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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Sponsored 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Chinese city gives out lottery tickets to boost birth rates
Authorities in Xi’an, China, are rolling the dice on love with a jaw-dropping scheme aimed at tackling the nation’s plummeting birth rates. In a bold move to combat China’s declining birth rates, the city of Xi’an is set to splash a whopping 700,000 yuan (equivalent to 3.6 million baht) on lottery tickets, all in the name of encouraging newlyweds to…
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10 regions of Thailand to use new minimum wage calculation
The tripartite Wage Committee has given the green light, by a close vote of 7 to 5, to a new method for setting minimum wages. Ten key regions, including the bustling metropolis of Bangkok, are set to pioneer this transformative change from April onwards. The freshly endorsed formula marks a paradigm shift, incorporating elements such as labour productivity, contribution to…
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Over 147,000 sign up for debt relief programme worth billions
Some 147,714 individuals have registered for the Interior Ministry’s debt relief programme within the past three months, an initiative aimed at combating a staggering debt value of 10.74 billion baht, confirmed Permanent Secretary Suttipong Juljarern on Monday. With the registration window, which started on December 1, set to close tomorrow, Suttipong urged those grappling with debt woes to expedite their…
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Thailand aims to become SE Asia’s leading halal hub by 2028
The Thai government greenlit plans to transform Thailand into a leading halal hub in Southeast Asia by 2028, to elevate the nation’s GDP by 1.2%, or approximately 55 billion baht. Prime Minister Srettha Thavisin, speaking after the Cabinet meeting on Tuesday, disclosed the government’s intent to constitute a national halal industry committee and the Thai Halal Industry Centre. The aim…
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Thailand’s border trade faces slowdown amid regional politics
The Federation of Thai Industries (FTI) predicts a slowdown in Thailand’s border trade for the current year due to political turmoil in Myanmar and economic issues in other neighbouring nations. Myanmar, Laos, Malaysia, and Cambodia, nations that share borders with Thailand, are facing obstacles to their economic growth, says Montri Mahaplerkpong, the FTI Vice-Chairman. Among the challenges, he highlights the…
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Franchise frenzy: Commerce Ministry ramps up business game
Aiming to bolster its capabilities, the Commerce Ministry is set to upgrade franchise businesses, hasten the creation of franchise business standards, and foster relationships with domestic and international investors. The strategy is designed to expand the market and stimulate economic value. The Director-General of the Business Development Department under the Commerce Ministry, Auramon Supthaweethum, highlighted the appeal of the franchise…
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Thai life assurance set for 2-4% growth in premiums this year
The Thai Life Assurance Association (TLAA) has set its sights on a projected growth of 2-4% in industry premiums this year, amounting to 640-650 billion baht (US$17.8 billion-18 billion). Health insurance premiums are expected to see a significant rise, likely due to an increased public focus on health and wellbeing. TLAA President, Sara Lamsam, who also holds the position of…
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Thailand optimises on Kazakhstan’s tourism and trade potential
Deputy Foreign Minister of Thailand, Jakkapong Sangmanee, emphasised the government’s optimism about enhanced tourism and trade between Thailand and Kazakhstan. This follows the forthcoming signing of three memoranda of understanding (MoUs) in April. Sangmanee, accompanied by the Tourism and Sports Minister Sudawan Wangsuphakijkosol, led a delegation of Thai investors to Kazakhstan’s capital, Astana, and its largest city, Almaty. During their…
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Thaksin Shinawatra’s return stirs interest in Thailand’s economic policy
Former Prime Minister of Thailand Thaksin Shinawatra is back in the political limelight following his release on parole. His return to his Ban Chan Song La residence in Bangkok, which previously served as his command centre during his time in office, has sparked interest from the business sector. They are keen to understand the potential implications this could have on…
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Beauty pageant stock’s overvaluation concerns
The once-dazzling rally of Miss Grand International Plc (MGI), a beauty pageant organiser, appears to be losing its shimmer as concerns loom large over its increasingly stretched valuation. Since its inception in mid-December at 4.95 baht apiece, the stock catapulted by over 900%, ranking as the second-best performer among new listings in the Asia Pacific region over the past three…
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Pizza company projects 15% sales growth despite food delivery downturn
Despite a challenging economic environment and a downturn in the food delivery sector, The Pizza Company remains optimistic about its growth prospects, projecting a 15% increase in sales this year. This confidence stems from its 20-minute delivery guarantee and strategic initiatives aimed at attracting younger customers. The company, a subsidiary of Minor Food, continues to focus on providing a value-for-money…
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Thai export competitiveness declines with focus on rice market
The Bank of Thailand reports a significant decline in Thai export competitiveness, particularly in global rice markets. Over the last 20 years, the market share of rice shipments has dropped by over 50%. This reduction is a result of persistent structural issues in the export and manufacturing sectors, affecting the Thai economy at large. The bank’s recent report reveals that…
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Vietnam’s rice exports soar towards 178 billion baht milestone
Vietnam’s rice sector is projected for a remarkable milestone of US$5 billion (approximately 178 billion baht) in turnover. Anticipating a rollercoaster ride in the global rice market, experts emphasise the pivotal role of innovation and adaptable export strategies in propelling Vietnam towards its ambitious growth targets. The Ministry of Agriculture and Rural Development underscores the industry’s resilience despite a shrinking…
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Thailand’s future electric vehicles industry workforce
Thailand’s Ministry of Higher Education, Science, Research and Innovation (MHESI) is gearing up to sculpt a formidable workforce of over 150,000 individuals poised to dominate the electric vehicle (EV) industry within the next five years. This electrifying initiative forms the nucleus of the ministry’s holistic strategy aimed at supercharging Thailand’s EV ecosystem. The ministry’s blueprint, announced with much fanfare, is…
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Thai govt to review ASEAN-China FTA amid business concerns
The Trade Negotiations Department and Team Thailand, a government body focused on bolstering economic growth, have been directed by the Commerce Ministry to undertake a comprehensive study of products under the ASEAN–China Free Trade Agreement (ACFTA). This comes in response to concerns over the surge of low-cost Chinese goods in the domestic market. Commerce Minister Phumtham Wechayachai announced the ministry’s…
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Thailand promotes electric trucks and buses with new incentives
The National Electric Vehicle Policy Committee in Thailand has given the green light for incentives aimed at encouraging companies to switch their commercial fleets of large trucks and buses to battery electric vehicles (BEVs). The committee has also approved cash grants for manufacturers of EV battery cells. The secretary-general of the Board of Investment and secretary of the Electric Vehicle…
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New EV incentives boost investment in Thai automotive sector
The Federation of Thai Industries (FTI) expressed confidence in the transformative potential of the new electric vehicle (EV) incentive packages, anticipating a significant boost to investment in the automotive sector and related businesses. As Thailand strives for sustainable economic growth and enhanced competitiveness, surges in investment are vital, particularly in the targeted S-curve industries encompassing next-generation vehicles. Surapong Paisitpatanapong, the…
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Thai businesses fear cost surge due to minimum wage hike
Businesses in Thailand are bracing for a potential increase in operating costs, following the government’s proposition to raise the daily minimum wage to 400 baht (US$11) within the year. The Federation of Thai Industries (FTI) has expressed its concern over the implications of this wage hike, particularly on small and medium-sized enterprises (SMEs), which are currently grappling with elevated interest…
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Thailand DIP organises online cartoon script competition
In a collaboration between the Department of Intellectual Property (DIP), KP Comics Studios, and Kakao Webtoon Thailand, an online cartoon competition promises to be a game-changer for aspiring writers. Director-General of the DIP, Wuttikrai Leewiraphan, champions the cause. “We’re putting the spotlight on intellectual property, blending Thai cultural influence with cutting-edge digital trends like webtoons.” With over 3 million monthly…
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Aleph Farms revolutionises meat production in Southeast Asia
In a groundbreaking alliance set to revolutionise meat production, Aleph Farms has forged a strategic partnership with biomanufacturer BBGI and synbio research powerhouse Fermbox Bio. This collaboration is set to pave the way for Thailand’s inaugural cultivated meat plant, heralding a new era of sustainable protein sourcing in Southeast Asia. In a bid to enhance production capabilities and foster economic…
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Bank of Thailand faces political pressure to cut interest rates
The Bank of Thailand (BoT) is under increased political tension to reduce interest rates, with the majority of analysts predicting that the monetary authority will withstand requests for unexpected easing to bolster the economy. This escalating discord between Prime Minister Srettha Thavisin and the central bank concerning monetary policy direction is predicted to damage investor confidence, though the likelihood of…
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EEC ID system set to transform foreign investment landscape
The Eastern Economic Corridor Office (EECO) unveiled plans for the introduction of the EEC ID system by September’s end. This innovative system, aimed at streamlining administrative processes for foreign investors and workers across the 35 promoted zones in Chachoengsao, Chon Buri, and Rayong provinces, promises to be a game-changer. Korkij Danchaivichit, EECO Deputy Secretary-General, projects a substantial uptake, with an…
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UK and Thailand unveil 15.3 billion baht science fund
In a historic move announced in Bangkok, the British Embassy and Thailand Science Research and Innovation (TSRI) have joined forces to roll out the International Science Partnerships Fund (ISPF). This jaw-dropping 337-million-British-pound (15.3 billion baht) venture, set to be fully operational by the year’s end, is poised to revolutionise the realms of science and innovation on a global scale. Prompted…
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PM Srettha urges bank of Thailand to consider interest rate cut
Prime Minister Srettha Thavisin expressed his concerns to the Bank of Thailand’s (BoT) Monetary Policy Committee (MPC), suggesting an urgent meeting to discuss a potential cut in interest rates, rather than waiting until the scheduled April meeting. Following a recent Cabinet meeting, PM Srettha clarified that he hadn’t imposed any pressure on the secretary-general of the National Economic and Social…
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Thai export growth projected at 2-3% amid global economic recovery
The UTCC (University of the Thai Chamber of Commerce) predicted a revival in exports, projecting a growth of 2-3% for the year, which equates to a value between US$290-293 billion. This shows a significant improvement from the 1% contraction experienced in the previous year. The UTCC’s president, Thanavath Phonvichai, attributed this predicted resurgence largely to the global economic recovery and…
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Prime Minister Srettha hands over 10,000 rai of land to farmers
In a significant move to uplift the farming community, Prime Minister Srettha Thavisin, on a visit to the northeastern region of Udon Thani, officially handed over lease contracts to farmers for over 10,000 rai of land owned by the 3rd Field Artillery Regiment. This marked a significant day in the Nong Wua So development scheme, designed to safeguard the interests…
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NESDC adjusts Thailand’s GDP growth projections
An adjustment to the anticipated GDP growth for 2023 and 2024 has been made by the National Economic and Social Development Council (NESDC), dropping to 1.9% and 2.7% respectively. The secretary-general of NESDC, Danucha Pichayanan, has called upon the Bank of Thailand to utilise financial measures to support the economy. The NESDC unveiled the figures for the economic growth in…
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TBA urges integration of informal economy for digital growth
The Thai Bankers’ Association (TBA) has advocated for integrating the informal economy into the national economic framework to enhance transparency and bolster the country’s digital economy. The recovery index of Thailand’s GDP post-pandemic in 2023 was marked at 110, underperforming the worldwide average of 80, according to the TBA. A higher score on this index indicates a lengthier recovery period.…
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Thailand’s GDP sees modest growth amid calls for interest rate cut
Thailand’s economic growth in 2023, as measured by the gross domestic product (GDP), registered a 1.9% increase, according to the National Social and Economic Development Council (NESDC). This growth, however, was tempered by a decline in manufacturing and public spending, despite an upswing in private consumption and visitor numbers. This growth bolsters the argument for an interest rate slash during…
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Thai processed sugar exports to China surge due to ACFTA
Thai exports to China, particularly those of processed sugar items including syrup, artificial honey, and various sweeteners, have seen a significant surge, courtesy of the ASEAN-China Free Trade Agreement (ACFTA). Over the past decade, Thailand has witnessed a yearly growth of 145% in processed sugar exports to China, as reported by the Foreign Trade Department. Ronnarong Phoolpipat, the director-general of…
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