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 Do foreigners get free healthcare in Thailand?
Thailand’s healthcare system is well-regarded across Southeast Asia, with options ranging from public hospitals to world-class private facilities. But when it comes to foreign residents or tourists, healthcare access isn’t as straightforward. So, do foreigners get free healthcare in Thailand?...
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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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Floods could take a toll on Thailand’s rice industry
Floods could take a toll on Thailand’s rice industry. The honorary president of the Thai Rice Exporters Association, Chookiat Ophaswongse, says it’s too early to estimate the value of damages since floods are still happening in many parts of the country. However, the Kasikorn Research Center estimates that the floods from August and October may cause around 2.9-3.1 billion baht…
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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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Thai industries want to produce energy to combat rising costs
A survey by the Federation of Thai Industries (FTI) revealed that Thailand’s industrial sector wants to produce its own electricity to combat the rising cost of energy but they need government support to make it work. The Office of the Energy Regulatory Commission announced in August this year that the fuel adjustment rate for electricity would be raised to about…
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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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Military conscription in Russia could benefit Thailand’s economy
Thailand could be an attractive and realistic option for men fleeing military conscription in Russia. Reports say that men are fleeing Russia after President Vladimir Putin announced a plan to conscript 300,000 civilians into military service in Ukraine. Several European countries such as Lithuania have already closed their doors to Russian citizens, citing widespread support for Putin’s unprovoked invasion of…
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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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Weakening baht is in focus as meeting called to discuss its impact
The Bank of Thailand is scrambling to find the sources behind the weakening baht as a meeting is called to discuss its impact. Finance Minister, Arkhom Termpittayapaisith, says the depreciating currency is adding to the inflationary pressures and is vowing to determine whether the decline is linked to the country’s economic fundaments. The Finance Ministry is set to hold talks…
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Ministry of Labour strives to provide jobs for the elderly
The population of Thailand is collectively getting older, and now the Ministry of Labour is attempting to address the problem of senior citizens without the financial means to sustain themselves. Minister of Labour Suchart Chomklin is working to create a job market for elderly citizens as Thais over 60 struggle to pay their bills without jobs. The plan to reduce…
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Moon landing: can the space industry revive the Thai economy?
The National Innovation Agency urged citizens to understand that the solution to saving the struggling economy may not be found in Thailand, but on the moon. The agency revealed a new launch pad on Friday for the space industry to use in shuttle missions such as a lunar orbit that Thailand has been dreaming of and striving for in recent…
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Thai cabinet extends excise diesel tax cut for 2 more months
The Thai Cabinet is extending the country’s excise diesel tax cut for another two months after diesel prices hit Thailand hard this year. The cut of five baht per litre will be extended from September 21 to November 20. The elimination of excise tax on bio-diesel and bunker oil used to generate power will also continue from September 16 to…
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Thai govt increase minimum wage by 5% starting on October 1
The Thai Cabinet today agreed to increase the minimum wage throughout the country by 5%. The highest rate is 354 baht per day in Chon Buri, Rayong, and Phuket. The new rate will come into effect on October 1. Labour Minister Suchart Chomklin discussed the topic at today’s Cabinet meeting and it was approved. It is the first time in…
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Thailand’s nonpartisan stance sensible in China-US Cold War
Thailand yesterday was urged to maintain its neutrality as tensions between the globe’s two economic giants, China and the United States, continue to gather pace. Thailand last week was criticized for maintaining a neutral stance regarding the Russia-Ukraine conflict as the West continues to impose sanctions on the former Soviet state. The kingdom has been also condemned in the past…
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Rice exporters say Thailand needs new rice breeds to be competitive
Rice exporters have said that Thailand needs new breeds of rice to compete in the global rice market. The president of the Thai Rice Exporters Association said yesterday that Thailand tends to set its rice prices too high for its quality, which is why the country’s rice export volume has continued to drop. The president, Charoen Laothamatas, said that new…
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Thai govt earned 2.02 trillion baht in 10 months but still borrowed
The Fiscal Policy Office of Thailand revealed the kingdom filled its coffers with 2.02 trillion baht in the past ten months but still had to borrow about 658 billion baht to overcome its deficit. The Director of the Fiscal Policy Office of Thailand, Pornchai Theerawet, yesterday revealed that Thailand earned 2.02 trillion baht in the first 10 months of the…
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Opening day of 2022 welfare sees 1.86 million people register
Yesterday marked the opening date for registration for state welfare for 2022, and people flooded the registration process both online and in person. By 3pm on the opening day, officials reported that 1.86 million people across Thailand had already registered for the state welfare card project. A spokesperson for the Ministry of Finance, who also serves as the director-general of…
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LTR visa: will the benefits lure expats to drive the economy?
The new 10-year long-term resident visa was launched on Thursday to convert visitors into expats by offering benefits and tax breaks to attract foreigners from around the world. Though, they’ve made clear that they’re looking only for the top-tier wealthy travellers to move to Thailand and take advantage of the LTR visa. The new visa is only offered exclusively to…
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Thailand to host APEC CEO Summit 2022 with a focus on post-Covid economies
Thailand is set to host the APEC CEO Summit 2022 with a key theme of focusing on rehabilitating economies after the Covid-19 epidemic. The Embrace, Engage and Enable theme will see a gathering of the world’s top CEOs, policymakers, and other leaders from 21 member economies. Set to start on November 16-18, 2022, organisers say the summit will be the…
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SCB-Bitkub deal fizzles as young investors lose big on crypto
As the crypto market cools and young, naïve investors lose big, the deal for Siam Commercial Bank Group (SCB) to acquire a majority stake in Thai digital asset exchange Bitkub Online has fallen apart. The deal, announced in November of last year, pushed Bitkub Online’s value over US$1 billion and drove the company’s cryptocurrency to triple in value overnight. SCB’s…
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Household debt hits all-time high, nearly 100% of Thais have debt
A Thai household debt survey this year revealed that almost every person in Thailand has household debt. But that’s not all, the average household debt hit an all-time high in the kingdom. Today, the Centre for Economic and Business Forecasting of the University of the Thai Chamber of Commerce revealed the survey results, saying nearly 100% of Thai people had…
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Save power – government will pay half to clean your aircon
To help people struggling with the rising costs of electricity, the Thai government has offered to cover half the cost of having your aircon cleaned. A dirty air conditioner with a clogged filter can be unhealthy, and can significantly increase your aircon bill, so the Electricity Generating Authority of Thailand (EGAT) is repeating its previous “Clean Your Air for the…
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100 masseuses in Phuket complain of 150 baht massage shop
Local massage shops in Phuket are complaining that another massage shop allegedly owned by a foreigner is offering unfair and possibly illegal half-price services. A coalition of about 100 masseuses banded together to file an official complaint, gathering at Phuket Provincial City Hall to ask for action from authorities on the matter. Karon Traditional Thai Massage Community Enterprise Group led…
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Electricity prices soar 18% to 4.72 baht per unit next month
Electricity prices are already at a record high rate of 4 baht per unit, topping an eight-year old record, and have now been approved to surge another 18%. When global oil prices rocketed up to US$110 per barrel in 2014, Thai energy prices hit 3.96 baht per unit. Coming out of the Covid-19 pandemic, the demand for all forms of…
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After poor South Koreans die in flooded basement home, will there be change?
After a poor South Korean family died after being trapped in a flooded basement apartment this week, authorities are discussing changes to poor areas of Seoul. Across the capital city, 13 people were killed because of the floods. The family of three who died in the basement home included a woman in her 40s with down syndrome, the woman’s sister,…
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