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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Concerns raised over legality of govt’s digital wallet borrowing plan
The Bank for Agriculture and Agricultural Cooperatives’ (BAAC) labour union raised concerns about the government’s plans to borrow 172.3 billion baht (US$4.7 billion) from the bank to fund a digital wallet handout scheme. The union is questioning the legality of this plan and has sought guidance from the State Enterprise Policy Office, the Bank of Thailand, and the Council of…
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Gold prices hit new record in Thailand amid market volatility
Gold prices in Thailand skyrocketed, setting a new all-time high record, reflecting a sharp increase of 750 baht from the previous day’s closing rate. The surge occurred amidst volatile market conditions, with the Gold Traders Association (GTA) announcing five price changes within the first 35 minutes of the trading day, starting with an initial hike of 700 baht at 9am.…
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Thailand and Vietnam strategic partnership for mutual growth
Thailand and Vietnam have forged a Comprehensive Strategic Partnership, a relationship focusing on meeting bilateral trade objectives, implementing sustainable development plans, strengthening political-diplomatic and defence security collaboration, and enhancing benefits in people-to-people areas. The announcement was made during the 5th Joint Commission on Thailand-Vietnam Bilateral Cooperation held in Bangkok, co-chaired by Thailand’s Foreign Minister, Parnpree Bahiddhanukara, and Vietnam’s Foreign Minister,…
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Thailand revolutionises agriculture with nine policies
Thailand is gearing up for an agricultural revolution with nine bold policies aimed at transforming its farming sector into a global powerhouse. Thailand’s Minister of Agriculture and Cooperatives, Thamanat Prompow, unveiled these game-changing strategies during a seminar geared towards positioning Thailand as a premier destination for agriculture and food. Backed by Prime Minister Srettha Thavisin’s visionary Ignite Thailand agenda, these…
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Thai government’s 500-billion-baht digital wallet scheme launches this quarter
Prime Minister Srettha Thavisin announced yesterday that the government’s 500-billion-baht digital wallet initiative will be launched in full swing in the fourth quarter to stimulate economic growth. This flagship policy of the ruling Pheu Thai Party plans to distribute 10,000 baht to 50 million Thai citizens for spending within their local communities over six months. PM Srettha, who also serves…
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Thai construction firm ITD seeks additional financial backing
Financially beleaguered construction company Italian-Thai Development (ITD) hopes to receive more financial backing from lenders to complete over 100 ongoing construction tasks while also vying for additional projects from the now active 2024 fiscal budget. ITD, listed on the Stock Exchange of Thailand (SET), has plans in the pipeline to offload its non-performing assets, including Asia-Pacific Potash Corp. Meanwhile, a…
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Thailand faces first consumer confidence dip in eight months
A recent survey has revealed a decline in Thailand’s consumer confidence for the first time in eight months. This dip in March is attributed to a sluggish economic recovery and escalating living expenses. The University of the Thai Chamber of Commerce (UTCC), which conducted the survey, reported a decrease in the consumer index to 63.0 in March, down from 63.8…
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Splashy Songkran: Thai restaurant sales set to surge despite economic lull
Looking ahead to the upcoming Songkran festival, a trade group predicts a boost in restaurant sales during the second quarter, which could potentially surpass pre-pandemic levels, despite the current stagnant economy. Thaniwan Kulmongkol, President of the Thai Restaurant Association, noted that although the second quarter is typically a slow season for the Thai restaurant industry, the Songkran festival is expected…
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Bank of Thailand likely to cut policy rate, predicts CIMB Thai Bank
The Bank of Thailand (BoT) is predicted to lower its policy rate tomorrow, providing a short-term stimulus to the nation’s economy, which has been hampered by budget disbursement delays. Amonthep Chawla, lead economist at CIMB Thai Bank (CIMBT), believes the central bank’s Monetary Policy Committee (MPC) will favour a reduction in the policy rate at the upcoming meeting, with a…
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Healthy alliance: Thai-US partnership to inject vitality into EEC healthcare
A joint venture is underway between Thailand and the United States, aimed at boosting investments within the healthcare and medical sectors in the Eastern Economic Corridor (EEC). This initiative is designed to support healthcare services for both ageing and young populations while promoting targeted industries. Forecasts from the Thai Health Promotion Foundation indicate a rapid growth trajectory for the medical…
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Potential Australian trade barrier could impact Thai auto exports
The Thai Automotive Industry Association (TAIA) has issued a warning that a prospective trade barrier, set to be imposed on new cars shipped to Australia next year, may impact auto exports. The trade barrier, known as the new vehicle efficiency standard, is a regulation being developed to limit carbon dioxide emissions per kilometre from new cars sold in Australia, according…
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Thailand’s CPI sees sixth consecutive monthly decrease
The consumer price index (CPI) in Thailand has seen a decrease for the sixth consecutive month as of March, as reported by the country’s Commerce Ministry. This marks the 11th month in a row that the CPI has fallen outside the target range set by the central bank, which is between 1% and 3%. March’s CPI dropped by 0.47% compared…
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Thai government’s 500 billion baht digital wallet under scrutiny
The funding sources for the government’s flagship 500 billion baht handout scheme, better known as the digital wallet, will undergo careful consideration, ensuring that public debt remains manageable, a senior government official stated today. This scheme is a crucial campaign pledge of the ruling Pheu Thai Party, intending to distribute 10,000 baht to 50 million Thai citizens to stimulate local…
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Government’s debt hike prompts caution from agencies
Ratings agencies issued cautionary statements following the surprise decision this week by the government to increase its debt in a bid to stimulate the economy. The move, which may compromise the government’s fiscal consolidation efforts, is likely to stimulate short-term growth. The medium-term budget plan was revised by the Cabinet on Tuesday, causing a rise in the deficit next fiscal…
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Vinfast challenges Chinese targeting Southeast Asia’s EV market
Vinfast, a Vietnamese electric vehicle (EV) producer, is contending with Chinese automobile manufacturers to market its EVs within Southeast Asia, leveraging the ASEAN Free Trade Agreement (AFTA). The firm eyes Thailand as the initial export venue, based on the country’s fast-growing EV market which promises lucrative business opportunities, according to Vu Dang Yen Hang, chief executive of Vinfast Auto (Thailand).…
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Analysts predict BoT to maintain policy rate despite weak baht
There’s a growing consensus among financial analysts that the Bank of Thailand (BoT) won’t lower its policy rate during its April 10 meeting, despite a weakening baht and economic outlook. This perspective is strongly held by Kasikorn Research Centre (K-Research), according to Kanjana Chockpisansin, the head of research. Kanjana stated that they believe the BoT’s Monetary Policy Committee (MPC) will…
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Thai economy forecasts growth between 2.8% and 3.3%
The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports. Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected…
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Thailand plans to extend minimum wage increases to more regions
Prime Minister Srettha Thavisin announced yesterday that the government intends to extend minimum wage increases to additional regions and business sectors. This follows the wage increase approved for specific parts of 10 provinces set to take effect from April 13. The 62 year old Thai prime minister further commented that regular Cabinet meetings will be conducted to ascertain which regions…
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Thai government plans 7% VAT on imported goods from May
The Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May. Currently, goods sold for less than 1,500 baht (US$40) per parcel and imported into Thailand are exempt from VAT. Deputy Finance Minister Julapun Amornvivat announced these plans after…
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Diesel climbs to 30.49 baht, Thai govt ponders support measures
Diesel prices in Thailand have experienced a 50 satang per litre increase, prompting the prime minister to call for a meeting to discuss countermeasures following the retail price adjustment today. Previously, the Ministry of Energy and the Ministry of Finance had jointly managed retail pricing through a tax reduction mechanism to cap diesel prices at 30 baht per litre, a…
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World Bank predicts 2.8% economic growth for Thailand
The World Bank predicted a modest economic growth of 2.8% for Thailand in 2024, with an acceleration of 3.0% in 2025. This forecast announced today, April 1, is underpinned by the nation’s struggling exports and a postponed budget. This projection for 2024 and 2025 marks a decrease from the previously estimated figures of 3.2% and 3.1%, respectively, set in December.…
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Sony sparks economic surge with billion-baht investment in Thailand
Sony Semiconductor Solutions today declared a billion-baht investment in Thailand to boost the nation’s stuttering economy. The announcement, which came to light on Saturday, March 30, revealed an investment surpassing 2.57 billion baht for the construction of a manufacturing factory. The manufacturing site is slated for completion by March 2025. According to reports, it will be tasked with the production…
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