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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Thailand and China unveil game-changing cargo link
Thailand and China have launched a direct cargo rail link, whisking farm-fresh delights straight from Nong Khai to the bustling metropolis of Chongqing via Laos. Agriculture and Cooperatives Minister Thamanat Prompow, a key player in this historic venture, flagged off the inaugural Thai train loaded with the jewel of Thai agriculture – dried longan. This marks the commencement of the…
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World bank and ADB downgrade Thai GDP growth predictions for 2024
The economic forecast for Thailand in 2024 is uncertain as the World Bank reduces the country’s GDP growth estimate from 3.4% to 2.5%. Factors influencing this include weak exports and fiscal consolidation. Furthermore, the Asian Development Bank (ADB) also downgraded its Thai GDP growth prediction from 3.5% to 2.5% for the same reasons. Looking towards 2024, GDP is expected to…
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PM Srettha rallies coalition for upcoming budget bill debate
Prime Minister Srettha Thavisin has requested all coalition partners of the government to gear up for the upcoming debate on the Budget Bill for the fiscal year 2024. The bill, which aims to secure 3.48 trillion baht (US$101 billion) to fund the fiscal year that began in October, is due for its initial reading from January 3 to 5. The…
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Huge deficit in 2025 fiscal year
The government has laid bare its plans for the 2025 fiscal year, unveiling a colossal budget deficit of 713 billion baht. This unprecedented move comes hand in hand with a staggering increase in spending, soaring to 3.6 trillion baht, leaving citizens and experts alike scratching their heads. The ambitious forecast also includes a predicted gross domestic product (GDP) growth of…
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Job seekers look for quality jobs, not just income concerns
In the aftermath of the pandemic, Thai job seekers are demanding more than just a paycheque. Managing Director of Jobs DB (Thailand) Recruitment Company, Duangporn Phrom-on, has unveiled revelations from the expansive Global Talent Survey, a game-changer exploring Southeast Asia’s job market. This survey, casting its net over 97,324 participants across six Asian nations, unleashed significant insights. Thailand, a digital…
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Thai real estate faces perfect storm next year
Thailand‘s pivotal real estate sector, a key economic force, anticipates a demanding 2024 due to substantial dependence on supply chains and various internal and external risks. Business entities foresee the need to adapt strategies, as the government prolongs the property transfer and mortgage registration fee reduction for an additional year to invigorate the market. Wongsakorn Prasitwipat, the managing director of…
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Thailand’s fiscal position geared to absorb potential economic shocks
According to Pornchai Thiraveja, the director-general of the Fiscal Policy Office, Thailand’s robust fiscal position is well-equipped to buffer any potential economic shocks. The country boasts a fiscal space substantial enough to absorb crises equating to 10% of the GDP. The Thai financial institutions are stable economically, with a 19.9% Bank for International Settlements ratio, which is well above the…
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Thailand and Malaysia join forces to boost economy
Thailand and Malaysia have forged an alliance to supercharge development in the southern Thai region and the northern Malaysian peninsula. Prime Minister Anwar Ibrahim reveals this game-changing commitment after a late-night summit with Thai counterpart Srettha Thavisin in Phuket. Anwar took to Facebook to reveal the details. “A special joint committee at the highest level between the two countries will…
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Thailand urges Australia to expand trade and investment ties
The Commerce Minister of Thailand, Phumtham Wechayachai, has urged Australia to broaden their trade and investment ties, as well as discover new avenues for economic collaboration. Following his recent discussion with Australian ambassador Angela Macdonald, he revealed that Thailand views Australia as a vital ally in the Pacific and a key collaborator in devising joint economic strategies to enhance trade,…
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Long-haul tourism to boost Thai tourism revenue in 2024
The Tourism Authority of Thailand (TAT) anticipates that long-haul tourism will significantly bolster Thai tourism revenue in 2024, contributing seven percentage points more than pre-pandemic levels. This was discussed last week as the Minister for Tourism and Sports, Sudawan Wangsuphakijkosol, met with TAT executives to deliberate on next year’s market strategies. The government has set a goal of 3.5 trillion…
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3.48 trillion budget approved by Cabinet for next year
Prime Minister Srettha, in a post-Cabinet meeting press conference declared that the budget bill, meticulously scrutinised by the Office of Council of State, will be delivered for approval. Typically, budget bills are sealed and delivered before the fiscal year kicks off in October. However, this year’s extravaganza faced a dramatic delay, thanks to the intricate dance of forming a coalition…
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Toshiba Corporation gets booted from Tokyo Exchange but Toshiba Thailand stays
After a staggering 74-year run, Toshiba Corporation on the Tokyo Stock Exchange faces delisting and a subsequent takeover. However, Toshiba Thailand Ltd emerges unscathed, asserting its independence and vowing to power on. “Unfazed by the storm in Japan, Toshiba Thailand is business as usual.” Having severed ties with its Japanese parent years ago, the company stands resilient in the face of…
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Thai MICE boom faces hurdles next year
Thailand‘s MICE (Meetings, Incentives, Conventions, and Exhibitions) industry, once on the brink, surged back to 80% of its 2019 glory this year, however, a looming slowdown in 2024 raises eyebrows. Thailand’s MICE industry is poised for a remarkable recovery, reaching 80% of its pre-pandemic revenue in 2019. President of Thailand Incentive and Convention Association (TICA), Sumate Sudasna, highlights Thailand’s allure as…
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Japan revs up Thai automotive industry: Major automakers inject 150 billion baht boost
In a move set to ignite Thailand‘s automotive industry, four major Japanese car giants are gearing up to pump a staggering 150 billion baht into manufacturing electric vehicles (EVs) in the country. This collaboration underscores Thailand’s ascent as a powerhouse in the automotive world and spotlights the government’s triumphant push towards an electrifying future. Four heavyweight Japanese automotive juggernauts are…
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Thai BOI reveals game-changing green plan with 150 billion baht EV investment
The Board of Investment (BOI) of Thailand has declared its strategic vision for the next four years, placing a robust emphasis on the burgeoning sectors of bio, circular, and green (BCG) industries. Speaking passionately at the Go Thailand: Green Economy-Land Bridge forum in Bangkok, BOI secretary-general Narit Therdsteerasukdi highlighted the global trend towards sustainability in business operations. “From BOI’s roadshow…
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Thai listed companies broke records by reeling in 6.21 trillion baht last year
Thai listed companies have orchestrated a financial coup, raking in an astronomical 6.21 trillion baht from their overseas ventures last year, smashing records and defying global economic odds. The Stock Exchange of Thailand (SET) reports an eye-watering surge of 1.83 trillion baht from the previous year, making it a staggering 17-year high. Amidst the chaos of the Russia-Ukraine war and…
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Crisis at sea: Attacks threaten 1.31 trillion baht trade route
Thailand‘s 1.31 trillion baht worth of exports to Europe and the Middle East hangs in the balance as armed militants threaten a vital trade route. Expert warnings of a trade catastrophe are ringing alarm bells worldwide. Amid escalating conflicts in the Red Sea, Associate Professor Aat Pisanwanich, an international economics guru, has raised the red flag on the severe consequences…
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Thai economy set to boom with 106 billion baht splash with new year expenses
The University of the Thai Chamber of Commerce (UTCC) predicts a staggering 106 billion baht surge in consumer spending during the upcoming New Year festivities – a four-year high that could inject new life into the nation’s financial veins. President Thanavath Phonvichai, the maestro behind this optimistic symphony, attributes the spending spree to the government’s strategic new year’s gift measures.…
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Government to shoulder Covid-19 insurance claims as insurers buckle under 60 billion baht payouts
Deputy Finance Minister Julapun Amornvivat has revealed that the Thai government may have to step in to assist with the hefty burden arising from Covid-19 insurance claims. The grim situation has seen total payouts skyrocket to almost 60 billion baht, leaving non-life insurance companies in shambles and prompting the closure of those unable to meet the financial demands. Julapun disclosed…
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Will the 2024 fiscal year save the Thai economy?
Deputy Finance Minister Julapun Amornvivat revealed that Thailand‘s eagerly awaited 3.48 trillion baht budget for the 2024 fiscal year won’t see the light until early May. Originally set to kick off on October 1, the budget got tangled in the web of politics, with May’s election and the lengthy government formation process pushing the official start to September 5. According…
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KBank to create digital currency system
As mainstream lenders remain cautious about digital assets, Kasikornbank (KBank) is on a mission to create a digital-asset ecosystem, providing a groundbreaking funding route for companies. KBank acquired the licenced digital-asset exchange Satang Corp in October. Notably, this acquisition marks a rare instance of an established lender stepping into the crypto trading platform domain. The rebranded Satang Pro platform, now…
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Survey reveals half of Thai workers unprepared for retirement
In a startling revelation, a recent survey conducted by the Faculty of Commerce and Accountancy at Chulalongkorn University has unveiled a concerning truth – a staggering 50% of working-age Thais are not financially equipped for retirement. The implications are dire, as experts warn of the impending challenges faced by the nation’s ageing population. The survey, involving 2,400 participants nationwide, disclosed…
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Thai wage committee upholds 2.37% minimum wage increase
Yesterday, a senior government official announced that the tripartite wage committee has decided to uphold their previously agreed-upon plan to increase the average daily minimum wage by 2.37%. The committee, consisting of representatives from the government, employers, and employees, has agreed to uplift the pay threshold range to 330 to 370 baht, starting in January. This was confirmed by Pairoj…
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Explosive growth in Thai insurance industry predicted for 2024
The Thai General Insurance Association (TGIA) has foreseen an unprecedented surge in the insurance industry, with premiums expected to skyrocket to 303 billion baht in 2024. The TGIA president, Somporn Suebthawilkul, revealed the industry’s trajectory, unveiling that premiums for the initial nine months of this year already hit a whopping 210 billion baht, marking a staggering 5.2% rise from the…
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PM Srettha reveals bold plans for seamless tourism and rice boost in regional summit
Prime Minister Srettha Thavisin revealed visionary plans to foster seamless tourism among Thailand, Vietnam, Laos, and Cambodia. The grand revelation unfolded during a high-profile meeting with the leaders of these nations on the sidelines of the Tokyo summit, celebrating Japan’s half-century collaboration with ASEAN countries. During a tête-à -tête with Vietnam President Võ Văn Thưởng, Srettha enthusiastically announced the revival of…
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Stable gold prices in Thailand offers secure investment opportunity
The Gold Traders Association announced today’s gold prices, maintaining the same rates as yesterday. The selling price for gold jewellery is set at 34,050 baht. The price of gold remains unchanged from yesterday, with the Gold Traders Association revealing the selling price for gold jewellery at 34,050 baht per baht, according to the latest information published on their website at…
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Diesel drama: Choice of petrol diminished
In a game-changing move, the Energy Business Department is racing towards Cabinet approval to discontinue the sale of B10 diesel oil, leaving only B7 and B20 options at the pumps. Department Director-General Nanthika Thangsupanich explains this electrifying decision, spurred by the Energy Policy Committee’s bid to streamline diesel oil offerings and clear the fog of confusion for the masses. As…
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Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
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Shocking poverty report exposes Thailand’s hidden crisis: Top 10 struggling provinces revealed
In a groundbreaking summit titled Bridging the Gap: Thailand’s Path to Inclusive Prosperity, the National Economic and Social Development Council (NESDC), in collaboration with the World Bank, has unravelled an alarming reality about poverty persisting in certain provinces despite an overall reduction in inequality. According to the latest assessment of Thailand’s situation last year, the nation has witnessed a commendable…
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Phuket’s phenomenal rise: From tropical paradise to global hub
In the wake of a robust global economic resurgence, Phuket has emerged as a magnet for inbound migration, shaping a vibrant and eclectic international community in the heart of Asia, reveals C9 Hotelworks’ latest expansive investment dossier on Phuket’s economic landscape. Managing Director of C9 Hotelworks Bill Barnett stated… “With a tourism and property market in full throttle, we’re witnessing…
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