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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ERC mulls 31% electricity tariff hike despite lower fuel costs
Businesses and households are facing a significant decision regarding the future of their electricity costs as the Energy Regulatory Commission (ERC) considers changes to the power tariff. Despite a projected decrease in fuel costs, the ERC is evaluating whether to maintain the current rate or implement an increase of 26 to 31% early next year. The existing tariff, set at…
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Bangkok Bank backs bold India expansion for Thai businesses
Thai businesses have their sights set on India’s booming market, and Bangkok Bank is rolling out the red carpet to support this promising venture. With an eye on India’s rapid economic growth and vast population, the bank’s president, Chartsiri Sophonpanich, calls it “a golden opportunity” for Thai entrepreneurs eager to expand. India’s economy is powering ahead at an annual growth…
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Trump victory prompts Thai stock market strategy reevaluation
Donald Trump’s victory in the US presidential election, coupled with a comprehensive Republican majority in Congress, has prompted a reevaluation of investment strategies in the Thai stock market. Natchat Mekmasin, assistant managing director of securities analysis at Trinity Securities, suggests that the Thai stock market is likely to align with the broader trend observed in emerging markets. However, he points…
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Thailand halves poverty in seven years despite ongoing challenges
Thailand has achieved a significant milestone in its battle against poverty, reducing the number of people living in poverty by half in just seven years, according to the 2024 Global Multidimensional Poverty Index (MPI). Despite this impressive progress, many Thai citizens endure inadequate living conditions, particularly in rural areas, where access to essential services such as healthcare, education, and sanitation…
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Phimai Festival to boost tourism in Nakhon Ratchasima
Nakhon Ratchasima this week launched the spectacular Phimai Festival, featuring a dazzling light and sound show titled Vimayapura Niramit Sri Wirentrasrom. The event aims to boost the local economy and promote tourism in Korat. The Phimai Historical Park in Phimai district, Nakhon Ratchasima, served as the venue for the festival’s opening ceremony. Chaiwat Chuenkosum, the Governor of Nakhon Ratchasima, presided…
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Thailand’s e-commerce giants crack down on illegal foods
Thailand’s online shoppers can soon breathe a sigh of relief as two e-commerce giants, Lazada and Shopee, have vowed to sweep dangerous food products off their platforms within 24 hours. In a significant move to protect consumers, the companies are joining forces with the Food and Drug Administration (FDA) to ensure only safe, certified foods hit digital shelves. Lertchai Lertwut,…
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Thailand’s public debt remains sustainable at 64% of GDP
The recent Cabinet meeting focused on the nation’s public debt status, revealing it remains well within sustainable limits. Public debt as of August reached 11.7 trillion baht, accounting for 64% of the country’s GDP, comfortably below the 70% benchmark for fiscal sustainability. Government spokesperson Jirayu Houngsub detailed during the meeting that the Finance Ministry adhered strictly to the public debt…
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Bangkok to transform Phahurat into vibrant Little India
Bangkok Metropolitan Council is set to transform the Phahurat area into a vibrant Little India, fostering comprehensive collaboration among the government, private sector, and community to attract tourists and boost investments, thereby increasing the nation’s revenue. John Surajit Pongsingwitaya, President of the Bangkok Metropolitan Council, announced the capital’s commitment to support the development of Phahurat into a Little India, a…
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Bangkok aims to turn Chatuchak Market into soft power paradise
Thailand is setting its sights on transforming the iconic Chatuchak Weekend Market in Bangkok into a hub for soft power, with an ambitious two-year plan spearheaded by the National Committee on Soft Power Development. This initiative aims to capitalise on the market’s popularity and diverse offerings to bolster Thailand’s global cultural influence. Surapong Suebwonglee, chair of the National Committee on…
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Thailand seeks more jobs for workers in Singapore shipyards
The Labour Ministry is actively pursuing opportunities to send more of Thailand’s workers to Singapore, particularly targeting the shipyard sector. Labour Minister Phiphat Ratchakitprakarn, alongside the ministry’s Permanent Secretary Boonsong Thapchaiyuth, visited Singapore over the weekend. They engaged with officials from the Labour Office in Singapore, local businessmen, and Ureerat Chareontoh, the ambassador of Thailand to Singapore, to discuss expanding…
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Turning up the Thai-mometer: Thailand and Russia in heated talks for free trade pact
Thailand is turning up the heat on trade negotiations with Russia, as both nations look to seal a dynamic free trade agreement with the Eurasian Economic Union (EAEU). Recent high-stakes discussions at the Commerce Ministry between Thailand’s Commerce Minister, Pichai Naripthaphan, and Russian Deputy Minister of Agriculture, Sergey Levin, underscored a shared ambition to boost trade and investment. The spotlight…
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Thailand’s industrial sector hit by mass layoffs amid economic woes
Mass layoffs have swept through Thailand’s industrial sector, with approximately 2,600 factory workers losing their jobs over the past two days. Financial difficulties have compelled employers to downsize their operations, leading to significant disruptions in the workforce. An electric vehicle manufacturer in Chachoengsao announced that 600 workers will be laid off, effective December 1. This decision, communicated in a letter…
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Thai citizenship granted to 483,000 immigrants to boost economy
The Thai Cabinet approved Thai citizenship to 483,000 immigrants in a move aimed at boosting the economy. The decision met with disagreement from many Thai residents. The spokesperson for the Prime Minister’s Office, Jirayu Huangsub, announced on Tuesday, October 29, that the Thai Cabinet and the Office of National Security Council agreed in their meeting to grant citizenship to 483,000 immigrants.…
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Thailand targets 3.5% GDP growth amid economic challenges
The Finance Ministry of Thailand has ambitiously set the stage for GDP growth by targeting a 3.5% annual increase. This announcement was made at the CEO Econmass Awards 2024, where Finance Minister Pichai Chunhavajira delivered a keynote address. The minister expressed optimism that next year’s growth rate could reach 3%, marking a 10% increase from this year’s forecasted 2.7%. “This…
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Central Pattana unwraps festive cheer with finn-tastic partnership
Central Pattana Plc (CPN), Thailand’s retail powerhouse, is teaming up with a host of partners including the Tourism Authority of Thailand (TAT), the Embassy of Finland, Sculptra by Galderma, and Finnair to launch the extravagant The World’s Great Celebration 2025. With a whopping 700 million baht investment, this initiative aims to give Thailand’s economy a festive boost and reinforce its…
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Thailand cash splash: Foreign tourists send Visa spending soaring
Thailand is basking in a financial boom, with foreign tourists spending a staggering 90% more on Visa credit cards this year compared to the pre-pandemic high of 2019. While Thai travellers are tightening their purse strings amid a sluggish economy, foreigners can’t seem to get enough of the Land of Smiles. Visa Thailand’s country manager, Punnamas Vichitkulwongsa, revealed that Thailand…
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Potential Trump return haunts global finance leaders at IMF meeting
Amidst the typical chatter of low growth, high debt, and conflicts flaring up, the real buzz at the annual IMF and World Bank meetings was the possible political comeback of Donald Trump. This was the hot topic for finance leaders in Washington last week, overshadowing the usual suspects on the agenda. According to some sources, Trump’s alleged leap in the polls…
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Thai public debt remains under 70% of GDP despite borrowing
Thailand’s public debt remains within manageable levels, according to the Public Debt Management Office (PDMO), despite recent borrowing for fiscal 2024. Jindarat Viriyataveekul, a public debt advisor for the PDMO, confirmed that the debt level has not surpassed the critical threshold of 70% of GDP. “The level is still within this limit, even though the government borrowed an additional 145…
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Thai government urges swift updates for digital wallet distribution
The Thai government confirms that the second phase of the 10,000 baht digital wallet distribution will reach all registered citizens, urging vulnerable groups to rectify any issues promptly to avoid forfeiting their rights. Today, October 26, Jirayu Huangsap, spokesperson for the Prime Minister’s Office, discussed the progress of the 10,000 baht economic stimulus transfer in an interview broadcast on the…
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Thailand raises retirement age to 65 for all sectors
Thailand’s Labour Ministry is set to extend the retirement age for both private and government sectors to 65 years, aligning it with countries like Singapore and Switzerland, announced Phiphat Ratchakitprakarn. Phiphat stated that the decision to increase the retirement age is influenced by significant advancements in health and medical technology, which have improved life expectancy. Additionally, the ministry plans to…
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Finance Ministry unveils 2025 State Welfare Card for low-income boost
The Ministry of Finance has just rolled out brand-new registrations for the 2025 State Welfare Card, aiming to wrap up all the eligibility checks by March 31, next year. That’s right, a fresh round of financial lifelines is coming with 1,545 baht heading straight into the pockets of those who qualify. The buzz kick-started today, October 24, when it was…
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Stuck in neutral: Loan rejections stall Thailand’s used car market
Thailand’s used car market is set to experience continued sluggish sales due to frequent loan rejections faced by prospective buyers, according to the Association of Used Cars. Earlier forecasts by the association anticipated an improvement in used car sales in the latter half of 2024, driven by expectations that financial service providers would relax their lending criteria. Nonetheless, financial institutions…
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Travel subsidy scheme said to boost post-flood tourism in the north
The Tourism and Sports Ministry is considering increasing the budget for its tourism subsidy scheme to help tourism firms in the northern region recover from recent flood damage. Tourism and Sports Minister Sorawong Thienthong announced the plans following a meeting with Prime Minister Paetongtarn Shinawatra to discuss economic and tourism stimulus measures. The meeting followed Sorawong’s visit to flood-hit Chiang…
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Thousands miss 10,000 baht digital payout due to outdated IDs
The Ministry of Finance, through the Comptroller General’s Department, has initiated the disbursement of 10,000 baht digital money payout to targeted groups under the 2024 economic stimulus programme. This effort includes those with state welfare cards and persons with disabilities. The payout, which took place on September 25, 26, 27, and 30, reached a significant number of beneficiaries. According to…
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GHB to launch loan app offering 8,000 to 1 million baht loans
The Government Housing Bank (GHB) is set to launch an application-based loan service aimed at small businesses, offering loans ranging from 8,000 to 1 million baht, with interest rates as determined by the Bank of Thailand (BoT). The Director of GHB, Withai Rattanakorn, announced that by next year, the bank targets to accelerate plans to enhance social support and long-term…
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Thailand’s drought and pests slash coconut yields, prices soar
The Agriculture Ministry revealed that the country’s mature coconut yield is expected to plummet to just 0.86 million tonnes this year, a sharp drop from last year’s 0.94 million tonnes. Blame it on a double whammy of prolonged drought and pesky infestations ravaging the country’s coconut trees. The knock-on effect is already being felt in the markets. Commerce Minister Pichai…
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Pump up: PTT station drops petrol prices by 0.50 baht per litre
PTT Station announced a reduction in retail petrol prices by 0.50 baht per litre for all types of gasoline and gasohol, effective today, October 17 after 5am. The new prices will come into effect starting today. The announcement from PTT Station outlines that the price for regular petrol will now be 43.64 baht per litre. Gasohol 95 will be available…
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Billion-baht investment boosts Pattaya’s Terminal 21 mall
The bustling beachside retreat of Pattaya is about to see its shopping scene taken to new heights. Land and Houses (LH), one of the country’s largest property developers, announced a massive 5.7 billion baht investment in its Terminal 21 Pattaya shopping mall, proving that the city’s economic potential is glowing as bright as its beaches. Terminal 21 Pattaya, which opened…
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Bank of Thailand slashes interest rates after four-year freeze
The Bank of Thailand (BoT) has stunned financial markets by slashing its key interest rate for the first time in four years, buckling under mounting pressure from the government to revive the sluggish economy. The unexpected move saw the one-day repurchase rate trimmed by 25 basis points, bringing it down to 2.25% from its 10-year high of 2.50%. This decision…
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Nok Air takes off again: Ready to ‘baht’ back in business
Nok Air is plotting a major comeback, with a 5 billion baht cash injection on the cards for 2025. The Thai low-cost airline, which entered business rehabilitation in 2021, is now eyeing an exit in 2026, as CEO Wutthiphum Jurangkool outlines a path to financial recovery. In an interview with Bangkok Business, Wutthiphum revealed the funds will be used to…
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