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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Thai government agrees to continue subsidising diesel prices past July
The Oil Fuel Fund board has resolved to keep diesel prices around Bangkok and immediate provinces at 34.94 baht per litre until the end of July. The government, via the OFF Board, have been subsiding the country’s diesel prices since they started to rocket due to the current global fuel price crisis. The government, or specifically Thai taxpayers, have been…
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Indian tourists are picking up Phuket’s Old Town economy
Phuket’s recovering tourism economy is picking up again thanks to Indian tourists. Indians have been the biggest tourist group in Phuket, and Thailand overall this year. Since May 1, over 72,000 Indian tourists have visited Phuket, according to the president of Phuket Old Town Tourism Community, Somyot Pathan. Phuket’s ‘Old Town’ in the main city district is a particular hotspot…
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Thailand’s Zipmex crypto exchange blocks transfers and withdrawals
Another cryptocurrency exchange is in trouble, blocking withdrawals of both cash and crypto from its platform as go 6pm last night. Zipmex Thailand, a crypto-trading platform, has announced that the withdrawal of baht and cryptocurrency on its platform “has been suspended temporarily”. In the announcement, the CEO outlined a number of difficulties and challenges facing the Thai crypto exchange. He…
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Thailand could generate up to US$65 billion in tourism revenue next year, says TAT
Yesterday, the Tourism Authority of Thailand said the country’s tourism industry could generate up to US$65 billion, or 2.38 trillion baht, next year. The revenue could equate to around 80% of pre-pandemic tourism revenue, said Governor of the TAT Yuthasak Supasorn. Comparatively, the TAT expects Thailand to actualise 1.5 trillion baht in tourism revenue this year. Yuthasak expects Thailand to…
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Thailand’s bottled palm oil price drops slightly
After Thailand’s price of bottled palm oil has kept surging and surging for months, it has now finally come down a bit. Prices in department stores and supermarkets on 1 litre bottles have dropped from 69-70 baht, to 64-65 baht. The director-general of Thailand’s Internal Trade Department, Udom Srisomsong, pointed out that prices may differ between stores, though. Udom stressed…
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Bangkok governor looks for Chinese cash to create smart city
Bangkok Governor Chadchart Sittipunt yesterday revealed he had a working dinner with the Chinese Ambassador to discuss a number of projects beneficial to the capital, including the city’s upcoming outdoor film festival, Chinese teachers, and the development of a smart city. Developing Bangkok as a smart city comes hot on the heels of an announcement by the Eastern Economic Corridor…
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Is the Thai Baht falling in value?
Yes. And no. Depends on which currency you want to compare it to. Against the mighty USD, absolutely yes. In February this year, the USD was valued at 32.12 baht to the dollar. Now it’s 36.48 baht to the dollar. Good news if you’ve got USD and heading to Thailand. GRAPHIC: xe.com But the story isn’t the same against many…
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Bangkok plans to give city’s hawkers a roof over their heads
Bangkok Governor Chadchart Sittipunt has turned his attention toward the city’s cluttered street vendors as his never-ending crusade to clean up the capital continues. The 56 year old city chief revealed the Bangkok Metropolitan Administration (BMA) is preparing to set up hawker centres as a permanent solution to the chaotic street vendor stalls strewn throughout the city. Hawker centres are…
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Thailand will produce 25 billion baht of hemp in 5 years
In the next five years, the Thai government wants to make Thailand a regional hub for producing hemp-related products, and it will earn at least 25 billion baht from the exploits, according to Industry Minister Suriya Jungrungreangkit. “Hemp has become an important plant in many countries now as all parts of it can be turned into various types of products…
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Chatuchak Market revitalisation planned by BMA and SRT
Once a bustling centre of commerce and socialising, Chatuchak Market has been much quieter since reopening after being closed down because of the Covid-19 pandemic. Now the State Railway of Thailand is cooperating with local authorities in Bangkok and City Hall to try to revive the famous market back to its previous thriving glory. As with most of the tourism…
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A jump in Thailand’s Consumer Confidence Index
Thailand’s economy is slowly but surely making a comeback after being devastated by Covid-19 restrictions. Last week, the University of the Thai Chamber of Commerce reported that Thailand’s Consumer Confidence Index had risen. The country’s CCI rose from 40.2 to 41.6 in June, the UTCC said. This news comes after Thailand’s CCI had been in decline for several months. April’s…
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Poll: 92% don’t earn more than their expenses, oil price main factor
A new poll revealed that over 90% of people are not earning more money than their expenses, and that, of all the expenses people are grappling with in the current economy, oil prices are the main factor they say has the greatest effect on their daily lives. The new poll, conducted by the National Institute of Development Administration, saw the…
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Thai hospitality sector opposes dual accommodation pricing
Many hotels have voiced their opinions over the government’s proposal to adopt dual pricing in the hospitality industry. They described the plan as “impractical” and asked that the government come up with promotions and campaigns to boost tourism instead. A government spokeswoman said yesterday that hotels would be expected to adopt a dual pricing system where Thais would continue to…
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Suvarnabhumi Airport expansion capacity up to 15 million visitors
The eastern side of Suvarnabhumi Airport’s main terminal will be modified to boost Thailand’s arrival capacity to 15 million travellers annually. The upgrades will be completed in 3 years. Prior to the Covid-19 pandemic, Suvarnabhumi hosted 65 million passengers, international and domestic, through its arrival gates. The eastern side of the terminal will be large enough to accommodate up to…
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Ferries to Koh Pha Ngan is costing 40% more (and the other islands too)
Business owners on Koh Pha Ngan are demanding cheaper ferry charges after they increased by more than 40% since the start of July, impacting businesses and living expenses. For the average car, the ferry service from Don Sak dock to Pha Ngan with the Raja Ferry increased from 620 baht to 900 baht as of July 1. The Raja Ferry…
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Foreigners may have to pay more for hotels than Thais
Dual pricing could be coming to a hotel near you. That’s if a proposal from the tourism ministry and Tourism Authority of Thailand gets the go-ahead. Yes, despite Thailand tourism officials’ express wish to attract as many foreigners to Thailand, there are plans to increase hotel prices to pre-pandemic levels to boost the recovery of the hospitality industry – but…
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“Thailand should be a luxury and premier holiday destination” – Deputy PM
In the first half of 2022, Thailand welcomed around 2 million international travellers, marking a promising recovery after the Land of Smile’s tourism sector suffered from the outbreak and the restrictions imposed on entry requirements, such as the Thailand Pass. Thailand holiday Thailand holiday But rather than offering significant discounts to attract world travellers, hotels, businesses and private hospitals should…
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Thailand-France business investment discussed in PM meeting
PM Prayut Chan-o-cha recently met with MEDEF International, the largest employer federation in France, to discuss future partnerships with Thailand. Francois Corbin, the Vice President of the Movement of the Enterprises of France, along with other delegates, met with the Thai prime minister on Friday to look at the future of Thai-French business partnerships. French firms are examining the post-pandemic…
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Inflation causing a problem for airlines coming to Thailand
The Thai tourism industry is trying to recover as fewer international flights are now arriving due to inflation as prices of fuel are rising. There are also problems in both Europe and the US with flights being cancelled or with long delays, causing additional travel chaos as the world’s travel and aviation tries to recover. World inflation is also hitting…
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Price of made-to-order food surge in Thailand
Price inflation continues to rear its head in Thailand and across the globe. The latest item to get more expensive is made-to-order food. The average price per dish of made-to-order food bumped up by about 3.7 baht or 6.7% in May, according to a year-on-year comparison by the food delivery app Line Man Wongnai. The report said that dishes with…
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Sri Lanka suspends sale of petrol to public for next 2 weeks
The supply of petrol for cars in Sri Lanka has been suspended due to the country’s greatest economic crisis in decades. Only buses, trains, ambulances, and transport needed to deliver food will be permitted to refuel over the next 2 weeks. Authorities revealed that only 9,000 tonnes of diesel and 6,000 tonnes of gasoline are available to support the nation’s…
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China calls for enhanced relations with Thailand
China called for enhanced relations with Thailand ahead of the National Assembly of Thailand’s 90th anniversary. Li Zhanshu, chairman of China’s National People’s Congress Standing Committee, yesterday congratulated the Thai National Assembly for making positive contributions to maintaining social justice and promoting economic development in the kingdom. “The legislatures of China and Thailand have maintained friendly exchanges, and have played…
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To cushion price hikes, Bangkok PT stations will serve 25 baht curry
Price hikes are no fun for anyone, but in the Bangkok area, some groups are trying to cushion the blow of the world’s economic crisis. The Thai Restaurant Association announced today that it will launch a project tomorrow (Monday) to serve curry for 25 baht at PT filling stations across Bangkok and the surrounding area. TRA president Thaniwan Kulmongkol said…
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Thailand plans to negotiate with Saudi Arabia over fertiliser
Thailand is suffering a fertiliser shortage, with the country’s farmers bearing the high costs of imported fertilisers. Now, the Chamber of Commerce plans to negotiate with Saudi suppliers. Saudi Arabia recently allowed 2 of its suppliers to sell fertiliser to Thailand, according to Thai Commerce Minister Jurin Laksanawisit. The International Trade Promotion Department is scheduled to hold a business matching…
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Phuket officials say local Sunday market rakes in 2 million baht a week
Phuket officials say that a weekly market in the island province’s main city district has raked in at least 2 million baht a week this month. A local leader said the famous “Lard Yai” Phuket Street Sunday Market has seen a jump in tourists visiting it every week, now that Thailand is slowly winding its tourism industry up again. The…
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Thailand expects economy to grow 3% next year
The Office of the National Economic and Social Development Council expects the Thai economy to grow by 3% next year, even if there is more tension between Ukraine and Russia. The council’s permanent secretary, Danucha Pitchayanan, says by coordinating with every country Thailand can grow despite the current choppy economical waters the world has to navigate. The 51 year old…
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Sri Lanka petroleum company in extreme debt, country hitting “rock bottom”
Sri Lanka’s economic crisis is snowballing even further. The island nation’s PM Ranil Wickremesinghe said Sri Lanka might be falling to “rock bottom” now that its major petroleum corporation is in extreme debt. He said that because of the debt, no other countries are willing to provide Sri Lanka with fuel. “Currently, the Ceylon Petroleum Corporation is $700 million in…
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Thai Army lifts ban on Lazada to help country boost economy
The Royal Thai Army has lifted a boycott of the e-commerce platform Lazada. The company, owned by the Alibaba Group, was banned from delivering parcels to military premises all over the country for 42 days because of an offensive advert that insulted the Thai Royal Family, and disabled people. Last month Lazada goods were banned from entering Royal Thai Army…
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Thai government should reconsider 2pm to 5pm alcohol ban
Secretary-general of the Kla Party, Atavit Suwannapakdee, believes the government should lift the restriction on selling alcohol from 2pm to 5pm to help the tourism industry recover, adding there are no rules restricting the hours of alcohol sales in any other Southeast Asian country. “Thailand used to attract 40 million tourists a year, generating 3 trillion baht in revenue, but…
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