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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Chulalongkorn University announces the ‘Future of Jobs 2025’
Chulalongkorn University President, Professor Doctor Wilert Puriwat, announced the findings from the Future of Jobs 2025 report. Chulalongkorn University is the only partner institution in Thailand to collaborate with the World Economic Forum (WEF) to propose a roadmap for coping with changes in the labour market over the 2025 to 2030 period. The report is based on a survey of…
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Thailand bets on man-made marvels for tourism cash boost
According to insiders at Krungthai Compass, man-made hotspots, from sports hubs to spectacular events, are set to propel Thailand to the brink of a tourism revolution thanks to a bold new strategy. Thailand is banking on an artificial allure to supercharge its tourism engine, with Krungthai Compass, a top research centre under Krungthai Bank, revealing that new, man-made tourist attractions…
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Thailand greenlights legal casinos to boost tourism and economy
In a game-changing move, the Thai Cabinet has given the nod to a draft bill that would legalise gambling and casinos, aiming to turbocharge tourism, job creation, and investment. Prime Minister Paetongtarn Shinawatra announced the bold move today, January 13, heralding a new era for the country’s economy. Under the government’s ambitious plan, the legislation, soon to be debated in…
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Taxing tunes: Music giant pitches cut to boost Thailand’s soft power
Thailand’s largest music company made a bold appeal to the government for a corporate tax reduction in the entertainment sector, arguing it could supercharge the industry and bolster the nation’s soft power ambitions. GMM Music Plc CEO Phawit Chitrakorn paints a picture of an industry that thrives on slim profit margins, clocking in at a modest average of 10%. Phawit…
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Rice to the occasion: Commerce Ministry fast-tracks SME trade talks
The Commerce Ministry is moving to accelerate the liberalisation of rice trade, with a meeting planned for January 17. This session aims to finalise strategies to assist small enterprises in becoming rice exporters, targeting concrete outcomes in the first quarter of the year. During a meeting on January 10 to discuss pressing policies, Commerce Minister Pichai Naripthaphan instructed all departments…
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Petrol prices cut in Thailand for Children’s Day celebrations
PTT Station has announced a reduction in retail prices for various types of petrol and gasohol, coinciding with Children’s Day celebrations. Starting today, January 11, prices will decrease by 0.30 baht per litre for petrol and all types of gasohol, while E20 will see a 0.40 baht reduction, and E85 will drop by 0.50 baht per litre. Following the adjustments,…
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Tourism stocks tumble amid Chinese tourist fears
Thai tourism stocks took a hit this morning as concerns mounted over a potential decline in Chinese tourist arrivals during the Chinese New Year. The drop follows revelations about a Chinese actor, Wang Xing, who was found in Myanmar and is suspected to have been a victim of human trafficking. This incident has cast a shadow over Thailand’s safety reputation.…
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Central Pattana’s 500 million baht Chinese New Year splash
Central Pattana Plc (CPN) isn’t playing small this Chinese New Year as they, together with Central Department Store Co Ltd (CDS), unleash a mega 500-million-baht spending spree on their dazzling The Great Chinese New Year bash. Running from now until February 6, this vibrant celebration is expected to dazzle at Central malls nationwide, including the ever-busy Esplanade Ratchada. Leading the…
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Dream homes for less: Thai govt rolls out affordable housing project
Thais earning under 50,000 baht per month are being offered a golden opportunity to own a home in the city through the government’s “Baan Pheu Khon Thai” (Homes for Thais) initiative, with registration set to open on January 20. The project, announced by Transport Minister Suriya Juangroongruangkit, aims to provide affordable, fully furnished housing near urban centres, leveraging land owned…
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Thailand’s household debt reaches 104% of GDP, raising economic concerns
Thailand’s household debt, encompassing informal loans, has risen to 104% of GDP, potentially impacting future economic growth, as revealed by a private sector panel report. Research conducted by Chulalongkorn University for the Joint Standing Committee for Commerce, Industry and Banking (JSCCIB) shows the country’s household debt-to-GDP ratio reached 104% in the fourth quarter of 2024, with informal loans included in…
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Power play: Thailand plugs into cutting electricity costs
The Government of Thailand is actively exploring methods to reduce electricity costs, as suggested by former Prime Minister Thaksin Shinawatra, according to Deputy Prime Minister Pichai Chunhavajira. Responding to Thaksin’s remarks, the de facto leader of the ruling Pheu Thai Party, Pichai noted that Thaksin had assured voters in Chiang Rai of the government’s intention to decrease energy prices to…
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Thailand revives trade with Pakistan in major economic pact
After a decade of silence, Thailand and Pakistan are back at the negotiating table, reigniting hopes for a booming trade partnership. The two nations have agreed to resume talks under their Joint Trade Committee (JTC) at the ministerial level, with Thailand hosting the next round of discussions later this year. In a recent meeting between Thailand’s Minister of Commerce, Pichai…
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Elderly cash windfall: Thai govt handouts confirmed by January 29
The Thai government has officially confirmed that elderly citizens will receive their long-awaited 10,000 baht stimulus payments before January 29. Deputy Finance Minister Julapun Amornvivat, spilled the beans during a press conference at the Ministry of Finance today, January 7. “We assure you, the 10,000-baht payments will hit accounts before the deadline. The exact transfer date hinges on a final…
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CNY spending boom: Thailand poised for festive cash splash
Thailand’s economy is set to light up like a firecracker this Chinese New Year, with spending forecast to rise by over 3%, according to the Economic and Business Forecasting Centre at the University of the Thai Chamber of Commerce. Buoyed by a recovering economy, government cash injections, and a surge of Chinese tourists, the festival promises to spark a celebratory…
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Scrubs to feathers: Retired nurse rakes in a nest egg with ostriches
A retired nurse from Trang’s Mueang district has traded scrubs for feathers, earning a tidy nest egg by raising ostriches and selling their eggs and chicks. Prachuap Singkerk has transformed a two-rai plot of land next to her home into an ostrich haven, where she cares for nine of the towering birds: four males and five females. These industrious ostriches…
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Thailand’s household debt set to decline faster than expected
The Bank of Thailand is optimistic as the nation’s household debt-to-GDP ratio is projected to fall more swiftly than previously anticipated. This promising outlook is driven by ongoing debt reduction strategies and the introduction of a new debt relief programme. According to the central bank’s latest financial stability report for 2024, there’s a noticeable drop in the household debt-to-GDP ratio,…
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Thailand to revise minimum wage across provinces from January
Thailand is set to implement a new minimum wage structure across its 77 provinces from January 1, 2025. The decision was made following an extensive meeting led by Boonsong Thapchaiyuth, Permanent Secretary of the Ministry of Labour. The meeting, which took place yesterday, December 23 and lasted over five hours, resulted in a unanimous agreement on the new wage rates,…
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Thailand’s massage therapist shortage outlined by Health Ministry
Thailand’s Public Health Ministry has unveiled plans to train 7,000 new massage therapists, addressing a significant workforce shortage in an industry worth 200 billion baht annually. Public Health Minister Somsak Thepsuthin announced the initiative yesterday, December 22, emphasising the goal of elevating Thai traditional massage as a complementary treatment alongside conventional medicine. The programme will focus on developing specialists who…
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Thailand secures South Korean investment in Smart Park project
The Industrial Estate Authority of Thailand (IEAT) has successfully attracted an investment commitment of US$500 million (approximately 17 billion baht) from South Korean investors for the development of Smart Park. The initiative, part of the Now Thailand – The Golden Era campaign, aims to position Thailand as a prime destination for international business ventures. Yuthasak Supasorn, Chairperson of IEAT, welcomed…
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Thailand’s credit card industry faces toughest challenge in 20 years
The credit card industry in Thailand is bracing for its most formidable challenge in two decades, a situation attributed to an anticipated weak economy next year, as highlighted by the Thai Bankers’ Association’s credit card club. Atis Ruchirawat, chair of the club, emphasised that the unsecured loan sector, encompassing credit cards and personal loans, has already felt the tremors of…
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Thailand rolls out red carpet with bigger rebates for filmmakers
The Thail Cabinet approved an increase in the rebate offered to foreign film productions, raising it to a range of 15 to 30% to attract more international filmmakers to shoot in the country. This decision, announced by Jirayu Huangsap, spokesperson for the Prime Minister’s Office, is part of a revised strategy to bolster Thailand’s appeal as a filming destination. The…
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2025 kicks off with a salesplosion from the Commerce Ministry
Hold onto your hats, shoppers: the Commerce Ministry is kicking off 2025 with a bang, unveiling its sensational New Year Mega Sale 2025. With jaw-dropping discounts of up to 80% on over 40,000 products and services, this is a shopping spree you won’t want to miss. Over 300 vendors are rolling out the red carpet, from major manufacturers and department…
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Thailand aims to boost trade with Mongolia to 2027 goals
Thailand is gearing up to expand its trade relations with Mongolia, aiming to surpass the 100 million US dollar mark in trade value by 2027. Following discussions with Amarsanaa Tumur, Mongolia’s Ambassador to Thailand, the Minister of Commerce, Phichai Naripthaphan, highlighted efforts to bolster economic cooperation through the Thailand-Mongolia Joint Trade Committee. This initiative aims to open new markets for…
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Thai pig farms face closure risk amid pork oversupply crisis
The Swine Raisers Association of Thailand (SRAT) expressed growing concern that small pig farms could face closure due to an increasing oversupply of pigs, as larger farms aggressively expand their production capabilities. This oversupply issue arises from major pig farms in Thailand continuously boosting their production without aligning with the actual market demand for pork, according to SRAT President Sitthiphan…
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December 16 lottery results announced: 6 million baht first prize
Yesterday’s lottery draw results have been announced, with many eagerly checking their tickets. The winning number for the first prize, worth 6 million baht, is 097863. Additional prize categories include the three-digit front and back numbers, the two-digit numbers, and various other prizes. The first prize was awarded to the ticket with the number 097863, granting the winner a substantial…
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Grain gains: Thai farmers to receive 1,000 baht per rai support
The Bank of Agriculture and Agricultural Cooperatives (BAAC) has initiated a comprehensive financial support programme, transferring 1,000 baht per rai to Thai rice farmers across the country. Deputy Finance Minister Jullapan Amornvivat presided over the first day of payments, aimed at providing relief and encouraging agricultural productivity. The support programme targets 4.61 million farming households, with total funding reaching 37.4…
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Thai entertainment shines at Singapore’s Asia TV Forum 2024
Thailand’s entertainment industry has made a dazzling splash at the Asia TV Forum & Market 2024 (ATF) in Singapore, proving its growing appeal on the global stage. With a vibrant showcase of films, dramas, and BL series, Thai producers left international buyers and collaborators eager for more. Held from December 3 to 6 at Marina Bay Sands, the event saw…
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Grain of truth: Thailand trails Asia in rice yield race
Thailand’s rice yields are significantly lower than other major Asian rice producers, according to Anon Nonsee, Deputy Director General of the Department of Rice. The average rice yield in Thailand is about 400 to 500 kilogrammes per rai (0.16 hectares), far below Vietnam’s 1,000 kilogrammes per rai and China’s 1,000 to 1,200 kilogrammes per rai. While some Thai rice varieties…
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Thailand proposes VAT hike, cuts income tax to boost economy
Finance Minister Pichai Chunhavajira has proposed a shift in Thailand’s tax strategy to bolster state revenue and enhance the nation’s economic standing. The plan includes raising the value-added tax (VAT) while reducing corporate and personal income tax rates. This approach aims to drive national development, increase competitiveness, and address domestic disparities. The Organisation for Economic Co-operation and Development recently set…
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Airbus partnership aims to turn Thailand into aviation powerhouse
Thailand is gearing up to soar as the region’s top aviation hub, thanks to a high-flying partnership with European aerospace giant Airbus. In a bid to revolutionise the nation’s aviation infrastructure and safety standards, Transport Minister Suriya Jungrungreangkit met Airbus Asia-Pacific president Anand Stanley in Bangkok yesterday, December 3, to map out ambitious plans. The partnership focuses on transforming Thailand…
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