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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Global economy to grow in 2024, Thai leaders face new challenges
The global economy is projected to grow in 2024, according to forecasts by leading business groups and the World Bank. However, Thai leaders are expected to navigate new challenges such as bridging generational gaps in conversations and encouraging younger workers to mentor older employees on new technologies. Meanwhile, the stress levels among all employees are at an all-time high, triggering…
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PM Srettha: Digital wallet scheme will go ahead despite postponement
The eagerly anticipated 500 billion baht digital wallet handout scheme, publicised as the government’s economic lifeline, faces an unexpected delay. Prime Minister Srettha Thavisin announced yesterday, January 19, that the launch of the 500-billion-baht initiative will be postponed pending an inquiry by the National Anti-Corruption Commission (NACC). Brushing off rumours of incorporating the scheme into the 2025 budget, PM Srettha…
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Thai PM pushes for minimum wage raise
Prime Minister Srettha Thavisin declared yesterday that Thailand must abandon its reliance on low labour costs to entice foreign investments, pushing for a raise in the country’s minimum wage. Addressing a panel discussion titled Learning from ASEAN at the World Economic Forum in Davos, PM Srettha emphasised a paradigm shift in priorities. “Low labour cost should not be the attracting…
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Thai commerce minister targets US for premium rice exports boost
Thai Commerce Minister Phumtham Wechayachai, during his visit to the US, affirmed his determination to boost exports of premium rice and other food products from Thailand. His ambition is to amplify exports of rice and food items from the Land of Smiles by 1.75 billion baht. The US, Thailand’s second largest trading partner and the principal importer of Thai hom…
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Thailand’s central bank bans prepayment charges in new lending regulation
The Bank of Thailand (BoT) has introduced a new responsible lending (RL) regulation that bans charges for debt prepayment and restructuring across all consumer loan products. The regulation, which comes into effect on January 1, impacts various financial institutions such as banks, non-banks, asset management companies, and specialised financial institutions. However, the ban does not apply to fees for mortgage…
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Electricity bills set to stay steady despite global turmoil
In an exclusive update from the Energy Regulatory Commission (ERC), consumers can breathe a sigh of relief as Secretary-General Komkrit Tantravanich guarantees minimal disruption to household electricity bills. Komkrit reassures the public that from May through August, electricity rates will hover between 4.20 to 4.25 baht per unit. Moreover, this promising price stability is linked to a surge in natural…
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Thai Cabinet ratifies 3.6 trillion baht budget for fiscal year 2025
The Thai Cabinet ratified a 3.6 trillion baht budget for the fiscal year 2025. This sees an expansion of the budget deficit to 713 billion baht, a 2.89% increase from the previous year. The new budget was approved by the Cabinet on Tuesday, following its presentation by the Budget Bureau. It was announced by the Deputy Government Spokesperson, Rudklao Suwankiri.…
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Cabbages cash in: Korat farmers cultivate green gold for speedy harvest and sweet profits
Farmers in Korat are turning to the cultivation of cabbages due to their short life cycle, quick harvest, and attractive returns. This shift has been motivated by a departure from traditional crops like potatoes and sugarcane. Farmers are attracted to cabbage farming because it guarantees quick cash flow compared to other crops that take longer to mature and sell. In…
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Thai government’s 500 billion baht Digital Wallet Scheme hangs in the balance
The eagerly anticipated meeting of the Digital Wallet Committee has been abruptly postponed. Commerce Minister Phumtham Wechayachai revealed that the delay hinges on the National Anti-Corruption Commission’s (NACC) awaited verdict. Council of State’s Secretary General, Pakorn Nilprapunt advocated for the committee to seek input not just from the Council of State but also from the NACC. Last week, the Council of…
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Thai coconuts take China by storm: How RCEP sparks culinary craze
Thai coconuts have become a sensation, captivating the taste buds of the vast Chinese market. Since the initiation of the Regional Comprehensive Economic Partnership (RCEP) in 2022, these delectable coconuts have found their way into an array of Chinese dishes, from cakes and coffee to hot pot extravaganzas. Two years on, the RCEP has not only transformed the economic landscape…
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Bank of Thailand maintains policy rate for economic revival
The existing policy rate of the Bank of Thailand is deemed suitable for the nation’s economic revival, while inflation is anticipated to remain within its target range, according to the central bank. This decision, the Monetary Policy Committee (MPC) of the central bank states, is based on a comprehensive analysis of various scenarios. Piti Disyatat, Assistant Governor and MPC Secretary…
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Thailand’s chat commerce predicted to hit 1.14 trillion baht by 2028
Chat commerce in Thailand is expected to reach a staggering 1.14 trillion baht by 2028, according to predictions by Line Thailand. This substantial increase, up from 462 billion baht in 2023, represents a compound annual growth rate of 19.2%. Jirat Watanakarin, who heads e-commerce growth and strategy at Line Thailand, said Thailand is one of the world’s largest markets in…
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Bank of Thailand resists calls for policy adjustments amid economic slump
The Bank of Thailand (BoT) countered government calls for monetary policy adjustments to stimulate the country’s slumping economy. Piti Disyatat, BoT Assistant Governor, stated today, January 15, that interest rates, already quite low compared to global standards, are not the solution to an economy being pummelled by external factors like dwindling global demand. Piti emphasised that the country’s lacklustre economic…
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Taxing choices: Thai Excise Department ponders single rate or weighty decision for cigarettes
Ekniti Nitithanprapas, Excise Department Director-General, announced that the department is deliberating over whether to implement a single tax rate or a weight-based tax for cigarettes. Currently, the tax structure is a two-tier system, with a 25% tax applied to cigarette packs retailing at up to 72 baht (US$2), aimed at reducing the impact on low-income individuals. Packs costing more than…
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Rice rivalry: India’s export ban grains optimism for Thai prices
The ongoing ban on white rice exports in India is bolstering the optimism of local shippers that Thai rice prices will remain relatively high during the first half of this year. Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association, expressed that global market prices are likely to stay around US$600 per tonne, a rate not seen in…
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Thai Prime Minister to woo global giants at World Economic Forum
Thailand Prime Minister Srettha Thavisin is set to meet with several leading global private companies, confident that these interactions will attract further trade and investment from abroad. These meetings will take place during the World Economic Forum (WEF) of 2024 and are expected to significantly benefit the Thai economy. Chai Watcharong, Prime Minister Office spokesperson, revealed that during the WEF…
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Boxed milk prices set to rise due to increased raw milk costs
The Internal Trade Department under the Commerce Ministry is poised to consider and approve a potential rise in boxed milk prices, following a request in alignment with increased raw milk production costs. The move comes on the heels of the Milk Board’s recent approval to hike the median ex-factory rates for raw cow’s milk by 2.25 baht (US$0.064) to reach…
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Easy e-receipt scheme may not boost Thai tourism says hotel association
The recently introduced Easy E-Receipt scheme, aimed at boosting tourism spending by offering tax rebates, may fall short of its goal, according to hotel operators. Marisa Sukosol Nunbhakdi, Thai Hotels Association (THA) president, argues that the scheme might instead push eligible individuals towards purchasing consumer products. She highlighted that a significant number of hotels and airlines are yet to adopt…
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Thai-llywood lights, camera, baht! 2023 sees record of 6.6 billion baht roll in from film shoots in Thailand
A record-breaking 6.6 billion baht was generated by over 466 film shoots in Thailand in 2023, marking an impressive 40% increase in revenue from the previous year. This remarkable upturn was largely credited to the production of high-budget films, including a blockbuster with a budget of 3 billion baht. Jaturon Phakdeewanit, the head of the Tourism Department, noted the significant…
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Thailand to boost tourism to drive economic growth
The Tourism Authority of Thailand (TAT) is on a mission to stimulate tourism, focusing on boosting revenue in 55 secondary provinces by a staggering 20%, aiming for a grand total of 91 million trips this year. This ambitious goal, however, falls short of the mark for key provinces. For the first nine months of the previous year, the 55 secondary tourism…
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Em District sees retail growth amid economic uncertainty in Thailand
Despite the economic uncertainty, Em District, the retail operator, witnessed growth from high-spending customers at its three malls in the final quarter of 2023. The chief executive, Kriengsak Tantiphipop, confirmed that Thailand continues to attract foreign tourists, leading to increased footfall from both local and international visitors, particularly high-spending independent tourists. Kriengsak observed that while the influx of Chinese tourists…
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CPN predicts 20% retail sales surge due to Chinese New Year and tax scheme
Central Pattana (CPN), a SET-listed firm, is forecasting a 20% surge in retail sales for the first quarter, attributing the anticipated boost to the Chinese New Year festival and the Thai government’s Easy E-Receipt scheme. The company predicts a cash flow of 15 billion baht across all Central shopping mall branches. Nattakit Tangpoonsinthana, the chief marketing officer of CPN, expressed…
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JSCCIB urges BoT to cut high interest rates amid economic threats
As the economy grapples with internal and external threats, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) called on the Bank of Thailand (BoT) to reduce interest rates. The high interest rates are causing a surge in borrowing costs, amidst a volatile recovery due to the global economic downturn. These views were expressed by Sanan Angubolkul, chairman of…
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Innobic divests Alvogen Malta shares, refocuses on Asia-Pacific pharmaceutical market
In a strategic move to refocus its pharmaceutical sector, Innobic (Asia) Co, the life sciences division of the PTT Plc national oil and gas conglomerate, has entirely divested its shares in Alvogen Malta (Out-licensing) Holding (AMOLH). The shares were acquired by Floki Holding Société à Responsibilité Limitée, a healthcare and pharmaceutical firm based in Luxembourg. The transaction is expected to…
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Thai PM denies hold up with digital wallet plan
The government remains undeterred as it stands firm on its 10,000-baht digital wallet scheme, scheduled for a May launch, despite legal challenges. Prime Minister Srettha Thavisin promised a consensus after seeking opinions from key players. “We stand by the original timeframe.” The Council of State recently weighed in on the legality of the government’s plan to borrow a hefty 500…
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Chinese tourists search for new experiences in Thailand
Tourism Authority of Thailand (TAT) reveals that travel trends of Chinese tourists have shifted, no longer visiting Thailand in large tour groups. Data from the TAT and ATTA roadshow to China 2023 revealed a seismic shift towards independent and small-group travel, with groups of six to eight stealing the show. Nonglux Yooyendee, the director of TAT’s Shanghai office disclosed that…
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Thailand to boost trade with India
The Commerce Ministry is joining forces with the government’s Team Thailand to boost economic growth by tapping into the vast potential of India. The aim is to boost exports to India by an impressive 4% this year. Deputy Commerce Minister Napintorn Srisunpang highlighted the allure of the Indian market, citing its robust economic growth, resilient domestic consumption, and active industrial activity.…
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IMF predicts six top global economies in 2024 to be from Sub-Saharan Africa
Six of the top-performing global economies in 2024 will be from Sub-Saharan Africa, predicts the International Monetary Fund (IMF). Despite the limited scale of these economies, they’re contributing positively to a region plagued by poverty and inequality. The economic growth of this region is set to rise from 3.3% in 2023 to 4% in 2024, with standout performances from Ivory…
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Phuket governor proposes 191 million baht infrastructure and digital modernisation plan
It was a bustling day at Phuket Provincial Hall last Friday as local government office chiefs and private sector representatives gathered to confirm a series of new infrastructure developments to be proposed at the upcoming mobile Cabinet meeting in Ranong on January 22-23. At the helm of this ambitious endeavour is Phuket Governor Sophon Suwannarat, who intends to seek approval…
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Oil prices dip over 1% due to Saudi cuts and increased Opec production
Oil prices experienced a significant drop today, with a decrease of over 1% due to the substantial price reductions introduced by Saudi Arabia, a leading exporter, coupled with an increase in the Organization of the Petroleum Exporting Countries (OPEC) production. These factors successfully counterbalanced concerns about the growing geopolitical tension in the Middle East. During early trading, Brent crude saw…
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