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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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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Tourists travelling less but spending more in luxury Thai tourism
The luxury travel sector is witnessing a peculiar trend: tourists are travelling less but spending more, according to the observations from Pimalai Resort and Spa, a hospitality establishment located on Koh Lanta. The resort has also noted that Krabi tourism is grappling with the dearth of international flights, especially from China. The resort’s owner, Charintip Tiyaphorn, revealed that despite the…
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Thai government seeks urgent economic stimulus amid rising household debt
The Thai economy is in a dire state and in urgent need of a stimulus package to prevent further deterioration, according to the government. This stance arises amid ongoing discussions about the true state of the economy, with some expressing doubts about the actual need for the government’s proposed US$313 million handout scheme, which would necessitate a loan of US$15.6…
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Thai Commerce Minister defends recent sugar price increase
The Deputy Prime Minister and Minister of Commerce defended the recent sugar price hike following discussions with all parties involved. The minister, Phumtham Wechayachai, maintains the decision was made based on appropriate cost considerations, not a failure to control prices. Today, at Government House, Phumtham addressed concerns that the government couldn’t control sugar prices after a Cabinet meeting yesterday decided…
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Pattaya businesses backs discarded proposal for Chinese police patrols in Thailand
Pattaya Nightlife Business Association chairwoman Lamphueng Hamilton expressed her support for a now-discarded proposal for Chinese police officers to patrol popular tourist areas in Thailand. The proposal, originally mooted by the Thai government, has since been unequivocally dismissed. However, several Pattaya-based private tourism operators continue to champion the idea. Their support stems from a notable decrease in Chinese visitors, which…
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Global sugar shortage anticipated despite increased production in Brazil, Russia, China
A report by CovrigAnalytics released yesterday revealed an anticipated global sugar shortage. The deficit is estimated to be 2.4 million metric tonnes in the 2023/24 crop year, marking an increase of 200,000 tonnes from previous expectations. Despite increased sugar production in Brazil, Russia, and China, the shortfall in output from India and Thailand, due to inadequate humidity, will not be…
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Star Petroleum predicts global oil price drop despite high energy demand
Star Petroleum Refining Plc predicts a decrease in global oil prices for the remainder of the year despite robust energy demand. The reduction in prices is anticipated due to a potential surplus among key oil producers, according to Sakchai Thamsuruk, the manager for supply and planning at the petroleum company. The global oil industry is closely observing Saudi Arabia and…
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PTT reinvestment: Diversifying beyond oil and petrochemicals for future growth
National energy conglomerate PTT Plc has initiated a reinvestment phase, eyeing new ventures for future growth. This move follows the stagnation of the company’s traditional businesses, which are primarily centred around the oil refinery and petrochemical sectors. As these avenues have limited potential for enhancing future income, the company emphasises the need for reinvestment. PTT’s President and Chief Executive Officer,…
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Thai Government Savings Bank promises low interest rates for home loans
The Government Savings Bank (GSB), an institution committed to enabling Thai citizens to own their homes, is prepping a credit line of 45,000 million baht to offer three home loan products with fixed interest rates for the first three years, marking the end of this year. The initiative is expected to inject liquidity into the economy. According to Karm Phonprakong,…
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Thai deputy PM defends government’s initial performance amidst economic criticism
Thailand Deputy Prime Minister Phumtham Wechayachai defended the government‘s performance during its initial two months in office, amidst criticism that the economy has seen little to no improvement and the cost of living remains high. The deputy PM stated that the fruits of the government’s labour would not be noticeable until at least 100 days have passed, as many departments,…
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Digital wallet boost: Thai government to inject 600,000 million baht into economy
The government is set to inject 600,000 million baht into the economy through the well-documented digital wallet initiative. This programme will provide 10,000 baht to Thai citizens aged 16 and above, with an income not exceeding 70,000 baht and savings of no more than 500,000 baht. The initiative, set to run for six months, will be applicable within the citizen’s…
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Consumer confidence in Thailand soars to 44 month high
Last month witnessed a surge in consumer confidence for the third consecutive month, reaching its highest point in 44 months, according to the University of the Thai Chamber of Commerce (UTCC). Factors contributing to this uplift include the government’s initiatives to curb living costs, a boost in foreign arrivals, and a revival in exports. The UTCC reported that the consumer…
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Budget travel: Thai travelers choose affordability amid economic instability
In the wake of an unpredictable global economy, travellers are becoming increasingly cost-conscious. A recent survey by online travel agency Booking.com revealed that the majority of Thai citizens are apprehensive about the escalating cost of living and are thus curtailing their expenditure on travel, opting for budget travel instead. Michelle Gao, the regional manager for the Mekong region at Booking.com,…
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The Energy Ministry crackdown on petrol retailers stockpiling fuel after price cut
The Energy Ministry has pledged to take stringent action against oil retailers found to be illegitimately stockpiling fuel. This decision comes in response to complaints about a sudden shortage of oil at petrol stations, following the government’s decision to lower the prices of gasohol 91 and gasohol 95. On the morning of November 7, petrol stations across the nation began…
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Economic hurdles hamper Thailand’s tourist market recovery despite visa exemptions
Tourism operators have indicated that economic challenges are hindering the recovery of tourist markets from China, Taiwan, and India, despite Thailand’s recent introduction of visa exemptions. These exemptions, implemented for Chinese visitors since September 25, have had limited effect due to perceptions of Thailand as unsafe and China’s sluggish economic growth, according to Thanet Supornsahasrungsi, ex-president of the Chon Buri…
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Thai PM evaluates potential wage increase for civil servants without price hike
Prime Minister Srettha Thavisin yesterday declared that an evaluation was underway to determine the feasibility of increasing wages for civil servants and government employees. However, he dismissed the notion that such a hike would lead to a rise in consumer goods prices. The prime minister’s comments came in response to inquiries concerning the potential inflationary effects of the proposed wage…
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Thailand’s inflation drop fuels economic slowdown fears
Concerns are heightening among analysts over Thailand’s first year-on-year inflation decline in 25 months. The drop in the Consumer Price Index (CPI) is viewed as an indication of increasing risks of economic deceleration and deflation. BofA Securities, previously known as Bank of America Merrill Lynch, highlighted that the inflation figure for October signified the first year-on-year decline since August 2021.…
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Thai govt reduces foreign worker visa fees to 500 baht to boost economy
Foreign worker visa fees for four nationalities have been reduced to 500 baht, with the fee changes expected to be enforced from November 11 for a duration of four years. This reduction aims to stimulate the Thai economy’s recovery by promoting the legal employment of migrant workers from Cambodia, Laos, Myanmar, and Vietnam. Somchai Morakotsriwan, currently acting as the Director-General…
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Inflation rate in Thailand dips for first time in over two years
The Commerce Ministry of Thailand announced today that the country’s inflation rate has dipped for the first time in 25 months, primarily due to a drop in energy and food prices. This development is attributed to the government’s support measures. The consumer price index (CPI) noted a 0.31% reduction in October, compared to the same period last year. This contrasted…
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NIDA poll unveils Thailand’s digital wallet desires
The National Institute of Development Administration (NIDA) conducted a poll regarding the upcoming digital wallet handout scheme, gauging the sentiment of 1,310 respondents aged 18 and older from a wide variety of social backgrounds between October 31 and November 2. The results revealed a widespread belief that the government’s 10,000-baht digital cash handout should be extended to all Thais, regardless…
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Thailand economy: Fiscal position to suffer due to government policies like digital wallet scheme
Thailand’s fiscal position is predicted to face a downturn in the medium term, according to analysts, as the government advances populist policies such as the digital wallet scheme. BMI, a division of Fitch Solutions, forecasts that the nation’s budget deficit will escalate from 2.9% in the current fiscal year to 3.6% in the following fiscal year. This is due to…
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Thailand to cut retail gas price following energy conservation fund resolution
A significant resolution was announced by the director-general of Alternative Energy Development and Efficiency, Prasert Sinsukprasert, on November 2. The pronouncement concerned a resolution on the Fund of Energy Conservation, which is set to bring about a substantial reduction in the retail gas price of Gasohol 91 by 2.50 baht per litre. This change is slated to take effect from…
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Economic resilience in question: Thailand’s situation amid Middle East conflicts
Sethaput Suthiwartnarueput, the governor of the Bank of Thailand, addressed a business seminar today, emphasising the need for Thailand to bolster its economic resilience to secure sustainable growth. He warned that economic stability should not be taken for granted, particularly considering the potential high-risk side effects that conflict in the Middle East could pose. Thailand, the second-largest economy in Southeast…
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Economic reformation in action: Thailand open for foreign investments amid polycrisis
Prime Minister Srettha Thavisin declared Thailand’s openness to foreign investments and readiness to collaborate with the private sector for an economic reformation to create an inclusive and sustainable future. Speaking on Wednesday at the Foreign Industrial Club Gala Dinner, the Thai PM’s speech, titled Reformation of Thai Economy Amidst Polycrisis, was summarised by government spokesperson Chai Wacharonke. The 61 year…
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Thailand tourism aims for 2.38 trillion baht target with late-year surge
Aiming to achieve its revenue target of 2.38 trillion baht, Thailand’s tourism sector is pushing ahead in the last two months of the year. The Tourism Authority of Thailand (TAT) announced that the total takings for the first ten months stood at 1.67 trillion. TAT’s governor, Thapanee Kiatphaibool, outlined plans to stimulate the sector further, with a focus on intensifying…
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Potential slump for Thai stock market due to digital wallet scheme delay
The Thai stock market is facing a potential slump this month, following a 6.1% drop in October and a 17.2% decline year-to-date, due to potential delays to a significant digital wallet scheme and a slower-than-anticipated recovery in the tourism sector. Such concerns are sparking significant investor anxiety, according to industry analysts. Sompong Benjathepanan, the assistant managing director at AIRA Securities,…
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Thai exports set for boost from cars, electronics and agriculture
With a forecasted lethargic overall performance in 2023, Thai exports are set to be propelled by automobiles, auto parts, electronics, and agricultural products in the concluding quarter of this year, according to the Federation of Thai Industries (FTI). The FTI anticipates a rising global demand for these products, which should invigorate Thai exports that have been sluggish for several months.…
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Thailand’s economy set to grow despite potential export decline
A prominent joint business group announced today that Thailand’s economy is set to grow by 2.5% to 3.0% this year, a prediction consistent with their previous forecast. This anticipated growth is attributed to government support measures and the tourism industry. However, the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), which represents these sectors, warned of a potential decline…
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Phuket’s nightlife venues to stay open till 4am boosting tourism and economy
Phuket Governor Sophon Suwannarat called upon local authorities to prepare themselves for the island’s nightlife venues, which remain open until 4am. This directive was issued during a meeting at Phuket Provincial Hall, where officials were instructed to identify the precise areas or zones where the late-night operations would be applicable. The urgency for Phuket’s officials is palpable. Deputy Prime Minister…
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Cabinet’s gasohol price cut draws scrutiny despite public approval
The recent resolution by the Cabinet to trim the prices of gasohol 91 and 95 by a single baht per litre has prompted queries from energy experts and firms, despite the public’s eager acceptance of this cost-of-living alteration. This determination was reached following Bangchak Corporation, a crucial oil retailer, increasing the prices of the majority of gasohol types, an amalgamation…
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Thai economy’s Q3 bounce-back: Warming up after a cool Q2
The Thai economy’s growth rate for the third quarter of this year is anticipated to surpass that of the second, according to the Bank of Thailand. This forecast comes after the nation’s economic expansion fell short of the central bank’s estimations for the preceding quarter. Chayawadee Chai-anant, the assistant governor for the corporate relations group at the central bank, reported…
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