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 Limited-time deal: Save 20% on Cigna's expat health plans forever
Starting a new life abroad is exciting—new culture, new lifestyle, and new chances to grow. But living far from home also means taking steps to protect your health in unfamiliar surroundings. Without the right coverage, even small health issues can...
-
SMK facing liquidity crisis as liabilities surpass assets
The Syn Mun Kong Insurance Plc (SMK), overseen by the Office of the Insurance Commission (OIC), is facing significant liquidity issues and has been given 60 days to solve these problems and raise capital. However, the OIC suggests that SMK is unlikely to comply within the given timeframe. SMK’s total liabilities have surpassed its assets, amounting to 30 billion baht, according…
-
Thai tourism revolution: Duty-free ditch and booze bonanza
In a bold move set to redefine Thailand‘s tourism landscape, the Finance Ministry is gearing up to propose changes that could reshape the way tourists spend their cash. The Finance Ministry is set to pitch a revolutionary plan to Cabinet today, December 19, aiming to suspend duty-free shops in the arrivals section of all airports. Lavaron Sangsnit, the ministry’s permanent…
-
Revolutionary reforms: Government’s 90-day plan to boost economy
In a move to transform the nation‘s fortune, the Public Relations Department has unveiled a game-changing report highlighting the government‘s efforts to boost the economy over the last 90 days. The report, released with much fanfare yesterday, December 18, boasts an array of initiatives aimed at cutting costs, boosting income, and ushering in a new era of prosperity. Chai Watcharong,…
-
Pork price crash in Thailand due to rampant smuggling
A nationwide crash in pork prices, sparked by rampant smuggling, is wreaking havoc on the livelihoods of hog farmers throughout Thailand. The illegal import of pork not only undermines local farmers but also poses a significant public health risk due to the potential for contamination. The Deputy Agriculture and Cooperatives Minister, Chaiya Phromma, addressed the issue in a conversation with…
-
Thanapiriya Plc plans 120 million baht expansion
Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…
-
Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
-
Thai PM seeks Japanese investment in country’s EV industry
Thailand Prime Minister Srettha Thavisin is set to persuade top Japanese car manufacturers to invest in Thailand’s burgeoning electronic vehicle (EV) industry, boarded a plane to Japan yesterday. The visit, marking his first to Japan since his tenure as prime minister began, coincides with the 50 Years of the Asean-Japan Friendship and Cooperation Commemorative Summit. Accompanying the 61 year old…
-
Thailand’s soft power strategy to generate 4 trillion baht across 11 industries
Thailand’s soft power is poised for global promotion in 11 industries, with a potential generation of 4 trillion baht, as revealed by Commerce Minister Phumtham Wechayachai. The statement was made at a seminar aimed at empowering business operators through the application of soft power, attended by Paetongtarn Shinawatra of the ruling Pheu Thai Party and chair of the national committee…
-
Thailand’s economic growth potentially in decline, SCB EIC warns
The Siam Commercial Bank’s research wing, SCB Economic Intelligence Center (EIC), expressed concern over the potential decline in Thailand’s long-term economic growth. It has attributed this to enduring structural problems, such as low investment, diminished total factor productivity, and the economic impact of the pandemic. Chief Economist at SCB EIC, Somprawin Manprasert, revealed that Thailand’s economic recovery has been more…
-
Social Security Board candidates call for higher pension rates
A majority of the candidates in the race for the new Social Security Board have underscored the need to increase pension rates for retirees within the social security system. They also drew attention to the crucial requirement of enhancing transparency and efficiency in managing the Social Security Fund (SSF). The election, slated for December 24, will see over 800,000 registered…
-
Hot pot buffet shifts to cashless payments from January 2024
The renowned Hot Pot Buffet restaurant chain announced a shift in its payment methods, heralding the onset of a cashless society. As of January 1 next year, customers in Thailand can no longer pay with cash but must opt for credit card payments or QR code scanning. As society becomes increasingly cashless, many businesses have adapted their payment systems. They…
-
NEPC plans to cap power tariff for Thai households at current rate
The National Energy Policy Council (NEPC), in its recent meeting, moved to limit the power tariff for households consuming not more than 300 units a month at the existing rate of 3.99 baht per unit, an insider familiar with the meeting discussions revealed. In the NEPC meeting, led by Prime Minister Srettha Thavisin, two main points were reviewed, both related…
-
Thailand’s central bank forecasts export revival and low inflation
The Bank of Thailand (BoT) anticipates an export revival in the coming year, as revealed in a recent statement. The Bank also projects low inflation rates for the same period, attributing it to government subsidies, albeit with a gradual increase within an acceptable range. Meeting minutes from the BoT’s November 29 monetary policy gathering, released on Wednesday, indicated that while…
-
Thai business bounces back: Surprising catalysts revealed by FTI
The Federation of Thai Industries (FTI) explained the significant rise in Thailand’s Industry Sentiment Index (TISI) after a five-month slump including a tourism boom and strategic government measures. Breaking through the economic gloom, the TISI soared to 90.9 points in November, marking a triumphant comeback after five consecutive months of decline, according to the FTI. In stark contrast to October’s…
-
Economic growth predicted at 3.6% next year in Thailand
Kasikorn Research Center (KResearch) revealed Thailand‘s economic outlook for 2024, which paints a gloomier picture than anticipated. Managing Director and Chief Economist Burin Adulwattana reveals that the global economy is slowing down, impacting global trade. “This is reflected in the deceleration of the manufacturing sector worldwide, especially in China and Germany, which are both heavily reliant on exports.” The Thai…
-
Malaysia and Singapore lure Chinese travellers with visa-free policies
The Chinese traveller market could see a significant rise to 7 million arrivals next year as Malaysia and Singapore become increasingly attractive due to reciprocal visa-free policies. Thailand, however, has yet to secure such an agreement with China. Following the introduction of a visa exemption for Malaysians, Beijing is speculated to extend a 30-day visa exemption to Singapore in the…
-
PTT’s OR diversifies with budget hotels and community malls at petrol stations
PTT Oil and Retail Business Plc (OR) is renewing its focus on diversifying its non-oil business ventures, with plans to construct budget hotels within its petrol stations and incorporate community malls catering to tourists. The company’s President and Chief Executive, Disathat Panyarachun, shared these developments. The next quarter will see OR onboarding a business consultant to oversee the hotel project.…
-
Slowing Chinese economy may impact Thailand’s exports, tourism and investment
Economic experts are voicing apprehension over the slowing Chinese economy, citing that the mainland’s deceleration and escalating tensions with the US could potentially affect Thailand in terms of exports, tourism, direct investment, and property. Despite China’s economy surpassing estimates by growing 4.5% in the first quarter, it has since experienced a slowdown. The disappointing figures in terms of investment, consumption,…
-
Electronics firms poised for a shocking surge in the new year
Electronics companies listed on the stock market are set to witness a performance upturn in the new year, owing to a forecasted global recovery across all industry sub-sectors, according to KGI Securities. The firm predicts a higher growth rate in the second half of the year on the back of continuing inventory restocking. The outlook is based on the steady…
-
Thai labour minister takes wages for a spin: Cabinet gears up for minimum wage review
Thai Labour Minister Phiphat Ratchakitprakarn announced that the Cabinet will be looking into a review of the new daily minimum wage rates. This comes after several business organisations urged the government to uphold the decision made by a tripartite wage committee regarding the increase in wages. Phiphat disclosed that he has no authority to review the rates approved by the…
-
Festive hamper market heats up as retailers vie for consumer spend
The festive hamper and gift market is witnessing a surge in competition, with major supermarket chains and beauty brands leveraging aggressive campaigns and attractive offers to boost consumer spending during the Christmas holiday season. Following a full recovery from the pandemic’s impact on the retail sector, a substantial budget has been set aside this year to mark the inauguration of…
-
Surat Thani’s hidden gems captivate American tourists
Tourism operators within the southern province of Surat Thani are pivoting their attention to the US market, showcasing the distinctive local attractions. Atirat Danpattaraworawat, who heads the Cheow Lan Lake Tourism Promotion Association, disclosed on Sunday that their recent networking expedition to the United States, spearheaded by the Tourism Authority of Thailand (TAT), garnered considerable interest from the US market.…
-
Bangkok’s mobile grocery stores to ease living costs
The Ministry of Commerce remains steadfast in its mission to operate mobile grocery stores across Bangkok and its neighbouring provinces, to alleviate the cost of living. Goranij Nonejuie, the Deputy Director-General of the Internal Trade Department, confirmed the continuation of the mobile grocery store initiative, now entering its fifth year of operation. The initiative will see deployment in over 100…
-
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,…
-
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…
-
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…
-
KFC invests 500 million baht for digital transition in Thailand
KFC, overseen by Central Restaurants Group (CRG), unveiled plans to invest 500 million baht in the transition to digital stores in the coming year. Piyapong Chitchumnong, who oversees quick-service restaurants & Western cuisine, as well as the KFC brand, revealed that the budget is allocated for the inauguration of 15-20 new KFC digital outlets, and the transformation of a similar…
-
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,…
-
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…
-
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…
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.