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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Thai film industry to exceed 3.8 billion baht at Cannes festival
The 77th Cannes Film Festival has presented significant opportunities for the Thai government, local filmmakers, and production companies to secure lucrative business deals. The festival, which ran from May 14 to 25, is expected to generate more than the 3.8 billion baht grossed from last year’s event. Companies participating in the Thai booth, which showcased local films and promoted tourism,…
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Thailand’s Pride Month to attract 860,000 visitors
The Thai government is preparing to champion gender equality, anticipating that Pride Month activities will provide a significant economic boost. Deputy government spokeswoman Kenika Ounjit highlighted that Prime Minister Srettha Thavisin’s administration had announced this initiative as he assumed office. “The government aims to foster a society that embraces diversity and equality across age, gender, religion, and social status, positioning…
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Thailand doubles visa-free stay for 93 nations to boost tourism
Thailand has extended the visa-free exemption period for visitors from 30 to 60 days .This is great news for tourists and business travelers alike, as it will allow them to stay in Thailand for longer periods of time. The visa exemption applies to nationals of 93 countries, including the United States, Canada, the United Kingdom, Australia, and Japan. Visitors from…
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Thailand leads in fresh durian exports to China, 121 tonnes by April
Thailand firmly established itself as the top exporter of fresh durians to China, with over 121,398 tonnes shipped in 2024, according to Global Trade Atlas (GTA) data. Additionally, mango exports to South Korea have surged, influenced by favourable trade agreements. Government spokesperson Chai Wacharong announced that Thailand’s Ministry of Commerce revealed new data showing the country exported fresh durians to…
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Thai private sector seals 40 million baht meal deal with Dubai
Thai private sector, led by Phumtham Wechayachai, signed a significant food export agreement with Dubai, kicking off with an immediate order worth 40 million baht and aiming to exceed 100 million baht by year-end. Efforts to expand into the Middle Eastern market are now underway. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai revealed that he witnessed the signing…
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Srettha unveils plans for Thailand’s economy at UBS conference
At the UBS Asian Investment Conference 2024 in Hong Kong, Prime Minister Srettha Thavisin showcased a visionary blueprint for Thailand’s economic revolution. Addressing over 2,000 participants and 300 companies from the Asia-Pacific region, he laid out a series of strategic initiatives designed to attract global investment and drive innovation and sustainability. The 62 year old PM emphasised the nation’s readiness…
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Land and building tax revenue to hit 43 billion baht this year
The Finance Ministry anticipates the land and building tax collection to reach 43 billion baht this year, marking an increase of 8 billion from the previous year due to the discontinuation of the tax discount. Finance Permanent Secretary Lavaron Sangsnit, speaking at a property seminar on the fifth anniversary of the tax’s implementation, revealed that the ministry is currently reviewing…
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Thai halal boom targets 84 trillion baht market
In a move to capture a share of the burgeoning US$2.3 trillion (approximately 84 trillion baht) global halal market, the Ministry of Industry has launched the Thai Halal Industry Centre. This strategic initiative aims to position Thailand as the regional hub for halal products and services, with the market value expected to soar to US$2.8 trillion by 2025, driven by…
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Making cents: Thai PM showers BoT governor with praise
During the Council of Economic Ministers’ meeting yesterday, Prime Minister Srettha Thavisin showered praise on Central Bank Governor Sethaput Suthiwartnarueput for his constructive opinions on economic measures. This commendation comes hot on the heels of criticism from the PM’s adviser, Pichai Naripathaphan, who had lambasted the central bank for its inaction in supporting the government’s efforts to spur economic growth.…
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Thai banks urged to ‘transact green’ by BoT to aid local businesses
The Bank of Thailand (BoT) urges large commercial banks in Thailand to provide transition finance to aid local businesses in shifting from carbon-intensive operations to more sustainable practices. During the seminar EARTH JUMP 2024: The Edge of Action organised by Kasikornbank, Ronadol Numnonda, deputy governor of the central bank, revealed that last year, large local banks reported a total of…
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Interest-ing development: Ministry slashes housing loan rates
The Ministry of Social Development and Human Security announced a significant reduction in housing loan interest rates by 0.5% for one year, aiming to support citizens during challenging economic times. Minister of Social Development and Human Security, Varawut Silpa-archa revealed this decision at a press conference at Government House at 10am today, May 28. The Community Organisations Development Institute (CODI)…
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Cracking news: Egg prices to soar due to extreme weather
As announced by the Thai Cooperative Network for Chicken Egg Producers, egg prices are set to rise by 20 satangs per egg tomorrow, citing the extreme weather as the reason for the increase. The farm price for eggs will be 4 baht each, marking an increase of 6 baht per tray. The members of the network include producers from Chachoengsao,…
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Thailand Cabinet boosts 2024 fiscal budget by 122 billion baht
The Thai Cabinet approved a plan to increase the 2024 fiscal budget by 122 billion baht to support its delayed household stimulus scheme, Deputy Finance Minister Paopoom Rojanasakul today announced. This adjustment will raise the new budget to 3.6 trillion baht, representing a 13% increase from the previous year, with the deficit swelling to 805 billion baht. The government’s decision…
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FTI argues minimum wage hike would primarily benefit migrants
The Federation of Thai Industries (FTI) is urging the government to reconsider its plan to raise the daily minimum wage to 400 baht nationwide, arguing that the policy would primarily benefit migrant workers rather than stimulate the local economy. Every year, migrant workers from neighbouring countries remit approximately 100 billion baht to their families back home. The FTI contends that…
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Thai-made armoured vehicles and pistols delivered to Bhutan
In a momentous event overseen by Defence Minister Sutin Klungsang, a ceremony unfolded today to transfer a cache of arms to Bhutan’s police force. The consignment included 10 armoured vehicles and 230 pistols, all manufactured by two Thai companies. Set against the backdrop of the Defence Ministry‘s permanent secretary office building, the ceremony symbolised the strong defence cooperation between Thailand and…
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Mobile banking to operate normally during verification
The National Broadcasting and Telecommunications Commission (NBTC) clarified today that mobile banking services will continue to operate as usual on May 27. The NBTC, in collaboration with the Anti-Money Laundering Office (AMLO) and commercial banks, aims to ensure that mobile numbers linked to bank accounts are properly verified to tackle issues related to fraudulent SIM cards and mule accounts. The NBTC…
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Finance minister orchestrates with BoT for fiscal symphony
Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…
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Thai employment dips: Farm job cuts sow 0.1% decline in Q1 stats
Thailand today experienced a 0.1% decline in employment during the first quarter compared to the same period last year, primarily due to reductions in agricultural jobs, according to the National Economic and Social Development Council (NESDC). This follows a 1.7% year-on-year increase in employment in the previous quarter. The drop in agricultural employment was significant, with a more than 5.7%…
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Thailand PM calls urgent meeting with economy ministers
Thailand Prime Minister Srettha Thavisin called for an urgent meeting with economy ministers to discuss short-term economic stimulus measures to address Thailand’s sluggish economic performance in the first quarter of 2024. The National Economic and Social Development Council (NESDC) reported that Thailand’s economy grew by only 1.5% year-on-year for the first three months of 2024. This lacklustre growth has prompted…
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Commerce Ministry investigates oil palm price drop
The Commerce Ministry directed the Internal Trade Department to investigate the recent drop in oil palm prices by visiting provinces known for palm plantations. This initiative follows complaints from growers about reduced purchase prices. Commerce Minister Phumtham Wechayachai instructed Wattanasak Sur-iam, director-general of the Internal Trade Department, to assess the situation in Phang-Nga, Krabi, and Surat Thani provinces. The goal…
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Diesel shock: Fuel Fund revs prices to 32.44 baht per litre
The Fuel Fund today announced an increase in the diesel price by 50 satangs per litre, raising it to 32.44 baht per litre, effective tomorrow. Despite reduced expenses, the fund still faces liquidity issues, according to the Director of the Fuel Fund Office, Wisak Wattanaphap. The Fuel Fund Management Committee convened and recognised the need to enhance the liquidity of…
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Nakhon Ratchasima farmers wade through ‘rice-crisis’ as floods surge
Heavy rains and storms have hit Nakhon Ratchasima, causing significant concern among local farmers due to widespread flooding of rice fields. The continuous downpour over the past few days has completely engulfed the farmlands, thwarting the growth of the seedlings, which have just begun to sprout. A 76 year old local farmer, Ken Tethaisong, from Sarai Subdistrict in the Chum…
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Thailand’s economic crisis: An ageing population
Thailand is facing a looming economic crisis as demographic shifts threaten to cripple its domestic consumption, the Kasikorn Research Centre (KRC) warns. With an increasingly elderly population and declining birth rate, the nation’s key driver of economic growth is at risk. In 2022, domestic consumption accounted for 58% of Thailand’s economic growth, up from 53% a decade ago. This reliance…
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THAI set for shock stock market comeback: PM Srettha
Prime Minister Srettha Thavisin ordered from the Finance Ministry an expedited rehabilitation plan for Thai Airways International Plc (THAI) to see the national carrier relisted on the Stock Exchange of Thailand (SET) by the end of this year, according to a ministry insider. Originally slated for a stock market return in April or May next year, THAI’s accelerated timeline is…
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Thailand’s MICE industry shakes up IMEX Frankfurt 2024
A dazzling display of Thai hospitality took centre stage at IMEX Frankfurt 2024 as 36 Thai exhibitors united under the Thailand Pavilion. Representing Bangkok, Phuket, Pattaya, and Phang-nga (Khao Lak), the delegation comprised 20 hotels and resorts, 11 DMCs and organisers, two venues, one airline, one association, and the Thailand Convention and Exhibition Bureau (TCEB). TCEB President Chiruit Isarangkun Na…
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Thai government urged to regulate booming influencer industry
With the explosive growth of social media and e-commerce, the role of influencers has never been more prominent. Recognising the immense economic potential, the National Economic and Social Development Council (NESDC) calls for the Thai government to implement regulations and provide support for this burgeoning career path. In 2023, the ASEAN region boasted approximately 13.5 million influencers, according to Nielsen.…
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US imposes major tariffs on Chinese EVs and semiconductors
The United States recently imposed substantial tariffs on Chinese products, focusing particularly on electric vehicles (EVs) and semiconductors. This move is expected to push China to expand its EV manufacturing within Asia, with Thailand emerging as a significant export hub, according to the Federation of Thai Industries (FTI). President Joe Biden’s administration cited Beijing’s unfair trade practices as the reason for…
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Thailand boosts ties with Italy, eyes Schengen visa waiver
Thailand and Italy have committed to enhance bilateral cooperation across various sectors, Prime Minister Srettha Thavisin announced following his official visit to Italy, describing his discussions with Italian Prime Minister Giorgia Meloni as highly productive. Thailand’s prospects for obtaining a Schengen visa waiver for its ordinary passport holders have significantly improved. Meloni pledged her support for Thailand’s proposal, bolstering the…
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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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