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 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Finance Ministry expected to adjust 2022 economic forecast from next month
The Finance Ministry will adjust the 2022 forecast for Thailand’s economic growth to focus on the rise in both inflation and energy prices, from next month. According to an unnamed Bangkok Post source, the ministry is concerned about the impact Russia’s invasion of Ukraine will have on overseas arrivals this year. At the start of the year, the ministry had…
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Upcoming seafood festival at Nai Yang Beach this Friday and Saturday, Phuket
Phuket’s Roi Rim Lay seafood festival will be hosted at Nai Yang Beach this coming weekend on Friday and Saturday. The festival will start at 4pm on Friday, and end at 11pm on Saturday, March 25-26. The festival will host over 100 food stands, live ‘Luk Thung’ Thai folk music, and cooking competitions with chili paste and grilled seafood. The…
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Phuket governor presents campaign to create 10,000 new minimum-wage jobs
As Phuket struggles to pick up its disheveled tourism economy, provincial Governor Narong has a plan for recovery. In a meeting with local government agencies yesterday, Narong presented his plans on a whiteboard. He said the provincial government will work with local government organisations to create 10,000 vacancies. The vacancies, he said, would pay the minimum wage of 336 baht…
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Shenzhen now has more billionaires than New York, China has most in world
Shenzhen in China now has more billionaires than New York City. Meanwhile, China has 1,133 listed “billionaires”, more billionaires (measured in USD) than any other country in the world. These 1,133 Shenzhen billionaires make up 34% of the world’s 3,381 billionaires. This is despite the fact China lost 160 of its billionaires in a government crackdown last year. The crackdown…
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Thailand’s power will be more expensive in May
From May until August, Thailand’s electricity price will rise to four baht per kilowatt hour, going up by 0.23-1.3 baht per unit. The country’s Energy Regulatory Commission is raising fuel tariffs following Russia’s invasion of the Ukraine. An ERC spokesman said another reason for the price surge is the declining supply of natural gas from the Gulf of Thailand. Russia’s…
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1,000 Thais register to apply for jobs in Saudi Arabia
Thai and Saudi officials say labour relations between their countries are strengthening following renewed relations. Thailand’s labour minister said over 1,000 people have registered online with the Department of Employment to apply for jobs in Saudi Arabia. He claimed the final remaining step is signing a bilateral labour agreement, which is expected to occur soon. The agreement will allow Thailand…
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Province in Western Thailand works to revive tourism in new scheme
The governor of one Western Thai province whose tourism income plummeted this year announced yesterday the need for a “comprehensive strategy” to revive tourism. The province of Prachuap Khiri Khan made 1.85 billion baht in tourism in 2020, but that dropped to 36 million baht in 2021. “We expect travel activities to pick up once Covid-19 is classified as an…
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Thailand’s price cap on diesel will last through May
In the midst of skyrocketing fuel prices around the world, Thailand’s diesel price cap at 30 baht per litre will last until the end of May. After that, a loan of 40 billion baht that supports the subsidy allowing the cap is expected to run out. Thailand’s deputy prime minister, who is also the energy minister, said the country must…
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As Thailand’s fuel prices spike, stockpile raised
As Thailand’s fuel prices continue to spike, officials have announced that the government will extend fuel stockpiling. Thailand’s Deputy PM and Energy Minister said in a meeting yesterday that the government has instructed oil companies to extend stockpiling of oil reserves from 60 to 70 days to help defuse a pending crisis. He said Thailand will keep its policy of…
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Thai noodle price crisis averted
After some local media outlets reported that noodle prices will rise soon, Thai trade officials claim this isn’t true. The director-general of Thailand’s International Trade Department told the Bangkok Post the department has not yet approved any manufacturers raising their prices. The director-general said the department regularly speaks to instant noodle manufacturers. He said manufacturers who want to raise prices…
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Prices for instant noodles, condensed milk to rise next month
Prices for instant noodles and condensed milk are set to rise next month as the Ukraine-Russia conflict has affected imports and exports in Thailand, according to the Ministry of Thai Commerce. The ministry says that the situation could cause inflation, but says the state would try to control the price of food and necessary products as much as possible. Commerce…
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Phuket’s tuna industry falling behind, Phuket VP calls to train fishermen
In a meeting yesterday, Phuket’s Vice Governor Pichet said the provincial government wants fishermen to develop stronger skills with tuna and tuna fishing practices. He said strict fishing laws have already lowered the number of tuna caught in the province. Another issue is that Thailand doesn’t have proper tuna fishing boats. VP Pichet said amendments to current laws on which…
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Thailand’s businesses appeal to government to lower labour import cost
Thai businesses say they need more workers, and have appealed to the Labour Ministry to reduce costs of importing migrant workers from surrounding countries like Myanmar and Cambodia. Labour ministers said business operators are concerned that if not enough workers are brought in on time, their businesses won’t be able to meet orders and will have to pay fines. PM…
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Expats want to leave Hong Kong- but that’s an expensive thing to do
After two years of Covid-19 restrictions and political crackdowns in Hong Kong, expats there want to leave. But doing that costs a lot of money in shipping, and pet relocations. It’s not just finances that keep Hong Kong Expats from moving. People who move often have to wait months after shipping their belongings to actually receive them. Hong Kong has…
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Thailand, post Covid. What needs to change?
OPINION As Thailand starts to peer out from behind the Covid curtain, many expats and potential travellers are wondering if much will change after 2 years of lockdowns, closures re-openings and re-entry ‘plans’. Will we see changes in visas, property ownership, entry requirements and business laws? One of our YouTube commenters wrote in with his current ‘wish list’ (below). As…
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Government cracks down hard on pork hoarders
After Songkhla authorities accused one food company of hoarding 200 tonnes of pork in January, the government is on a mission to crack down on pork hoarding. Authorities have gotten more strict about storage and receiving procedures, and inspected 24.48 million kilograms of pork. They then seized 1.07 million kilograms of it that was hoarded. Pork prices are finally lowering…
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Minimum daily wage in Thailand looks set to increase to 492 baht
The Labour Ministry is expected to approve a rise in Thailand’s daily minimum wage from 336 baht to a flat rate of 492, according to a Nation Thailand report. The sharp increase comes just 2 years after a previous hike and is expected to mainly favour labourers. It’s understood that 2 agencies representing workers in the Tripartite Wage Committee have…
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Fear of back taxes preventing some businesses from participating in government co-payment scheme
Signs are popping up outside restaurants and shops across Thailand, advising customers that they don’t accept payment via the government’s 50/50 stimulus scheme. Thai PBS World reports that a number of businesses are refusing to participate in the Khon La Khrueng (Let’s Go Halves) subsidy scheme, fearful that the government will come along and claim back taxes further down the…
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Streaming services rake in more than 815 million baht, emerge as new cash cow for Thai entertainment industry
The Department of International Trade Promotion announced on Tuesday that international streaming services like VIU, iQiyi, WeTV, and Netflix, alongside the Thai film industry, have earned Thailand more than 815 million baht. The news comes after the DITP held a meeting with members from international streaming providers and 15 Thai content creators to improve their relationship on January 27. This…
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Dusit Poll: 83% believe government can’t solve soaring prices
A new survey by Suan Dusit Rajabhat University finds that most people don’t feel that the government is capable of effectively dealing with the soaring prices of consumer goods with many saying they won’t be able to last 3 months with the current inflation levels. 82.69% of the people polled said they have either no confidence or very little confidence…
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Digital assets as payment requires more regulation in Thailand
After studying the risks and benefits of using digital assets and cryptocurrencies to pay for goods and services, a coalition of financial bodies have decided that more regulation is necessary in Thailand. The Ministry of Finance, along with the Bank of Thailand and the Securities and Exchange Commission, have partnered together to assess the regulation needed for crypto usage in…
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Minimum wage hike proposal up to 492 baht per day being studied
A proposal is being evaluated to raise the minimum wage to 492 baht per day, a significant increase from the 313 to 336 baht per day lowest wage now. The hike proposed is a significant one and the Ministry of Labour is researching the impact of such a large wage. The proposed large increase in the lowest wage legally offered…
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Thailand will raise 12% fewer pigs this year, livestock department says
Thailand’s livestock department says farmers will probably raise 11.8% fewer pigs this year. Already, male pig breeders have dropped 41.1%, while female breeders have dropped 11%. The department general said this is because of economic conditions during the pandemic, and also farmers not having too many pigs in case of disease outbreaks. There are 107,000 pig raisers in the country,…
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Nippon Steel makes $763 million acquisition of 2 Thai steelmakers
Japan is making a move to invest in Thai steel. Nippon Steel Corp, the largest manufacturer of steel in Japan has announced a strategic deal to buy stakes in two major steelmakers in Thailand. The deal is reported to be worth as much as US $763 million – about 25 billion baht. The giant steelmaker has been interested in acquqiring…
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Pork price crisis ups demand for poultry, chicken added to price control list
Thailand’s pork price crisis is causing an increased demand for chicken, leading poultry and egg prices to surge. The Ministry of Commerce has now added chickens and chicken meat to their price control list. The ministry now mandates that chicken raisers with over 100,000 chickens, and slaughterhouses with the capacity for over 4,000 chickens a day, disclose their quantity, stocks,…
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Thailand’s Commerce Ministry sets up war rooms to combat high prices
In an effort to take legal steps against merchants selling products at unfairly high prices, the Permanent Secretary of Thailand’s Ministry of Commerce Boonyarit Kalayanamit says he will chair war rooms to combat high prices. The secretary stated this yesterday in an urgent meeting with Commerce Minister Jurin Laksanawisit. The director-general of the Internal Trade Department under the Commerce Ministry,…
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Thai airlines pin their hopes on government resuming Test & Go
The president of the Airlines Association of Thailand says the government must allow the Test & Go entry scheme to resume as soon as possible. The scheme was recently suspended as the Omicron Covid-19 variant spread rapidly across the globe. Puttipong Prasarttong-Osoth, who is also the boss of Bangkok Airways, says the scheme was working well, attracting more foreign visitors…
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Pork, petrol and noodles – inflation impacting prices in Thailand
Heading into 2022, the ‘I’ word is spooking economists around the world as they look at tools to try and control rampant inflation. Even in Thailand there has been big rises in staples, making headlines this week, particularly in the pork industry. Meat and produce prices have been sneaking up and now impacting the cost of living for everyone living…
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NIDA Poll: No optimism about pandemic, economy, and politics
A new NIDA Poll asked people about their thoughts on 2022, asking about politics, the economy, and the Covid-19 pandemic, with the majority of respondents not having a particularly positive outlook on the coming year. They were asked if the economy will improve, if the pandemic will subside, and also if PM Prayut Chan-o-cha will remain in power or what…
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Thai baht falling over Omicron fears and strong US dollar
As the Covid-19 pandemic drags on, it’s not just our patience and our resolve that is weakening. The Thai baht is falling too, weakening against a stronger US dollar and global fears over the impact of the Omicron variant rapidly spreading throughout the world. Today the conversion rate stands at 33.59 baht to the US dollar just off of its…
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