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 Why retirees in Thailand are choosing long-term health insurance over quick fixes
Retirees in Thailand are increasingly seeing the importance of health insurance in protecting their well-being during retirement. With insurance requirements for retirement visas and rising healthcare costs, many are moving away from short-term plans and choosing long-term coverage. Long-term health...
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Indonesia seeks Tesla EV battery plant with Musk’s interest
Indonesia is once again courting Elon Musk’s interest in establishing an electric vehicle (EV) battery plant within its borders. After meeting with President Joko Widodo, the CEO of Tesla, Elon Musk, is set to consider the proposal, as confirmed by Indonesia’s Coordinating Minister of Investment, Luhut Pandjaitan. Musk’s immediate response was not available following the announcement made by Luhut to…
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Govt to boost 2024 budget by 122 billion baht for handout scheme
According to the Budget Bureau Chief, the Thai government plans to increase the 2024 fiscal budget by 122 billion baht to support its primary handout initiative. This announcement follows the recent approval of a delayed 3.48 trillion baht budget. The government is continuing to push forward with fiscal stimulus plans, aiming to distribute 500 billion baht by the fourth quarter…
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Tourism campaign in the works to promote second-tier provinces
In a bid to amplify tourism revenue from lesser-known provinces and cities, The Tourism Authority of Thailand (TAT) unveiled a five-point campaign aimed at promoting 55 second-tier regions. The initiative marks a collaborative effort involving nine ministries, the Royal Thai Police, and two additional agencies. Deputy Governor of the TAT, Somruedee Jitjong, emphasised the necessity of diversifying tourism revenue streams…
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Thailand’s economy grows 1.5% in Q1, beats forecasts
Thailand’s economy experienced a robust start to the year, expanding by 1.5% in the first quarter compared to the same period last year, according to official data released yesterday. This growth surpassed analysts’ expectations, indicating a positive shift for Southeast Asia’s second-largest economy. Every quarter, the economy grew by a seasonally adjusted 1.1% from January to March, as reported by…
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Voluntary exodus leaves 1% of workforce jobless in first quarter
Over 400,000 individuals, representing approximately 1% of the working-age population, were unemployed during the first quarter of the year, with the primary reason being voluntary resignation. Piyanuch Wuttisornon, the Director-General of the National Statistical Office (NSO), announced the findings from a survey on the working-age population. The results indicated a decrease in unemployment numbers for the first quarter compared to…
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British family leaves UK for Thailand for cheaper living costs
A young British family has swapped the grey skies of Cheshire for the sunny shores of Thailand, seeking refuge from the UK’s crippling cost of living crisis. Jess, her partner Harry (surnames withheld), and their two year old daughter Cece uprooted their lives in Congleton to start afresh in Southeast Asia. Their decision was driven by surging energy bills that…
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Commerce ministry acts to control prices amid minimum wage hike
The Ministry of Commerce implemented two measures to tackle rising product prices following the minimum wage increase to 400 baht. Officials are closely monitoring clothing prices and urging businesses to maintain prices for essential goods in eight categories. Director-General of the Department of Internal Trade Wattanasak Sueaiam stated yesterday May 16 that the private sector is preparing to raise product…
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Thailand’s unemployment crisis soars despite tourism boom
Thailand’s unemployment rate continues to climb, with a staggering 410,000 people out of work in the first quarter of this year, according to the National Statistical Office. The hardest-hit group is those with higher education degrees. Office director Piyanuch Wuttisorn revealed that of the total, around 79,000 people have been unemployed for more than a year.” The statistics paint a…
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Navigating new depths: RTN seals deal for Chinese submarine
The Royal Thai Navy (RTN) confirmed its decision to proceed with the purchase of a 13.5-billion-baht submarine from China, following successful negotiations earlier this week. This announcement came from an RTN source. General Somsak Rungsita, adviser to Defence Minister Sutin Klungsang and chairman of the Defence Ministry panel dealing with the submarine issue, held discussions with a Chinese delegation led…
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Lamborghini to debut electric supercar in Thailand by 2028
Automobili Lamborghini, the renowned Italian luxury sports car manufacturer, plans to introduce its new electric supercar to Thailand, with a global debut slated for 2028. This initiative is part of the company’s broader strategy to reduce carbon dioxide emissions. For years, Lamborghini has been actively developing electric vehicle (EV) technology to support its goal of achieving carbon neutrality, according to…
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Alipay+ partners with TAT to redefine travel experience
Thai tourism is undergoing a digital revolution as Alipay+ teams up with the Tourism Authority of Thailand (TAT) to redefine the travel experience. With an aim to attract more tourists and enhance their journey, the duo unveils an array of innovations that promise seamless exploration and unforgettable memories. In a joint statement, Alipay+ and TAT announced groundbreaking developments set to…
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PM Srettha: Six advantages to make Thailand an investment hotspot
Prime Minister Srettha Thavisin, addressing potential investors at SUBCON Thailand 2024, asserted that Thailand possesses a plethora of advantages positioning it as an investment hotspot for crucial industries such as electrical vehicle (EV) and electronics manufacturing. Hosting the international trade show for part-sourcing and business-matching, the premier highlighted Thailand’s standout traits, starting with its geopolitical stability, distinguishing it from its…
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Bitcoin’s bull run: Crypto climbs with biggest surge in months
Bitcoin’s price today experienced a substantial surge marking its most significant single-day gain in two months. This sudden upward movement has been attributed to growing anticipation of a more relaxed monetary policy environment in the coming months. The prospect of central banks potentially easing their grip on digital currency interest rates has injected a wave of optimism into the market.…
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Tripartite committee rejects uniform 400-baht minimum wage hike
The tripartite wage committee has chosen to uphold the autonomy of provincial wage panels in setting minimum wages, rejecting the Thai government’s uniform 400-baht minimum wage hike. During a tense session on May 14, the 15-member committee, representing the Ministry of Labour, employers, and employees, did not endorse the proposed nationwide increase. This decision followed closely on the heels of…
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Superrich faces stalled growth as tourists prefer travel cards
Renowned local money changer Superrich Currency Exchange (1995) Co, known by its SuperRich Orange brand, has faced a challenging start to the year with its transaction growth stalling at zero during the initial four months, despite an increase in foreign travellers. The stagnation in Superrich’s growth is largely due to the rising popularity of travel card services, which are increasingly…
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Thai noodle giant unfazed by minimum wage increase to 400 baht
The imminent nationwide increase in the minimum wage to 400 baht holds little concern for major noodle producer Thai President Foods PCL, the maker of the popular instant noodle brand Mama, which believes the company’s ability to adapt will mitigate any significant impact, highlighting instead the potential challenges this wage hike could pose to smaller enterprises and small and medium-sized…
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Thai industry leader defends Bank of Thailand’s financial autonomy
Federation of Thai Industries (FTI) Vice Chairman Montri Mahaplerkpong voiced opposition to any proposals that would impede the Bank of Thailand‘s (BoT) authority over its financial stability management. Montri argued that the government should explore more palatable solutions to its disagreement with the BoT over policy rates, rather than attempting to curtail its power, which he sees as a contentious…
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Thai govt’s plan for minimum wage increase gains public support
The Thai government’s initiative to increase the daily minimum wage has received widespread approval, with a large section of the populace expressing their support for the plan, a recent poll revealed. The National Institute of Development Administration (NIDA) conducted the survey, which witnessed the participation of 1,310 individuals, all aged 18 or above, between May 3 and May 7. An…
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Thailand and EU nearing completion of free trade agreement
Thailand is on the verge of finalising a free trade agreement (FTA) with the European Union within the year, as they collaborate on commitments to halt illegal, unreported, and unregulated (IUU) fishing practices. The Europe Day 2024 celebration, held yesterday in Bangkok by the EU embassy, commemorated the historic event that underpinned the establishment of the EU. Europe Day, observed…
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Minimum wage increase pledge sparks hotel industry crisis
Prime Minister Srettha Thavisin’s promise to boost the minimum wage to 400 baht by October 1 has set off alarms in the private sector, particularly among hoteliers. Concerns abound as businesses foresee a hefty 15 to 20% surge in costs across goods and services, presenting a formidable hurdle for the hospitality sector. The impending wage revision marks the third adjustment…
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China’s imports and exports rebound showing positive shift in April
After experiencing a contraction in the previous month, China’s imports and exports rebounded in April, according to customs data released today. This positive shift indicates a promising enhancement in both local and international demand, providing a vital lift to the nation’s fragile economic recovery. The upswing in data suggests that the numerous policy support measures introduced in recent times are…
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Thai govt’s digital wallet project: A cash splash on the horizon
The Government of Thailand is still finalising its digital wallet project, a financial aid initiative which promises a 10,000 baht disbursement to eligible citizens. The specific criteria for eligibility include an age threshold, and a deposit cap to ensure the aid reaches those intended. Citizens who are 16 years old as of September 30 of this year, or born before…
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Thailand’s economic growth forecast revised down
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has revised Thailand’s economic growth forecast downward from a range of 2.8 to 3.3% to 2.2 to 2.7% for the year. The revised outlook is due to a slowdown in exports, which is negatively affecting the manufacturing sector. The panel also flagged a decrease in export expansion from 2% to…
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Thai govt’s minimum wage hike to 400 baht faces opposition
The government’s recent announcement of an impending nationwide minimum wage hike to 400 baht per day in October has provoked strong opposition from a member of the tripartite wage committee. The committee member in question, Atthayuth Leeyavanich, who represents employers, criticised the premature disclosure of the wage increase, asserting that it had not yet been discussed or approved by the…
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Bank of Thailand’s independence crucial for economic stability
Economists emphasise the importance of the Bank of Thailand’s independence in its mission to maintain economic stability. They note that while interest rates have a negligible effect on bolstering economic growth, they could influence the stability of the baht and trigger an increase in household debt. Despite persistent appeals from Prime Minister Srettha Thavisin for a collaborative effort between monetary…
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New Finance Minister Pichai pledges to boost Thailand’s economy
Newly appointed Finance Minister Pichai Chunhavajira pledged to accelerate initiatives aimed at addressing household debt, stimulating the economy, and raising personal income. Pichai, who previously held the chairman position at the Stock Exchange of Thailand and served as the prime minister’s advisor, observed a consistent decline in the country’s economic growth rate over the past two decades during his inaugural…
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Thai government greenlights energy subsidies and price caps
Subsidies on electricity bills for vulnerable groups and caps on cooking gas and diesel prices have received the green light from the Thai government. The move aimed to alleviate the burden of burgeoning energy costs on the population. Deputy government spokesperson Rudklao Intawong Suwankiri disclosed that diesel prices will now be fixed at 33 baht per litre, from April 20…
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SC Asset introduces morning coin for real estate rewards
SC Asset Corporation Public Company Limited, under the stewardship of Natthaphong Kunakornwong, is embarking on a transformative journey as it enters its third decade, a period poised to redefine the company’s legacy. In a significant move, SC Asset unveiled an innovative utility token, Morning Coin, which promises to deliver extensive benefits to its clients. Homebuyers of SC Asset properties will…
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Thai chamber opposes proposed minimum wage increase
The Thai Chamber of Commerce (TCC) is in dispute with the government over its proposal to increase the minimum daily wage to 400 baht for workers all over the country. The proposed wage increment is expected to take effect in October. Speaking on the issue, Poj Aramwattananont, Vice-President of the TCC and the Board of Trade of Thailand, painted the…
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Thailand’s steel industry threatened by surge in Chinese imports
The EAF Long Product Steel Producers Association raised concerns about the future of Thailand’s steel industry as local manufacturers face potential closure. This comes as a result of a surge in steel imports from China, which has resulted in a reduction of capacity utilisation to a mere 28% between January and February. The association’s president Chaichalerm Bunyanuwat urged for immediate…
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