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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Thai electricity tariff to remain at 4.18 baht per unit
The Thai Energy Regulatory Commission (ERC) decided to maintain the electricity tariff at 4.18 baht per unit for the billing period from September to December this year. For consumers using no more than 300 units per month, the tariff remains at 3.99 baht per unit. Poonpat Leesombatpaiboon, Secretary-General of the ERC, revealed on July 1 that the commission resolved to…
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Tang Rat app crashes amid rush for 10,000 baht digital wallet
The Tang Rat application crashed as numerous people rushed to download and verify their identities ahead of the registration for the 10,000 baht digital wallet set to begin tomorrow, August 1. It was reported today that the government, through the Ministry of Digital Economy and Society (MDES) and the Ministry of Finance, will open the registration for the 10,000 baht…
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BTSC demands 40 billion baht Green Line overdue debt payment
The Bangkok Mass Transit System (BTSC) declared itself ready to negotiate with the Bangkok Metropolitan Administration (BMA) and Krungthep Thanakom (KT) over the staggering debt tied to the BTS Green Line extensions. This comes hot on the heels of a Supreme Administrative Court ruling on July 26, giving both parties a 180-day deadline to cough up nearly 12 billion baht…
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Duty-free shutdown drama: Thai airports set to lose big bucks
Airports of Thailand (AOT) is bracing for a colossal monthly loss of 143 million baht after announcing the closure of all duty-free shops in the arrivals areas of five major airports. This shocking move, aimed at boosting domestic spending, was approved by the Cabinet on July 2 and will come into effect on August 1. The closure affects duty-free shops…
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Severe flooding devastates Kanchanaburi fish farmers
Severe flooding and flash floods have devastated over 100 fish farmers in Kanchanaburi, causing damages worth more than 235 million baht. The disaster struck several districts between July 25 and 30, leading to substantial agricultural losses. Deputy Governor of Kanchanaburi Athisan Intra reported that flash floods and overflowing rivers have inundated homes and agricultural properties in Thong Pha Phum, Sangkhla…
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Thailand businesses urged to adopt same-day delivery strategies
Commerce Minister Phumtham Wechayachai urged Thai business operators to enhance their operating strategies to maintain a competitive edge. He emphasised the necessity for continuous upgrades, pointing to the success of Chinese e-commerce giants like JD.com, TikTok (Douyin), TaoBao, and Meituan, which have thrived by offering same-day delivery services in certain regions. Phumtham’s remarks came following a report from Oranuch Wannapinyo,…
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Pickup truck loan defaults surge 39% in May, NCB reports
The National Credit Bureau (NCB) reported a significant 39% increase in bad debt for pickup truck loans in May, highlighting an alarming trend in the auto finance sector. Banks have also seen a contraction in car loans during the first half of this year, corresponding with a nationwide decline in car sales. By May 2024, non-performing loans (NPLs) for pickup…
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Japan urges ASEAN to prioritise hybrids over EVs for sustainability
Japan advocates for hybrid vehicles as an effective path for the Association of Southeast Asian Nations (ASEAN) to reach sustainable development goals. During the Economic Security and Supply Chains seminar, Yasuyuki Todo from the Faculty of Political Science and Economics at Waseda University cautioned ASEAN about over-relying on the electric vehicle (EV) industry. He pointed out that since Asean mainly…
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Energy Ministry’s new bill targets stable oil and LPG prices
The Energy Ministry’s new bill aiming to control domestic oil and cooking gas prices requires a public hearing to assess its impact on oil traders and government revenue, according to an energy expert. Currently under review by the Council of State, the bill proposes the establishment of a new commission, akin to the Energy Regulatory Commission, to regulate retail prices…
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Thailand to ASEAN: Let’s get digital for ‘byte-sized’ unity
Thailand urged the Association of Southeast Asian Nations (ASEAN) to enhance integration by adopting a unified digital economy system, supporting sustainable development, and ensuring regional security through existing mechanisms. Speaking at the 57th ASEAN Ministerial Meeting in Vientiane yesterday, July 28, Foreign Affairs Minister Maris Sangiampongsa emphasised the growing interest of many countries and international organisations in engaging with ASEAN.…
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Thai Oil workers protest unpaid wages, ministry demands resolution
Hundreds of workers have been protesting outside Thai Oil’s refinery in Chon Buri since Wednesday, July 24 due to unpaid wages. The Labour Ministry has stepped in, urging relevant parties to resolve the issue promptly. Employees of Sinopec Engineering Group (Thailand) Co Ltd, a subcontractor for Thai Oil, initiated the protest after not receiving their salaries since May. The protest…
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Thailand’s economy to grow 2.7% this year
Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance. Deputy Finance Minister Paopoom Rojanasakul highlighted the positive outlook, attributing it to improving economic conditions among trading partners. He noted that growth could potentially reach 3% this year,…
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Thailand launches 10,000 baht digital wallet registration tomorrow
The Thai government will launch a new digital wallet initiative, allowing citizens to receive 10,000 baht through a simple registration process starting tomorrow, July 25. This initiative, managed by the Ministry of Finance, aims to stimulate the economy in the fourth quarter of the year. Between tomorrow and mid-September, citizens can register for the digital wallet via the Tang Rat…
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Cabinet caps power bills and diesel prices to aid businesses, public
The Cabinet implemented measures to cap power bills at 4.18 baht per unit until the end of the year and set a diesel price ceiling at 33 baht per litre until October 31. Energy Minister Pirapan Salirathavibhaga announced that the Cabinet approved the Energy Ministry’s proposal to maintain the electricity rate at 4.18 baht per kilowatt-hour for September through December…
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Over 1 million vendors join Thailand’s digital wallet scheme
Prime Minister Srettha Thavisin will provide further details on the government’s flagship digital wallet scheme today, with over 1 million shops and vendors registering to participate, according to a government statement issued yesterday. Deputy Prime Minister Phumtham Wechayachai revealed that the announcement will primarily cover the requirements for eligible recipients to obtain and use the digital money. Additional details will…
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Thailand Cabinet caps electricity at 4.18 baht, diesel at 33 baht
The Thai Cabinet approved measures to cap electricity prices at 4.18 baht per unit until the end of the year and diesel prices at 33 baht per litre until October 31. A new energy structure law is set to be introduced today, July 23. Following a Cabinet meeting, Deputy Prime Minister and Energy Minister Pirapan Salirathavibhaga announced that the government…
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Farm to table: Thailand firms urged to unite for stable farm prices
The Commerce Ministry urged Thai conglomerates to collaborate in purchasing agricultural products to provide farmers with a more stable income. Commerce Minister Phumtham Wechayachai revealed plans to manage agricultural products and secondary crops for the latter half of the year. He instructed Vuttikrai Leewiraphan, commerce permanent secretary, and Wattanasak Sur-iam, Director-Deneral of the Internal Trade Department (ITD), to engage department…
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Cabinet to approve Thai ESG fund boosting SET by 50 billion baht
The Thai Cabinet is set to approve the new Thai ESG Fund tomorrow, with analysts anticipating that the revamped conditions of this environmental, social, and governance (ESG) centric fund will enhance trading on the Stock Exchange of Thailand (SET) by 40-50 billion baht annually. The fund’s revised structure includes a reduced holding period of five years, down from the original…
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Shocking slump: Thailand’s premium EV sales plunge 35%
Thailand has experienced a significant decline in the sales of premium electric vehicles (EVs), dropping 35% year-on-year in the first half of the year. Despite this downturn, BMW remains optimistic about its EV sales, banking on the appeal of its newly launched models in the Mini family in Bangkok. Sales of premium EVs fell to 3,844 units between January and…
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MICE industry must prioritise people management to sustain growth
Game-changing People Management was the focus of a recent presentation at the TMX conference, one of the largest fairs dedicated to the meeting, incentive, convention and exhibition (MICE) industry. The discussion highlighted significant opportunities for growth and transformation within this expanding sector. The MICE industry is on a remarkable growth trajectory, with a projected compound annual growth rate (CAGR) of…
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Tenzing Pacific Services predicts market’s ‘positive momentum’ to continue
Tenzing Pacific Services is anticipating positive stock market momentum to carry through to the end of 2024 despite volatility and share performance dispersion. Tenzing Pacific Services, a health, life, and business insurance and investment company, saw June as a mixed bag when it came to growth. This is in large part due to the market’s performance not necessarily correlating with…
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House approves 122 billion baht digital wallet scheme budget
The House of Representatives approved a supplementary bill to increase the budget for the current fiscal year by 122 billion baht, in a vote held late yesterday. This additional funding aims to partially finance the government’s digital wallet handout scheme. A total of 297 MPs voted in favour of the bill, while 164 opposed it, with no abstentions recorded. Among…
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Bangchak cuts high-premium fuel prices by 5 baht per litre
Bangchak Corporation announced a significant price reduction on its high-premium fuel types, offering a discount of 5 baht per litre nationwide from today to tomorrow, July 20. This promotion includes both Bangchak Hi Premium 97 and Bangchak Hi Premium Diesel S, with no minimum purchase required. Bangchak Corporation, a leading company in the fuel industry, is running its major annual…
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Thailand restaurant market to hit 400 billion baht in 2024
Central Restaurants Group (CRG) anticipates a 5% sales growth in 2024, driven by the digital wallet handout scheme, while Thailand’s restaurant market value is projected to reach 400 billion baht this year. Nath Vongphanich, CRG President, addressed the ruling Pheu Thai Party’s upcoming 10,000-baht digital wallet handout scheme, expected to launch in the fourth quarter. He mentioned that the company…
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Thailand considers petroleum reserve amid oil price volatility
Thailand is considering various strategies to mitigate the impact of global crude oil price fluctuations, beyond merely subsidising domestic oil prices through the dwindling Oil Fuel Fund. One proposed solution is the development of a strategic petroleum reserve (SPR) to enhance national oil security and safeguard against potential supply disruptions caused by geopolitical conflicts. Energy Minister Pirapan Salirathavibhaga suggested the…
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Transport Ministry execs visit Phuket to boost economic development
Senior executives from the Ministry of Transport gathered at Phuket Provincial Hall yesterday, engaging in a two-day study tour aimed at boosting economic development in the region through transportation initiatives. This initiative, part of a broader training programme organised by the Ministry of Transport, targets government officials and employees from state enterprises. Running from May 27 to August 16, the…
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Thailand to boost 2024 budget by 122 billion baht for economic lift
Prime Minister Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme, a core policy of the Pheu Thai Party. Opposition parties opposed the bill, citing legal concerns and potential violations of the State Fiscal…
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Thailand’s digital wallet disaster: MFP oppose budget
Opposition parties have taken a firm stand against the supplementary budget bill, targeting the controversial digital wallet scheme. Estimated at a staggering 450 billion baht, the scheme is criticised for its alleged inefficacy in boosting the GDP and potential legal issues, which could set a detrimental precedent for future national budgeting and fiscal policies. Sirikanya Tansakul, Deputy Leader of the…
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PM Srettha’s 122 billion baht budget boost to stimulate economy
Prime Minister Srettha Thavisin launched the first reading of an additional budget for fiscal 2024, earmarking a whopping 122 billion baht for economic stimulus through the digital wallet scheme. Addressing the House, the Thai Premier outlined the government’s plan to disburse a 10,000-baht digital handout, aimed at enhancing the quality of life and generating job opportunities. “We cannot afford to…
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Thailand to boost exports with soft power in China and Hong Kong
In a move to boost exports, Thailand’s Department of International Trade Promotion (DITP) is targeting China and Hong Kong markets with a potent mix of soft power. From tantalising Thai food to fashion and films, the DITP is pulling out all the stops. DITP Director-General Phusit Ratanakul Seriroengrit announced Monday that eight offices in China and Hong Kong are spearheading…
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