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 sees more businesses go bankrupt over past 7 months
The Business Development Department (BDD) under the Commerce Ministry revealed yesterday that more than 7,500 businesses in Thailand went bankrupt in the past seven months. The number of bankruptcies increased by 24% compared to the same time last year while the number of new businesses is also expected to decrease said the BDD. BDD Director Tossapon Tangsuboot made public business…
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SCB-Bitkub deal fizzles as young investors lose big on crypto
As the crypto market cools and young, naïve investors lose big, the deal for Siam Commercial Bank Group (SCB) to acquire a majority stake in Thai digital asset exchange Bitkub Online has fallen apart. The deal, announced in November of last year, pushed Bitkub Online’s value over US$1 billion and drove the company’s cryptocurrency to triple in value overnight. SCB’s…
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Household debt hits all-time high, nearly 100% of Thais have debt
A Thai household debt survey this year revealed that almost every person in Thailand has household debt. But that’s not all, the average household debt hit an all-time high in the kingdom. Today, the Centre for Economic and Business Forecasting of the University of the Thai Chamber of Commerce revealed the survey results, saying nearly 100% of Thai people had…
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Save power – government will pay half to clean your aircon
To help people struggling with the rising costs of electricity, the Thai government has offered to cover half the cost of having your aircon cleaned. A dirty air conditioner with a clogged filter can be unhealthy, and can significantly increase your aircon bill, so the Electricity Generating Authority of Thailand (EGAT) is repeating its previous “Clean Your Air for the…
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Instant noodles, a staple budget food, fighting to increase prices
There is perhaps no symbol more synonymous with living on a tight budget than dining cheap with a cup of ramen instant noodles. So it’s an extra kick for those struggling during this time of hyperinflation in Thailand and around the world that instant noodles manufacturers have requested expedited permission to raise prices on their products. The Internal Trade Department…
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Electricity prices soar 18% to 4.72 baht per unit next month
Electricity prices are already at a record high rate of 4 baht per unit, topping an eight-year old record, and have now been approved to surge another 18%. When global oil prices rocketed up to US$110 per barrel in 2014, Thai energy prices hit 3.96 baht per unit. Coming out of the Covid-19 pandemic, the demand for all forms of…
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After poor South Koreans die in flooded basement home, will there be change?
After a poor South Korean family died after being trapped in a flooded basement apartment this week, authorities are discussing changes to poor areas of Seoul. Across the capital city, 13 people were killed because of the floods. The family of three who died in the basement home included a woman in her 40s with down syndrome, the woman’s sister,…
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Thailand getting high on cannabis boost to tourist economy
Thai Prime Minister Prayuth Chan-o-cha recently reported the government is expecting about 10 million tourists to hit the kingdom before the end of the year and it reports are true, most of them plan on getting high. The Thai government removed cannabis and hemp plants from its banned narcotics list on June 9 leaving people in Thailand free to grow and…
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US’s Chips & Science Act good news for Thailand’s car industry
The Federation of Thai Industries (FTI) made it known yesterday that they feared China’s trade embargo with Taiwan would affect business in Thailand, particularly in the automobile industry. The FTI said the car industry was anxious China would deny Taiwan the raw materials Thailand needed to make semiconductors that the Thai transportation business is dependent on. Those fears remain in…
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Thailand’s hotels are short on workers
The majority of Thai hotels surveyed recently admitted they are short on workers, according to the Thai Hotels Association. About 68% of 118 hotels surveyed said they are short-staffed. The workers needed include maids, receptionists, cleaners, cooks, waiters, and technicians. The survey was conducted from July 17-25. The reason not enough people are seeking hotel jobs may likely have to…
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Thailand to exploit the mini trade war between Taiwan & China
Thailand is looking to exploit the strained relationship between China and Taiwan exacerbated by the visit of Nancy Pelosi to Taipei on Tuesday. Reports circulating in the media say that China is to embark on a mini-trade war with Taiwan to economically punish them because of Pelosi’s visit, and plans to suspend the import of 35 foodstuff categories from the…
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Thailand pitches in to help Sri Lanka in its time of crisis
Thailand is pitching in to help Sri Lanka in its tumultuous economic crisis. Thailand’s Foreign Ministry announced yesterday that the country has donated medicines, medical supplies, food, and financial support to Sri Lanka. Several departments made donations adding up to about 5 million baht, while the Foreign Ministry donated another 1.3 million baht worth of medical supplies to Sri Lanka.…
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Sri Lanka’s children face malnutrition
More and more children in Sri Lanka face malnutrition as the country’s economic crisis is spiralling out of control. Now, government agencies along with UN agencies are seeking donations for the island nation’s children. Sri Lanka’s Ministry for Women and Child Affairs is seeking private donations to feed possibly several hundred thousand children. The ministry’s secretary, Neil Hapuhinne, said that…
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