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 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Thai bus firms under siege as Chinese rivals drive them up the wall
The Thai bus industry is under siege with Chinese bus operators flooding the market with cut-rate prices and dodgy tactics, leaving Thai companies struggling to keep up. The Thai Transportation Operators Association has sounded the alarm on this cut-throat competition. Wasuchet Sophonsathien, the association’s president, laid bare the ongoing crisis. Illegal foreign bus operators are muscling in on the market,…
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Thailand drafts new law to restructure oil prices
Thailand’s Deputy Prime Minister and Minister of Energy announced the completion of a draft law aimed at restructuring oil prices. This law is currently under review by a team of legal and energy experts before being presented to the Cabinet and later to the House of Representatives for consideration. Minister Pirapan Salirathavibhaga emphasised his commitment to ongoing projects despite the…
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Thai SMEs eye US e-commerce payday after major Amazon deal
Thailand’s small and medium-sized enterprises (SMEs) are set to cash in on the lucrative US e-commerce market following a groundbreaking deal inked between the Department of International Trade Promotion (DITP) and Amazon Global Selling (AGS). The partnership, formalised during the TOPTHAI Cross-Border e-Commerce Day 2024, aims to turbocharge the e-commerce export capabilities of Thai businesses, opening doors to the US$1.1…
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Thailand’s Nam Wa bananas go ‘bananas’ as prices soar
The price of Nam Wa bananas, also known as sugar bananas, has surged to a staggering 60 baht per bunch. Once a staple in Thai households, this beloved fruit is inching closer to becoming a luxury item, with experts predicting a further rise to 80 baht per bunch. For nearly a month, vendors and consumers alike have been grappling with…
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Thaksin denies political deal on return from exile
Thaksin Shinawatra firmly stated yesterday that no political arrangement was crafted with his conservative adversaries to facilitate his return from a 15-year exile last year. The former Thai premier made the statement during an on-stage interview at a forum organised by a local media group. “There is no deal, no one dare do a deal with me.” The 75 year…
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Thailand’s tourism boom tainted by zero-dollar tours
Thailand’s booming tourism sector is thriving under a new visa-free policy, attracting millions of foreign tourists. Yet, while Chinese visitors top the list, concerns are mounting over the resurgence of Chinese zero-dollar tours, which could be draining potential revenue from the Thai economy. From January 1 to August 18, Thailand welcomed a staggering 22,474,172 international tourists, who pumped 1.05 trillion…
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Bangkok jewellery fair set to sparkle with 3.5 billion baht in revenue
The upcoming 70th Bangkok Gems and Jewellery Fair is gearing up to dazzle with an expected revenue haul of at least 3.5 billion baht, according to the Department of International Trade Promotion (DITP) and the Gem and Jewellery Institute of Thailand (GIT). This glittering event, scheduled from September 9 to 13 at the Queen Sirikit National Convention Centre (QSNCC), is…
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Canada-ASEAN free trade agreement expected by next year
A free trade agreement (FTA) between Canada and the Association of Southeast Asian Nations (ASEAN) is anticipated to be finalised by next year, according to officials from Canada and Thailand involved in the discussions. Surin Thanalertkul, the Canadian embassy trade commissioner, along with Martin Sullivan, senior market development officer of the Canada Indo-Pacific Agriculture and Agri-Food Office (IPAAO), discussed the…
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Thailand minimum wage hike to 400 baht awaits govt decision
The Thai Labour Ministry and employer representatives are eagerly awaiting the new government’s decision on whether to increase the daily minimum wage to 400 baht nationwide, a move that could significantly impact the country’s labour market. Permanent Secretary for Labour Pairoj Chotikasathien stated yesterday, August 20, that while the policy was approved by the Srettha Thavisin administration in May, further…
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Digital wallet scheme may switch to cash to boost economy
The Budget Bureau chief confirmed that funds from the digital wallet scheme could be distributed as cash, provided the original goal to stimulate the economy is maintained. Chalermphol Pensoot stated that the distribution of 10,000 baht through the digital wallet scheme could continue, depending on the new government’s policies. “Distributing cash instead of digital money is not an issue, as…
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Economic journalist programme highlights digital finance skills
The closing ceremony for the 18th annual Advanced Economic Journalist Development Programme (AEJDP) highlighted the theme Unlocking Financial Potential for Wealth in the Digital Age. The event was organised by the Economic Reporters Association in collaboration with Bangkok Bank and the University of the Thai Chamber of Commerce. Bangkok Bank’s Deputy Manager, Chaiyarit Anuchitworrawong, presided over the ceremony and awarded…
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B.Grimm Power play: Profits surge with plans to expand in future
Multinational conglomerate B.Grimm Power Plc (BGRIM) reported a robust performance with a significant increase in normalised net profit for the first half of this year, alongside ambitious plans to enhance investment partnerships and expand its renewable energy portfolio. BGRIM President Harald Link highlighted that the normalised net profit attributable to the parent company rose by 2.3% year-on-year, reaching 1.09 billion…
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Thailand’s economy grows 2.3% in Q2, surpassing forecasts
Thailand’s economy roared back to life in the second quarter, fuelled by a surge in consumption, tourism, and exports, according to today’s eye-popping official data. This economic boost has prompted the government to up its growth forecast for the year. The National Economic and Social Development Council (NESDC) revealed that Southeast Asia’s second-largest economy expanded by 2.3% from the same…
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Thai baht rally faces threats amid political drama and bank policy
Thailand’s recent baht rally faces a rocky road as the country dives into political chaos just before the central bank’s policy meeting this week. Since July, the baht has been a star performer, climbing up the ranks as tourism bounced back from a near two-year low against the US dollar in May. But this impressive upswing could be at risk…
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Foundation urges more funds to aid Thai debtors’ repayments
The Supha Wongsena Foundation For Debtors’ Rights Reform has called on the government to allocate more funds to the Land Bank Administration Institute to assist individuals in repaying their debts. This appeal was made during a seminar aimed at finding solutions to household debt, organised by the Department of Special Investigation (DSI) at the DSI Academy in Nong Chok district…
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PEA launches first sustainability bond worth 1 billion baht
The Provincial Electricity Authority (PEA) announced the successful launch of its first sustainability bond, marking a significant step towards its green finance goals and that of Thailand. PEA Governor Supachai Ek-Un, along with representatives from the Public Debt Management Office (PDMO), Asian Development Bank (ADB), Bangkok Bank, DNV (Thailand), and Thai Bond Market Association, held a press conference yesterday, August…
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Buriram residents fear digital wallet could be axed after PM ousted
Buriram residents and local vendors are increasingly anxious following the Thai Constitutional Court’s surprise decision to oust Prime Minister Srettha Thavisin. The major concern is the potential scrapping of the 10,000-baht digital wallet scheme, a key economic boost initiative from the Pheu Thai Party. The Buriram municipal market is buzzing with worry as many dread that the much-anticipated digital wallet…
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FTI rattled by PM Srettha’s ousting: Investors on edge
The Federation of Thai Industries (FTI) voiced alarm following the Thai Constitutional Court‘s shock decision to remove Prime Minister Srettha Thavisin from office yesterday. Kriengkrai Thiennukul, Chairman of the FTI, warned that the ruling could put a brake on both local and foreign investment as investors rethink their strategies amid the political turmoil. Thailand is already wrestling with major economic hurdles,…
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Bridge Alliance and Deutsche Telekom spark a new IoT connection
Bridge Alliance, the heavyweight coalition of telecom giants, has just struck a blockbuster deal with Deutsche Telekom AG, Europe’s telecom titan. This game-changing partnership aims to turbocharge growth in the booming Internet of Things (IoT) sector. With Deutsche Telekom on board, Bridge Alliance’s roster balloons to 35 operators, now covering over 100 markets and reaching more than a billion customers…
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Thailand bank loan growth forecast cut to 1.5% for 2024
Kasikorn Research Centre (K-Research) reduced its overall loan growth projection for the banking industry in 2024 to 1.5%, down from the earlier forecast of 2.5-3.5%. This adjustment reflects borrowers’ diminished ability to access credit amid slower economic growth. K-Research’s updated assessment, released yesterday, August 13, indicates that banks’ lending expansion this year will be primarily driven by business loans, with…
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Thailand poised to profit amid US-China trade war
Thailand might be about to cash in on the US-China trade war. According to the Office of Industrial Economics (OIE), the ongoing clash between Washington and Beijing could see a major boost in Thai exports as American buyers look to replace Chinese shipments that are in jeopardy. OIE Director-General Warawan Chitaroon stated that Thailand is a key manufacturing nation in…
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Thai rice faces sticky situation as Vietnamese rice steals the show
Rice exporters are sounding the alarm over the possible disappearance of local Thai rice varieties, as farmers increasingly switch to a Vietnamese strain celebrated for its soft texture. Charoen Laothamatas, President of the Thai Rice Exporters Association, raised concerns about the dire state of the industry. Production of beloved Thai varieties like Pathum Thani fragrant rice and KB 79 has…
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Thai central bank to cut rates as US economy slows
The US economy is anticipated to face a cyclical slowdown from late next year into 2025, prompting the Bank of Thailand to reduce its policy rate by up to 1.5 percentage points, according to KGI Securities (Thailand). KGI analysts, Rakpong Chaisuparakul and Pragrom Pathomboorn highlight in their report that this slowdown will normalise the labour market and make US consumers…
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Mc Group forecasts 4 billion baht revenue, targets Gen Y and Z
The well-known creator and distributor of Mc Jeans, Mc Group Plc, anticipates its revenue to hit 4 billion baht this year, with a strategic focus on engaging Generation Y and Z to fuel its growth. The Chief Executive James Richard Amatawiwat acknowledged the competitive nature of the market this year but expressed confidence in the company’s ability to stay ahead…
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High stakes in Thailand: Rolling the dice on casino legalisation
Thailand is moving forward with plans to legalise casinos within entertainment complexes. The Finance Ministry has completed a draft of the Entertainment Complex Act, which will soon be subjected to a public hearing in accordance with Section 77 of the constitution. This hearing aims to incorporate public feedback before the bill is presented to the Cabinet for further consideration. Deputy…
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Thailand’s cross-border trade hits 912 billion baht, up 3.6%
Thailand’s cross-border and transit trade reached a significant milestone, totalling over 912 billion baht in the first half of the year, marking a 3.6% increase compared to the same period last year. The government attributed this growth to enhanced promotion of cross-border trade in recent months. Government spokesperson Chai Wacharonke referencing data from the Department of Foreign Trade, noted that…
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Thailand launches price cuts to boost economy before digital wallet
The Ministry of Commerce, in collaboration with 150 manufacturers, retailers, and government agencies, is launching a nationwide price reduction event to alleviate living costs and stimulate the economy before the digital wallet launch. Deputy Prime Minister Phumtham Wechayachai announced that the Ministry of Commerce invited government agencies, consumer goods manufacturers, wholesale and retail chains, the Thai Retailers Association, and other…
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Gold prices rise sharply following recent declines
Gold prices surged today following a significant drop, according to the latest data from the Gold Traders Association (GTA). As of 9am, today, August 9, the price of gold jewellery was being sold at 40,950 baht per baht-weight, reflecting an increase of 250 baht compared to the final price yesterday. Today’s gold prices saw gold bullion in the domestic market…
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Thai Union posts 1.2 billion baht Q2 profit, up 14.2%
Thai Union Group Plc has recorded a net profit of 1.2 billion baht in the second quarter of this year, marking an increase of 14.2% compared to the same period last year. Sales for the group rose by 3.6% year-on-year, reaching 35.3 billion baht. The gross profit margin remained at 18.5%, the second-highest in the company’s history. The net interest-bearing…
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Thailand new generation drive sales surge despite economic woes
Luxury retail has skyrocketed, with sales in the first half of this year soaring to four times the levels seen in 2019, before the Covid-19 pandemic hit, according to a market survey by The 1 Insight. This staggering growth comes despite a sluggish economy, thanks largely to the spending habits of new-generation shoppers. The 1 Insight report highlights the resurgence…
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