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.
-
Sponsored Top digital marketing and SEO agency: Why brands choose Convert Cake
A strong digital presence is a must for any business chasing market share and growth in this day and age. But turning that ambition into tangible results? That takes the right partner. And if you’ve been looking for a top...
-
Koh Samui booms as over 200,000 tourists visit the popular island in January
The picturesque island of Koh Samui in Surat Thani province, Thailand, has seen a remarkable turnaround to its economy in the first month of 2023 with over 200,000 tourists visiting in January alone. After a year of uncertainty due to the Covid-19 pandemic, the arrival of over 200,000 tourists has been a welcome sight for the island’s local economy. The…
-
Something fishy about Thailand’s rising prices?
The Internal Trade Department stopped greedy manufacturers from increasing the prices of baby milk formula and canned fish products, amid fears that Thailand’s rising prices are more about reduced profits for shareholders than increased production costs. Government Spokesperson Rachada Dhnadirek said yesterday that the department told manufacturers that both are controlled products – though they must have already known this…
-
Bank of Thailand increases interest rates, again!
The Monetary Policy Committee (MPC) of the Bank of Thailand insists that it had to hike its policy interest rate by 0.25% to 1.50% yesterday for the fourth consecutive time to curb high inflation. MPC Committee Secretary Piti Disyatat reported that the committee was unanimous in its decision. “Under a gradual policy normalisation, rate hikes could take place for a…
-
Thai Cabinet approves electricity bill discounts over next four months
The Thai Cabinet has approved electricity bill discounts over the next four months for more than 19 million households. According to the Bangkok Post, the discounts will span from the remainder of this month (January) to April, 2023. Deputy Secretary-General to the prime minister, Anucha Burapahaisri, says the discounts have been approved to help with the high power tariff. Households…
-
Thailand still needs thousands more tourism workers
Thailand still needs thousands more tourism workers than it already has. The kingdom’s Labour Ministry recently surveyed the labour demands of 32,359 tourism operators in 60 provinces. The ministry found that out of all the operators, 1,817 businesses needed a total of 9,763 more workers. Employers need receptionists, porters, waiters, cleaners and housemaids, chefs, kitchen workers, cashiers, and accountants. The…
-
USD Coin, Shiba Inu, Big Eyes Coin: What you must consider before investing in Crypto in 2023
After reaching a record high in late 2021, cryptocurrency markets had a significant decline in 2022. Amid the FTX collapse, continued bankruptcies, and regulatory worries, Bitcoin fell from a record high of $69,044.77 in November 2021 to $16,400 in November 2022, representing a fall of nearly 76%. Is the present rise expected to continue in light of these persistent worries,…
-
Not much expected from Thailand’s gold sales this Chinese New Year
Thailand’s Gold Traders Association (GTA) doesn’t expect much from this year’s gold sale during Chinese New Year. The new year usually draws a swarm of customers looking to buy gifts for their loved ones. But this year, Chinese-Thai buyers will prefer to buy smaller pieces weighing one or two salung, rather than one-baht pieces, according to GTA vice-president Pichaya Phisuthikul.…
-
China top source of Thailand investment in 2022
Thailand’s main source of investment in 2022 was China, for the first time in three years. The world’s second-largest economy poured US$2.3 billion (75 billion baht) into electronics, automotive and data centres. The figures, of course, do not include the tide of Chinese investment in grey areas such as drugs and gambling. China last held the No.1 position in 2019,…
-
Community craft centre exploiting indigenous Karen weavers
Members of the Bang Kloi Karen community employed as weavers in a community craft centre have accused the centre of exploiting indigenous workers. The Karen workers claim they suffer poor working conditions and are paid less than the minimum wage. Activist Anchalee Ismanyee said weavers are paid much less than the official minimum wage in Phetchaburi province of 335 baht…
-
Makro expects big investment funds to move in
Thailand’s leading wholesale and hypermarket operator Siam Makro Plc, is waiting for big investment funds to move in as company stock heads for a one-year high. Shares are now mature enough to attract the attention of global fund managers. Makro wants to be the biggest operation of its kind in Asia. In many parts of Thailand, Makro cash and carry…
-
Thailand’s real estate sector did not fully recover in 2022
Thailand’s real estate sector did not fully recover in 2022 due mainly to the economic downturn along with higher inflation and interest rates. The war in Ukraine has not helped. But while the recovery was not all it could have been, the outlook for 2023 is more hopeful. Thailand’s Consumer Confidence Index stands at 47.9, the highest in 20 years,…
-
The rise of Thailand’s biggest company – Delta Electronics
Delta Electronics is officially Thailand’s biggest company, its rise sailing ahead of the likes of Airports of Thailand and PTT, with shares at all-time highs. Delta Electronics Plc (DELTA) is one of Thailand’s leading electronics component makers, but few have heard of the new grey rhino in the room. DELTA has gone from strength to strength since its founding in…
-
Electric vehicles to hit the accelerator this year, says FTI
The Federation of Thai Industries (FTI) predicts a bold future for Thailand’s electric vehicle (EV) industry, unlike the International Monetary Fund which believes the kingdom is heading for a recession. The FTI reckons the EV industry will hit the accelerator this year and sell between 25,000, to 35,000 cars, reports Bangkok Post. But, to achieve that target the EV industry…
-
Tesco slavery case – police interview 100s of Mae Sot workers
Police and labour officials in Mae Sot are interviewing more than 100 workers from the former supermarket supplier in the Tesco slavery case. Authorities are gathering information as they follow up on last week’s raid led by deputy national police chief Gen Surachate “Big Joke” Hakparn at the VK Garment (VKG) factory in the border town of Tak province. The…
-
Thai Airways rehab plan soars ahead of schedule
The embattled Thai flag carrier has sold at least eight aircraft and other non-core assets since October, as part of Thai Airways‘ rehab plan. Thai Airways International updated its ongoing bankruptcy rehabilitation to the Stock Exchange of Thailand (SET). THAI, whose subsidiary – Thai Smile, made global headlines yesterday after a mid-air brawl captured on video went viral– said in…
-
Thailand encourages coffee farming to meet growing demand in Asia
Palm and rubber farmers in Krabi are being encouraged to grow coffee, as demand rises faster in Asia than in other parts of the world. On a visit to a community coffee enterprise in Krabi’s Khlong Thom Nua, Deputy Commerce Minister Sinit Lertkrai said on Tuesday…. “Krabi’s coffee is gaining international attention thanks to its certification as a GI product.”…
-
China opening up a boost for Thailand tourism
China yesterday announced it will reopen its borders and abandon its strict Covid-19 quarantine for travellers and mainland citizens on January 8. The announcement signals great news for Thailand as the kingdom continues to prosper from the worldwide relaxation of Covid restrictions. Chinese visitors topped the nation’s No.1 tourist charts before the pandemic outbreak in 2020. From 2014 there had…
-
Commerce experts predict Thailand’s consumer spending will hit 17 year high during New Year
Commerce experts predict that Thailand’s consumer spending will hit a 17 year high during the New Year period coming soon. The president of the University of the Thai Chamber of Commerce (UTCC) discussed the UTCC’s predictions at a conference on “Consumer behaviour and spending during the 2023 New Year Festival.” The president, Thanavath Phonvichai, said the period is expected to…
-
Thai baht depreciates against US dollar
After a recent surge of strength by the Thai baht earlier this month, it has now depreciated against the US dollar. As of today, December 16, the baht now stands at about 35 per USD, according to an executive at Kasikorn Research Center, Kanchana Chokpaisarnsilp. Yesterday, the baht was at 34.92 per USD, Daily News reported. Market strategist Poon Panichphiboon…
-
FTI threatens to raise prices if govt hikes energy costs
It appears tourism won’t be the only thing on the rise in Thailand next year. Thai industries appear to be holding the government to account, threatening they will hike prices if the price of electricity is raised in the new year. Entrepreneurs under the Federation of Thai Industries (FTI) warned it will increase product prices by 5-12% if the government…
-
Financially embarrassed elderly Thai man found hanged one day after birthday
Just one day after his 69th birthday, an elderly Thai man allegedly took his own life after reportedly being in a bad financial situation. The man, Nopparat, was discovered by his neighbour hanging on the second-floor balcony outside a rented room above shops in Thalang, Phuket. Police say he was found with package tape around his neck tied to an…
-
Arrogant Thai construction company rips off Myanmar migrant workers
An arrogant Thai construction company has been ordered to cough up wages it refused to pay to its migrant workers earlier this year. The arrogance of the unnamed building firm is underlined by the fact that no representatives came to court to defend or justify its action. The Labour Court in Phuket told the construction company to settle three months’…
-
Thai baht soars to six-month high against US dollar
The Thai baht opened at 34.78 against the US dollar today, strengthening from yesterday’s close of 35 to a six-month high. The baht’s sudden rise is down to the Bank of Thailand’s (BOT) hiking the policy rate by a quarter point earlier this week. The BOT remains committed to a gradual monetary tightening policy, raising the policy rate from 1%…
-
Thailand’s Board of Investment unveils transformation plans
Thailand’s Board of Investment (BOI) has come up with new ways to attract more investment into Thailand. The board’s target is an easy-to-swallow group of companies dubbed “smart and sustainable” according to Bangkok Post. The government’s effort to create a “new” economy in Thailand is focused, like almost every other Asian nation, on buzzwords. The board’s chosen buzzwords are “innovation”…
-
Stock market share trades to be taxed in Thailand after being exempt for past 30 years
After being exempt for the past 30 years, the Thai cabinet has decided to make stock market share trades taxable. According to Thai PBS World, Finance Minister Arkhom Termpittayapaisith says that now all stocks that are traded on the market, whether at a profit or loss, will be subject to a financial transaction tax of .1%. He furthered that the…
-
Bank of Thailand to raise interest rates on Wednesday
Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput today announced interest rates will be raised on Wednesday to deal with potential inflation increases. Governor Sethaput is expected to raise interest rates by a modest quarter-point to take the benchmark rate to 1.25% underscoring ongoing worries about growth in Southeast Asia’s second-largest economy. Thailand’s economy lagged its Southeast Asia contemporaries and is…
-
Elon Musk sees net worth plummet by US$100 billion after Tesla shares hit record low
Elon Musk has reportedly seen his fortune cut by over US$100 billion this year, but he is still the richest person in the world. According to Fortune, the CEO of Tesla has a net worth of between US$170 billion to $182 billion, edging him slightly ahead of Bernard Arnault, the founder of luxury goods giant LVMH. Arnault reportedly has a…
-
One-third of adult Thai citizens applied for welfare
Applications for welfare have seen a huge jump, with 22 million Thai people requesting a state welfare card in the latest round of registration. That massive figure equates to about one-third of the entire adult population of Thailand. It is a huge jump from the current 13.5 million people now carrying welfare cards in the country. The figures come after…
-
Fate of Thai baht depends on return of Chinese tourists, economists say
The Thai baht has been flying recently but its upward trend could draw to a standstill unless Chinese tourists return to the Kingdom of Thailand, according to economists. In the past month, the baht appreciated almost 6% against the US dollar as reports indicated the US Federal Reserve (Fed) would slow down its aggressive interest rate hikes. Despite inflation, a reinvigorated…
-
Subsidised Toyota bZ4X finally on sale in Thailand
The long-awaited new electric Toyota bZ4X went on sale in Thailand Wednesday, taking advantage of new government subsidies. In February, the Thai government introduced subsidies of up to 150,000 baht (US$4,000) per electric vehicle (EV). The new Toyota is the first Japanese car to qualify. The tax break for battery electric vehicles (BEVs) covers passenger cars with no more than 10…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.