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 Why retirees in Thailand are choosing long-term health insurance over quick fixes
Retirees in Thailand are increasingly seeing the importance of health insurance in protecting their well-being during retirement. With insurance requirements for retirement visas and rising healthcare costs, many are moving away from short-term plans and choosing long-term coverage. Long-term health...
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Thai graduates form largest group of unemployed, says NSO
Concerning statistics were unveiled by Thailand’s National Statistical Office (NSO) yesterday, revealing that newly minted graduates now comprise the largest segment of the country’s unemployed. Results from October’s employment survey disclosed that around 150,000 recent graduates were jobless, a worrying trend that Suwannee Wangkarn, NSO’s Deputy Director, labelled alarming. Every month, the NSO conducts an employment survey among Thai citizens.…
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Phuket continues promotion as timeless destination to boost tourism
Championed by the Tourism Authority of Thailand‘s (TAT) local office, Phuket is set to continue its promotion as a timeless destination, void of an official low season. Director Lertchai Wangtrakuldee confirms this strategy following the significant triumph of last year when the resort province achieved its arrival and revenue targets ahead of schedule. By the end of November, the visitor…
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Thailand ESG funds miss target but optimism remains for increased sales
Despite the Thai government’s target of 10 billion baht (US$290 million), Thailand ESG (TESG) funds only managed to reach sales of 5.2 billion baht (US$150 million) from December 8 to 28 in the previous year. The shortfall has been attributed to the brief sales period, although the Association of Investment Management Companies’ chairwoman, Chavinda Hanratanakool, acknowledged the funds’ popularity among…
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Thai government to stimulate economy with digital wallet scheme
The Thai government reaffirmed its commitment to launch the digital wallet scheme in May, a key policy of the ruling Pheu Thai Party. The scheme, financed by a 500 billion baht (US$14,518,005,000) loan, aims to inject 10,000 baht (US$290) into the digital wallet of every Thai citizen aged 16 and above as a means to stimulate the economy. The government…
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Gold prices take a dip in Thailand: 50 baht decrease reported
The price of gold fell again on the morning market today, with a decrease of 50 baht (US$1.46) compared to the closing price yesterday. As reported at 9.05am today, the cost of gold ornament was selling at 34,050 baht (US$99.4) per baht, according to the Gold Traders Association (GTA). Meanwhile, the 96.5% gold bar was bought at 33,450 baht (US$976.93)…
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Thailand’s delayed 2024 budget bill presented in Parliament
The delayed budget bill for this year, amounting to 3.48 trillion baht (US$101.52 billion), was presented today by Prime Minister and Finance Minister Srettha Thavisin in the House of Representatives. This event marked the start of a three-day debate among lawmakers. PM Srettha emphasised the importance of the budget to Parliament. “The budget is crucial in moving the economy forward.”…
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Essential ascent: Despite fiscal twists, analysts predict vital goods to drive economic lift-off
Despite the financial rollercoaster, essential goods are set to expand. Analysts declare that essential goods will help boost the economy. The Thai Chamber of Commerce’s recent survey predicts a 1.5% dip in purchasing power, attributed to escalating interest rates, inflation, and the lingering pandemic hangover. Undeterred, consumers are rallying around staples like food, beverages, personal care products, household items, and…
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Thailand’s triumph and tribulations: OECD report urges bold reforms
Thailand has made good economic recovery post-pandemic, with tourism as a major boost, however, a recent report from the Organisation for Co-operation and Development (OECD) highlights the need for bold reforms to solidify and extend this triumph. The second OECD Economic Survey of Thailand commends the nation for averting a severe economic downturn during the pandemic, crediting robust fiscal support.…
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Thai industries foresee slow growth, tourism still below 2019 levels
The Federation of Thai Industries (FTI) anticipates sluggish growth for the steel and internal combustion engine (ICE) industries this year, whilst the tourism sector remains unlikely to reach 2019 levels. FTI chairman Kriengkrai Thiennukul emphasised the need for economic measures to support certain industries due to these projected declines. The steel and iron industry faces a slowdown as state construction…
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Thailand and China to implement mutual visa-free travel from March
Beginning in March, Thailand and China will roll out a mutual visa-free agreement. This arrangement means that citizens from both countries will not need to apply for visas when travelling to the other country. The scheme was announced by Prime Minister Srettha Thavisin after a Cabinet meeting, and it will take effect from the first day of March. The initiative…
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Thailand mulls tax-free local alcohol to boost economy and tourism
A breaking development unfolded at 10.10am yesterday, January 2, with Thai Prime Minister Srettha Thavisin making a significant announcement after a Cabinet meeting centred on boosting international tourism and the national economy. The Thai government is contemplating overhauling the excise taxes and duties structures, with an eye on making Thai local alcoholic beverages tax-free and prompting a review of related…
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Thai government cuts local alcohol tax to zero to boost tourism and economy
The Thai government has announced a tax reduction on local alcohol as part of a wider review of laws hindering domestic tourism and economic growth. Revealed on January 2 at the Government House, Prime Minister Settha Thavisin stated that the restructuring of excise and various national taxes, including reducing domestic alcohol tax to 0%, formed part of their strategy to…
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Thai hospitality groups eye global expansion amid tourism recovery
The global tourism recovery has spurred Thai hospitality groups to broaden their horizons beyond domestic borders, tapping into the robust demand in numerous destinations. In the previous year, many hotel management companies reported substantial profits, with some even witnessing their average daily room rates surpass 2019 levels, particularly in prime locations. Minor International (MINT), the largest hotel chain in Thailand,…
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Gold prices predicted to hit record highs by 2024, says MTS Gold
MTS Gold, a local trader, predicted that gold prices are likely to skyrocket to new record levels of over 79,005 baht (US$2,300) per ounce and beyond 40,000 baht (US$1,164) per baht weight by this year. This forecast comes amidst anticipated adverse global economic situations. Kritcharat Hiranyasiri, the President of MTS Gold, explained that the anticipated decline in interest rates and…
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Thai investors anticipate surge in depositary receipts popularity in 2024
Executives anticipate a surge in the popularity of depositary receipts (DRs) among Thai investors this year, with the investment tool offering a gateway to high-profile foreign stocks, risk diversification, and potential high returns. As they have become more prevalent on the Thai bourse, investors held DRs worth around 16 billion baht (US$466 million) on the Stock Exchange of Thailand (SET)…
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Thailand and China unveil game-changing cargo link
Thailand and China have launched a direct cargo rail link, whisking farm-fresh delights straight from Nong Khai to the bustling metropolis of Chongqing via Laos. Agriculture and Cooperatives Minister Thamanat Prompow, a key player in this historic venture, flagged off the inaugural Thai train loaded with the jewel of Thai agriculture – dried longan. This marks the commencement of the…
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PM Srettha rallies coalition for upcoming budget bill debate
Prime Minister Srettha Thavisin has requested all coalition partners of the government to gear up for the upcoming debate on the Budget Bill for the fiscal year 2024. The bill, which aims to secure 3.48 trillion baht (US$101 billion) to fund the fiscal year that began in October, is due for its initial reading from January 3 to 5. The…
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Huge deficit in 2025 fiscal year
The government has laid bare its plans for the 2025 fiscal year, unveiling a colossal budget deficit of 713 billion baht. This unprecedented move comes hand in hand with a staggering increase in spending, soaring to 3.6 trillion baht, leaving citizens and experts alike scratching their heads. The ambitious forecast also includes a predicted gross domestic product (GDP) growth of…
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Thailand’s biggest budget requests come from interior, education, finance ministries
Thailand’s parliament has disclosed that the Interior, Education, and Finance ministries are making the largest budgetary requests for the ongoing fiscal year. The budget bill, which governs annual expenditure, is set for its initial reading from January 3 to 5, and is anticipated to be approved by April. This follows a delay due to the transition from the preceding to…
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Job seekers look for quality jobs, not just income concerns
In the aftermath of the pandemic, Thai job seekers are demanding more than just a paycheque. Managing Director of Jobs DB (Thailand) Recruitment Company, Duangporn Phrom-on, has unveiled revelations from the expansive Global Talent Survey, a game-changer exploring Southeast Asia’s job market. This survey, casting its net over 97,324 participants across six Asian nations, unleashed significant insights. Thailand, a digital…
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Thailand’s fiscal position geared to absorb potential economic shocks
According to Pornchai Thiraveja, the director-general of the Fiscal Policy Office, Thailand’s robust fiscal position is well-equipped to buffer any potential economic shocks. The country boasts a fiscal space substantial enough to absorb crises equating to 10% of the GDP. The Thai financial institutions are stable economically, with a 19.9% Bank for International Settlements ratio, which is well above the…
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Thailand and Malaysia join forces to boost economy
Thailand and Malaysia have forged an alliance to supercharge development in the southern Thai region and the northern Malaysian peninsula. Prime Minister Anwar Ibrahim reveals this game-changing commitment after a late-night summit with Thai counterpart Srettha Thavisin in Phuket. Anwar took to Facebook to reveal the details. “A special joint committee at the highest level between the two countries will…
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Thailand’s export surge signals global economic boom
Thailand‘s exports have skyrocketed for the fourth month in a row, unleashing economic fireworks just in time for the festive season. Thailand’s exports are on a jaw-dropping winning streak, marking a fourth consecutive monthly surge in November. Ministry of Commerce Permanent Secretary Keerati Rushchano explains this economic rollercoaster. “Exports of goods showed a remarkable expansion across the board, with agricultural…
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Thailand urges Australia to expand trade and investment ties
The Commerce Minister of Thailand, Phumtham Wechayachai, has urged Australia to broaden their trade and investment ties, as well as discover new avenues for economic collaboration. Following his recent discussion with Australian ambassador Angela Macdonald, he revealed that Thailand views Australia as a vital ally in the Pacific and a key collaborator in devising joint economic strategies to enhance trade,…
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3.48 trillion budget approved by Cabinet for next year
Prime Minister Srettha, in a post-Cabinet meeting press conference declared that the budget bill, meticulously scrutinised by the Office of Council of State, will be delivered for approval. Typically, budget bills are sealed and delivered before the fiscal year kicks off in October. However, this year’s extravaganza faced a dramatic delay, thanks to the intricate dance of forming a coalition…
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Toshiba Corporation gets booted from Tokyo Exchange but Toshiba Thailand stays
After a staggering 74-year run, Toshiba Corporation on the Tokyo Stock Exchange faces delisting and a subsequent takeover. However, Toshiba Thailand Ltd emerges unscathed, asserting its independence and vowing to power on. “Unfazed by the storm in Japan, Toshiba Thailand is business as usual.” Having severed ties with its Japanese parent years ago, the company stands resilient in the face of…
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Thai industries battle tide of cheap imports: Government gears up for tough measures
In a bid to rescue Thailand‘s floundering manufacturing sector, the Thai government is gearing up for a fierce showdown against a deluge of low-priced imports that threaten to drown local industries. The Commerce Ministry’s crackdown, aimed primarily at products flooding in from China, promises to safeguard Thai manufacturers from the relentless assault on their market share. Thailand’s industrial output has…
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Thai MICE boom faces hurdles next year
Thailand‘s MICE (Meetings, Incentives, Conventions, and Exhibitions) industry, once on the brink, surged back to 80% of its 2019 glory this year, however, a looming slowdown in 2024 raises eyebrows. Thailand’s MICE industry is poised for a remarkable recovery, reaching 80% of its pre-pandemic revenue in 2019. President of Thailand Incentive and Convention Association (TICA), Sumate Sudasna, highlights Thailand’s allure as…
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Thai BOI reveals game-changing green plan with 150 billion baht EV investment
The Board of Investment (BOI) of Thailand has declared its strategic vision for the next four years, placing a robust emphasis on the burgeoning sectors of bio, circular, and green (BCG) industries. Speaking passionately at the Go Thailand: Green Economy-Land Bridge forum in Bangkok, BOI secretary-general Narit Therdsteerasukdi highlighted the global trend towards sustainability in business operations. “From BOI’s roadshow…
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Thai listed companies broke records by reeling in 6.21 trillion baht last year
Thai listed companies have orchestrated a financial coup, raking in an astronomical 6.21 trillion baht from their overseas ventures last year, smashing records and defying global economic odds. The Stock Exchange of Thailand (SET) reports an eye-watering surge of 1.83 trillion baht from the previous year, making it a staggering 17-year high. Amidst the chaos of the Russia-Ukraine war and…
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