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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Power play: Thailand plugs into cutting electricity costs
The Government of Thailand is actively exploring methods to reduce electricity costs, as suggested by former Prime Minister Thaksin Shinawatra, according to Deputy Prime Minister Pichai Chunhavajira. Responding to Thaksin’s remarks, the de facto leader of the ruling Pheu Thai Party, Pichai noted that Thaksin had assured voters in Chiang Rai of the government’s intention to decrease energy prices to…
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Thailand revives trade with Pakistan in major economic pact
After a decade of silence, Thailand and Pakistan are back at the negotiating table, reigniting hopes for a booming trade partnership. The two nations have agreed to resume talks under their Joint Trade Committee (JTC) at the ministerial level, with Thailand hosting the next round of discussions later this year. In a recent meeting between Thailand’s Minister of Commerce, Pichai…
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Thailand’s N3 lottery might be scrapped due to poor sales
The Finance Ministry is evaluating the future of the N3 lottery due to its lacklustre public response since its introduction last November. Deputy Finance Minister Julapun Amornvivat announced yesterday, January 7, that the three-digit lottery (N3), designed to rival illegal lotteries and expensive six-digit tickets (L6), has not met expectations during its trial phase. Introduced on November 1 as part…
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Elderly cash windfall: Thai govt handouts confirmed by January 29
The Thai government has officially confirmed that elderly citizens will receive their long-awaited 10,000 baht stimulus payments before January 29. Deputy Finance Minister Julapun Amornvivat, spilled the beans during a press conference at the Ministry of Finance today, January 7. “We assure you, the 10,000-baht payments will hit accounts before the deadline. The exact transfer date hinges on a final…
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Scrubs to feathers: Retired nurse rakes in a nest egg with ostriches
A retired nurse from Trang’s Mueang district has traded scrubs for feathers, earning a tidy nest egg by raising ostriches and selling their eggs and chicks. Prachuap Singkerk has transformed a two-rai plot of land next to her home into an ostrich haven, where she cares for nine of the towering birds: four males and five females. These industrious ostriches…
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Thailand’s household debt set to decline faster than expected
The Bank of Thailand is optimistic as the nation’s household debt-to-GDP ratio is projected to fall more swiftly than previously anticipated. This promising outlook is driven by ongoing debt reduction strategies and the introduction of a new debt relief programme. According to the central bank’s latest financial stability report for 2024, there’s a noticeable drop in the household debt-to-GDP ratio,…
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Sweet profit: Lopburi melon farm thrives with high demand
The Orapan Melon Farm in Lopburi province has become a beacon of agricultural success, with its melons in high demand and orders booked well into the next year. Located in the Suratikarn Organic Farmers Group area, the farm cultivates two melon varieties: the Sanwan melon, a Japanese-style fruit with green netted skin and sweet, fragrant flesh, and the Thaihao melon…
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Thailand to revise minimum wage across provinces from January
Thailand is set to implement a new minimum wage structure across its 77 provinces from January 1, 2025. The decision was made following an extensive meeting led by Boonsong Thapchaiyuth, Permanent Secretary of the Ministry of Labour. The meeting, which took place yesterday, December 23 and lasted over five hours, resulted in a unanimous agreement on the new wage rates,…
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Thailand secures South Korean investment in Smart Park project
The Industrial Estate Authority of Thailand (IEAT) has successfully attracted an investment commitment of US$500 million (approximately 17 billion baht) from South Korean investors for the development of Smart Park. The initiative, part of the Now Thailand – The Golden Era campaign, aims to position Thailand as a prime destination for international business ventures. Yuthasak Supasorn, Chairperson of IEAT, welcomed…
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Thailand’s credit card industry faces toughest challenge in 20 years
The credit card industry in Thailand is bracing for its most formidable challenge in two decades, a situation attributed to an anticipated weak economy next year, as highlighted by the Thai Bankers’ Association’s credit card club. Atis Ruchirawat, chair of the club, emphasised that the unsecured loan sector, encompassing credit cards and personal loans, has already felt the tremors of…
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Expensive seafood in Thailand sparks online debate
A customer’s disappointment over an expensive seafood purchase has sparked a heated online debate. After ordering fresh salmon for 200 baht and steamed blue crabs for 120 baht, a woman found her portions to be smaller than expected. The woman’s complaint was met with the vendor’s unapologetic response that this was their standard practice, igniting further criticism from social media…
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Thailand rolls out red carpet with bigger rebates for filmmakers
The Thail Cabinet approved an increase in the rebate offered to foreign film productions, raising it to a range of 15 to 30% to attract more international filmmakers to shoot in the country. This decision, announced by Jirayu Huangsap, spokesperson for the Prime Minister’s Office, is part of a revised strategy to bolster Thailand’s appeal as a filming destination. The…
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Thailand aims to boost trade with Mongolia to 2027 goals
Thailand is gearing up to expand its trade relations with Mongolia, aiming to surpass the 100 million US dollar mark in trade value by 2027. Following discussions with Amarsanaa Tumur, Mongolia’s Ambassador to Thailand, the Minister of Commerce, Phichai Naripthaphan, highlighted efforts to bolster economic cooperation through the Thailand-Mongolia Joint Trade Committee. This initiative aims to open new markets for…
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Thai pig farms face closure risk amid pork oversupply crisis
The Swine Raisers Association of Thailand (SRAT) expressed growing concern that small pig farms could face closure due to an increasing oversupply of pigs, as larger farms aggressively expand their production capabilities. This oversupply issue arises from major pig farms in Thailand continuously boosting their production without aligning with the actual market demand for pork, according to SRAT President Sitthiphan…
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Yasothon man wins 12 million baht in lottery draw
A man from the northeastern province of Yasothon has become a multimillionaire after winning the top prize of 12 million baht in the latest lottery draw. Hailing from Don Sai Mun district, his life changed dramatically with the announcement yesterday, December 16, by the Thai Government Lottery. The winning numbers for the first prize were 097863, with additional prizes including…
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December 16 lottery results announced: 6 million baht first prize
Yesterday’s lottery draw results have been announced, with many eagerly checking their tickets. The winning number for the first prize, worth 6 million baht, is 097863. Additional prize categories include the three-digit front and back numbers, the two-digit numbers, and various other prizes. The first prize was awarded to the ticket with the number 097863, granting the winner a substantial…
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Thai entertainment shines at Singapore’s Asia TV Forum 2024
Thailand’s entertainment industry has made a dazzling splash at the Asia TV Forum & Market 2024 (ATF) in Singapore, proving its growing appeal on the global stage. With a vibrant showcase of films, dramas, and BL series, Thai producers left international buyers and collaborators eager for more. Held from December 3 to 6 at Marina Bay Sands, the event saw…
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Grain of truth: Thailand trails Asia in rice yield race
Thailand’s rice yields are significantly lower than other major Asian rice producers, according to Anon Nonsee, Deputy Director General of the Department of Rice. The average rice yield in Thailand is about 400 to 500 kilogrammes per rai (0.16 hectares), far below Vietnam’s 1,000 kilogrammes per rai and China’s 1,000 to 1,200 kilogrammes per rai. While some Thai rice varieties…
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Thailand advised to limit economic stimulus as recovery progresses
The Government of Thailand is being urged to reconsider its approach to economic stimulus as the country’s economy shows signs of recovery. The Thailand Development Research Institute (TDRI) advised against implementing large-scale economic stimulus measures, arguing that the economy is on a path to sustainable growth. Nonarit Bisonyabut, a research fellow at TDRI, likened the private sector’s reliance on government…
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Thailand proposes VAT hike, cuts income tax to boost economy
Finance Minister Pichai Chunhavajira has proposed a shift in Thailand’s tax strategy to bolster state revenue and enhance the nation’s economic standing. The plan includes raising the value-added tax (VAT) while reducing corporate and personal income tax rates. This approach aims to drive national development, increase competitiveness, and address domestic disparities. The Organisation for Economic Co-operation and Development recently set…
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Thai social security wage ceiling set to increase by 2026
The Thai Social Security Office (SSO) is set to revise its wage ceiling, planning an increase to between 17,500 and 23,000 baht. This change aims to enhance pensions and compensation benefits for insured individuals under Section 33, with implementation expected by January 2026. The SSO of the Ministry of Labour opened a public consultation recently to gather opinions on a…
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Phuket cabaret boosts economy with 200 million baht annually
Phuket’s vibrant cabaret scene is being hailed as a significant contributor to the province’s economy, with the potential to generate over 200 million baht annually. Phuket Governor Sophon Suwanrat highlighted the substantial impact of the Simon Cabaret Phuket Show during its reopening in the Kathu district yesterday. This year has marked a resurgence for tourism in Phuket, and the numbers…
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Thai Cabinet approves civil service salary increase proposal
The Thai Cabinet has acknowledged a proposal to adjust the starting salaries for new civil service recruits, with a bachelor’s degree holder earning no less than 18,000 baht and a vocational certificate holder receiving a minimum of 11,000 baht. This adjustment is expected to utilise a budget of 2.67 billion baht. A meeting took place at Chiang Mai Rajabhat University,…
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Rice and shine: Parboiled prices soar as global markets heat up
Global rice markets are heating up as prices for parboiled rice surged this week, driven by robust demand in major export hubs India and Thailand. After three weeks of stability, Indian and Thai exporters are now cashing in on renewed interest, while Vietnamese traders grapple with stagnant sales. India, the world’s largest rice exporter, saw its 5% broken parboiled rice…
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Thai coffee lovers ditch pricey cups amid economic squeeze
Thai coffee drinkers are cutting back on their caffeine budgets as the economic crunch hits hard, with pricey cups over 100 baht losing their flavour. Korn Sanguankeaw, Vice President of the Specialty Coffee Association of Thailand, revealed yesterday, November 26, that cafés offering cheaper brews have seen explosive growth of 60 to 100%. “Consumers prefer coffee priced at 60 to…
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Thai graduates face high unemployment despite stable job market
Thailand’s unemployment rates reveal a concerning trend among university graduates, with 65% unable to secure employment. Long-term unemployment has risen by 16%, and a significant 71.3% of the unemployed have never worked before. Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), announced the findings from the third quarter of 2024, highlighting a relatively stable employment scene.…
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Thailand’s automotive production lowest since pandemic
Thailand’s automotive sector faces a significant downturn in 2024, with the Federation of Thai Industries (FTI) projecting annual vehicle production to hit 1.5 million units, marking the lowest output since 2021’s pandemic-affected figures. Speaking at a briefing today, November 25, FTI automotive industry group spokesperson Surapong Paisitpatnapong announced this second downward revision of the year. The federation had previously lowered…
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Thai PM yet to unveil new stimulus to boost economic growth
After nearly three months in office, Prime Minister Paetongtarn Shinawatra is poised to influence Thailand’s economic growth through a series of new stimulus proposals. These measures aim to address various economic challenges and are anticipated to be unveiled shortly. The National Economic and Social Development Council (NESDC) recently projected Thailand’s GDP growth to be between 2.3% and 3.3% for 2025,…
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Nissan Thailand denies complete shutdown, only partially
Nissan Motors is slashing jobs and scaling down operations in Thailand as it grapples with declining market share and increased competition from Chinese automakers. In a dramatic twist to its global restructuring plan, unconfirmed local reports suggest the Japanese car giant is planning to cut around 1,000 jobs in Thailand—part of a worldwide layoff affecting 9,000 employees announced earlier this…
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Thailand’s 10,000 baht handout: Cashing in to support elderly
The Government of Thailand is moving forward with its plans to distribute financial aid worth 10,000 baht, both in cash and digital form, to specific groups in need. This initiative, led by the Ministry of Finance in collaboration with the Comptroller General’s Department, aims to support elderly citizens aged 60 and above as well as those who have registered through…
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