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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Economic hurdles hamper Thailand’s tourist market recovery despite visa exemptions
Tourism operators have indicated that economic challenges are hindering the recovery of tourist markets from China, Taiwan, and India, despite Thailand’s recent introduction of visa exemptions. These exemptions, implemented for Chinese visitors since September 25, have had limited effect due to perceptions of Thailand as unsafe and China’s sluggish economic growth, according to Thanet Supornsahasrungsi, ex-president of the Chon Buri…
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Thai PM evaluates potential wage increase for civil servants without price hike
Prime Minister Srettha Thavisin yesterday declared that an evaluation was underway to determine the feasibility of increasing wages for civil servants and government employees. However, he dismissed the notion that such a hike would lead to a rise in consumer goods prices. The prime minister’s comments came in response to inquiries concerning the potential inflationary effects of the proposed wage…
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Thailand’s inflation drop fuels economic slowdown fears
Concerns are heightening among analysts over Thailand’s first year-on-year inflation decline in 25 months. The drop in the Consumer Price Index (CPI) is viewed as an indication of increasing risks of economic deceleration and deflation. BofA Securities, previously known as Bank of America Merrill Lynch, highlighted that the inflation figure for October signified the first year-on-year decline since August 2021.…
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ICONSIAM’s billion baht renovation: M and first floors set for stunning transformation
ICONSIAM Mall is preparing a substantial investment of 1 billion baht for a significant renovation of the complex, set to start in July 2024. The refurbishment is specifically targeted at the M and first floors of ICONSIAM, with the project expected to run until mid-2025. The company’s managing director, Supoj Chaiwatsirikul, explained that the ICONSIAM billion baht renovation will adjust…
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Inflation rate in Thailand dips for first time in over two years
The Commerce Ministry of Thailand announced today that the country’s inflation rate has dipped for the first time in 25 months, primarily due to a drop in energy and food prices. This development is attributed to the government’s support measures. The consumer price index (CPI) noted a 0.31% reduction in October, compared to the same period last year. This contrasted…
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NIDA poll unveils Thailand’s digital wallet desires
The National Institute of Development Administration (NIDA) conducted a poll regarding the upcoming digital wallet handout scheme, gauging the sentiment of 1,310 respondents aged 18 and older from a wide variety of social backgrounds between October 31 and November 2. The results revealed a widespread belief that the government’s 10,000-baht digital cash handout should be extended to all Thais, regardless…
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Thailand economy: Fiscal position to suffer due to government policies like digital wallet scheme
Thailand’s fiscal position is predicted to face a downturn in the medium term, according to analysts, as the government advances populist policies such as the digital wallet scheme. BMI, a division of Fitch Solutions, forecasts that the nation’s budget deficit will escalate from 2.9% in the current fiscal year to 3.6% in the following fiscal year. This is due to…
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Thailand sees 2.3% rise in fuel consumption amid economic growth
Thailand has witnessed a 2.3% surge in fuel consumption in the initial nine months of this year, averaging at 154 million litres daily, in harmony with the country’s economic expansion, according to the Department of Energy Business. There was an upswing in the demand for most fuel types, except for diesel, which saw a minor decline of 4.5% to 69.2…
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Economic resilience in question: Thailand’s situation amid Middle East conflicts
Sethaput Suthiwartnarueput, the governor of the Bank of Thailand, addressed a business seminar today, emphasising the need for Thailand to bolster its economic resilience to secure sustainable growth. He warned that economic stability should not be taken for granted, particularly considering the potential high-risk side effects that conflict in the Middle East could pose. Thailand, the second-largest economy in Southeast…
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Economic reformation in action: Thailand open for foreign investments amid polycrisis
Prime Minister Srettha Thavisin declared Thailand’s openness to foreign investments and readiness to collaborate with the private sector for an economic reformation to create an inclusive and sustainable future. Speaking on Wednesday at the Foreign Industrial Club Gala Dinner, the Thai PM’s speech, titled Reformation of Thai Economy Amidst Polycrisis, was summarised by government spokesperson Chai Wacharonke. The 61 year…
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Thailand tourism aims for 2.38 trillion baht target with late-year surge
Aiming to achieve its revenue target of 2.38 trillion baht, Thailand’s tourism sector is pushing ahead in the last two months of the year. The Tourism Authority of Thailand (TAT) announced that the total takings for the first ten months stood at 1.67 trillion. TAT’s governor, Thapanee Kiatphaibool, outlined plans to stimulate the sector further, with a focus on intensifying…
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Thailand’s proposed land bridge project could boost various sectors
The potential implementation of the proposed land bridge project in Thailand could significantly benefit sectors such as contractors, industrial estates, transport, and finance, according to industry analysts. The project, which has been under discussion by various governments for four decades, aims to connect the Andaman Sea to the Gulf of Thailand, specifically via the provinces of Ranong and Chumphon. The…
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Thai exports set for boost from cars, electronics and agriculture
With a forecasted lethargic overall performance in 2023, Thai exports are set to be propelled by automobiles, auto parts, electronics, and agricultural products in the concluding quarter of this year, according to the Federation of Thai Industries (FTI). The FTI anticipates a rising global demand for these products, which should invigorate Thai exports that have been sluggish for several months.…
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Thailand’s economy set to grow despite potential export decline
A prominent joint business group announced today that Thailand’s economy is set to grow by 2.5% to 3.0% this year, a prediction consistent with their previous forecast. This anticipated growth is attributed to government support measures and the tourism industry. However, the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), which represents these sectors, warned of a potential decline…
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Phuket’s nightlife venues to stay open till 4am boosting tourism and economy
Phuket Governor Sophon Suwannarat called upon local authorities to prepare themselves for the island’s nightlife venues, which remain open until 4am. This directive was issued during a meeting at Phuket Provincial Hall, where officials were instructed to identify the precise areas or zones where the late-night operations would be applicable. The urgency for Phuket’s officials is palpable. Deputy Prime Minister…
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Thai MPI faces contraction amid global conflicts and tourism slump
The Office of Industrial Economics (OIE) anticipates a contraction between 4% to 4.5% in the Thai Manufacturing Production Index (MPI) this year due to less-than-projected tourism growth and geopolitical conflicts impacting the global economy. In contrast, the MPI was projected to shrink by 2.8% to 3.8% in July. The OIE further predicts a contraction of 2.5% to 3% in the…
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Thai economy’s Q3 bounce-back: Warming up after a cool Q2
The Thai economy’s growth rate for the third quarter of this year is anticipated to surpass that of the second, according to the Bank of Thailand. This forecast comes after the nation’s economic expansion fell short of the central bank’s estimations for the preceding quarter. Chayawadee Chai-anant, the assistant governor for the corporate relations group at the central bank, reported…
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Trade negotiations with EFTA set to boost Thai GDP
The Trade Negotiations Department of the Commerce Ministry gears up for the seventh round of trade negotiations with the European Free Trade Association (EFTA), to seal the deal by mid-2024. The announcement was made by Auramon Supthaweethum, the director-general of the department, who confirmed that the negotiations will take place from November 6 to November 9 in Geneva, Switzerland. The…
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Government’s digital wallet scheme delayed amid sustainability concerns
A seven-month delay is set to affect the government’s digital wallet scheme, with the expected launch now projected around September of next year, according to an adviser to the prime minister. Pichai Chunhavajira, while addressing a Senate-organised forum on the scheme, voiced that the policy is a vital economic stimulant but doubted its implementation in February as initially planned. The…
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Thailand persists with 10,000-baht digital money giveaway to reboot economy
The Thailand government is standing firm on its decision to proceed with the 10,000-baht digital money giveaway, despite various calls for its reconsideration. The government maintains that while the specifics of the project can be tweaked, the fundamental principle of using it as a tool to reboot the economy remains steadfast. According to Deputy Prime Minister Phumtham Wechayachai, the Thai…
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Thai Airways sees surge in bookings despite pandemic and global conflict
Thai Airways International (THAI) reported a surge in bookings on its European and Australian routes for the fourth quarter of this year, signalling a robust recovery for the airline even amid an ongoing pandemic. Despite the broader global economic slowdown and the Israel-Hamas war, these routes have witnessed heavy bookings. However, the Chinese market remains slow, possibly due to various…
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Investment ties strengthened: Parnpree’s mobile meeting proposal for Thai-Vietnam relations
Parnpree Bahiddha-Nukara, the Foreign Affairs Minister, yesterday proposed the reinstatement of mobile meetings to bolster investment ties between Thailand and Vietnam. The proposal came about during a meeting with Pham Minh Chinh, the Prime Minister of Vietnam, concluding Parnpree’s two-day official visit to the neighbouring nation. The visit, which kicked off on October 25, marked Parnpree’s inaugural official trip since…
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Thailand’s business travel bounce-back: TCEB predicts 2024 revival, 2019 return by 2025-26
The Thailand Convention and Exhibition Bureau (TCEB) forecasts a business travel sector revival by 2024, with 23.2 million travellers expected. However, it predicts a business travel return to the pre-pandemic levels of 2019 only by 2025 or 2026 due to global economic unpredictability. TCEB’s president, Chiruit Isarangkun Na Ayuthaya, revealed that their business travel revival strategy will focus on stimulating…
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Thai Cabinet fuels up for savings: Gasohol 91 prices set to drop
The Thai Cabinet today gave initial approval for a 2.5 baht per litre reduction in the price of gasohol 91 for three months, likely to start from October 31, as stated by the Thailand Energy Minister. Thailand Energy Minister Pirapan Salirathavibhaga confirmed that this price cut would be facilitated by a 2.5 baht per litre reduction in excise tax, a method…
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Impending drought poses significant threat to Thai export sector
The Thai economy braces for another challenge as impending drought threatens its critical export sector, following last month’s extensive flooding. Despite an improvement in exports in August, marking a recovery from an 11 month decline, the impending drought could significantly impact food manufacturing and shipments. The Federation of Thai Industries (FTI) highlighted concerns over the potential repercussions of water shortages…
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Thailand’s future so bright, it’s gotta rock Ray-Bans
The future’s looking so bright for Thailand that it’s gotta wear shades, and not just any old shades, preferably Ray–Ban sunglasses. Fortunately, for residents in the Land of Smiles, EssilorLuxottica, the renowned creator of Ray-Ban sunglasses, has recently inaugurated a state-of-the-art factory in eastern Thailand, poised to serve as a prominent production centre for the Asia-Pacific region. Located in Rayong…
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Sunny-side up: Thai exports set to crack 3.6% growth in 2023
Positive prospects are forecasted for Thai exports next year, with an anticipated growth rate of 3.6%. This rebound follows a projected 2% drop this year, according to a recent report by the University of the Thai Chamber of Commerce (UTCC). UTCC’s president, Thanavath Phonvichai, attributes this optimistic projection to several factors including lower interest rates and easing inflation globally, which…
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NIA Reform: Thailand supports startups and SMEs market entry
The National Innovation Agency (NIA) reformed its financial assistance measures, shifting focus towards aiding startups and small and medium-sized enterprises (SMEs) in getting their products to market, rather than simply supporting the development of prototypes. This year, the state agency has allocated 300 million baht to support these businesses, to generate a 3 billion baht economic and social impact, which…
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Thong Fah outlets to join online food delivery platforms for cheaper fare
Future talks are in the works between the Internal Trade Department and multiple food delivery platform operators such as Thong Fah food outlets. The goal is to integrate Thong Fah (Blue Flag) outlets into their online systems. These outlets sell food at low prices, potentially helping customers save on daily food costs. Wattanasak Sur-iam, the Internal Trade Department’s director-general, revealed…
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Thai ‘super app’ set to launch with 10,000-baht digital wallet scheme
The completion of a multi-purpose mobile application, or super app, is on track for early next year, coinciding with the launch of the 10,000-baht digital wallet initiative, as announced by Deputy Finance Minister Julapun Amornvivat. The mobile app is designed as a comprehensive solution, with developers assuring its readiness for the digital wallet scheme’s rollout, expected between February and March…
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