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...
-
Blue Flag market unveiled by Phuket to combat rising costs
Phuket is preparing to host a monthly special market dubbed the “Blue Flag.” The market is hoped to bring an economic lifeline to the less affluent residents of the city as they struggle with the inflating prices of common household essentials. The Phuket Provincial Commerce Office has taken the initiative of kick-starting the Blue Flag market beginning from the first week…
-
Household debt hits 15 year high amid uncertain economic outlook in Thailand
A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year. UTCC…
-
Three more Thai provinces join ASEAN Smart Cities Network expanding digital reach
Further broadening its digital reach, Thailand’s Digital Economy and Society Ministry (DES) recently declared that three additional Thai provinces – Chiang Mai, Khon Kaen and Rayong, now form a part of the seminal ASEAN Smart Cities Network (ASCN). This exciting development was announced yesterday, by DES chief, Chaiwut Thanakamanusorn, during the sixth annual ASCN assembly held in Bali, Indonesia. In…
-
Saudi-Phuket direct flights set to launch as Thai diplomacy thaws
Direct flights between Saudi Arabia and Phuket International Airport are slated to start in October, as announced by Monchai Tanode, the director of the airport. The Saudi-Phuket flights initiative is significant, marking the first-ever direct commercial flights between Saudi Arabia and Phuket since diplomatic relations were restored in the previous year. The foremost direct flight to Phuket will be facilitated…
-
Bank of Thailand forecasts final interest rate hike amid inflation uncertainty
The Bank of Thailand (BoT) aims to cap its series of interest rate increases with a final 25-basis-point hike slated for August 2, due to an ongoing high and uncertain inflation outlook. This insight has been gathered from a poll conducted recently. After June’s annual headline inflation eased down to 0.23%, falling below the BoT’s target range of 1%-3%, it…
-
Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation
A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months. The study was headed by…
-
Thailand eyes record 2 million Russian tourists despite geopolitical tensions
With an increase in flights and a neutral position on the Russia-Ukraine conflict, Thailand’s Tourism Authority (TAT) is poised to welcome a record-breaking 2 million Russian tourists next year. Khanittha Phanworawat, the Moscow office director, emphasises the urgent need to preserve Thailand’s image as a friend to Russian travellers, as a measure to achieve this ambitious goal, especially if other…
-
Thailand’s economy eyes rebound in 2023 buoyed by China’s booming influence
A light of hope has started to shine on the future of Thailand’s economy as we look forward to this year, and China’s influence as a significant driving force cannot be ignored, so suggests a leading Thai economist. The said economist, Kirida Bhaopichitr, who honours the position of Director for the Economic Intelligence Service at the Thailand Development Research Institute…
-
Thailand sees tourism growth skyrocketing to 3 trillion baht in 2023
Thailand recently experienced a surge in international arrivals, with numbers reaching 15 million within just seven months of this year, encouraging tourism growth, informed Rachada Dhnadirek, a deputy government spokesperson. She acknowledged the substantial contribution of northern hemisphere school summer breaks increasing the influx of international tourists to the vibrant Southeast Asian nation, thereby boosting tourism growth. In response to…
-
Culture ministry plans to boost Thai tourism through Korean TV series popularity
The Thai Culture Ministry voiced its intentions of capitalising on the increased popularity of Thai locations, brought on by their appearance in the latest Korean television series, King the Land. Recognising this upswing in interest, the ministry plans to attract more Korean tourists and fans of the drama to these specific sites, boosting Thai tourism. Culture Minister Itthiphol Kunplome attributed…
-
Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
-
Bank of Ayudhya predicts pivotal role of politics in Thailand’s economy
In light of the current political climate, a division of the renowned Bank of Ayudhya suggests that the upcoming political decisions could significantly steer Thailand’s economy this year. This report highlights the pivotal role of swift administrative formation in stabilising the economy and buoying investor confidence. However, the prospect of an emerging minority government raises considerable concerns over its potential…
-
Thailand aims to boost economy with health tourism campaign
The Thai government has launched an ambitious campaign, “Discover the New You” to entice international visitors to spend upwards of 18 million baht (US$510,000) by September of this year. This initiative is a concerted effort by the government, the Tourism Authority of Thailand (TAT), and over 130 healthcare, wellness businesses and service providers including hotels, spas, health resorts, hospitals, and clinics.…
-
Thailand’s potential as international events hub questioned amidst Taylor Swift tour snub
The exclusion of Thailand from the itinerary of Taylor Swift‘s world tour has prompted the denizens to reconsider the nation’s global standing as a viable hub for international exhibitions and events. Bringing the country’s potential into question, it was revealed that the total revenue from meetings, incentives, conferences and exhibitions (MICE) industry for the final quarter of last year was…
-
Migrant amnesty programme extended for half a million foreign labourers in Thailand
In a bid to alleviate Thailand’s labour shortage and lay the groundwork for post-pandemic economic recovery, the country’s Cabinet has decided to lengthen its foreign migrants’ amnesty programme until the close of the month. This initiative allows close to half a million workers from neighbouring nations, namely Cambodia, Laos, Myanmar, and Vietnam, to effectively organise the permits necessary for legal…
-
Bank of Thailand considers interest rate cuts to address household debt
A senior executive at the Bank of Thailand hinted at the possibility of interest rate slashes, which could provide a lifeline to struggling debtors, desperate to escape from their worsening debt cycles. In talks with the Thai Bankers’ Association (TBA) and other related groups, the central bank is exploring various methods to curb the nation’s escalating household debt. According to the…
-
Thai tourism unaffected by political unrest unless airports shut, says ex-minister
In times of political upheaval, Thailand’s foreign tourists would not be significantly impacted, unless there was an incident akin to 2008’s airport disruption, according to former tourism and sports minister, Weerasak Kowsurat. Back in 2008, protesters had shut down Bangkok’s airports leading to a drop in tourist visits, impacting Thai tourism. Weerasak, now serving as a senator, insists that tourists…
-
Thai industries adjust strategies amid export downturn, eyes new markets
A recent downturn in exports has provoked 25 industry sectors to rethink their production strategies, the Federation of Thai Industries (FTI) has revealed. Key industries affected and readjusting include steel, machinery, construction materials and furniture, all of which significantly cater to the markets in Asia, the European Union and the United States. The FTI recently unveiled the results of a…
-
Thai tourism surge: 25 million visitors forecasted, boosting economy
In a recent announcement, the Thailand is on track to welcome a staggering 25 million tourists by the year end, offering a much-needed booster to the economy. This follows a significant surge in Thai tourism, exceeding 12 million arrivals recorded late last month, as relayed by deputy government spokesperson Traisuree Taisaranakul. Between January and June 25 of this year, the…
-
Banpu eyes free power trade system amidst rising Thai electricity costs
In the face of rising electricity bills, a new opportunity is emerging for a free power trade system in Thailand, as spotted by Banpu Power Plc, the power generation arm of energy conglomerate Banpu Plc. Expecting a worldwide shift in electricity markets, the company, under Kirana Limpaphayom, its CEO, is poised to take advantage of this imminent change. The combined…
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.