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...
-
Thai tourism targets wealthy Asian expatriates for industry boost
The Tourism Authority of Thailand (TAT) set their sights on the growing wealth of Asian expatriates as a potential boon for the Thai tourism industry. Chinese nationals residing in Cambodia and Laos have been particularly targeted due to their propensity for choosing Thailand as a location to send their children for education. According to Oranooch Pakapan-Rutten, TAT’s marketing representative for Cambodia…
-
Thai industries call for government aid to stimulate export growth amid falling rates
Industry leaders are soliciting governmental assistance in a bid to boost export growth, following steady declines observed over a streak of eight months, according to recent insights sourced from the Federation of Thai Industries (FTI). Discussions with 210 executives from 45 sectors of the industry revealed that an overwhelming 80% of respondents were in favour of government initiatives to trim…
-
Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation
Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears. Stock markets in the region largely painted a bleak picture, with…
-
Thai exports set for surge amid favourable market conditions and expansion plans
With predictions of a rebounding global economy, Thai exports are expected to witness a surge in the second half of the year, according to the nation’s Commerce Ministry. Keerati Rushchano, the permanent commerce secretary, revealed that the current competitive baht exchange rate coupled with planned market expansion initiatives could significantly boost trade. The regions targeted for market expansion include Yunnan…
-
Thai economy booms as government’s fiscal income beats projections with 122bn baht surplus
The Thai economy demonstrates strong recovery and active imports as the Thai government’s net income during the first two-thirds of fiscal 2023 has surpassed projections by 122 billion baht, revealed Fiscal Policy Office Director-General, Pornchai Thiraveja, 42 years old. Between October 2022 and May 2023, the Thai government raked in a total of 1.64 trillion baht, which is an 8%…
-
Global Thai rice export forecast to surpass 8 million tonnes
The appeal for Thai rice continues to be significant globally, with both Indonesia and Bangladesh expressing their aspirations to buy the grain through G2G or government-to-government contracts. Ronnarong Phoolpipat, head of the Foreign Trade Department, stated that the immense global demand for Thai rice is likely to boost exports to surpass 8 million tonnes this year. The department has plans…
-
Thai tourism-linked businesses experience booming growth amid economic recovery
Amid escalating tourist arrivals and robust economic recovery, Thai tourism-associated enterprises have been reaping lucrative rewards, particularly in the fields of foreign exchange, travel agencies, tour guides, dining establishments, and the accommodation industry. Such industries have experienced impressive growth within the initial five months of this year, as revealed by data garnered through the Business Development Department of the Commerce…
-
Thailand tourism thrives as it ranks second in global travel, Bangkok tops city list
Thailand tourism continues to thrive, as online travel platform Agoda recently revealed that the country holds the title of the second most popular destination for travellers worldwide, with Bangkok topping the list of favourite cities for global travellers. The ranking came from an analysis of booking data collected from January to May of the current year, shared by government spokesman…
-
Thai economy stimulus: Government plans 1.9 trillion baht boost during government transition
Thailand’s National Economic and Social Development Council (NESDC) unveiled plans to inject 1.9 trillion baht into the Thai economy to bridge the gap before the new government can budget for the year 2024, emphasising fiscal reforms and monitoring household debt. Secretary-General Danucha Pichayanan highlighted the need for industry restructuring and government action in response to shrinking exports, which is affecting…
-
Thailand investments attract 45 billion baht in foreign funding
In the first five months of 2023, Thailand received foreign investments amounting to 45.4 billion baht, with Japan being the largest spender in the development of businesses in the country. The figures released by the Commerce Ministry show Japan’s investments reaching 15.9 billion baht, followed by China at 11.5 billion baht, and Singapore at 6.35 billion baht. The Business Development…
-
Rice export surge: Thailand fast-tracks new varieties to boost global market share
Thailand is making significant strides in boosting its export competitiveness by fast-tracking the development of new rice varieties to meet global market demand, with plans to introduce 30 new varieties in the coming year. Following the “new rice variety contest for Commerce” event, Commerce Minister Jurin Laksanawisit discussed Thailand’s efforts to combat the lack of diversity in its product offerings…
-
Economic slowdown, drought risk to hinder Thai economy in H2
The prospect of a domestic economic slowdown in the latter half of the year has been raised due to multiple factors, including potential drought, political uncertainties, and a slow global economy, according to the Employers’ Confederation of Thai Trade and Industry (EconThai). EconThai’s vice-chairman, Tanit Sorat, highlighted that the global economy is predicted to experience growth of less than 2.1%…
-
Household debt tackled by Bank of Thailand with new guidelines
The Bank of Thailand (BoT) is set to introduce new lending guidelines to counter the rising household debt crisis, particularly among Gen X and Gen Y age groups, according to Assistant Governor Siritida Panomwon Na Ayudhya. The central bank is also working on a draft royal decree to supervise leasing and hire-purchase businesses to resolve informal debt issues. From 2010…
-
Increased rainfall lowers vegetable prices in Buriram, boosting local market sales
In Buriram, increased rainfall has led to a reduction in vegetable prices, as local farmers can now grow more crops. A drop in price has been observed for several vegetables, resulting in smiles at the local market, despite some imported produce maintaining higher prices. The survey of fresh vegetable prices at the Buriram market revealed that many types, such as…
-
Thai recycled clothing fashion to reach 1.3 billion baht by 2032
As environmental concerns rise globally, consumer demand for clothing made from recycled materials continues to grow. Poonpong Naiyanapakorn, the Trade Policy and Strategy Office (TPSO) director-general, highlighted the environmental impacts of the textile industry, which consumes 93 billion cubic metres of water annually, releases 1.7 billion tonnes of carbon dioxide, and accounts for 20% of worldwide wastewater discharge. Major fashion…
-
Chiang Mai tourism: Haze issue risks long-stay senior tourist numbers
Tourism operators in Chiang Mai are urging the new government to address the persistent haze issue to attract the return of long-stay senior tourists, whose absence has dealt a significant blow to the province’s economy. The leader of the Move Forward Party, Pita Limjaroenrat, visited Chiang Mai last week and discussed environmental and tourism policies with local industry representatives. According…
-
Trading troubles: Thai stock market feels pinch of political uncertainties amid global rate rumbles
The Thai stock market remains under pressure from domestic political uncertainties, despite a halt in US interest rate hikes and a recent rate cut in China. The Stock Exchange of Thailand (SET) index continued its downward trend, closing at 1,557.71 points, a 0.22% decrease from the previous day. In contrast, several Asian stock markets experienced gains, with Hong Kong’s Hang…
-
Unlocking digital potential: Foreign software companies ‘Thai’ the knot with Thailand’s growing tech scene
Thailand is witnessing an increase in foreign software companies setting up offices in the nation, tapping into its digital growth and the demands of local enterprises. This development has attracted big data centres and cloud service providers from various countries, including the US, Japan, and China. Among the firms choosing Thailand is Adobe Inc., an American creator of design tools…
-
Thai economy boost: Bank forecasts GDP growth, increased tourism
Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…
-
Thailand tourism eyed by Agoda CEO as business hotspot rivaling Japan, Vietnam
Agoda, the online travel agency, foresees a bright future for Thailand tourism as the country emerges as a preferred destination for business travellers, potentially rivalling top hotspots like Japan and Vietnam. Ranked second in Agoda’s largest inbound markets between January and May, Thailand’s tourism trails behind Japan in terms of overall popularity. Agoda’s Chief Executive, Omri Morgenshtern, believes Thailand’s potential…
-
Bank of Thailand anticipates slower loan growth: Interest rates not main factor
The Bank of Thailand anticipates a slower pace of loan growth in the banking industry due to reduced demand, while asserting that rising interest rates are not the main factor impacting loan expansion. The central bank’s soft loan programme, which aimed to aid small and medium-sized enterprises, largely contributed to the increased borrowing during the post-pandemic recovery period. Sakkapop Panyanukul,…
-
ASEAN membership: Roadmap endorsed for Timor-Leste’s inclusion and Thai trade
Yesterday, a senior official at the Ministry of Foreign affairs announced that the Association of Southeast Asian Nations (ASEAN) has recently endorsed a roadmap that outlines the steps for Timor-Leste becoming its 11th member. This ASEAN membership move is expected to benefit Thailand economically by expanding trade and investment opportunities between the two nations. Timor-Leste initially submitted its request for…
-
Timber regulations tightened, Thailand targets Siamese rosewood exports
The Commerce Ministry of Thailand recently announced two new regulations targeting the timber trade. Beginning on July 17, traders will be required to hold a certificate of import to import timber, processed wood, and wooden artefacts. Additionally, starting August 16, the export of Siamese rosewood (phayung) will be prohibited, Bangkok Post reports. The director-general of the Foreign Trade Department, Ronnarong…
-
Thailand tourism thrives with 1,200% surge in Klook bookings
Online travel platforms continue to express optimism about Thailand’s tourism growth this year, propelled by a substantial increase in visitor arrivals. Wilfred Fan, Chief Commercial Officer at Klook, an online travel platform, stated that the company experienced a 1,200% increase in bookings for activities in Thailand year on year in the first five months of 2023. The top five markets…
-
Thailand embraces nuclear fusion tech with Tokamak I milestone
Thailand Prime Minister Prayut Chan-o-cha expressed satisfaction with the progress of the country’s Tokamak I (TT-1) nuclear fusion energy technology, stating its significance in achieving sustainable energy goals. The 69 year old prime minister’s comments came during a presentation on the development of nuclear fusion energy in Thailand, given by Anek Laothamatas, Minister of Higher Education, Science, Research and Innovation (MHESI),…
-
Neo Pattaya project revitalises Old Town Naklua with multimillion-baht budget
Pattaya’s deputy mayor, Manoch Nongyai, yesterday oversaw a restoration project at Chalerm Phrakiat Public Park in Old Town Naklua. The initiative is part of the larger Neo Pattaya project, which aims to transform Pattaya into a central hub for commerce and tourism within the Eastern Economic Corridor (EEC) zone. This ambitious endeavour is supported by a multimillion-baht budget, and authorities…
-
Thai interest rates raised to 2% by BoT amid core inflation worries
The Monetary Policy Committee of the Bank of Thailand (BoT) anticipates ongoing economic growth with some potential risks, as evidenced by their decision to increase the key Thai interest rates for the sixth consecutive meeting, according to the minutes released recently. On May 31, the committee unanimously agreed to increase the one-day repurchase rate by a quarter point to 2%,…
-
BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
-
Thailand’s tourism rebounds with 11.4 million visitors
Thailand has experienced a surge in foreign tourist arrivals, with 11.4 million visitors recorded from January to June 11, according to a statement released by the Ministry of Tourism and Sports. This figure has already surpassed the total number of tourists in 2022, which reached 11.15 million. The statement also revealed that tourist spending during this period amounted to 472…
-
Japanese investors seek Thai tech startups for regional expansion
Thai tech startups have caught the attention of Japanese investors, who are keen to support their expansion into regional markets, according to an executive at Bank of Ayudhya (Krungsri). Southeast Asia, and Thailand in particular, are considered prime investment locations for Japanese investors, who see potential in the country’s high-growth tech startups. Bunsei Okubo, head of Japanese corporate and multinational…
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.