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’s minimum wage increase sparks controversy and calls for revision
The contentious decision to marginally increase the daily minimum wage in Thailand spurred the Ministry of Labour into seeking discussions with the tripartite committee, which approved the hike. Prime Minister Srettha Thavisin critiqued the decision as insignificant, stating that the 2 to 16 baht rise approved last Friday was insufficient. The tripartite committee, also referred to as the wage board,…
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Thailand’s 2 billion baht electricity subsidy for 17.7 million households
The Thai Cabinet has allocated 2 billion baht to subsidise electricity costs for 17.7 million vulnerable households. The scheme, set to be a new year’s gift, will apply to those using no more than 300 units of electricity per month, maintaining a cost of 3.99 baht per unit. Deputy Prime Minister and Energy Minister Peeraphan Salirathaviphak, stated today, December 8,…
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EconThai: Thailand’s job market faces limited growth in key sectors predicted for 2024
The Employers’ Confederation of Thai Trade and Industry (EconThai) painted a gloomy picture of Thailand‘s job market in 2024. The Employers’ Confederation of Thai Trade and Industry (EconThai) is sounding the alarm, predicting a continued slump in Thailand’s job market in the coming year. According to Tanit Sorat, Vice-Chairman of EconThai, the country’s employment landscape remains bleak in the aftermath…
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Vietnam attracts soaring Chinese investment as US trade dwindles
With a surge in Chinese investment, Vietnam has become a hotspot for economic activity this year, as figures indicate a decline in US trade and spending. Vietnam’s strategic location along the South China Sea makes it a vital link in global supply chains, particularly for Chinese components and American consumers. September saw United States President Joe Biden elevate diplomatic relations…
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Tripartite committee set to discuss new daily minimum wage rates
The tripartite committee, which consists of representatives from the ministry, employers, and employees, is set to deliberate on the new daily minimum wage rates across various provinces. The meeting, confirmed by Pairoj Chotikasathien, the permanent secretary for labour, is scheduled for today, December 8. According to the data finalized by a sub-committee under the main wage committee on November 27,…
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Homeowners confidence hits rock bottom- is your dream home still a dream?
The 2023 Homebuyer Confidence Index has taken a nosedive, leaving prospective homeowners questioning their property dreams. Recent research unveils the shocking truth behind this unexpected slump in optimism. Despite a generally content outlook on the Thai economy, the Consumer Confidence Index for 2023 has fallen to 76, a noticeable dip from the previous year’s score of 80. Sumitra Wongpakdee, managing…
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Over 2,500 debtors in Nakhon Ratchasima seek resolution for 195 million baht informal debts
Over 2,500 debtors in Nakhon Ratchasima have registered for assistance in resolving their informal debts, amassing a total debt of 195 million baht. The highest number of registrations came from the Mueang district. The scene at the registration point in Mueang Nakhon Ratchasima district was bustling with both debtors and creditors seeking to register for state assistance in addressing their…
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Fuel shortage causes chaos in Yangon: Is Myanmar’s economy running on empty?
As Myanmar‘s metropolis Yangon grapples with a fuel shortage, the city saw chaos with motorists queuing at dawn, hoping to secure petrol. The fuel crisis has been exacerbated by economic turmoil and geopolitical tensions. Yangon’s fuel shortage, as reported by the state-run Global New Light of Myanmar newspaper, kicked off on Tuesday. The cryptic explanation attributed the crisis to delays in…
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Thailand’s clean air bill targets PM2.5 dust menace
Thailand’s Cabinet has given preliminary approval to the Clean Air Bill, a bold initiative designed to combat the annual scourge of PM2.5 ultra-fine dust. This is a major move that gives authorities the necessary tools to manage sources of air pollutants effectively, particularly the minuscule dust particles that become a significant issue in the country each cool season. The Clean…
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UNESCO recognises Songkran festival as Intangible Cultural Heritage
Thursday witnessed a series of events commemorating the Songkran Festival’s recent recognition as an Intangible Cultural Heritage by the United Nations Educational, Scientific and Cultural Organisation (UNESCO). The official declaration was made yesterday during UNESCO’s Intergovernmental Committee meeting for Safeguarding Intangible Cultural Heritage held in Botswana. The Culture Ministry’s application for the inclusion of the Songkran Festival was approved by…
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High depreciation of EVs raises loan concerns says National Credit Bureau
The National Credit Bureau (NCB) raised concerns about the high depreciation rates of electric vehicles (EVs) and the associated loan risks. As the popularity of EVs, particularly Chinese brands, continues to rise, so does the volume of loans attributed to their purchase. However, EVs depreciate faster than traditional internal combustion engine (ICE) cars, which has heightened the risk for auto…
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Thailand’s smartphone market to recover in 2024 boosted by AI and 5G
The smartphone market in Thailand is projected to recover in 2024, following an expected slump this year. The rebound is attributed to artificial intelligence (AI) features on smartphones, increased availability of affordable 5G devices, and replacement demand from 2021, according to Canalys, a global tech market analyst firm. Canalys analyst Sheng Win Chow indicated that the AI features on these…
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Drastic drop in Thai gold prices today following recent surge
Gold prices in Thailand have plummeted drastically today following a continuous surge, according to the Gold Traders Association. The price of gold ornaments fell by 250 baht compared to the last price yesterday, selling at 34,450 baht per baht-weight. The buying price of gold bars in the country stands at 33,850 baht per baht-weight and the selling price is 33,950…
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Thai road safety groups challenge extended bar hours over drink-driving fears
Alcohol temperance and road safety groups are challenging the new government decision to allow late-night bars and clubs in major Thai cities to extend opening hours until 4am. The critics argue that the authorities failed to make necessary arrangements to avert potential alcohol-related mishaps. This protest follows an announcement made by the Interior Ministry nearly a week ago, permitting bars…
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BCPG to divest its nine solar farms in Japan for strategic reinvestment
BCPG Plc, Bangchak Group’s power generation subsidiary, is planning to divest all its nine solar farms in Japan, in a strategic move to revamp its long-term investment in renewable energy. The assets on sale include equity worth 6.93 billion baht and net debt totalling 3.44 billion baht. The company has entered into an asset purchase agreement with Danish renewable energy…
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Easy e-receipt programme set to kick off next year in Thailand
A newly approved tax refund scheme, aimed at stimulating domestic spending and promoting the use of electronic invoices, is set to kick off early next year, the Finance Ministry confirmed on Monday. The so-called Easy E-Receipt programme allows individuals to claim a tax deduction of up to 50,000 baht on goods and services purchases from businesses backed by the e-tax…
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Thailand poised to become regional hub for electric vehicle production
Thailand is stepping into the spotlight as a potential regional centre for Electric Vehicle (EV) manufacturing, bolstered by Prime Minister Srettha Thavisin‘s confidence and support. This sentiment was shared with the public on December 1 by the Government Spokesperson, Chai Watcharong. PM Srettha has reportedly been working closely with various agencies to encourage and aid international private entities, particularly those…
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Beefy business gone bad: Police probe 75 tonnes of rotten meat at local markets
An investigation into the sale of approximately 75 tonnes of rotting beef at local markets has been requested of the police. This action has been prompted by Atchariya Ruangratanapong, a crime probe activist, who has called on the Central Investigation Bureau to take legal steps against two shipping firms and five senior officials from the Livestock Development Department. It is…
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Thailand considering month-long Songkran Festival to boost economy
The National Soft Power Development Committee in Thailand is proposing to extend the Songkran Festival for the entire month of April. Traditionally held from April 13-15, the water-splashing festivities are a cornerstone of the celebration. The committee hopes that by extending the festival and incorporating a range of other cultural events across the country, the festival could be promoted to…
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Golden delight: GTA unveils gold rush with prices soaring to new heights
The Gold Traders Association (GTA) today announced a strong surge in today’s gold prices. Compared to yesterday’s closing price, gold ornaments are selling at 34,800 baht per baht, up by 200 baht. This information was released on their website at 9.08am. Gold bars of 96.5% purity are currently being bought at 34,200 baht per baht and sold at 34,300 baht…
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House committee formulates 2024 budget proposal
The House committee responsible for scrutinising planning and monitoring budget expenditure is formulating a budget proposal for next year. The proposal is expected to be reviewed by the House in early January. Natthapong Ruangpanyawut, the committee’s chair and a list MP of the Move Forward Party, confirmed that the panel is currently processing budget requests from various state agencies. These…
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Thai Commerce Ministry plans new year mega sale
The Thai Commerce Ministry has unveiled plans for a new year mega sale, an extensive retail event, to alleviate living costs for the local population. The sale, which is being presented as a new year’s gift to the citizens, is set to take place at Muang Thong Thani from December 20 to December 24. The Commerce Minister, Phumtham Wechayachai, reported…
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Hong Kong and Thailand join FPS with PromptPay, unlocking cross-border QR payment linkage
In a move set to redefine international payments, Hong Kong‘s Faster Payment System (FPS) joined hands with Thailand‘s PromptPay, unlocking a seamless cross-border QR payment linkage. Hong Kong and Thailand have unleashed a financial revolution, enabling residents to flex their digital wallets across borders. The cross-border QR payment linkage between Hong Kong’s FPS and Thailand’s PromptPay is set to transform…
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Shinawatra greenlights 5.1 billion baht for soft power industries and Songkran
The Soft Power National Development Committee, headed by Paetongtarn Shinawatra, has approved a budget of 5.1 billion baht to boost 11 industries in Thailand, including the Songkran festival. The plan includes a grand Songkran celebration, dubbed the World Water Festival – The Songkran Phenomenon, to draw international tourists to Thailand. The announcement was made on December 1. The Soft Power…
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Thai Prime Minister to review proposed energy tariff increase
Srettha Thavisin, the Thai Prime Minister, is set to convene a meeting with the relevant bodies following the revelation that the Energy Regulatory Commission (ERC) intends to surge the energy tariff from 3.99 baht per unit to 4.68 baht per unit from January to April next year. This proposed increase has stirred renewed demands for a revamp of the nation’s…
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Thai Ministry of Interior launches online registration for debt assistance
The Ministry of Interior has initiated a programme to assist citizens struggling with off-system debt, inviting them to enrol either online or in-person from today, December 1, until February 24 next year. This scheme is part of the government’s efforts to alleviate the impact of high-interest-rate debts on the populace. For online registration, individuals can visit the website https://debt.dopa.go.th. The…
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Thailand’s electricity rate of 4.68 baht only a suggestion, says Energy Ministry
The suggested electricity rate of 4.68 baht per unit is merely a proposal, confirmed Energy Ministry spokesperson Pongsapol Yodmuangcharoen today. Emphasising that the final price falls under the purview of the Energy Ministry and is overseen by Energy Minister Peeraphan Salirathaviphak, Pongsapol assured that it won’t be fixed at this figure. He further confirmed that consumers will not face an…
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Thai community enterprise signs 100 million baht deal for Korat’s Golden Bananas export to Japan
A landmark deal worth 100 million baht has been signed between a Japanese buyer and a Thai community enterprise group for the purchase of 5,000 tonnes of Korat’s Golden Bananas. This first-ever export deal, set to greatly benefit local farmers, has been hailed for its potential to open new markets for Thai growers. The contract was signed at the Lamtakong…
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Thailand’s herbal market worth skyrockets to 90,000 billion baht
Minister of Health Santi Prompat highlighted the significant growth in the market for Thai massage and food as a form of soft power for the nation. He also emphasized the rising value of herbal consumption, which has increased to 90,000 billion baht, making Thailand the third highest in Asia. This occurred during a special assembly and policy communication meeting at…
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Thai finance ministry considers beverage tax restructure to boost tourism
A proposed restructuring of the beverage tax framework is under consideration by the Finance Ministry, as revealed by the permanent finance secretary, Lavaron Sangsnit. The restructure aims to bolster tourism and domestic spending. This Friday, Lavaron plans to engage in a discussion with officials from the Customs Department and the Excise Department. The proposed measures align with Thai governmental policies…
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