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 shrimp exports forecasted to surge by 10% next year
A 10% surge in Thailand’s shrimp exports is on the horizon for the upcoming year, brought about by a minor uptick in local shrimp production and bolstered demand primarily from the United States. Thai Shrimp Association President Ekapoj Yodpinit disclosed that shrimp production in Thailand this year mirrored the previous year’s figure of 280,000 tonnes. Meanwhile, the country’s shrimp exports…
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Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
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Debt dilemma: Households in a financial bind as debt soars, Thai PM pledges change
Thailand is in the grips of a financial crisis, with household debt skyrocketing to a staggering 16.07 trillion baht, a 3.6% surge compared to last year. Thai Prime Minister Srettha Thavisin vowed to address the problem of what he calls debt slavery. The National Economic and Social Development Council (NESDC) yesterday dropped a bombshell, revealing that Thailand’s household debt is…
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Chon Buri’s bright ambition: Aims to be top 10 smart city by 2037
An ambitious vision to elevate Chon Buri into the league of top 10 smart cities globally by 2037 has been revealed by the Eastern Economic Corridor Office of Thailand (EECO). This grand plan, termed the Smart City and Commercial/Residential Hub project, aims to metamorphose a vast expanse of 927.2 hectares in the vicinity of the U-Tapao Airport into a high-tech…
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Thai government approves 10% increase for civil servants starting at 18,000 baht
The Thai government approved a 10% salary increase for civil servants over a two-year period, beginning with new recruits. According to Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), the first increment is expected to come into effect once the budget for 2024 is approved. Danucha explained that the salary adjustment will initially target newly inducted…
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Rice and shine: Thai government dishes out financial aid to farmers through BAAC
The Thai government initiated a financial aid programme for rice farmers, channelling through the Bank for Agriculture and Agricultural Cooperatives (BAAC). Rice farmers will receive 1,000 baht per rai, capped at 20 rai (32,000 squared metres) per household, or a maximum of 20,000 baht per household. This scheme, part of the Rice Farmer Management and Quality Improvement project for the…
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Thailand and Malaysia enhance bilateral relations to boost border trade and tourism
A significant agreement was recently reached between the leaders of Thailand and Malaysia to bolster their bilateral relations, with a specific focus on enhancing border trade and tourism. The Thai Prime Minister, Srettha Thavisin, and his Malaysian counterpart, Anwar Ibrahim, agreed upon this during their working visit at the newly inaugurated Sadao customs checkpoint in Songkhla. Their meeting, which took…
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Commerce carnival: Ministry’s mega discount campaign aims to slash living costs for Thai citizens
In a grand gesture to ease the cost of living for Thai citizens, the Ministry of Commerce is joining forces with over 300 manufacturers, wholesalers, retailers, and convenience stores to roll out a colossal discount campaign. Scheduled to kick off on December 15 and last until January 15, 2024, this initiative is considered a new year present to the public…
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Revolutionising Thailand: Game-changing smart city plan unveiled
At the Thailand Smart City Expo 2023, Commerce Minister Phumtham Wechayachai laid bare the nation’s ambitious blueprint for smart cities. Packed with tax incentives and cutting-edge technology, this plan is set to reshape Thailand’s urban landscape. During his address at the Thailand Smart City Expo, Commerce Minister Phumtham Wechayachai catapulted Thailand into a new era of urban development. Unveiling the…
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Thai economy rebound: PM unveils bold plan to tackle challenges
Prime Minister Srettha Thavisin outlined a comprehensive plan to tackle pressing economic issues in Thailand spanning agriculture, industry, and debt-related concerns. He unveiled his intentions during a keynote speech at The Standard Economic Forum, stating that the Thai economy’s current state is a subject of contention between himself and the Bank of Thailand’s governor. Despite the debate, the Thai PM…
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Thailand’s smart electronics and IT sectors set for growth with EV production
The Office of Industrial Economics (OIE) anticipates a significant surge in Thailand’s smart electronics, and IT sectors in the forthcoming year. The trigger for this expected growth is the commencement of production by global electric vehicle (EV) manufacturers within the country. The assembly of EVs is heavily reliant on electronics and IT products, hence the increased demand in these sectors,…
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Consumer groups challenge proposed electricity tariff rise
Consumer advocacy groups have opposed the proposed increase in electricity tariffs and have asked the Energy Regulatory Commission (ERC) to review all data used to calculate the Fuel Adjustment Charge (Ft) to ensure fairness to the public. According to Prasart Meetem, the Chair of the Committee on Public Services, Energy and Environment of the Consumer Council, the estimated Ft charge…
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Thai govt’s 500 billion baht digital wallet scheme awaits legal review
The Thai government’s bill proposing a loan of 500 billion baht to fund the 10,000-baht digital wallet scheme is yet to be reviewed by the Council of State for its legality, according to the council’s secretary-general, Pakorn Nilprapunt. This came as a rebuttal to Deputy Prime Minister Phumtham Wechayachai’s previous statement that the loan bill was under the council’s vetting…
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Q3 slowdown: Thailand economy hits the brakes at 1.5%, falling short of forecasts
With an annual growth rate of 1.5% recorded in the third quarter, Thailand’s economy has shown a slower expansion compared to predictions, according to data released today, November 20. The National Economic and Social Development Council revealed that, from July to September, the economy of Southeast Asia’s second-largest country experienced a seasonally adjusted growth of 0.8% every quarter. However, these…
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All aboard: China’s rail freight trail blazes historic route to Thailand, breaking new ground in cross-border cargo collaboration
A monumental event unfolded at 10am on November 17 as a Chinese freight train, packed with 35 cargo containers, embarked on its maiden journey to Thailand. This is the first official rail freight transport from China to Thailand, made possible through a collaborative effort between the Chinese government and Thai private sectors. The destination of this freight train is the…
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Kazakhstan courts ASEAN investors to become Central Asia’s investment hub
Kazakhstan is reaching out to foreign investors, particularly from the Association of Southeast Asian Nations (ASEAN), in a bid to establish itself as a central investment hub in the Central Asia Region. The Kazakh government has expressed interest in mutual economic development with the Southeast Asian region, according to Deputy Minister of Foreign Affairs Roman Vassilenko. He made these remarks…
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Economic ties in focus: Thai PM extends invitation to Biden
Thailand Prime Minister Srettha Thavisin recently extended an invitation for an official visit to US President, Joe Biden. This invitation was extended during the Asia-Pacific Economic Cooperation (APEC) Summit that took place in San Francisco. The Thai PM used this platform to assure President Biden of Thailand’s readiness to serve as a base for major American companies’ production, boosting their…
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Jatuporn criticises government’s proposed digital wallet scheme
The digital wallet initiative proposed by the government has come under fire from Jatuporn Prompan, a former red-shirt leader and co-leader of the Melting Pot Group. In a livestream on Facebook, Jatuporn voiced his concerns about the ruling Pheu Thai Party’s repeated withdrawal from pledges, including their initial vow not to form a government with ex-coalition parties from the previous…
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Pheu Thai leader discusses soft power at Thailand 2024 beyond Red Ocean seminar
The leader of the Pheu Thai Party addressed the audience on the Soft Power: The Great Challenger during the Thailand 2024 Beyond Red Ocean seminar organised by Prachachat, a newspaper publisher, on November 15. The term soft power has been making rounds in Thailand recently, defined by the Thai government as an influential power that assimilates new cultures through societal…
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Sadao checkpoint: Entrepreneurs urge continued operation
Songkhla-based entrepreneurs in the Sadao district appealed to the government to keep the old Sadao immigration checkpoint operational alongside the new one. The move aims to stimulate both trade and tourism with Malaysia. The appeal follows the circulation of rumours concerning the government’s intention to close the Sadao checkpoint in preference for the newly constructed border checkpoint. The discussion involved…
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Thai prime minister addresses small investors’ crisis of confidence in the stock market
Thailand’s Prime Minister and Finance Minister Srettha Thavisin has spoken about the news of small investors planning to stop trading on November 20 due to a crisis of confidence. The situation, the Thailand prime minister says, is serious and warrants investigation. The government, he assures, is not taking negative measures against the Thailand Stock Exchange, but is trying to improve multiple…
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Fueling frustration: Thailand Energy Minister alarmed as petrol prices play a seesaw despite promised relief
Peeraphan Salirathaviphak, Thailand’s Minister of Energy, raised concerns about the constant fluctuations in petrol prices, which have seen a continuous rise over the past two days, despite a recent government announcement of a 2 baht per litre reduction. In a statement made at the Government House at 1pm this afternoon, Peeraphan argued that petrol prices should not fluctuate like stocks…
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Grab Thailand to offer million baht loans to tap into digital lending
Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy…
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Thai government and Google partnership to boost digital economy
The Thai government announced a strategic partnership with Google to bolster the country’s digital economy and accelerate the development of artificial intelligence (AI). The agreement, unveiled at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting, seeks to enhance Thailand’s digital infrastructure, encourage the secure and responsible adoption of AI, anchor cloud-first policies, and make digital skills more accessible to Thai citizens.…
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Thai government seeks urgent economic stimulus amid rising household debt
The Thai economy is in a dire state and in urgent need of a stimulus package to prevent further deterioration, according to the government. This stance arises amid ongoing discussions about the true state of the economy, with some expressing doubts about the actual need for the government’s proposed US$313 million handout scheme, which would necessitate a loan of US$15.6…
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Thai Commerce Minister defends recent sugar price increase
The Deputy Prime Minister and Minister of Commerce defended the recent sugar price hike following discussions with all parties involved. The minister, Phumtham Wechayachai, maintains the decision was made based on appropriate cost considerations, not a failure to control prices. Today, at Government House, Phumtham addressed concerns that the government couldn’t control sugar prices after a Cabinet meeting yesterday decided…
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Pattaya businesses backs discarded proposal for Chinese police patrols in Thailand
Pattaya Nightlife Business Association chairwoman Lamphueng Hamilton expressed her support for a now-discarded proposal for Chinese police officers to patrol popular tourist areas in Thailand. The proposal, originally mooted by the Thai government, has since been unequivocally dismissed. However, several Pattaya-based private tourism operators continue to champion the idea. Their support stems from a notable decrease in Chinese visitors, which…
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Thailand PM invites Tesla, HP, and Analog Devices to invest
Thailand Prime Minister Srettha Thavisin extended an invitation to three significant American corporations to consider investing in Thailand, asserting the nation’s capability to act as their productive bases. The 61 year old prime minister recently visited the manufacturing plant of Tesla’s electric vehicles (EVs), where he participated in a trial run of the company’s cyber truck, which is set for unveiling…
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Star Petroleum predicts global oil price drop despite high energy demand
Star Petroleum Refining Plc predicts a decrease in global oil prices for the remainder of the year despite robust energy demand. The reduction in prices is anticipated due to a potential surplus among key oil producers, according to Sakchai Thamsuruk, the manager for supply and planning at the petroleum company. The global oil industry is closely observing Saudi Arabia and…
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PTT reinvestment: Diversifying beyond oil and petrochemicals for future growth
National energy conglomerate PTT Plc has initiated a reinvestment phase, eyeing new ventures for future growth. This move follows the stagnation of the company’s traditional businesses, which are primarily centred around the oil refinery and petrochemical sectors. As these avenues have limited potential for enhancing future income, the company emphasises the need for reinvestment. PTT’s President and Chief Executive Officer,…
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