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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Thailand targets 465 billion baht in central region tourism revenue
The Tourism Authority of Thailand (TAT) is set to promote the central region with new flight connections to the south and northeast, aiming to generate 465 billion baht in tourism revenue this year. Following a mobile cabinet meeting in Phetchaburi province, Prime Minister Srettha Thavisin directed TAT to boost tourism in Suphan Buri, Kanchanaburi, Ratchaburi, and Phetchaburi. The initiative will…
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Thailand’s hydrogen hype: Fuelling a cleaner future
Thailand is gearing up to construct a hydrogen economy, motivated by both state and business initiatives to advance hydrogen fuel ventures and foster cleaner energy usage. The nation’s potential for a low carbon-driven economy is gaining traction following a joint announcement by PTT Global Chemical (PTTGC), the largest petrochemical producer in Thailand, and Bangkok Industrial Gas, the country’s leading industrial…
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Loan and behold: NPLs spike as economy recovery stumbles
The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…
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PM Srettha scrambles to address economic woes
Thailand Prime Minister Srettha Thavisin has called an urgent meeting with his economic ministers next Monday in a bid to tackle Thailand’s sluggish economic growth. This move comes after a dismal first-quarter GDP report, which has sent shockwaves through the government and the public alike. In a Twitter post last night, the 62 year old Thai prime minister announced that…
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Thailand seeks new stimulus after Q1 growth falls short
Following Finance Minister Pichai Chunhavajira’s announcement yesterday, Thailand needs additional stimulus measures to unlock its economic potential after experiencing lower-than-expected growth in the first quarter. The country’s economy expanded by only 1.5% year-on-year in the first quarter. This performance, while surpassing analysts’ forecasts, fell short of the 1.7% growth recorded in the previous quarter, said Pichai. “There was still growth…
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Indonesia seeks Tesla EV battery plant with Musk’s interest
Indonesia is once again courting Elon Musk’s interest in establishing an electric vehicle (EV) battery plant within its borders. After meeting with President Joko Widodo, the CEO of Tesla, Elon Musk, is set to consider the proposal, as confirmed by Indonesia’s Coordinating Minister of Investment, Luhut Pandjaitan. Musk’s immediate response was not available following the announcement made by Luhut to…
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Govt to boost 2024 budget by 122 billion baht for handout scheme
According to the Budget Bureau Chief, the Thai government plans to increase the 2024 fiscal budget by 122 billion baht to support its primary handout initiative. This announcement follows the recent approval of a delayed 3.48 trillion baht budget. The government is continuing to push forward with fiscal stimulus plans, aiming to distribute 500 billion baht by the fourth quarter…
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Tourism campaign in the works to promote second-tier provinces
In a bid to amplify tourism revenue from lesser-known provinces and cities, The Tourism Authority of Thailand (TAT) unveiled a five-point campaign aimed at promoting 55 second-tier regions. The initiative marks a collaborative effort involving nine ministries, the Royal Thai Police, and two additional agencies. Deputy Governor of the TAT, Somruedee Jitjong, emphasised the necessity of diversifying tourism revenue streams…
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Thailand govt to auction decade-old stash after safety check
Thailand’s government will move forward with plans to auction off rice from Yingluck Shinawatra’s pledging scheme, stored in two Surin warehouses for a decade, following a laboratory test confirming its safety for consumption. Deputy Prime Minister and Commerce Minister Phumtham Wechayachai, currently in Italy, announced that a private laboratory’s tests on samples from the Surin warehouses revealed no aflatoxins or…
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Voluntary exodus leaves 1% of workforce jobless in first quarter
Over 400,000 individuals, representing approximately 1% of the working-age population, were unemployed during the first quarter of the year, with the primary reason being voluntary resignation. Piyanuch Wuttisornon, the Director-General of the National Statistical Office (NSO), announced the findings from a survey on the working-age population. The results indicated a decrease in unemployment numbers for the first quarter compared to…
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British family leaves UK for Thailand for cheaper living costs
A young British family has swapped the grey skies of Cheshire for the sunny shores of Thailand, seeking refuge from the UK’s crippling cost of living crisis. Jess, her partner Harry (surnames withheld), and their two year old daughter Cece uprooted their lives in Congleton to start afresh in Southeast Asia. Their decision was driven by surging energy bills that…
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Commerce ministry acts to control prices amid minimum wage hike
The Ministry of Commerce implemented two measures to tackle rising product prices following the minimum wage increase to 400 baht. Officials are closely monitoring clothing prices and urging businesses to maintain prices for essential goods in eight categories. Director-General of the Department of Internal Trade Wattanasak Sueaiam stated yesterday May 16 that the private sector is preparing to raise product…
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Mango mania: Thailand’s sweet export boom
Thailand’s mango exports soared by a staggering 130% in the first quarter of this year, reaching an impressive 1.6 billion baht, compared to the same period last year. Not to be outdone, exports of sticky rice saw a notable increase of 13%, totalling about 1 billion baht. Chotima Iemsawasdikul, the Director-General of the Trade Negotiations Department, attributed this surge to…
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Navigating new depths: RTN seals deal for Chinese submarine
The Royal Thai Navy (RTN) confirmed its decision to proceed with the purchase of a 13.5-billion-baht submarine from China, following successful negotiations earlier this week. This announcement came from an RTN source. General Somsak Rungsita, adviser to Defence Minister Sutin Klungsang and chairman of the Defence Ministry panel dealing with the submarine issue, held discussions with a Chinese delegation led…
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Lamborghini to debut electric supercar in Thailand by 2028
Automobili Lamborghini, the renowned Italian luxury sports car manufacturer, plans to introduce its new electric supercar to Thailand, with a global debut slated for 2028. This initiative is part of the company’s broader strategy to reduce carbon dioxide emissions. For years, Lamborghini has been actively developing electric vehicle (EV) technology to support its goal of achieving carbon neutrality, according to…
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Alipay+ partners with TAT to redefine travel experience
Thai tourism is undergoing a digital revolution as Alipay+ teams up with the Tourism Authority of Thailand (TAT) to redefine the travel experience. With an aim to attract more tourists and enhance their journey, the duo unveils an array of innovations that promise seamless exploration and unforgettable memories. In a joint statement, Alipay+ and TAT announced groundbreaking developments set to…
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Fears mount as Thailand’s 10 year old rice set to hit Nigeria
Growing concerns and fears are emerging in Africa’s most populous country over the possibility of Thailand’s 10-year-old stored rice entering the Nigerian and African markets. This comes after the Thai government announced plans to sell it to the public, BusinessDay Nigeria has reported. Thailand plans to auction 150,000 sacks of rice that have been kept in warehouses for 10 years,…
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Bitcoin’s bull run: Crypto climbs with biggest surge in months
Bitcoin’s price today experienced a substantial surge marking its most significant single-day gain in two months. This sudden upward movement has been attributed to growing anticipation of a more relaxed monetary policy environment in the coming months. The prospect of central banks potentially easing their grip on digital currency interest rates has injected a wave of optimism into the market.…
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Tripartite committee rejects uniform 400-baht minimum wage hike
The tripartite wage committee has chosen to uphold the autonomy of provincial wage panels in setting minimum wages, rejecting the Thai government’s uniform 400-baht minimum wage hike. During a tense session on May 14, the 15-member committee, representing the Ministry of Labour, employers, and employees, did not endorse the proposed nationwide increase. This decision followed closely on the heels of…
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Superrich faces stalled growth as tourists prefer travel cards
Renowned local money changer Superrich Currency Exchange (1995) Co, known by its SuperRich Orange brand, has faced a challenging start to the year with its transaction growth stalling at zero during the initial four months, despite an increase in foreign travellers. The stagnation in Superrich’s growth is largely due to the rising popularity of travel card services, which are increasingly…
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Johor, Singapore aim for Shenzhen-like economic zone
The Malaysian state of Johor suggested its economic and petrochemical centres as potential locations for a special zone with neighbouring Singapore. This proposal is part of Johor’s ambition to become the Shenzhen of Southeast Asia, according to the Star’s report. The proposed area will include Iskandar Malaysia and Pengerang, located on the state’s eastern coast, said Johor Menteri Besar Onn…
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Thai industry leader defends Bank of Thailand’s financial autonomy
Federation of Thai Industries (FTI) Vice Chairman Montri Mahaplerkpong voiced opposition to any proposals that would impede the Bank of Thailand‘s (BoT) authority over its financial stability management. Montri argued that the government should explore more palatable solutions to its disagreement with the BoT over policy rates, rather than attempting to curtail its power, which he sees as a contentious…
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Thai govt’s plan for minimum wage increase gains public support
The Thai government’s initiative to increase the daily minimum wage has received widespread approval, with a large section of the populace expressing their support for the plan, a recent poll revealed. The National Institute of Development Administration (NIDA) conducted the survey, which witnessed the participation of 1,310 individuals, all aged 18 or above, between May 3 and May 7. An…
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Thailand and EU nearing completion of free trade agreement
Thailand is on the verge of finalising a free trade agreement (FTA) with the European Union within the year, as they collaborate on commitments to halt illegal, unreported, and unregulated (IUU) fishing practices. The Europe Day 2024 celebration, held yesterday in Bangkok by the EU embassy, commemorated the historic event that underpinned the establishment of the EU. Europe Day, observed…
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Thailand’s longest onshore gas pipeline launched by PTT
PTT President Auttapol Rerkpiboon announced the opening of Thailand’s longest onshore gas pipeline. The 417-kilometre pipeline, previously delayed due to Covid-19, will secure the gas supply across seven provinces, supporting power generation, industrial operations, and transportation. As part of PTT‘s fifth-phase development, the pipeline extends from the company’s gas separation plants in Rayong to Nontha Buri, facilitating a gas transport…
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China’s imports and exports rebound showing positive shift in April
After experiencing a contraction in the previous month, China’s imports and exports rebounded in April, according to customs data released today. This positive shift indicates a promising enhancement in both local and international demand, providing a vital lift to the nation’s fragile economic recovery. The upswing in data suggests that the numerous policy support measures introduced in recent times are…
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Thai govt’s digital wallet project: A cash splash on the horizon
The Government of Thailand is still finalising its digital wallet project, a financial aid initiative which promises a 10,000 baht disbursement to eligible citizens. The specific criteria for eligibility include an age threshold, and a deposit cap to ensure the aid reaches those intended. Citizens who are 16 years old as of September 30 of this year, or born before…
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Thailand’s economic growth forecast revised down
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has revised Thailand’s economic growth forecast downward from a range of 2.8 to 3.3% to 2.2 to 2.7% for the year. The revised outlook is due to a slowdown in exports, which is negatively affecting the manufacturing sector. The panel also flagged a decrease in export expansion from 2% to…
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Thai shippers forecast modest growth amid wage increase concern
The Thai National Shippers’ Council (TNSC) projects a 1% to 2% growth in exports for the current year and urges a thoughtful approach to the proposed increase in the daily minimum wage, supplemented by government support via the wage committee mechanism. TNSC chairman Chaichan Chareonsuk anticipates a 1 to 2% increase in the nation’s exports by March this year. Chaichan…
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Bank of Thailand’s independence crucial for economic stability
Economists emphasise the importance of the Bank of Thailand’s independence in its mission to maintain economic stability. They note that while interest rates have a negligible effect on bolstering economic growth, they could influence the stability of the baht and trigger an increase in household debt. Despite persistent appeals from Prime Minister Srettha Thavisin for a collaborative effort between monetary…
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