee, managing…
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Fuel shortage causes chaos in Yangon: Is Myanmar’s economy running on empty?
As Myanmar‘s metropolis Yangon grapples with a fuel shortage, the city saw chaos with motorists queuing at dawn, hoping to secure petrol. The fuel crisis has been exacerbated by economic turmoil and geopolitical tensions. Yangon’s fuel shortage, as reported by the state-run Global New Light of Myanmar newspaper, kicked off on Tuesday. The cryptic explanation attributed the crisis to delays in…
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Thai industry calls for retention of current power tariff amid hike fears
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is urging the Thai government to retain the current power tariff of 3.99 baht per kilowatt-hour. The request comes amid concerns that a proposed hike to 4.68 baht could escalate operational costs for manufacturers, leading to a 5 to 10% increase in product prices. The Energy Regulatory Commission previously suggested…
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Thailand’s clean air bill targets PM2.5 dust menace
Thailand’s Cabinet has given preliminary approval to the Clean Air Bill, a bold initiative designed to combat the annual scourge of PM2.5 ultra-fine dust. This is a major move that gives authorities the necessary tools to manage sources of air pollutants effectively, particularly the minuscule dust particles that become a significant issue in the country each cool season. The Clean…
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UNESCO recognises Songkran festival as Intangible Cultural Heritage
Thursday witnessed a series of events commemorating the Songkran Festival’s recent recognition as an Intangible Cultural Heritage by the United Nations Educational, Scientific and Cultural Organisation (UNESCO). The official declaration was made yesterday during UNESCO’s Intergovernmental Committee meeting for Safeguarding Intangible Cultural Heritage held in Botswana. The Culture Ministry’s application for the inclusion of the Songkran Festival was approved by…
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Thailand’s smartphone market to recover in 2024 boosted by AI and 5G
The smartphone market in Thailand is projected to recover in 2024, following an expected slump this year. The rebound is attributed to artificial intelligence (AI) features on smartphones, increased availability of affordable 5G devices, and replacement demand from 2021, according to Canalys, a global tech market analyst firm. Canalys analyst Sheng Win Chow indicated that the AI features on these…
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Cable car project causes concerns of potential overcrowding at Phu Kradueng
Concerns have been voiced by the Seub Nakhasathien Foundation over potential overcrowding at Phu Kradueng National Park in Loei, as a result of plans to revive a long-debated cable car project. The foundation, while assured that modern construction techniques can minimise environmental and wildlife disruption, is apprehensive about the park’s capacity to handle an influx of tourists. Ornyupa Sangkamarn, the…
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Drastic drop in Thai gold prices today following recent surge
Gold prices in Thailand have plummeted drastically today following a continuous surge, according to the Gold Traders Association. The price of gold ornaments fell by 250 baht compared to the last price yesterday, selling at 34,450 baht per baht-weight. The buying price of gold bars in the country stands at 33,850 baht per baht-weight and the selling price is 33,950…
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Thai road safety groups challenge extended bar hours over drink-driving fears
Alcohol temperance and road safety groups are challenging the new government decision to allow late-night bars and clubs in major Thai cities to extend opening hours until 4am. The critics argue that the authorities failed to make necessary arrangements to avert potential alcohol-related mishaps. This protest follows an announcement made by the Interior Ministry nearly a week ago, permitting bars…
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Easy e-receipt programme set to kick off next year in Thailand
A newly approved tax refund scheme, aimed at stimulating domestic spending and promoting the use of electronic invoices, is set to kick off early next year, the Finance Ministry confirmed on Monday. The so-called Easy E-Receipt programme allows individuals to claim a tax deduction of up to 50,000 baht on goods and services purchases from businesses backed by the e-tax…
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Thai PM plans revision of 5.1 billion baht for national art and culture
Prime Minister Srettha Thavisin yesterday announced plans to revise the substantial sum of 5.1 billion baht (US$145 million), originally designated for the promotion initiatives of national art and culture by the National Soft Power Development Committee (NSPDC). The Thai prime minister expressed the need for judicious use of the funds to maximise efficacy. PM Srettha’s statements followed the NSPDC’s second…
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Thailand poised to become regional hub for electric vehicle production
Thailand is stepping into the spotlight as a potential regional centre for Electric Vehicle (EV) manufacturing, bolstered by Prime Minister Srettha Thavisin‘s confidence and support. This sentiment was shared with the public on December 1 by the Government Spokesperson, Chai Watcharong. PM Srettha has reportedly been working closely with various agencies to encourage and aid international private entities, particularly those…
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Beefy business gone bad: Police probe 75 tonnes of rotten meat at local markets
An investigation into the sale of approximately 75 tonnes of rotting beef at local markets has been requested of the police. This action has been prompted by Atchariya Ruangratanapong, a crime probe activist, who has called on the Central Investigation Bureau to take legal steps against two shipping firms and five senior officials from the Livestock Development Department. It is…
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Golden delight: GTA unveils gold rush with prices soaring to new heights
The Gold Traders Association (GTA) today announced a strong surge in today’s gold prices. Compared to yesterday’s closing price, gold ornaments are selling at 34,800 baht per baht, up by 200 baht. This information was released on their website at 9.08am. Gold bars of 96.5% purity are currently being bought at 34,200 baht per baht and sold at 34,300 baht…
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Overwhelmed businesswoman registers for Thai government’s debt relief scheme
A businesswoman, burdened with an overwhelming debt, registered for an out-of-system debt relief scheme. She owes money to 14 lenders and faces the daily challenge of finding more than 7,000 baht for interest payments at a rate of 20%. This move comes after the government, under Prime Minister Srettha Thavisin, has been focusing on resolving out-of-system debt issues for citizens…
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House committee formulates 2024 budget proposal
The House committee responsible for scrutinising planning and monitoring budget expenditure is formulating a budget proposal for next year. The proposal is expected to be reviewed by the House in early January. Natthapong Ruangpanyawut, the committee’s chair and a list MP of the Move Forward Party, confirmed that the panel is currently processing budget requests from various state agencies. These…
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Thai Commerce Ministry plans new year mega sale
The Thai Commerce Ministry has unveiled plans for a new year mega sale, an extensive retail event, to alleviate living costs for the local population. The sale, which is being presented as a new year’s gift to the citizens, is set to take place at Muang Thong Thani from December 20 to December 24. The Commerce Minister, Phumtham Wechayachai, reported…
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Shinawatra greenlights 5.1 billion baht for soft power industries and Songkran
The Soft Power National Development Committee, headed by Paetongtarn Shinawatra, has approved a budget of 5.1 billion baht to boost 11 industries in Thailand, including the Songkran festival. The plan includes a grand Songkran celebration, dubbed the World Water Festival – The Songkran Phenomenon, to draw international tourists to Thailand. The announcement was made on December 1. The Soft Power…
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Thai government invites citizens to register debts for resolution
The Thai government is inviting citizens to register their debts, both within and outside the formal system, to alleviate the burden of unregulated debt. This move by Prime Minister Settha Thaweesin and the Ministry of Finance is seen as a national issue, aiming to restore dignity, hope, and stability to Thai citizens suffering from the detrimental effects of unregulated debt.…
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