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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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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Interior Minister promotes sustainable income project in Lamphun
The Deputy Interior Minister visited Lamphun to inaugurate the Sustainable Community Income Development Project and encourage provincial development officers. The event took place today, June 13, at the Ministry of Interior Market Organisation’s Lamphun branch (Central Tunnel Market). Minister Kriang Kalptinan emphasised the significance of the project, stating its primary objective is to develop, promote, and support marketing channels. This…
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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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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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Political turmoil sends Thai stock market plummeting
Prime Minister Srettha Thavisin acknowledged that Thailand’s current political turmoil is likely behind the recent stock market plunge, which hit a four-year low on Monday. Analysts have pointed to three high-profile court cases shaking the nation’s political landscape as the primary cause of investor anxiety. “It is about stock market sentiment.” PM Srettha highlighted that he, among others involved in…
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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 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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Nearly 30% of Thailand’s beggars are foreigners
Thailand’s bustling streets are teeming with beggars, and the latest statistics reveal a startling trend: nearly 30% of them are foreigners. Social Development and Human Security Minister Varawut Silpa-archa made the revelation today, June 11, addressing a surge of complaints on social media about the growing presence of beggars, especially outside Bangkok’s major shopping malls. According to Varawut, approximately 8,000…
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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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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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Thai condo market faces turbulence with Myanmar buyers blocked
The Thai condominium market is bracing for a storm as Myanmar’s crackdown on property purchases by its citizens threatens to halt a major influx of foreign investment. According to the Thai Condominium Association, the clampdown could significantly impact condo transfers during the second and third quarters of this year. Prasert Taedullayasatit, president of the association, revealed that Thai condo units…
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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’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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Baht hits two-week high but faces long-term depreciation risks
The Thai baht surged to a two-week high yesterday, surpassing 36.5 to the dollar, marking a strong short-term gain. However, Kiatnakin Phatra Financial Group (KKP) has issued a cautionary note about the potential depreciation of the currency, attributing it to persistent structural issues in Thailand’s economy. Yesterday, the baht led gains among Asian currencies, appreciating by 0.3% to its highest…
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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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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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Thai export growth set to miss target amid global challenges
The anticipated growth in Thai exports this year is poised to fall short of expectations due to a mix of external and internal hurdles, as outlined by a recent assessment from a private sector panel. During its recent meeting, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) upheld its projection for export growth in 2024, estimating it to…
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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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Thailand predicts 2.7% growth amid slow export recovery, high debt
Thailand’s economy is experiencing a gradual recovery, with projected growth of between 2.2% and 2.7% this year, according to a recent announcement by a prominent joint business consortium. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which includes key stakeholders from these sectors, has maintained its previous growth forecast. Exports, a crucial component of Thailand’s economic engine, are…
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Thailand aims to be global hub for skilled foreign workers
Thailand is aiming to enhance its global competitiveness by becoming a hub for skilled foreign workers, as part of a long-term strategy to drive and sustain economic growth. Prime Minister Srettha Thavisin is spearheading this initiative by introducing a range of new visa types designed to attract international talent, according to government spokesman Chai Wacharonke. This announcement was made yesterday,…
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Thailand to tax residents’ foreign income irrespective of remittance
The Revenue Department of Thailand will amend a law to tax individuals with foreign income, even if that income is not brought into Thailand. Director-General of the Revenue Department, Kulaya Tantitemit stated that the current tax law mandates individuals residing in Thailand for over 180 days per year to pay taxes on foreign income if it is brought into the…
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Thai govt unveils tax measures to spark tourism surge
The Thai Cabinet today approved a series of tax measures aimed at boosting domestic tourism during the low season, announced the deputy finance minister. These measures will be in effect from May to November and include tax deductions for companies organising conventions and seminars, according to Paopoom Rojanasakul. Further initiatives target increased domestic travel to secondary cities by allowing income…
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Lack of digital literacy in Thai workforce likely to effect economy
The National Economic and Social Development Council (NESDC) raised concerns over the state of literacy and digital skills among the youth and workforce, citing potential detrimental effects on the economy in the coming years. According to NESDC Secretary-General Danucha Pichayanan, recent surveys indicate alarming figures with 64.7% of individuals possessing literacy skills below international standards, while 74.1% exhibit substandard digital…
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La Niña weather phenomenon likely to further fuel food inflation
The Commerce Ministry is closely observing the transition from the El Niño to La Niña weather phenomenon, which could impact Thailand’s inflation, especially concerning food items like fresh vegetables and fruit due to their water sensitivity. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn stated that data from the Thai Meteorological Department (TMD) shows that El Niño…
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