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.
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Sponsored Why retirees in Thailand are choosing long-term health insurance over quick fixes
Retirees in Thailand are increasingly seeing the importance of health insurance in protecting their well-being during retirement. With insurance requirements for retirement visas and rising healthcare costs, many are moving away from short-term plans and choosing long-term coverage. Long-term health...
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Thai listed companies broke records by reeling in 6.21 trillion baht last year
Thai listed companies have orchestrated a financial coup, raking in an astronomical 6.21 trillion baht from their overseas ventures last year, smashing records and defying global economic odds. The Stock Exchange of Thailand (SET) reports an eye-watering surge of 1.83 trillion baht from the previous year, making it a staggering 17-year high. Amidst the chaos of the Russia-Ukraine war and…
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Malaysia’s economic miracle: 2024 boom predicted with a twist
RAM Rating Services Berhad reveals Malaysia‘s economic future, promising significant growth next year. RAM Rating Services Berhad said in its Economic Outlook 2024 report to get ready for an economic renaissance. The tantalising revelations point towards a potential external demand turnaround, setting the stage for a dazzling economic performance. The domestic front is gearing up for a resilience revolution, riding…
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Crisis at sea: Attacks threaten 1.31 trillion baht trade route
Thailand‘s 1.31 trillion baht worth of exports to Europe and the Middle East hangs in the balance as armed militants threaten a vital trade route. Expert warnings of a trade catastrophe are ringing alarm bells worldwide. Amid escalating conflicts in the Red Sea, Associate Professor Aat Pisanwanich, an international economics guru, has raised the red flag on the severe consequences…
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Thai economy set to boom with 106 billion baht splash with new year expenses
The University of the Thai Chamber of Commerce (UTCC) predicts a staggering 106 billion baht surge in consumer spending during the upcoming New Year festivities – a four-year high that could inject new life into the nation’s financial veins. President Thanavath Phonvichai, the maestro behind this optimistic symphony, attributes the spending spree to the government’s strategic new year’s gift measures.…
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Will the 2024 fiscal year save the Thai economy?
Deputy Finance Minister Julapun Amornvivat revealed that Thailand‘s eagerly awaited 3.48 trillion baht budget for the 2024 fiscal year won’t see the light until early May. Originally set to kick off on October 1, the budget got tangled in the web of politics, with May’s election and the lengthy government formation process pushing the official start to September 5. According…
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Thai health charter chairman advocates for cannabis in wellness tourism
Dr Kampon Sriwatanakul, chairman of the Thailand National Charter of Health, has called for the adoption of a holistic wellness technique to leverage the potential of cannabis in bolstering the nation‘s tourism. He delivered these remarks at the 4th CISW MedCann Investment Summit 2023, which took place yesterday, December 20. The chairman advocated for a wellness tourism model revolving around…
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KBank to create digital currency system
As mainstream lenders remain cautious about digital assets, Kasikornbank (KBank) is on a mission to create a digital-asset ecosystem, providing a groundbreaking funding route for companies. KBank acquired the licenced digital-asset exchange Satang Corp in October. Notably, this acquisition marks a rare instance of an established lender stepping into the crypto trading platform domain. The rebranded Satang Pro platform, now…
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Survey reveals half of Thai workers unprepared for retirement
In a startling revelation, a recent survey conducted by the Faculty of Commerce and Accountancy at Chulalongkorn University has unveiled a concerning truth – a staggering 50% of working-age Thais are not financially equipped for retirement. The implications are dire, as experts warn of the impending challenges faced by the nation’s ageing population. The survey, involving 2,400 participants nationwide, disclosed…
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Explosive growth in Thai insurance industry predicted for 2024
The Thai General Insurance Association (TGIA) has foreseen an unprecedented surge in the insurance industry, with premiums expected to skyrocket to 303 billion baht in 2024. The TGIA president, Somporn Suebthawilkul, revealed the industry’s trajectory, unveiling that premiums for the initial nine months of this year already hit a whopping 210 billion baht, marking a staggering 5.2% rise from the…
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The hidden struggle of Thailand’s overlooked workforce
Thailand’s National Statistical Office (NSO) Director, Piyanut Wuthison, has exposed the stark reality of the nation’s labour force where 21 million workers in the informal sector constitute a staggering 52.3% of Thailand‘s workforce. “Our annual survey sheds light on the silent warriors of the informal labour sector, a staggering 21 million strong. These workers, often grappling with irregular hours and…
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PM Srettha reveals bold plans for seamless tourism and rice boost in regional summit
Prime Minister Srettha Thavisin revealed visionary plans to foster seamless tourism among Thailand, Vietnam, Laos, and Cambodia. The grand revelation unfolded during a high-profile meeting with the leaders of these nations on the sidelines of the Tokyo summit, celebrating Japan’s half-century collaboration with ASEAN countries. During a tête-à -tête with Vietnam President Võ Văn Thưởng, Srettha enthusiastically announced the revival of…
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Stable gold prices in Thailand offers secure investment opportunity
The Gold Traders Association announced today’s gold prices, maintaining the same rates as yesterday. The selling price for gold jewellery is set at 34,050 baht. The price of gold remains unchanged from yesterday, with the Gold Traders Association revealing the selling price for gold jewellery at 34,050 baht per baht, according to the latest information published on their website at…
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Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
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Thailand’s growing spa industry (video)
President of the Thai Spa Association, Sunai Wachirawarakarn, or Nai, talks about the secrets behind Thailand‘s spa industry meteoric rise and unveils the trends reshaping the wellness landscape. The Thai Spa Association, a non-profit powerhouse dedicated to propelling Thailand’s spa industry, boasts 200 privileged members relishing perks like exclusive newsletters, seminars, and high-profile networking events. Across the Middle East, spa…
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Shocking poverty report exposes Thailand’s hidden crisis: Top 10 struggling provinces revealed
In a groundbreaking summit titled Bridging the Gap: Thailand’s Path to Inclusive Prosperity, the National Economic and Social Development Council (NESDC), in collaboration with the World Bank, has unravelled an alarming reality about poverty persisting in certain provinces despite an overall reduction in inequality. According to the latest assessment of Thailand’s situation last year, the nation has witnessed a commendable…
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Phuket’s phenomenal rise: From tropical paradise to global hub
In the wake of a robust global economic resurgence, Phuket has emerged as a magnet for inbound migration, shaping a vibrant and eclectic international community in the heart of Asia, reveals C9 Hotelworks’ latest expansive investment dossier on Phuket’s economic landscape. Managing Director of C9 Hotelworks Bill Barnett stated… “With a tourism and property market in full throttle, we’re witnessing…
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Thai tourism revolution: Duty-free ditch and booze bonanza
In a bold move set to redefine Thailand‘s tourism landscape, the Finance Ministry is gearing up to propose changes that could reshape the way tourists spend their cash. The Finance Ministry is set to pitch a revolutionary plan to Cabinet today, December 19, aiming to suspend duty-free shops in the arrivals section of all airports. Lavaron Sangsnit, the ministry’s permanent…
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Revolutionary reforms: Government’s 90-day plan to boost economy
In a move to transform the nation‘s fortune, the Public Relations Department has unveiled a game-changing report highlighting the government‘s efforts to boost the economy over the last 90 days. The report, released with much fanfare yesterday, December 18, boasts an array of initiatives aimed at cutting costs, boosting income, and ushering in a new era of prosperity. Chai Watcharong,…
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Pork price crash in Thailand due to rampant smuggling
A nationwide crash in pork prices, sparked by rampant smuggling, is wreaking havoc on the livelihoods of hog farmers throughout Thailand. The illegal import of pork not only undermines local farmers but also poses a significant public health risk due to the potential for contamination. The Deputy Agriculture and Cooperatives Minister, Chaiya Phromma, addressed the issue in a conversation with…
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Thai government considers extending nightlife hours
The Thai government is currently contemplating the extension of operating hours for bars, clubs and other entertainment hubs until 4am, in more provinces as a means to stimulate the economy, as reported by Interior Minister Anutin Charnvirakul. The minister shared this information following a late-night inspection of Khao San Road nightspots on Saturday. This marked the second night clubs and…
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Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
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Thai PM seeks Japanese investment in country’s EV industry
Thailand Prime Minister Srettha Thavisin is set to persuade top Japanese car manufacturers to invest in Thailand’s burgeoning electronic vehicle (EV) industry, boarded a plane to Japan yesterday. The visit, marking his first to Japan since his tenure as prime minister began, coincides with the 50 Years of the Asean-Japan Friendship and Cooperation Commemorative Summit. Accompanying the 61 year old…
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Thailand’s soft power strategy to generate 4 trillion baht across 11 industries
Thailand’s soft power is poised for global promotion in 11 industries, with a potential generation of 4 trillion baht, as revealed by Commerce Minister Phumtham Wechayachai. The statement was made at a seminar aimed at empowering business operators through the application of soft power, attended by Paetongtarn Shinawatra of the ruling Pheu Thai Party and chair of the national committee…
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Thailand’s inflation hits 33-month low sparking economic slowdown concerns
Inflation in Thailand experienced a downward trend for the second month in a row, marking a 33-month low in November. This decrease sparked concerns regarding the increased risk of economic deceleration and potential deflation. The Commerce Ministry of Thailand has also predicted a further decline in the inflation rate in December. Deflation is defined as a period where the prices…
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Social Security Board candidates call for higher pension rates
A majority of the candidates in the race for the new Social Security Board have underscored the need to increase pension rates for retirees within the social security system. They also drew attention to the crucial requirement of enhancing transparency and efficiency in managing the Social Security Fund (SSF). The election, slated for December 24, will see over 800,000 registered…
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Hot pot buffet shifts to cashless payments from January 2024
The renowned Hot Pot Buffet restaurant chain announced a shift in its payment methods, heralding the onset of a cashless society. As of January 1 next year, customers in Thailand can no longer pay with cash but must opt for credit card payments or QR code scanning. As society becomes increasingly cashless, many businesses have adapted their payment systems. They…
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NEPC plans to cap power tariff for Thai households at current rate
The National Energy Policy Council (NEPC), in its recent meeting, moved to limit the power tariff for households consuming not more than 300 units a month at the existing rate of 3.99 baht per unit, an insider familiar with the meeting discussions revealed. In the NEPC meeting, led by Prime Minister Srettha Thavisin, two main points were reviewed, both related…
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Minimum wage hikes unlikely to impact Thai goods pricing significantly
The Commerce Ministry’s planning unit has weighed in on the ongoing debate regarding the impact of minimum wage increases on domestic goods and services, suggesting that such hikes are unlikely to significantly influence the pricing landscape. Poonpong Naiyanapakorn, the director-general of the Trade Policy and Strategy Office (TPSO), has argued that a rise in the daily minimum wage by an…
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Thai business bounces back: Surprising catalysts revealed by FTI
The Federation of Thai Industries (FTI) explained the significant rise in Thailand’s Industry Sentiment Index (TISI) after a five-month slump including a tourism boom and strategic government measures. Breaking through the economic gloom, the TISI soared to 90.9 points in November, marking a triumphant comeback after five consecutive months of decline, according to the FTI. In stark contrast to October’s…
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Economic growth predicted at 3.6% next year in Thailand
Kasikorn Research Center (KResearch) revealed Thailand‘s economic outlook for 2024, which paints a gloomier picture than anticipated. Managing Director and Chief Economist Burin Adulwattana reveals that the global economy is slowing down, impacting global trade. “This is reflected in the deceleration of the manufacturing sector worldwide, especially in China and Germany, which are both heavily reliant on exports.” The Thai…
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