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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The Thaiger key takeaways The most common medical emergencies for expats in Thailand include motorcycle accidents, tropical diseases, and food or water-borne illnesses. Air pollution and heat-related conditions like heatstroke also pose serious seasonal health risks, especially in northern and...
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Thai gold prices surge, reach new high at 35,750 baht per baht
Gold prices in Thailand saw a continuous surge today, prompting those interested in trading the precious metal to act swiftly. The Gold Traders Association (GTA) reported a significant increase compared to yesterday’s closing rates, with the selling price of gold ornaments per baht weight reaching 35,750 baht today marking a 50 baht increase from the previous day. The domestic market…
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Thailand gov urges bank to cut interest rate amid economic crisis
The ongoing feud between Prime Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput regarding interest rates remains the focus of media attention. Meetings of the Monetary Policy Committee (MPC) have been closely watched as elements of the government and business sector believe the central bank needs to reduce the policy rate. The MPC is set to meet six…
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ThaiBev intensifies commitment to sustainable growth
Thai Beverage Plc (ThaiBev) is stepping up its commitment to sustainable development, implementing strategies that encompass all facets of its business operations. The company’s Executive Vice President and Chief of Sustainability and Strategy, Tongjai Thanachanan, outlined the firm’s commitment to achieving sustainability through a comprehensive approach, known as Enabling Sustainable Growth (ESG). This approach encompasses environmental, social, and governance goals.…
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PM Srettha’s billion-baht plan to transform Suvarnabhumi Airport
Prime Minister Srettha Thavisin announced plans to boost the annual capacity of Suvarnabhumi International Airport in Samut Prakan. “We’re gearing up to more than double our capacity to a staggering 150 million passengers annually.” Currently handling a substantial 60 million passengers, Suvarnabhumi Airport is set for a dramatic makeover, including the addition of a third runway. This makeover will catapult…
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Mukdahan hosts first Border Trade Fair to boost economy
Commerce Minister Phumtham Wechayachai inaugurates the first Border Trade Fair in Mukdahan, aiming to boost the border economy and facilitate fruit exports through the Mukdahan checkpoint. The event also included a visit to the One-Stop Service Center (OSS) in Mukdahan – Nakhon Phanom to support exporters. The inaugural Border Trade Fair in Mukdahan province, which takes place from February 29…
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China-Laos high-speed rail to transform northeast Thailand
Krungthai COMPASS Research Centre unveiled a groundbreaking vision, identifying the China-Laos high-speed railway as the cornerstone for transforming the northeast of Thailand into an economic juggernaut within the Greater Mekong Subregion. The centre disclosed that the China-Laos high-speed railway, now operational for both passenger and freight services along the Kunming-Vientiane route, will directly turbocharge trade and investment in Thailand’s northeastern region,…
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AWC plans 36 billion baht investment in high-end tourism
Asset World Corp (AWC), a Stock Exchange of Thailand (SET)-listed company, maintains a positive outlook on high-spending tourists and outlined plans to invest in projects estimated at 36 billion baht (US$1 billion) this year. Wallapa Traisorat, AWC’s chief executive and president, highlighted Thailand’s potential to attract high-spending tourists from regional competitors through quality property development, specifically hotels in partnership with…
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TikTok shopping: The new trend in Thai e-commerce
TikTok has usurped traditional e-commerce giants to claim the throne as Thailand’s premier shopping platform for millennials, a survey by the Trade Policy and Strategy Office (TPSO) discloses. With 4,699 respondents nationwide, the survey unveiled TikTok’s meteoric rise as an online shopping hub, particularly among the youth demographic. Renowned for its fusion of joyous content and retail therapy, TikTok pioneers…
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Thailand’s manufacturing sector sees slump for 16th month
Thailand’s manufacturing sector witnessed a prolonged slump for the 16th month in January, as the country’s key economic pillar grapples with dwindling domestic and overseas motor vehicle sales, according to information released by the Industry Ministry. The year-on-year decline of 2.94% in the sector fell short of the anticipated 5.1% fall predicted in a Reuters survey and followed a revised…
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Consumer confidence hits 47-month high amid economic recovery
January saw a significant rise in consumer confidence, reaching the highest level in 47 months due to the ongoing economic recovery, according to a statement by Fiscal Policy Office (FPO) Director-General Pornchai Thiraveja. The consumer confidence index marked its sixth consecutive month of growth, reaching 62.9, a slight increase from 62.0 in December. This growth is indicative of improved domestic…
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Chinese city gives out lottery tickets to boost birth rates
Authorities in Xi’an, China, are rolling the dice on love with a jaw-dropping scheme aimed at tackling the nation’s plummeting birth rates. In a bold move to combat China’s declining birth rates, the city of Xi’an is set to splash a whopping 700,000 yuan (equivalent to 3.6 million baht) on lottery tickets, all in the name of encouraging newlyweds to…
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10 regions of Thailand to use new minimum wage calculation
The tripartite Wage Committee has given the green light, by a close vote of 7 to 5, to a new method for setting minimum wages. Ten key regions, including the bustling metropolis of Bangkok, are set to pioneer this transformative change from April onwards. The freshly endorsed formula marks a paradigm shift, incorporating elements such as labour productivity, contribution to…
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Thailand aims to become SE Asia’s leading halal hub by 2028
The Thai government greenlit plans to transform Thailand into a leading halal hub in Southeast Asia by 2028, to elevate the nation’s GDP by 1.2%, or approximately 55 billion baht. Prime Minister Srettha Thavisin, speaking after the Cabinet meeting on Tuesday, disclosed the government’s intent to constitute a national halal industry committee and the Thai Halal Industry Centre. The aim…
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Thailand gold prices stable at 35,050 baht with steady market
Gold prices in Thailand remained stable, with no increase or decrease compared to the previous closing figures yesterday The Gold Traders Association (GTA) listed the selling price for gold ornaments surpassing the 35,000 baht mark today in the Western calendar. The latest figures from the association’s website, recorded at 9.02am, indicated that the selling price for gold ornaments was 35,050…
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Thailand’s border trade faces slowdown amid regional politics
The Federation of Thai Industries (FTI) predicts a slowdown in Thailand’s border trade for the current year due to political turmoil in Myanmar and economic issues in other neighbouring nations. Myanmar, Laos, Malaysia, and Cambodia, nations that share borders with Thailand, are facing obstacles to their economic growth, says Montri Mahaplerkpong, the FTI Vice-Chairman. Among the challenges, he highlights the…
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Franchise frenzy: Commerce Ministry ramps up business game
Aiming to bolster its capabilities, the Commerce Ministry is set to upgrade franchise businesses, hasten the creation of franchise business standards, and foster relationships with domestic and international investors. The strategy is designed to expand the market and stimulate economic value. The Director-General of the Business Development Department under the Commerce Ministry, Auramon Supthaweethum, highlighted the appeal of the franchise…
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Thailand optimises on Kazakhstan’s tourism and trade potential
Deputy Foreign Minister of Thailand, Jakkapong Sangmanee, emphasised the government’s optimism about enhanced tourism and trade between Thailand and Kazakhstan. This follows the forthcoming signing of three memoranda of understanding (MoUs) in April. Sangmanee, accompanied by the Tourism and Sports Minister Sudawan Wangsuphakijkosol, led a delegation of Thai investors to Kazakhstan’s capital, Astana, and its largest city, Almaty. During their…
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Thai government’s revenue collection could fall short in 2024
Deputy Finance Minister Krisada Chinavicharana expressed concerns that the government’s revenue collection for fiscal 2024 might not surpass the target, unlike the 174 billion baht (US$4.8 billion) surplus witnessed the previous year. This was announced at the Outstanding Revolving Fund Award event held yesterday. The government has projected an expenditure budget of 3.48 trillion baht (US$96 billion) for fiscal 2024,…
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Thaksin Shinawatra’s return stirs interest in Thailand’s economic policy
Former Prime Minister of Thailand Thaksin Shinawatra is back in the political limelight following his release on parole. His return to his Ban Chan Song La residence in Bangkok, which previously served as his command centre during his time in office, has sparked interest from the business sector. They are keen to understand the potential implications this could have on…
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Beauty pageant stock’s overvaluation concerns
The once-dazzling rally of Miss Grand International Plc (MGI), a beauty pageant organiser, appears to be losing its shimmer as concerns loom large over its increasingly stretched valuation. Since its inception in mid-December at 4.95 baht apiece, the stock catapulted by over 900%, ranking as the second-best performer among new listings in the Asia Pacific region over the past three…
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Thai export competitiveness declines with focus on rice market
The Bank of Thailand reports a significant decline in Thai export competitiveness, particularly in global rice markets. Over the last 20 years, the market share of rice shipments has dropped by over 50%. This reduction is a result of persistent structural issues in the export and manufacturing sectors, affecting the Thai economy at large. The bank’s recent report reveals that…
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Thailand’s potash push: Prosperity or peril?
As Thailand eyes a leap into the lucrative potash market, concerns loom large over the potential environmental havoc it may unleash. Residents in the vicinity of Thailand’s solitary commercial potash mine have raised a chorus of apprehension, cautioning against Prime Minister Srettha Thavisin’s grand vision to catapult the nation into a leading potash producer. Their concerns centred around the likely…
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Vietnam’s rice exports soar towards 178 billion baht milestone
Vietnam’s rice sector is projected for a remarkable milestone of US$5 billion (approximately 178 billion baht) in turnover. Anticipating a rollercoaster ride in the global rice market, experts emphasise the pivotal role of innovation and adaptable export strategies in propelling Vietnam towards its ambitious growth targets. The Ministry of Agriculture and Rural Development underscores the industry’s resilience despite a shrinking…
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Thailand’s future electric vehicles industry workforce
Thailand’s Ministry of Higher Education, Science, Research and Innovation (MHESI) is gearing up to sculpt a formidable workforce of over 150,000 individuals poised to dominate the electric vehicle (EV) industry within the next five years. This electrifying initiative forms the nucleus of the ministry’s holistic strategy aimed at supercharging Thailand’s EV ecosystem. The ministry’s blueprint, announced with much fanfare, is…
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Thailand promotes electric trucks and buses with new incentives
The National Electric Vehicle Policy Committee in Thailand has given the green light for incentives aimed at encouraging companies to switch their commercial fleets of large trucks and buses to battery electric vehicles (BEVs). The committee has also approved cash grants for manufacturers of EV battery cells. The secretary-general of the Board of Investment and secretary of the Electric Vehicle…
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Thai authorities tackle surge in cheap Chinese imports
A surge in cheap Chinese products flooding Thai markets, particularly through e-commerce platforms, has prompted Thai authorities and organisations to seek measures to protect local producers. The influx has negatively impacted local small manufacturers of household goods and has boosted calls for the Revenue and Customs departments to expedite their efforts in controlling this wave of low-cost goods. Prime Minister…
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New EV incentives boost investment in Thai automotive sector
The Federation of Thai Industries (FTI) expressed confidence in the transformative potential of the new electric vehicle (EV) incentive packages, anticipating a significant boost to investment in the automotive sector and related businesses. As Thailand strives for sustainable economic growth and enhanced competitiveness, surges in investment are vital, particularly in the targeted S-curve industries encompassing next-generation vehicles. Surapong Paisitpatanapong, the…
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Thai businesses fear cost surge due to minimum wage hike
Businesses in Thailand are bracing for a potential increase in operating costs, following the government’s proposition to raise the daily minimum wage to 400 baht (US$11) within the year. The Federation of Thai Industries (FTI) has expressed its concern over the implications of this wage hike, particularly on small and medium-sized enterprises (SMEs), which are currently grappling with elevated interest…
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Aleph Farms revolutionises meat production in Southeast Asia
In a groundbreaking alliance set to revolutionise meat production, Aleph Farms has forged a strategic partnership with biomanufacturer BBGI and synbio research powerhouse Fermbox Bio. This collaboration is set to pave the way for Thailand’s inaugural cultivated meat plant, heralding a new era of sustainable protein sourcing in Southeast Asia. In a bid to enhance production capabilities and foster economic…
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Thailand incentivises companies to go green with EV conversion
The Thailand government confirmed yesterday that measures have been approved to encourage companies to convert their commercial fleets of large trucks and buses to battery electric vehicles (EVs). This move aims to increase the adoption of EVs and support companies in achieving their net-zero targets. In addition, cash grants will be provided for EV battery cell manufacturers. These policies are…
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