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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Thai exports figures rise in January
Whilst there’s been plenty of economic challenges around for Thailand, including the high Thai baht and a levelling out of tourist arrivals, exports for January 2020 unexpectedly rose according to ministry figures. It’s the first rise in six months, and an increase of 3.35% from the exports 12 months earlier. The customs-cleared export numbers have been boosted by higher shipments…
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Baht remains strong despite virus, economic slowdown
The minutes of today’s meeting of the Monetary Policy Committee of the Bank of Thailand predict the Thai economy will expand at a much lower rate in 2020 than previously forecast, and far below its full potential. The discrepancy is mainly attributed to the combined impact of the coronavirus outbreak, delay to enactment of the Annual Budget Expenditure Act, and…
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Asset World says hotel bookings in Thailand starting to recover
The hotel development unit of billionaire Charoen Sirivadhanabhakdi, Thailand’s richest man, says bookings have begun to recover from the disruption caused by the COVID-19 coronavirus outbreak. The epidemic has impacted some 60% of the hotel and retail properties in Asset World Corp’s portfolio, deterring tourism and causing events to be cancelled, according to CEO Wallapa Traisorat. “We’re starting to see…
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General Motors pulling out of Thailand
General Motors announced yesterday that it’s pulling out of “markets that don’t produce adequate returns on investments,” namely Thailand, New Zealand and Australia. The carmaker said in a statement that it will wind down sales, engineering and design operations for its historic Holden brand in Australia and New Zealand in 2021. It also plans to sell its Rayong factory in…
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Thailand could fall to third place in rice shipments in 2020
Weaker competitiveness, drought and changing market demand could see Thailand lose its place as the world’s second-biggest exporter of rice this year. Higher production costs compared to rivals, and volatile foreign exchange rates mean Thailand risks losing out to Vietnam, according to Charoen Laothamatas, president of the Thai Rice Exporters Association. “Thailand has shipped the same rice varieties for 30…
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Coronavirus could cause huge damage to ASEAN economies
The Covid-19 coronavirus is expected to cause damage valued at US$2.4-3.4 billion (74.6-105.7 billion baht) to ASEAN economies, according to estimates from the Kasikorn Research Centre. The jolt will likely result from a virus-related economic slowdown in China, which has close trade ties with ASEAN nations as well as investment and tourism, the centre reports. If the outbreak can be…
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With 33 coronavirus cases, Thailand still welcomes Chinese tourists
Despite the confirmation of a new case of the 2019nCov coronavirus today, Thailand has neither restricted Chinese tourists from entering the kingdom nor dropped its visa-on-arrival fee waiver, implemented to attract Chinese. Thailand hasn’t imposed any bans on tourists or travellers since the outbreak of the virus, though officials are screening passengers on arrival on flights from China, and now…
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Government to extend the “Chim Shop Chai” stimulus program this month
The government is set to roll out a new phase of last year’s successful Chim Shop Chai (Eat Shop Spend) stimulus program to promote domestic spending. The measure is also intended to encourage investment by businesses in an economy hampered by a slowdown in tourist arrivals as a result of the ongoing Wuhan Coronavirus outbreak. The package, to be implemented…
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Baht will continue to remain strong throughout 2020
The Thai baht will continue to maintain its strength for the rest of 2020. It will remain strong, propelled by the increased surpluses in the Thai current account and the country’s trade balance. Kobsidthi Silpachai, KBank’s head of capital markets research, predicts that the Thai baht will float around 29.75 against the US dollar for the first half of 2020,…
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Cabinet threatens to open up fishing labour to migrant workers
Fisherman from 22 of Thailand’s 76 provinces are demanding the government solve the labour problem in the fisheries’ industry. The government, in turn, is threatening to invoke Article 83 of the Royal Ordinance on Fisheries, which would essentially allow immigrant labour in the sector. The relevant committee in the House proposes opening two registration periods for migrant workers, the first from…
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Two out of three CEOs say the 2020 Thai economy will not improve – Survey
Many CEOs, based in Thailand, don’t expect Thailand’s economy to improve during 2020. Many surveyed cited global economic uncertainties, according to the “CEO Survey” of 100 individuals. The survey was conducted by Krungthep Thurakit newspaper a month ago. Around 68.4% of the respondents didn’t expect the economy to improve this year, while 31.6% were saying that the economy would fare…
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US manufacturing activity falls to lowest level in a decade
PHOTO: teletrader.com “The data show American factories remain plagued by pullbacks in business investment at home, softer demand throughout the world and, until recently, an escalating trade war between the U.S. and China.” US manufacturing had a tumultuous year in 2019 with the weakest monthly performance for a decade, with orders shrinking and factories continuing to roll back production. The…
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Thailand becomes the 6th biggest fruit exporter in the world
“The most popular exported Thai fruit are tropical fruit such as durian, mangosteen and longan, of which Thailand is the largest exporter in the world.” Thai fruit has gained a lot of popularity in foreign countries being recognised for its good taste and quality. Tax waivers from free trade agreements for exports to partner countries have raised the value of fruit exports…
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Thai baht hits highest level against the USD in six years
The baht finished in spectacular fashion after a year as one of the world’s most stable currencies, when it reached 30.15 baht against the US$, its highest level in six years. Kasikornbank Bank is forecasting that the Thai baht could move into a range of 30-30.30 baht to the dollar this week (up to January 3). Investors have been selling USD…
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Plearn Wan ‘retro’ shopping village to close its doors in Hua Hin
Yesterday, December 24, the founder and owner of Plearn Wan Company, operator of Plearn Wan shopping village in Hua Hin and Plearn Wan Panich shopping experiences at multiple locations around Thailand, Phattra Sahawat, posted that the Hua Hin shopping village will close down on January 31, 2020. The rambling retro shopping experience would attract families on weekend trips from Bangkok…
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Government trying to tame strong baht, but bank says it will remain strong in 2020
The prominent rise of the Thai baht in over the past year has had wide implications and effects, and PM Prayut Chan-o-cha says that state agencies have met often to come up with ways to tame the strong currency. Kasikorn Bank Research Centre has already released a report outlining reasons the baht will remain strong into 2020. The bank’s research arm…
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Careers and business heading for the scrap-heap. And the ones that will thrive.
Is your career headed for the scrap-heap? Rangsit University’s Economic and Business Research Centre for Reform has been studying the careers and businesses that are at high risk of disruption, layoffs or downright extinction. They’ve also identified 10 other careers that have a promising future. In discussing the detailed survey, the centre’s director, Anusorn Tamajai, said 12 careers faced high risk of…
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Baht to remain strong into 2020: Kasikorn Research Centre
The Kasikorn Research Centre believes that the Thai Baht is going to remain strong into 2020. KBank’s research arm forecasts the baht to move in a range of 30.10-30.50 Thai baht to the US$ for the next few quarters. But they warn a key domestic factor to be monitored closely will be November’s export data, which will be released soon. External…
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Thailand’s U-turn on agri-chemical ban shows US hitting where it hurts
PHOTO: matichon.co.th The US is piling the pressure on Thailand over its agri-chemical ban, and it appears to be working. A report by the Nikkei Asian Review claims the Kingdom’s proposed ban on three agri-chemicals – Paraquat, Glyphosate and Chlorpyrifos – would have affected American agricultural exports into Thailand. But the US President has weighed into the issue. Following news…
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Walking street-led economic recovery
And it starts today at two locations in Bangkok. In its latest campaign to encourage more spending and boost tourism Bangkok’s government is launching a series of walking streets today before the Thai government spreads the walking street ‘boost’ to other provinces. Silom and Yaowarat roads are becoming pedestrian walkways today and other provinces have temporary walking street events starting on…
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Forecasts are in negative territory for south east and wider Asia
PHOTO: asiahouse.org The Asian Development Bank has trimmed its forecasts for economic growth in developing Asia this year and next as growth in the People’s Republic of China and India are weighed down by both external and domestic factors. Closer to home, south east Asia’s growth projections have also been revised down slightly to 4.4% for 2019. Economic woes of…
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Thai economy not desperate, just a bit slow – Finance Minister
PHOTO: The Nation Thailand’s Finance Minister says the economy is not in a critical situation, it’s just on a bit of a “go-slow” right now. Uttama Savanayana adds that he’s hopeful the situation will improve next year with the go-ahead on a number of large national infrastructure projects. Thai PBS World reports that the minister references the Government’s stimulus efforts…
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Increase agreed for Thailand’s minimum wage
PHOTO: Chiang Mai Citylife Thailand’s minimum daily wage is going up. But not by much. The National Wage Committee has singled out nine provinces for a 6 baht increase in the minimum daily wage, while the rest of the country gets an increase of 5 baht. The Permanent Secretary of Labour, Suthi Sukosol, confirms the nine provinces are Chonburi in eastern…
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Thai central bank calms businesses concerns over strong baht
The Bank of Thailand is attempting to quell business concerns over the strong baht, saying the currency will eventually reverse its upward trend and that more two-way movement in relation to the US dollar is expected in 2020. The central bank’s deputy governor Mathee Supapongse says that investors now see the baht as overvalued, given the kingdoms sluggish economic forecast…
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PM says Thailand must spend in dollars to weaken the baht
PHOTO: Bloomberg “We have to think how we will spend in dollars in many ways to help weaken the baht.” Thai PM Prayut Chan-o-cha says the nation should think about ways to spend in US dollars to help weaken Thailand’s booming currency. Speaking in Bangkok the PM said that the private sector also needs to help with the process. “A current-accounts…
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“The Thai economy is teetering on recession” – Kasikorn Bank
A financial analyst is sounding the warning bells saying that the Thai economy is on the verge of a recession while the baht will remain strong. The head of capital markets research at Kasikorn Bank, Kobsidthi Silpachai, says all eyes will be on Thailand’s economic growth to see if it slows in the fourth quarter, compared to the third. The economy…
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Thai government introduces property stimulus package
PHOTO: homeservicerayong.com “Buyers must earn no more than 100,000 baht a month and be registered on the Revenue Department’s tax database.” Thailand’s Finance Ministry spokesman Lavaron Sangsnit says that the three major housing associations are ready to support the government’s latest stimulus measures to support home purchases. There was a meeting between Ministry officials and the Housing Business Association, Thai Real…
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Thai household debt hits all-time high of 340K baht per house
Household debt in Thailand is at a record high. A survey carried out by the University of the Thai Chamber of Commerce shows that household debt has increased by 7.4% since this time last year and now sits at a record high of 340,000 baht. The survey was carried out between November 11-23, canvassing 1,201 people around the country. The…
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Thailand signs 3 MoUs with South Korea during PM’s visit
PHOTO: Thai PBS World Thailand has signed three MoUs (Memorandum of Understanding) with South Korea during PM Prayut Chan-o-cha’s official visit, taking place from November 24-27 for the 2019 ASEAN – Republic of Korea Commemorative Summit. Thai PBS World reports that the three agreements were signed yesterday, the first being between Thailand’s Ministry of Higher Education Science, Research and Innovation…
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Thais are tightening their belts and spending less – survey
“Nearly 70% said they’ve reduced spending on things like travel, shopping, parties and luxury goods.” Thais are tightening their belts and reducing their spending to weather the country’s growing stumbling economy, according to a Dusit Poll survey. The poll was conducted November 19-23 and surveyed 1,174 people from across Thailand. When asked how they’ve cut back, nearly 70% said they’ve…
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