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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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 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…
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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…
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Japanese government wants to offer additional 80,000 yen to new parents
Japan’s government is wanting to boost the amount given to new parents by 80,000 yen (US$585) to motivate citizens to have more babies. As the country’s birthrate has been declining for some time, the government has tried to find ways to boost family planning. According to the Japan Times, the Ministry of Health, Labour and Welfare currently offer a Childbirth…
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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…
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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%…
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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”…
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Europe wakes up to US profiteering from Russia-Ukraine conflict
It appears Europe has finally woken up to Sleepy Joe’s foreign policy and US profiteering from the Russia-Ukraine conflict. The war in Ukraine has been blamed for higher fuel costs, the rise in inflation, austerity, and an economic meltdown throughout the world. Yet everything in the US garden appears to be rosy, profits are blooming and life goes on as…
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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…
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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…
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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…
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Business is booming on Khao San Road thanks to the World Cup
Business is booming on Khao San Road in Bangkok thanks to the FIFIA 2022 World Cup. The President of the Khao San Road Business Association, Sa-nga Rueangwattanakun, revealed that businesses on Khao San Road increased by 50%. Sa-nga said visitors flocked to entertainment venues and restaurants in the area to watch the World Cup matches providing a welcome boost to…
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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…
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Over 3 million people in Thailand living below poverty line, census shows
Over 3 million people in Thailand were living below the poverty line as of January this year, according to a government census agency. The Thai People Map and Analytics Platform (TPMAP) surveyed 36.1 million people across Thailand and found that 3.44 million were living without their basic needs being met. This categorised them as poor. The survey found that 1.02…
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Thai National Parks’ revenue rises 324 million baht from last year
The Ministry of Natural Resources, and Environment of Thailand revealed that the revenue of 133 Thai national parks increased by 324 million baht this year. The Director-General of the Department of National Parks, Wildlife and Plant Conservation, Ratchada Na Ayutthaya, revealed that the revenue increased because of the border reopening on July 1 and the relaxation of travel restrictions after the…
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Thai PM Prayut happy with increased employment rate
Prime Minister Prayut Chan-o-cha hailed the government’s successful employment policy after learning there are more people at work than ever before this year. The Prime Minister’s Office spokesperson, Trisuree Trisaranakun, revealed on Saturday, November 5, that PM Prayut was happy with the employment statistics from July to September this year. The spokesperson made known that the unemployment rate decreased, more…
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US Federal Reserve hikes up interest rates again
The United States Federal Reserve approved yet another aggressive interest rate hike yesterday in their quest to combat persistent inflation which is at a 40-year high in America. It is the fourth consecutive 0.75% interest rate hike approved this year. The central bank has raised the policy rate from near zero in March to what is now between 3.75-4%. It…
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Academics in Thailand welcome President Xi’s third term
Academics in Thailand welcomed news yesterday that Chinese leader President Xi Jinping secured an historic third five-year term as general secretary of the ruling Chinese Communist Party. President Xi’s third term will be viewed as undemocratic and autocratic by the Western powers but Thailand’s top boffins believe continuation is the key which will benefit the kingdom and ASEAN countries. Thai…
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Govt set up complaints hotline about pricey veggies
Noticed an increase in the price of vegetables? So has the government and that is why a complaints hotline has been set up for consumers to log their gripes. The Commerce Ministry’s Department of Internal Trade (DIT) yesterday made known it will monitor increases in the nation’s vegetable prices and promises to come up with measures to control prices. DIT…
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Jobs and shelter for Bangkok’s homeless an uphill battle
Providing shelter and jobs for Bangkok’s homeless population is being quoted as an “uphill battle.” According to Thai PBS World, Deputy Bangkok Governor Sanon Wangsrangboon made such comments after meeting with city officials and representatives of non-governmental organisations on Wednesday. The meeting was to discuss homelessness in Thailand’s capitol and to develop ways to find shelter and jobs for them.…
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Thai baht plummets even further against US dollar
The Thai baht depreciated even further against the strengthening US dollar. Last month, the baht plunged to 38 to the dollar for the first time in 16 years. Today, US$1 is worth 38.35 baht. Market strategist at Krungthai Bank Poon Panitphiboon revealed that the baht weakened from 38.25 yesterday to 38.35 against the dollar this morning. As US bond yields…
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IMF says world economy about to hit recession
The International Monetary Fund (IMF) warns the world economy will be in a recession as it downgraded global growth projections for next year. The IMF warned policymakers that a worldwide recession will occur if the fight against inflation is mishandled. The IMF’s bleak assessment comes after reviewing the World Economic Outlook report. According to The Straits Times, the report was…
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Unhappy days! More Haagen-Dazs destroyed in cancer scare
Almost 28,000 Haagen-Dazs ice creams worth 12 million baht were destroyed in Samut Prakan Monday, even though the samples had not been found to contain a chemical linked to cancer. According to today’s Bangkok Post, the country’s Food and Drug Administration (FDA) deputy secretary-general, Weerachai Nolwachai, said on Tuesday that a number of countries in Europe had recalled Haagen-Dazs ice cream…
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Flooding may impact Thailand’s tourism recovery
Hopes for Thailand’s tourism industry to recover are being challenged by the worst flooding the kingdom has seen in years. With large areas of croplands being suffocated by seasonal storms and rising rivers, food prices are at risk of increasing while tourism recovery is undoubtedly being slowed. According to Bangkok Post, popular tourist destinations are now being flooded by heavy…
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French President Macron accepts invitation to APEC meeting in Thailand
President of France Emmanuel Macron sent a letter to Prime Minister of Thailand Prayut Chan-o-cha on Monday confirming his attendance at the upcoming Asia Pacific Cooperation (APEC) summit in Bangkok next month from November 18-19. A spokesperson for the Ministry of Foreign Affairs Thanee Saengrat confirmed Macron’s attendance this morning. In the letter, Macron said he was looking forward to…
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WTO chief says world economy tipping towards recession
The World Trade Organisation chief is echoing others in their concern over the world economy falling into a recession. WTO director-general Ngozi Okonjo-Iweala didn’t hold back when she recently commented on the situation. “The indicators are not looking good. I think a global recession-that is what I think we are edging into.” Her analysis comes as the WTO intends to…
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Thai baht plunges to 38 against US dollar for first time in 16 years
The volatile Thai baht has depreciated to 38 against the US dollar even faster than foreseen by economists. The last time the baht reached 38 to the dollar was 16 years and two months ago on July 26, 2006. The baht has hit the 38 mark even earlier than expected by the Head of Capital at Kasikorn Bank Kobsidthi Silpachai,…
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Thailand’s weak baht could have a silver lining in the tourism industry, THA says
There might be a silver lining to Thailand’s weakening baht for the tourism industry. The president of the Thai Hotels Association (THA) says the weakening baht is one of several factors making Thai tourism more attractive in post-pandemic times. THA president Marissa Nunbhakdi says that now the ‘Test & Go’ and ‘Thailand Pass’ schemes have been scrapped, momentum has built…
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Shopee Thailand to lay off about 10% of employees
Shopee started a major restructuring charge and it includes plans to lay off more employees of Shopee Thailand. About 10% of jobs will be cut, and it is expected to affect about 100 employees. The Singaporean multinational technology company, a subsidiary of Sea Limited, has restructured its business in many countries this year to make the company more self-sufficient, they…
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Economists foresee 38 baht to 1 US dollar this year
With the US dollar strengthening and Thailand’s struggling economy, economic experts predict the baht may fall to 38 to the dollar by the end of this year. The head of capital markets research for Kasikorn Bank believes the baht will continue its instability along with the global money markets as a result of domestic and international factors. While the US…
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Price hike in vegetables prior to Phuket Vegetarian Festival
Phuket is seeing a jump in its vegetable prices as the annual Phuket Vegetarian Festival is coming up on September 26. The prices of many vegetables have shot up on average from five to 20 baht per kilogram. The prices on other vegetarian ingredients have bumped up as well. Vegetable prices usually increase in Phuket before and during the festival…
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