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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Phuket hotels thrive amid economic uncertainty, thanks to diverse visitor base
Phuket hotels are showing resilience amid a sluggish European economy and a weak British pound, with Laguna Phuket setting sights on its best high season yet. This optimism is fuelled by the return of Chinese tourists and a rebound in international travel demand. Paul Wilson, who holds the position of Vice-President and Deputy Managing Director at Laguna Phuket, revealed that…
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Bonding for the future: Thai govt sets sail with expanded issuance
The director-general of the Public Debt Management Office (PDMO) yesterday asserted that the planned issuance of government bonds in fiscal next year will be proportionate and appropriate. The limit for bond issuance for the said fiscal year has been expanded by approximately 160 billion baht. Patricia Mongkhonvanit revealed the increase is intended to counterbalance the budget deficit for fiscal next…
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Thai-US relations: Strengthening trade ties with Estonian E-Government expertise
The Prime Minister of Thailand announced that he has plans to bolster trade relations with the United States. This comes as the two nations observe their 190th anniversary of diplomatic ties. The announcement was made following a meeting between Thai Prime Minister Srettha Thavisin, and US President Joe Biden during a gala dinner, organised by the US-ASEAN Business Council and…
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Baht depreciation: Experts foresee currency’s decline amid global market turbulence
Financial experts are predicting a further depreciation of the baht throughout this month and next, due to the increased volatility in the global money and capital markets. This follows the US Federal Reserve’s recent suggestion of a potential increase in its benchmark interest rate. Poon Panitchpibun, a strategist at Krungthai Global Market, a research centre of Krungthai Bank, noted that…
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Weixin Pay rolls out red carpet for tourists in Thailand with new payment perks
Tencent’s Weixin Pay, commonly known as WeChat Pay, a Chinese payment service provider, has introduced innovative features aimed at simplifying payments for foreign tourists in China and cross-border transactions in Thailand. These features allow visitors to conveniently make payments by scanning QR codes, streamlining the payment process. Starting in July, Tencent has been collaborating closely with major global credit card…
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Thai economy to be driven by private consumption, tourism in 2023
Stimulating private consumption is a reasonable strategy for the government to maintain economic growth amidst global uncertainties, according to Tim Leelahaphan, an economist at Standard Chartered Bank Thailand. The first half of 2023 saw a 7% year-on-year increase in the country’s private consumption. Expectations are high for private consumption and tourism to be the main drivers of economic growth in…
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Foreign income tax proposal raises eyebrows among retail investors
A call has been issued to the government to reconsider the proposed foreign income tax, which could significantly impact retail investors with overseas investments, according to Jitta Wealth Asset Management. Trawut Luangsomboon, Jitta’s chief executive, voiced his concerns about the Revenue Department’s plan to include assessed income from abroad in the personal income tax calculations. He pointed out that the…
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Government Savings Bank unveils 100,000 baht loan scheme for struggling self-employed workers in Thailand
The Government Savings Bank (GSB) is launching a loan scheme targeting small-scale self-employed individuals, such as taxi drivers, motorcycle taxi drivers, riders, and online sellers. The bank is offering loans of up to 100,000 baht, repayable over eight years, to support these workers who have been adversely affected by the rising cost of living, resulting in reduced income and financial…
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Thailand reviews taxes and launches digital wallet to tackle income disparity
The Finance Ministry of Thailand is set to review the new land and building tax and the inheritance tax and launch the digital wallet following an order from Prime Minister Srettha Thavisin. The move aims to mitigate income disparity in the nation. PM Srettha, who also holds the Finance Minister post, gave the directive subsequent to the appointment of a new…
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Krungsri Bank anticipates Thai baht fluctuation amid global market developments
The Global Markets team at Krungsri Bank predicts a movement in the Thai baht this week within the range of 35.40 to 36.00 baht per US dollar. Last week, the baht closed weaker at 35.79 baht per US dollar after trading in the range of 35.43 to 35.82 baht per US dollar. The dollar strengthened against the euro but held…
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Thai economy faces scrutiny amid recession fears and slow pandemic recovery
The Thai economy is in the spotlight as concerns over a looming recession persist due to the nation’s weak export outlook and slow recovery from the pandemic. Last week, the government faced heavy criticism from opposition parties and business leaders during a Thai economy policy debate, with the latter expressing concerns over the lack of detail in the 43-page policy…
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Thailand urges US to restore GSP to give trade protection
Thailand is accelerating discussions with the United States, aiming to reinstate the Generalized System of Preferences (GSP) and eliminate its place on the intellectual property assets watch list. The kingdom is urging the US to expedite the restoration of the GSP programme, which concluded in 2020, to safeguard the benefits of Thai exporters and US importers and give protection to…
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Economic data in China sees Asian stocks surge, Thai shares dip
Asian stocks experienced a significant surge yesterday, a continuation of the global equity rally, following encouraging Chinese economic data that sparked optimism about the imminent culmination of major central banks’ tightening initiatives. Despite the overall momentum, Thai stocks saw a slight dip of 0.3% from the prior week, closing at 1,542.03 on Friday, with an average daily turnover of 46.97…
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Rice prices boil over, stirring inflation concerns for Asian central banks
Central banks across Asia are bracing themselves for the challenge of curbing inflation amid soaring food prices, particularly rice, a dietary staple in the region. The cost of rice surged to its highest since 2008, sparking concern among economists at HSBC Holdings Plc. Frederic Neumann, leading a team of economists at HSBC, referred to the significant impact of the 2008…
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EconThai urges government: Debt-lift measures needed for all, not just farmers
EconThai, the Employers’ Confederation of Thai Trade and Industry, called on the government to hasten steps to alleviate the heavy domestic debt burden, aiming to aid not only farmers but also middle-income earners who are bearing substantial financial loads. EconThai Vice-Chairman, Tanit Sorat, highlighted the necessity for debt suspension measures to be inclusive, covering a wide range of individuals in…
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Thai consumer confidence surges as new government takes charge, but high living costs cast a shadow
Last month saw a rise in consumer confidence following the swift establishment of a new government, although concerns about the high cost of living and the sluggish global economy remain. The University of the Thai Chamber of Commerce (UTCC) revealed that the consumer confidence index rose to 56.9 from 55.6 in July. This uplift was attributed to the easing of…
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Thai PM extinguishes ‘high’ hopes for recreational cannabis, prioritises medicinal path
Disagreeing with the notion of recreational cannabis use, the Prime Minister of Thailand indicated that his administration would instead continue to focus on the medicinal usage of the plant. Thai PM Srettha Thavisin, who additionally performs the role of the nation’s Finance Minister, shared his stance with the media today, Friday, September 15. Despite this, the cannabis industry in Thailand…
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Energizing savings: Government’s cost-cutting shock eases financial pressure
The Employers’ Confederation of Thai Trade and Industry (EconThai) expressed approval for the Thai government’s latest move to slash both electricity and diesel costs. This initiative is aimed at alleviating the financial pressure on households and businesses. The reduction in power tariff was confirmed yesterday, following Prime Minister Srettha Thavisin‘s policy statement announcement in parliament, reports Bangkok Post. The new…
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FTI urges Thai PM for definitive strategy, not just lower energy costs
The Federation of Thai Industries (FTI) called for a more definitive strategy and concrete plans from Prime Minister Srettha Thavisin, rather than just a pledge to lower prices. The FTI’s focus is on energy costs, particularly oil and electricity, as they have an impact on both businesses and households. During a two-day parliamentary debate on the Pheu Thai-led coalition government’s…
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Indonesia mulls banning social media merchandise sales, TikTok expresses concern
Indonesia is contemplating prohibitive measures against merchandise transactions conducted via social media platforms such as TikTok as stated by the deputy trade minister during a parliamentary hearing recently. The move is aimed at e-commerce vendors who employ predatory pricing strategies on social platforms, thereby jeopardising traditional marketplaces in Southeast Asia’s largest economy. Social media and social commerce cannot be combined, declared…
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El Niño’s unexpected twist: Industries in hot water as mining and livestock hit hard
El Niño’s weather anomaly is triggering a ripple effect on industries beyond just agriculture with mining and livestock sectors also feeling the pinch. This is according to a new study by the Trade Policy and Strategy Office, which warns that the phenomenon may lead to a surge in prices for consumer goods, energy, and inflation, compounded by an increase in…
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PM takes fast lane: Thailand’s visa-free travel plans speed up tourism revival
In a recent meeting with key stakeholders in the tourism industry, Prime Minister Srettha Thavisin expressed his unwavering commitment to expedite the implementation of visa-free travel. This initiative is part of a broader strategy to boost the tourism sector and, by extension, the nation’s economy. PM Srettha has tasked relevant officials with the development of various tourism stimulus measures, both…
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Thailand’s government proposes swift minimum wage increase to 400 baht
Prime Minister Srettha Thavisin announced that the government will be pushing for a swift increase in the minimum daily wage to 400 baht, in a bid to assist workers grappling with rising living costs. The decision will be reached through negotiations between the government, employers, and workers to agree upon a reasonable amount. The prime minister shared the plans during…
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Thai-EU FTA talks set to roll, aiming for a trade-tastic deal within two years
Talks on a free-trade agreement between Thailand and the European Union (Thai-EU FTA) are set to kick off next week, to finalise the deal within a two-year timeframe. The Department of Trade Negotiations, under the Thai Commerce Ministry, is spearheading the negotiations. Auramon Supthaweethum, the department’s director-general, revealed that a team from various state agencies is being prepped for the…
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Thai government plans central budget use for farmers’ debt relief
The Ministry of Agriculture is planning to utilise the central budget to support farmers’ debt relief in case next year’s budget is delayed. The ministry is aligning its plans with the government’s policies, especially Prime Minister Srettha Thavisin’s strategy of reducing production costs. In an interview before announcing the policy, Deputy Ministers of Agriculture and Cooperatives Chaiya Phromma stated that…
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Australian Chevron LNG workers’ strike unsettles global gas markets
Following unsuccessful negotiations, liquefied natural gas (LNG) workers at Chevron Corp’s key sites in Australia initiated partial strikes yesterday, a move that has unsettled global gas markets. This news spurred gas futures in Europe, causing them to leap by as much as 13%, illuminating the region’s susceptibility in the aftermath of last year’s energy crisis. Spot LNG in Asia also…
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Digital wallet initiative and anti-corruption boosted by Thai deputy PM
Yesterday, Deputy Prime Minister and Interior Minister, Anutin Charnvirakul, hosted a meeting with the governors of the country’s provinces. The discussion revolved around the ministry’s key objectives, including loyalty to the highest institution, the implementation of anti-corruption measures, and the support for Pheu Thai’s 10,000 baht digital wallet initiative. The meeting took place at Centara Grand at Central Plaza Lat…
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Commerce captain charts cost of living course: Cost-cutting and export-boosting ahoy
New Commerce Minister Phumtham Wechayachai aims to address the cost of living and align product prices with production costs. He plans to expedite efforts to discover new export markets and enhance Thai shipping opportunities through increased trade negotiations. On his first day, Wechayachai emphasized his commitment to Prime Minister Srettha Thavisin‘s policies and assured prompt attention to public concerns, especially…
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Recruitment adventures: When job hunting in Thailand feels like a blind date
Navigating the waters of a job interview can often feel akin to treading the unpredictable path of a blind date. The entire process can be punctuated by uncertainty, ambiguity, and occasionally, a lack of respect and courtesy from the hiring party. An interviewee’s experience can be marred by a lack of information about the interview process: from the number of…
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Ticket turbulence: Thai airlines aim to price things right amid rising costs
Thai airlines plan to explain the accusations of raising ticket prices amid higher jet fuel costs. The Airlines Association of Thailand (AAT) announced it will host a seminar to clarify airfare structures and CAAT price regulations following consumer complaints. Nok Air CEO Wutthiphum Jurangkool stated that price increases mainly occurred during extended holidays due to high demand, impacting last-minute bookings.…
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