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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Thailand to explore AANZFTA ties and new economic partnerships
Prime Minister Srettha Thavisin has committed to strengthening collaboration under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), maintaining current markets, and forging new economic partnerships, government spokesman Chai Wacharonke announced yesterday. Delegates from the Commerce Ministry and the Department of Trade Negotiations (DTN) participated in the 21st AANZFTA Joint Committee Meeting held in Auckland, New Zealand, from May 26 to…
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Pride Month to boost Thai economy by 4.5 billion baht
June’s Pride Month is anticipated to stimulate over 4.5 billion baht in economic activity, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham announced yesterday that the government, led by Prime Minister Srettha Thavisin, is actively endorsing sexual diversity and collaborating with the private sector to organise additional Pride Month festivities. These events aim to attract LGBTQ+ tourists…
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Macau casino company eyes Thailand for major investment
In a move that could revolutionise Thailand’s entertainment landscape, MGM China Holdings is exploring new investment opportunities, including a potential entertainment complex in Thailand. This was revealed after a high-level meeting between TAT governor Thapanee Kiatphaibool and Pansy Ho, chairperson of MGM China Holdings, on Thursday. TAT governor Thapanee highlighted that MGM China is keen to promote Macau tourism to…
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Crisis in Thai industry: Are major collapses on the horizon?
Thailand’s industrial sector is teetering on the brink of a crisis as rapid technological advancements, fierce competition from China, and a planned hike in the daily minimum wage threaten to trigger a massive collapse. With two Japanese car giants, Subaru and Suzuki, set to shut down their manufacturing operations in Thailand, the situation is dire. KKP Research reports that 1,700…
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Digital wallet scheme to include smartphones purchases
The Ministry of Finance confirmed that the distribution of a 10,000 baht digital wallet can be used to purchase smartphones, which are seen as essential livelihood tools by the minister. Deputy Minister of Finance Chulpan Amornwiwat provided an update on the progress of the 10,000 baht top-up project through digital wallets. He announced that an operational subcommittee meeting is scheduled…
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Thailand boosts farmer income with new training initiatives
The Thai Ministry of Agriculture and Cooperative, led by Thammanat Prompao, announced new professional development and marketing initiatives to boost farmer income and increase agriculture technology knowledge. The recently held first meeting of the Subcommittee on Career Development and Marketing focused on improving agricultural livelihoods through training in production, marketing, and career development. The project aims to address land use…
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Consumer confidence lowest this year amid political instability
Thai consumer confidence has plummeted for the third consecutive month, reaching its lowest point since October of last year, amid worries over a sluggish economic recovery and political instability, according to a survey released yesterday. The University of the Thai Chamber of Commerce (UTCC) reported that its consumer index dropped to 60.5 in May from 62.1 in April. This decline…
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Lace runs out: Crystal textile industries unravels, leaving 97 jobless
Crystal Textile Industries Ltd., a lace manufacturer established 34 years ago, closed its factory due to a lack of orders, leaving 97 employees jobless. Located in Soi Wat Kusang, Suksawat Road, Samut Prakan, the company faced insurmountable financial difficulties. Crystal Textile Industries Ltd., which specialised in lace embroidery and exports, was a joint venture between Thai and Indian entrepreneurs. The…
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Thailand investment budget hits nearly 40% in third quarter
Government investment budget disbursement in the third quarter of this fiscal year surged to almost 40%, nearly doubling the set target due to accelerated disbursement measures, according to Finance Minister Pichai Chunhavajira. After chairing a meeting of the Budget Disbursement and Public Spending Acceleration Committee, Pichai stated that the swift allocation of the government investment budget has facilitated a quicker…
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Khao Takiab: Thailand’s hottest condo spot
Khao Takiab in Hua Hin is soaring in popularity among condo buyers, emerging as one of Thailand’s most coveted locations, according to a recent report by Knight Frank. This vibrant seaside area has quickly become a top choice for local and international buyers. Knight Knox’s latest insights reveal four prime spots for riverside and seaside condos in Thailand: Charoen Krung…
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Thailand extends control on 57 items to protect consumers
Government spokesperson Phumtham Wechayachai announced the extension of control over 57 products and services for another year to regulate essential goods and services for consumers, effective from today, June 12 onwards. The deputy prime minister and minister of commerce reported the decision following a meeting of the Central Committee on Prices of Goods and Services (CCP) held yesterday. The meeting…
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Ratchaburi farmers back new fertiliser project to cut costs
Farmers in Ratchaburi are optimistic about the Half-and-Half Fertiliser project, designed to alleviate financial strain and reduce production costs for rice farmers. The project, approved by the Ministry of Agriculture and Cooperatives, aims to support farmers planting rice in the 2024 to 2025 production year by providing 50 kilogrammes of fertiliser per rai, with a cap of 20 rai per…
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Thai Cabinet approves 55 billion baht lifeline for SMEs and tourism
The Thai Cabinet approved a low-interest loan programme worth 5 billion baht and a substantial 50 billion baht credit guarantee fund under the Ignite Thailand vision, aimed at bolstering small and medium-sized enterprises (SMEs). Deputy Finance Minister Paopoom Rojanasakul detailed the plan, highlighting that the low-interest loans would target tourism, wellness and medical, and agriculture and food sectors. Each borrower…
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Thailand’s food delivery apps dish out tasty profits
Thailand’s food delivery and on-demand super apps have demonstrated moderate growth despite economic hurdles, with major players generating significant revenue increases in 2023. Business data provider creden.co reports that total revenue for these apps reached 31.7 billion baht last year, rising from 27 billion baht in 2022. Grab Taxi (Thailand) achieved a profit for the second year running, with revenue…
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Thailand’s manufacturing sector hit by surge in factory closures
A surge in factory closures has heightened concerns over the weakening of Thailand’s manufacturing sector, as indicated by Kiatnakin Phatra Financial Group (KKP). KKP Research revealed that Thailand’s manufacturing production index experienced a decline over a 15-month span from December 2022 to March 2024, despite a global trade recovery commencing late last year. Thailand has seen an increase in factory…
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Thailand is fast becoming a global LGBTQIA+ hub
Thailand is on the brink of becoming the ultimate destination for the LGBTQIA+ community, thanks to its welcoming environment, progressive policies, and the recent launch of the Pink Plus Economy initiative. This revolutionary move, announced on Sunday by Borderless.lgbt, aims to create a supportive ecosystem for LGBTQIA+ individuals in Thailand, encompassing living, family planning, and retirement. The initiative is backed…
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Chicken vendors ‘squawk’ over soaring prices in South Thailand
Vendors in Nakhon Si Thammarat raised concerns about the sudden and unreasonable surge in chicken prices, questioning the silence and inaction of the Ministry of Commerce. The price hike has led to a ripple effect, impacting various sectors and consumers alike and mirrors a trend of rising prices nationwide. The recent spike in prices of fresh food products and raw…
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Thai cannabis advocates ‘weed’ out opposition in Bangkok
Cannabis advocates are rallying to protect the future of the plant in Thailand. Led by Prasitchai Nunual, the Secretary-General of the Network for Shaping the Future of Thai Cannabis, over 300 people are set to gather in front of the UN Office on Ratchadamnoen Avenue, aiming to march to the Government House. Their protest, scheduled for yesterday at 1pm, coincides…
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Koh Phayam fears Land Bridge project will disrupt island’s harmony
Koh Phayam, located 17 kilometres off the Andaman Sea coast, is known for its unspoiled forests and pristine beaches, making it a popular destination for tourists seeking peaceful recreation and the charming lifestyle of local fishers. Covering a 35km² area, it stands as the second largest island in Ranong Province. In recent years, Koh Phayam has garnered attention as a…
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Gold prices expected to rise amid Federal Reserve rate cuts
YLG Bullion International advises investors to accumulate gold as prices consolidate, with expectations of a rise in the medium to long term, particularly after anticipated interest rate cuts by the Federal Reserve later this year. Global gold prices have increased by 13.2% this year as of today, driven by high demand from central banks and institutional investors amidst tightening supply,…
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Thailand’s Pacific-to-Indian Ocean Land Bridge project
Thailand’s anticipated land bridge project, aiming to connect the Pacific and Indian Oceans, is set to become reality, with bidding anticipated by late next year, the Transport Ministry confirmed. The colossal 1-trillion-baht project will construct deep-sea ports in Chumphon on the Gulf of Thailand and Ranong on the Andaman coast, linked by a state-of-the-art transport route. This ambitious infrastructure aims…
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Thailand eyes MICE supremacy in Southeast Asia
Thailand is pulling out all the stops to become the epicentre of MICE tourism in Southeast Asia, with Vietnam emerging as a potential powerhouse partner. This ambitious vision, spearheaded by Puripan Bunnag, Senior Vice President of the Thailand Convention and Exhibition Bureau (TCEB), aims to harness the post-pandemic resurgence in the MICE sector to bolster Thailand’s economy. “The MICE segment…
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Thailand’s steel sales slump 11 to 12% due to weak car market
Thailand’s sluggish car sales prompted an 11 to 12% decline in premium-grade steel sales during the first four months of 2024, raising concerns about reduced steel consumption this year, according to the Federation of Thai Industries (FTI). FTI Iron and Steel Industry Club Vice-Chairman Nava Chantanasurakon stated that local steel manufacturers are bracing for a tough period, with expectations of…
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Khon Kaen Zoo opens for wild mushroom harvesting, aids economy
Khon Kaen Zoo opened its Khao Suan Kwang area to villagers for wild mushroom harvesting, aiming to boost the local economy through sales to tourists and family consumption. The early arrival of the rainy season this year has led to a noticeable increase in rainfall across the Khao Suan Kwang mountain area, resulting in lush greenery and a significant growth…
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Thailand addresses labour shortage and illegal workers
Thailand’s National Committee on Migrant Workers Management approved three strategic guidelines to address the country’s labour shortage and tackle the issue of illegal workers. A proposal for these new guidelines is expected to be forwarded to the cabinet for approval soon. Labour Minister Phiphat Ratchakitprakarn announced after a committee meeting this Wednesday, commenting that the ongoing political conflict in Myanmar…
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Bonding issues: Political turmoil shakes Thai investor confidence
Thailand’s escalating political risks are making foreign investors hesitant about the nation’s bond market, despite a cautious return in May after a six-month break. In May, global funds bought US$511 million worth of Thai bonds, a notable difference compared to larger acquisitions in Indonesia, India, and South Korea. Comparative indicators of foreign investment show Thailand lagging behind its regional counterparts.…
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Peso power play: CIMB targets record 75 billion in loans for 2024
CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer. Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank…
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SET unveils plan to boost foreign and family business investments
The Stock Exchange of Thailand (SET) unveiled a strategic business plan targeting foreign industries operating in Thailand and family businesses, aiming to boost market capitalisation. SET executives highlighted the shift in investment trends, particularly post-pandemic, with technology stocks rising as traditional businesses adapt to the digital age. SET officials noted that the Thai market has faced trust and confidence issues…
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PM Srettha sees a revenue-boosting recipe for Q4
Thailand’s government is exploring strategies to enhance state revenue, with Prime Minister Srettha Thavisin expressing optimism about economic improvement in the fourth quarter. The Bangkok-born PM convened a meeting yesterday with Finance Minister Pichai Chunhavajira, Deputy Finance Minister Julapun Amornvivat, and representatives from key revenue collection agencies, including the Excise Department, the Customs Department, and the Revenue Department, to discuss…
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Thai tourism revenue to hit 3 trillion baht, misses target
Thai tourism revenue is projected to reach 3 trillion baht this year, falling short of the government’s target of 3.5 trillion baht due to economic challenges in key markets, the Tourism Authority of Thailand (TAT) reported. As of today, Thailand has seen 14.9 million foreign arrivals, generating 709 billion baht (US$19.4 billion). This figure represents roughly 30% of the international…
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