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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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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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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Thailand’s baht weakens against US dollar
Thailand’s baht has weakened against the US dollar this year. On Wednesday, the conversion rate was 36.73 baht per dollar, having been weakened by 8.8% this year. The baht hit its lowest point in 15 years in July, when the rate was 36.945 baht per dollar. The US dollar has gotten stronger due to a drop in many countries’ foreign…
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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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Report reveals Thais need to save 15%-30% of salary for retirement
Thai people are being urged to save more money for their retirement instead of relying on lotto prizes, inheritances, or descendants’ income. The Faculty of Commerce and Accountancy of Chulalongkorn University launched a National Retirement Readiness Index (NRRI) for Thailand yesterday. The report revealed that Thai people are not financially ready for retirement. Most people are ready for retirement in…
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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 sees more businesses go bankrupt over past 7 months
The Business Development Department (BDD) under the Commerce Ministry revealed yesterday that more than 7,500 businesses in Thailand went bankrupt in the past seven months. The number of bankruptcies increased by 24% compared to the same time last year while the number of new businesses is also expected to decrease said the BDD. BDD Director Tossapon Tangsuboot made public business…
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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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