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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Thailand considers petroleum reserve amid oil price volatility
Thailand is considering various strategies to mitigate the impact of global crude oil price fluctuations, beyond merely subsidising domestic oil prices through the dwindling Oil Fuel Fund. One proposed solution is the development of a strategic petroleum reserve (SPR) to enhance national oil security and safeguard against potential supply disruptions caused by geopolitical conflicts. Energy Minister Pirapan Salirathavibhaga suggested the…
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Transport Ministry execs visit Phuket to boost economic development
Senior executives from the Ministry of Transport gathered at Phuket Provincial Hall yesterday, engaging in a two-day study tour aimed at boosting economic development in the region through transportation initiatives. This initiative, part of a broader training programme organised by the Ministry of Transport, targets government officials and employees from state enterprises. Running from May 27 to August 16, the…
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Thailand to boost 2024 budget by 122 billion baht for economic lift
Prime Minister Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme, a core policy of the Pheu Thai Party. Opposition parties opposed the bill, citing legal concerns and potential violations of the State Fiscal…
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Thailand’s digital wallet disaster: MFP oppose budget
Opposition parties have taken a firm stand against the supplementary budget bill, targeting the controversial digital wallet scheme. Estimated at a staggering 450 billion baht, the scheme is criticised for its alleged inefficacy in boosting the GDP and potential legal issues, which could set a detrimental precedent for future national budgeting and fiscal policies. Sirikanya Tansakul, Deputy Leader of the…
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PM Srettha’s 122 billion baht budget boost to stimulate economy
Prime Minister Srettha Thavisin launched the first reading of an additional budget for fiscal 2024, earmarking a whopping 122 billion baht for economic stimulus through the digital wallet scheme. Addressing the House, the Thai Premier outlined the government’s plan to disburse a 10,000-baht digital handout, aimed at enhancing the quality of life and generating job opportunities. “We cannot afford to…
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Thailand to boost exports with soft power in China and Hong Kong
In a move to boost exports, Thailand’s Department of International Trade Promotion (DITP) is targeting China and Hong Kong markets with a potent mix of soft power. From tantalising Thai food to fashion and films, the DITP is pulling out all the stops. DITP Director-General Phusit Ratanakul Seriroengrit announced Monday that eight offices in China and Hong Kong are spearheading…
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Myanmar civil war boosts maritime trade at Thailand’s Ranong Port
Myanmar’s shift to maritime transport for exports due to its civil war is increasing activity at Ranong Port in Thailand, potentially boosting the government’s Land Bridge project. Deputy Transport Minister Manaporn Charoensri indicated that the civil war in Myanmar has disrupted cross-border trade with Thailand, prompting entrepreneurs to use Ranong Port instead of land routes through Tak’s Mae Sot district.…
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Thai Finance Ministry pledges market confidence amid scandal
Thailand’s Finance Ministry vows to restore confidence in the Thai capital market following allegations of fraud involving former executives of Energy Absolute (EA), a company listed on the Stock Exchange of Thailand (SET). Finance Permanent Secretary Lavaron Sangsnit expressed optimism that actions by the Securities and Exchange Commission (SEC), in collaboration with the Department of Special Investigation (DSI) and the…
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CIMB promotion offers increased interest rates for saving accounts
CIMB Thai is offering a new range of savings accounts with increased interest rates until the end of July. Beginning on June 1, CIMB Thai customers who open a ‘Speed Savings Account’ will receive an increased bonus interest rate to help grow their savings. Each savings account will receive a base interest rate adjusted based on the total amount of…
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Thailand approves genome editing to boost agricultural yields
Thailand officially sanctioned Genome Editing (GEd) technology for advanced plant breeding, aiming to boost yields while reducing chemical use in agriculture, according to the Department of Agriculture (DoA). DoA Chief Rapeepat Chansriwong announced the approval of the GEd technique under a ministerial regulation. This decision was endorsed by the agriculture minister and subsequently published in the Royal Gazette. Typically, new…
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Fishing boat nets 4 tonnes of shrimp off Phang Nga coast
A fishing boat’s single catch netted an astonishing 4 tonnes of shrimp, worth nearly 1 million baht, off the coast of Phang Nga. The catch highlights the rich marine life in the area, following a recent conservation period. Officers from the Krabi Provincial Fisheries Office inspected the commercial fishing vessel, S. Phet Samut 11, upon its return to the Sai…
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Udon Thani hotel calls for delay in electricity rate hike
A prominent hotel in Udon Thani urged the government to delay the planned electricity rate hike, citing concerns about the current purchasing power of consumers. They argue that customers are only spending on necessities, and an increase in electricity costs could further impact the number of patrons using their services. Apicha Veerachatiyanukul, the managing director of Udon Plaza Co., Ltd.,…
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Thailand excludes groups from digital wallet project
The Government of Thailand decided to exclude two specific groups from participating in the 10,000-baht digital wallet project. This announcement comes as they prepare to release the registration timeline for the project tomorrow. The Deputy Minister of Finance, Chulaphan Amornvivat, disclosed the decision following a meeting at the Government House. The meeting also addressed the sources of funding for the…
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Thai factory closures, a victim of Chinese imports surge
Chinese electric vehicle (EV) manufacturer BYD recently opened its inaugural Southeast Asian factory in Thailand, garnering considerable attention and praise for the country’s industrial foresight. However, this development also adversely affected long-established Japanese automakers, leading to a ripple effect across numerous Thai factories. A crucial development went relatively unnoticed as Suzuki Motor announced the closure of its Thai factory, with…
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Thailand disburses 3.48 trillion baht budget to boost economy
An injection of 3.48 trillion baht from the 2024 fiscal budget has finally been disbursed in the second quarter of this year, following delays that began on October 1 last year due to political setbacks after the General Election in May 2023. With economic growth stagnating, public expenditure is seen as a crucial factor to revive subdued private spending and…
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Thailand energy, finance, tourism to boost revenue in fiscal 2024
Energy businesses, financial institutions, and tourism are expected to be the primary revenue contributors for the Revenue Department this year, according to its chief. These sectors have shown strong performance and are anticipated to generate significant tax revenues during the first nine months of fiscal 2024 (October 2023 to June 2024). Revenue Department Director-General Kulaya Tantitemit highlighted that while these…
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South Australia governor seeks Thai partnership in food, agriculture
South Australia State Governor Frances Adamson has committed to fostering collaboration with Thailand in the food and agriculture sectors, highlighting shared economic objectives between the two regions. Adamson’s visit to Thailand spanned from July 8 to 11, where she engaged with government officials and leaders in various sectors including arts and culture, agriculture, energy, and the wine industry, aiming to…
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Nation Group: Salary cuts apply to management team only
Nation Group has clarified that its recent salary suspension affects a mere 10% of its staff, primarily targeting the management team. This revelation comes amid swirling rumours and public outcry, which the company attributes to distorted messages presenting partial truths, causing widespread public misunderstanding and online criticism, damaging the organisation’s reputation. Dismissing any notions of being in crisis, Nation Group…
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Thai investors flee Myanmar chaos, pulling out 253 billion baht
Thai companies are fleeing Myanmar amid escalating conflict and economic instability. The ongoing clash between Myanmar’s military government and opposition forces shows no signs of easing, prompting Thai firms to withdraw a staggering US$7 billion (around 253 billion baht) in investments. Once the third-largest investors in Myanmar, Thai companies are now ranked 5th, with investments plummeting from US$11.6 billion in…
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Chinese foreign minister calls for ASEAN regional cooperation
During a meeting between the Thai and Chinese foreign ministers to discuss the consultation mechanisms between the two nations, Chinese Foreign Minister Wang Yi emphasised the importance of upholding the ASEAN-centered East Asian regional cooperation framework and rejecting exclusive small circles. Wang and Thai Foreign Minister Maris Sangiampongsa co-chaired the second meeting between the foreign ministers. This two-day visit marked…
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Nation Group announces partial salary suspension
Nation Group announced a partial salary suspension for some employees due to a significant decline in advertising revenue across the media industry, driven by current economic conditions. Chairperson Chai Bunnag also opted to forego his salary. Nation Group released an announcement, numbered 015/2567, detailing the decision to partially suspend salaries. This measure comes in response to a sharp decrease in…
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Japanese tourists to flock to Thailand despite economic woes
To revive tourism, the Tourism Authority of Thailand (TAT) unveiled dynamic strategies to draw Japanese tourists back to the Land of Smiles. Despite the yen’s depreciation, TAT Tokyo Office Director Kajorndet Apichartrakul remains optimistic about reversing the deficit in tourist numbers with Japan. Last year, 995,000 Thai tourists visited Japan, while only 804,000 Japanese tourists came to Thailand, resulting in…
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Thai investor confidence remains neutral for 5th month
The Federation of Thai Capital Market Organisations’ (FETCO) Investor Confidence Index (ICI) maintained its position in the neutral zone for the 5th consecutive month, registering 82.89 in June. The index, which forecasts market conditions over the next three months, highlights that stimulus measures and companies’ earnings reports could potentially boost investor sentiment in the latter half of the year. FETCO…
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Thai-Philippine MoUs for rice exports worth 2.8 billion baht signed
The Commerce Ministry recently facilitated a significant trade development, leading a team of rice exporters to the Philippines and securing memorandums of understanding (MoUs) valued at 2.8 billion baht (US$77 million). Ronnarong Phoolpipat, Director-General of the Foreign Trade Department, headed the delegation, which included Charoen Laothamatas, president of the Thai Rice Exporters Association, during a visit from July 3 to…
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Thailand’s oldest oilfield to get 300 million baht redevelopment
Thailand’s oldest oilfield is set for redevelopment with a budget of 300 million baht, as announced by the Defence Energy Department’s Northern Petroleum Development Centre (NPDC). The redevelopment plan of Fang Oilfield in Chiang Mai includes upgrading the oil refinery to Euro5 standards, enabling it to produce lower-sulphur diesel that is safe for car engines, according to Montri Jeennakorn, director…
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GAC AION charges ahead in Thailand with new EV hub in Rayong
China’s 4th-largest electric vehicle (EV) manufacturer, GAC AION New Energy Automobile, is gearing up to revolutionise Thailand’s automotive landscape with the inauguration of a state-of-the-art manufacturing facility in Rayong’s Eastern Economic Corridor (EEC) on July 17. Industry Minister Pimphattra Wichaikul announced that the cutting-edge plant, costing a staggering 2.3 billion baht, is poised to kick off operations by November. Boasting…
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Amata City factory in Rayong to close by January 2025
A long-standing company in Amata City Industrial Estate, Rayong, is set to close its doors after 20 years, gradually laying off employees to complete the process by the end of this year or at the latest by January 2025. This news, posted by the News Chon Buri-Rayong Online page, has sent shockwaves through the local workforce, as the company is…
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Thai king’s sustainable model boosts Thai agriculture
King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua’s Khok Nong Na Model is revitalising Thai agriculture with its sustainable approach designed for the people’s happiness. The model advises farmers to divide their land into equal parts for plant cultivation, pond construction, and housing. To commemorate the king’s 71st birthday last year, reporters interviewed Wiwat Salyakamthorn, former agriculture and cooperatives minister, who now chairs…
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Pol-ishing Thais: Thailand, Poland to boost medical technology ties
Thailand and Poland, despite their close trade ties, are urged to enhance their business cooperation, particularly in the medical technology sector, according to Polish Ambassador Artur Dmochowski. During a seminar in Bangkok yesterday, July 9, Dmochowski highlighted Poland‘s desire to strengthen economic, commercial, and technological exchanges with Thailand. The event aimed to showcase advancements in Polish medical technology. The Polish…
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Chiang Mai used car dealers rev up amid economic turmoil
Chiang Mai’s used car dealerships are on the brink of collapse as they battle economic woes and intense price wars. The once-thriving market is now a battleground, with many dealerships shutting their doors while the survivors cling on by the skin of their teeth. The surge in repossessed vehicles and stricter financing regulations have only added fuel to the fire.…
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