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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The Thaiger key takeaways The most common medical emergencies for expats in Thailand include motorcycle accidents, tropical diseases, and food or water-borne illnesses. Air pollution and heat-related conditions like heatstroke also pose serious seasonal health risks, especially in northern and...
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Bitcoin rebounds amid Middle East military escalation uncertainty
Bitcoin, the largest cryptocurrency, recently bounced back from its steepest drop in over a year, marking the beginning of potential volatility across asset markets as investors grapple with the looming prospect of a military escalation in the Middle East. Bitcoin yesterday rose by a maximum of 5.9% and was traded at around US$64,600 as of 11.40am in London. Smaller cryptocurrencies…
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Concerns raised over legality of govt’s digital wallet borrowing plan
The Bank for Agriculture and Agricultural Cooperatives’ (BAAC) labour union raised concerns about the government’s plans to borrow 172.3 billion baht (US$4.7 billion) from the bank to fund a digital wallet handout scheme. The union is questioning the legality of this plan and has sought guidance from the State Enterprise Policy Office, the Bank of Thailand, and the Council of…
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Gold prices hit new record in Thailand amid market volatility
Gold prices in Thailand skyrocketed, setting a new all-time high record, reflecting a sharp increase of 750 baht from the previous day’s closing rate. The surge occurred amidst volatile market conditions, with the Gold Traders Association (GTA) announcing five price changes within the first 35 minutes of the trading day, starting with an initial hike of 700 baht at 9am.…
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Thailand and Vietnam strategic partnership for mutual growth
Thailand and Vietnam have forged a Comprehensive Strategic Partnership, a relationship focusing on meeting bilateral trade objectives, implementing sustainable development plans, strengthening political-diplomatic and defence security collaboration, and enhancing benefits in people-to-people areas. The announcement was made during the 5th Joint Commission on Thailand-Vietnam Bilateral Cooperation held in Bangkok, co-chaired by Thailand’s Foreign Minister, Parnpree Bahiddhanukara, and Vietnam’s Foreign Minister,…
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BoT holds policy rate, predicts consistent economic growth
The Bank of Thailand has kept the policy rate steady at 2.5% during its latest meeting, rejecting governmental calls for a decrease. The decision, marking the third consecutive meeting with no change, is based on the Thai economy’s consistent growth, which has already exceeded 2023 levels. Piti Disyatat, the secretary of the Bank of Thailand’s Monetary Policy Committee (MPC), stated…
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Thai government’s 500-billion-baht digital wallet scheme launches this quarter
Prime Minister Srettha Thavisin announced yesterday that the government’s 500-billion-baht digital wallet initiative will be launched in full swing in the fourth quarter to stimulate economic growth. This flagship policy of the ruling Pheu Thai Party plans to distribute 10,000 baht to 50 million Thai citizens for spending within their local communities over six months. PM Srettha, who also serves…
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Thai construction firm ITD seeks additional financial backing
Financially beleaguered construction company Italian-Thai Development (ITD) hopes to receive more financial backing from lenders to complete over 100 ongoing construction tasks while also vying for additional projects from the now active 2024 fiscal budget. ITD, listed on the Stock Exchange of Thailand (SET), has plans in the pipeline to offload its non-performing assets, including Asia-Pacific Potash Corp. Meanwhile, a…
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Thailand faces first consumer confidence dip in eight months
A recent survey has revealed a decline in Thailand’s consumer confidence for the first time in eight months. This dip in March is attributed to a sluggish economic recovery and escalating living expenses. The University of the Thai Chamber of Commerce (UTCC), which conducted the survey, reported a decrease in the consumer index to 63.0 in March, down from 63.8…
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AI poised to propel global productivity, says Microsoft CEO
Microsoft Group Chief Executive Officer (CEO) Satya Nadella has identified a pressing global need for a new artificial intelligence (AI) growth engine to unlock potential. According to Nadella, AI has emerged as the most potent technology since the inception of the Internet era and is capable of propelling worldwide productivity growth. The 56 year old CEO stated that the previous…
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Bank of Thailand likely to cut policy rate, predicts CIMB Thai Bank
The Bank of Thailand (BoT) is predicted to lower its policy rate tomorrow, providing a short-term stimulus to the nation’s economy, which has been hampered by budget disbursement delays. Amonthep Chawla, lead economist at CIMB Thai Bank (CIMBT), believes the central bank’s Monetary Policy Committee (MPC) will favour a reduction in the policy rate at the upcoming meeting, with a…
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Healthy alliance: Thai-US partnership to inject vitality into EEC healthcare
A joint venture is underway between Thailand and the United States, aimed at boosting investments within the healthcare and medical sectors in the Eastern Economic Corridor (EEC). This initiative is designed to support healthcare services for both ageing and young populations while promoting targeted industries. Forecasts from the Thai Health Promotion Foundation indicate a rapid growth trajectory for the medical…
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Potential Australian trade barrier could impact Thai auto exports
The Thai Automotive Industry Association (TAIA) has issued a warning that a prospective trade barrier, set to be imposed on new cars shipped to Australia next year, may impact auto exports. The trade barrier, known as the new vehicle efficiency standard, is a regulation being developed to limit carbon dioxide emissions per kilometre from new cars sold in Australia, according…
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Thai government launches 300,000 baht loans for self-employed
In a significant move to support the workforce, the Thai government has unveiled a loan programme aimed at self-employed individuals, providing funds up to 300,000 baht for those in need of financial assistance. This initiative, which offers zero-interest loans for a two-year period, is available until April 30, as announced by Deputy Government spokesperson Karam Phonprakong. The policy, orchestrated under…
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Thai government’s 500 billion baht digital wallet under scrutiny
The funding sources for the government’s flagship 500 billion baht handout scheme, better known as the digital wallet, will undergo careful consideration, ensuring that public debt remains manageable, a senior government official stated today. This scheme is a crucial campaign pledge of the ruling Pheu Thai Party, intending to distribute 10,000 baht to 50 million Thai citizens to stimulate local…
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Government’s debt hike prompts caution from agencies
Ratings agencies issued cautionary statements following the surprise decision this week by the government to increase its debt in a bid to stimulate the economy. The move, which may compromise the government’s fiscal consolidation efforts, is likely to stimulate short-term growth. The medium-term budget plan was revised by the Cabinet on Tuesday, causing a rise in the deficit next fiscal…
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Vinfast challenges Chinese targeting Southeast Asia’s EV market
Vinfast, a Vietnamese electric vehicle (EV) producer, is contending with Chinese automobile manufacturers to market its EVs within Southeast Asia, leveraging the ASEAN Free Trade Agreement (AFTA). The firm eyes Thailand as the initial export venue, based on the country’s fast-growing EV market which promises lucrative business opportunities, according to Vu Dang Yen Hang, chief executive of Vinfast Auto (Thailand).…
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Fuelling fears: Thai diesel price hike won’t ignite retail inflation
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) stated that a potential increase in domestic diesel prices, which could surpass 30 baht a litre following the termination of the Oil Fuel Fund subsidy scheme on March 31, is unlikely to prompt manufacturers to raise the prices of their goods. Prime Minister Srettha Thavisin revealed on Tuesday, April 2,…
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Thai economy forecasts growth between 2.8% and 3.3%
The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports. Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected…
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Thailand plans to extend minimum wage increases to more regions
Prime Minister Srettha Thavisin announced yesterday that the government intends to extend minimum wage increases to additional regions and business sectors. This follows the wage increase approved for specific parts of 10 provinces set to take effect from April 13. The 62 year old Thai prime minister further commented that regular Cabinet meetings will be conducted to ascertain which regions…
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Thai government plans 7% VAT on imported goods from May
The Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May. Currently, goods sold for less than 1,500 baht (US$40) per parcel and imported into Thailand are exempt from VAT. Deputy Finance Minister Julapun Amornvivat announced these plans after…
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Govt bets big on Thai entertainment complex, stakes high
The stakes are high for each venue within the integrated Thai entertainment complex development project by the Government of Thailand, with investments expected to reach over a staggering 100 billion baht. The chairman of the ordinary committee of the House of Representatives and Deputy Finance Minister, Julapun Amornvivat, plans to present the results of a study on entertainment complexes and…
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World Bank predicts 2.8% economic growth for Thailand
The World Bank predicted a modest economic growth of 2.8% for Thailand in 2024, with an acceleration of 3.0% in 2025. This forecast announced today, April 1, is underpinned by the nation’s struggling exports and a postponed budget. This projection for 2024 and 2025 marks a decrease from the previously estimated figures of 3.2% and 3.1%, respectively, set in December.…
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Sony sparks economic surge with billion-baht investment in Thailand
Sony Semiconductor Solutions today declared a billion-baht investment in Thailand to boost the nation’s stuttering economy. The announcement, which came to light on Saturday, March 30, revealed an investment surpassing 2.57 billion baht for the construction of a manufacturing factory. The manufacturing site is slated for completion by March 2025. According to reports, it will be tasked with the production…
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Thailand and UK forge economic alliance
Deputy Prime Minister Phumtham Wechayachai and Lord Dominic Johnson of Lainston CBE, along with British Ambassador Mark Gooding, engaged in a diplomatic meeting to discuss economic collaboration between the UK and Thailand. The crux of Thursday’s discussions revolved around fortifying economic ties, amplifying trade relations, and fostering investment opportunities. This pivotal dialogue laid the groundwork for signing a Memorandum of…
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Thai hotel industry resists proposed minimum wage hike
The tourism industry has voiced its concerns over the recent approval by the tripartite wage committee to increase the minimum wage to 400 baht for four-star hotels in 10 key tourism cities, beginning with the Songkran holiday. Hoteliers argue that the implementation of the wage hike is unjust as the recovery from the pandemic has been uneven across the targeted…
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Thai products flood Vietnam: Mini Thailand Week 2024
Hundreds of Thailand’s finest commodities are set to make waves in Vietnam as the third Mini Thailand Week 2024 kicks off in the seaside city of Ha Long. The event, part of Thailand’s strategic push to integrate its businesses into Vietnam’s booming economy, kicked off yesterday, March 28, at the Centre of Planning Fair and Exhibition in Ha Long, Quang…
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LiVE Fin Corp launches new S curve to capital market initiative
LiVE Fin Corp, under the aegis of the Stock Exchange of Thailand (SET), has set in motion a new initiative that seeks to bolster the potential of 60 entrepreneurial entities, startups, and small to medium-sized enterprises (SMEs) in high-growth sectors. The initiative, christened “New S Curve to Capital Market,” has been crafted in partnership with KPMG Thailand, the National Innovation…
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PM Srettha: Legalise casinos to save Thailand’s economy
Prime Minister Srettha Thavisin advocated for the legalisation of casinos to combat the shadowy underworld economy in Thailand. PM Srettha outlined his vision for a new law permitting entertainment complexes housing legal casinos, aiming to drag illicit activities into the light and bolster national revenue streams. “We have to bring the grey [underground] economy into the light to allow us…
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Thai govt accelerates Thai-European FTA negotiations
The Thai government is speeding up negotiations for the Thai-European Free Trade Association (EFTA) to conclude within the current year. This information followed a discussion between Commerce Minister Phuntham Wechayachai and Swiss Ambassador Pedro Zwahlen. The minister revealed that the talks are being hastened following the policy of Prime Minister Srettha Thavisin’s administration, which desires to expand opportunities and bolster…
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Thai government explores funding for digital wallet giveaway
The Thai government is currently exploring funding avenues for its digital wallet giveaway initiative, with final decisions on the funding source set to be determined next month. Lawaron Saengsanit, the permanent secretary for the Finance Ministry, revealed that the ministry and the Budget Bureau have been assigned by the digital wallet policy committee to assess possible funding sources for the…
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