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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    Digital nomading in Chiang Mai? What US$1,000 a month really gets you

    Chiang Mai has become a popular destination for digital nomads due to its low living costs, rich culture, and active remote work community. The city offers affordable housing, tasty food, reliable internet, and many co-working spaces, making it a great...

  • Tourism revival in Thailand risks airport slot overcrowding, suggests alternative options

    Tourism revival in Thailand risks airport slot overcrowding, suggests alternative options

    In anticipation of the upcoming high season, Thailand’s Tourism Authority (TAT) expressed concerns over the slot capacity at international airports. As more flights are set to resume, it is predicted that the country will receive around 8 million tourists this year, primarily derived from long-haul markets anticipating a significant tourism revival. The deputy governor for Europe, Africa, the Middle East,…

  • Blue Flag market unveiled by Phuket to combat rising costs

    Blue Flag market unveiled by Phuket to combat rising costs

    Phuket is preparing to host a monthly special market dubbed the “Blue Flag.” The market is hoped to bring an economic lifeline to the less affluent residents of the city as they struggle with the inflating prices of common household essentials. The Phuket Provincial Commerce Office has taken the initiative of kick-starting the Blue Flag market beginning from the first week…

  • Household debt hits 15 year high amid uncertain economic outlook in Thailand

    Household debt hits 15 year high amid uncertain economic outlook in Thailand

    A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year. UTCC…

  • Three more Thai provinces join ASEAN Smart Cities Network expanding digital reach

    Three more Thai provinces join ASEAN Smart Cities Network expanding digital reach

    Further broadening its digital reach, Thailand’s Digital Economy and Society Ministry (DES) recently declared that three additional Thai provinces – Chiang Mai, Khon Kaen and Rayong, now form a part of the seminal ASEAN Smart Cities Network (ASCN). This exciting development was announced yesterday, by DES chief, Chaiwut Thanakamanusorn, during the sixth annual ASCN assembly held in Bali, Indonesia. In…

  • Budget airlines hike flights to China amid sluggish post-Covid recovery

    Budget airlines hike flights to China amid sluggish post-Covid recovery

    In an attempt to achieve post-Covid recovery, budget airlines across the globe have increased flight frequencies to China. However, travel and capacity are yet to reach pre-Covid volumes. On its side, the Tourism Authority of Thailand (TAT) is being circumspect about implementing a visa fee waiver scheme to draw in more international visitors. Despite loom border controls from the start…

  • Bank of Thailand forecasts final interest rate hike amid inflation uncertainty

    Bank of Thailand forecasts final interest rate hike amid inflation uncertainty

    The Bank of Thailand (BoT) aims to cap its series of interest rate increases with a final 25-basis-point hike slated for August 2, due to an ongoing high and uncertain inflation outlook. This insight has been gathered from a poll conducted recently. After June’s annual headline inflation eased down to 0.23%, falling below the BoT’s target range of 1%-3%, it…

  • Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation

    Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation

    A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months. The study was headed by…

  • Thailand eyes record 2 million Russian tourists despite geopolitical tensions

    Thailand eyes record 2 million Russian tourists despite geopolitical tensions

    With an increase in flights and a neutral position on the Russia-Ukraine conflict, Thailand’s Tourism Authority (TAT) is poised to welcome a record-breaking 2 million Russian tourists next year. Khanittha Phanworawat, the Moscow office director, emphasises the urgent need to preserve Thailand’s image as a friend to Russian travellers, as a measure to achieve this ambitious goal, especially if other…

  • Saudi-Thailand relations: Leaders discuss tourism and investment amid strengthening ties

    Saudi-Thailand relations: Leaders discuss tourism and investment amid strengthening ties

    The chairman of Saudi Arabia’s Consultative Assembly, Abdullah Mohammed Ibrahim Al-Sheikh, was heartily welcomed by Thailand’s Prime Minister, Prayut Chan-o-cha yesterday for a constructive dialogue on potential collaboration for tourism and investment in Thailand’s Eastern Economic Corridor (EEC). The Saudi-Thailand relations discussion was announced by Tipanan Sirichana, deputy government spokesperson for Thailand. Al-Sheikh, leading the delegation from Saudi Arabia, had…

  • Thailand sees tourism growth skyrocketing to 3 trillion baht in 2023

    Thailand sees tourism growth skyrocketing to 3 trillion baht in 2023

    Thailand recently experienced a surge in international arrivals, with numbers reaching 15 million within just seven months of this year, encouraging tourism growth, informed Rachada Dhnadirek, a deputy government spokesperson. She acknowledged the substantial contribution of northern hemisphere school summer breaks increasing the influx of international tourists to the vibrant Southeast Asian nation, thereby boosting tourism growth. In response to…

  • Culture ministry plans to boost Thai tourism through Korean TV series popularity

    Culture ministry plans to boost Thai tourism through Korean TV series popularity

    The Thai Culture Ministry voiced its intentions of capitalising on the increased popularity of Thai locations, brought on by their appearance in the latest Korean television series, King the Land. Recognising this upswing in interest, the ministry plans to attract more Korean tourists and fans of the drama to these specific sites, boosting Thai tourism. Culture Minister Itthiphol Kunplome attributed…

  • Thai finance chief cautions reform balance to prevent tax shock on economy

    Thai finance chief cautions reform balance to prevent tax shock on economy

    Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……

  • Thai rice exports poised to hit 9 million tonnes amid climate anxieties

    Thai rice exports poised to hit 9 million tonnes amid climate anxieties

    Thailand stands on the cusp of a hugely promising year in terms of rice exportation, which, forecasts suggest, could reach up to 9 million tonnes. Making the most of a climate-induced market fervour, the Thai industry gleefully anticipates shipping masses of what is an integral commodity to many. The increase in demand is believed to be rooted in anxieties about…

  • Thailand aims to boost economy with health tourism campaign

    Thailand aims to boost economy with health tourism campaign

    The Thai government has launched an ambitious campaign, “Discover the New You” to entice international visitors to spend upwards of 18 million baht (US$510,000) by September of this year. This initiative is a concerted effort by the government, the Tourism Authority of Thailand (TAT), and over 130 healthcare, wellness businesses and service providers including hotels, spas, health resorts, hospitals, and clinics.…

  • Thailand’s potential as international events hub questioned amidst Taylor Swift tour snub

    Thailand’s potential as international events hub questioned amidst Taylor Swift tour snub

    The exclusion of Thailand from the itinerary of Taylor Swift‘s world tour has prompted the denizens to reconsider the nation’s global standing as a viable hub for international exhibitions and events. Bringing the country’s potential into question, it was revealed that the total revenue from meetings, incentives, conferences and exhibitions (MICE) industry for the final quarter of last year was…

  • Migrant amnesty programme extended for half a million foreign labourers in Thailand

    Migrant amnesty programme extended for half a million foreign labourers in Thailand

    In a bid to alleviate Thailand’s labour shortage and lay the groundwork for post-pandemic economic recovery, the country’s Cabinet has decided to lengthen its foreign migrants’ amnesty programme until the close of the month. This initiative allows close to half a million workers from neighbouring nations, namely Cambodia, Laos, Myanmar, and Vietnam, to effectively organise the permits necessary for legal…

  • Minor Food Group launches new Chinese restaurant in Bangkok

    Minor Food Group launches new Chinese restaurant in Bangkok

    Spurred by the recent rise in popularity of Chinese cuisine, Minor Food Group Plc debuted its first Riverside Grilled Fish & Mala restaurant in the heart of Bangkok today. Thunyachate Ekvetchavit, occupying the role of the top-ranking executive in the company, announced a 10-12 million baht budget allocation for the inauguration of the first branch of the renowned dining venue.…

  • Thai tourism unaffected by political unrest unless airports shut, says ex-minister

    Thai tourism unaffected by political unrest unless airports shut, says ex-minister

    In times of political upheaval, Thailand’s foreign tourists would not be significantly impacted, unless there was an incident akin to 2008’s airport disruption, according to former tourism and sports minister, Weerasak Kowsurat. Back in 2008, protesters had shut down Bangkok’s airports leading to a drop in tourist visits, impacting Thai tourism. Weerasak, now serving as a senator, insists that tourists…

  • Thai industries adjust strategies amid export downturn, eyes new markets

    Thai industries adjust strategies amid export downturn, eyes new markets

    A recent downturn in exports has provoked 25 industry sectors to rethink their production strategies, the Federation of Thai Industries (FTI) has revealed. Key industries affected and readjusting include steel, machinery, construction materials and furniture, all of which significantly cater to the markets in Asia, the European Union and the United States. The FTI recently unveiled the results of a…

  • Thai tourism surge: 25 million visitors forecasted, boosting economy

    Thai tourism surge: 25 million visitors forecasted, boosting economy

    In a recent announcement, the Thailand is on track to welcome a staggering 25 million tourists by the year end, offering a much-needed booster to the economy. This follows a significant surge in Thai tourism, exceeding 12 million arrivals recorded late last month, as relayed by deputy government spokesperson Traisuree Taisaranakul. Between January and June 25 of this year, the…

  • Thailand’s tourism confidence slides amidst global economy concerns

    Thailand’s tourism confidence slides amidst global economy concerns

    The second quarter of this year saw the Tourism Confidence Index remaining subdued, sliding from the previous quarter. The contributor to this drop was a blend of Thailand‘s low season and decreased earnings from tourism. The president of the Tourism Council of Thailand (TCT), Chamnan Srisawat, announced that the second quarter’s score was two points lower than the prior quarter…

  • Thai tourism targets wealthy Asian expatriates for industry boost

    Thai tourism targets wealthy Asian expatriates for industry boost

    The Tourism Authority of Thailand (TAT) set their sights on the growing wealth of Asian expatriates as a potential boon for the Thai tourism industry. Chinese nationals residing in Cambodia and Laos have been particularly targeted due to their propensity for choosing Thailand as a location to send their children for education. According to Oranooch Pakapan-Rutten, TAT’s marketing representative for Cambodia…

  • Thai industries call for government aid to stimulate export growth amid falling rates

    Thai industries call for government aid to stimulate export growth amid falling rates

    Industry leaders are soliciting governmental assistance in a bid to boost export growth, following steady declines observed over a streak of eight months, according to recent insights sourced from the Federation of Thai Industries (FTI). Discussions with 210 executives from 45 sectors of the industry revealed that an overwhelming 80% of respondents were in favour of government initiatives to trim…

  • Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation

    Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation

    Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears. Stock markets in the region largely painted a bleak picture, with…

  • Fitch ratings reveal Thailand’s economic recovery to boost corporate earnings in 2023

    Fitch ratings reveal Thailand’s economic recovery to boost corporate earnings in 2023

    Recovery of the domestic economy and alleviation of inflationary pressures are set to bolster the performance of corporations in Thailand this year, suggest analysts from Fitch Ratings during the 2023 Thailand Corporate Credit Outlook & Asean ESG conference, held recently in Bangkok. Corporates at Fitch Ratings (Thailand)’s Lertchai Kochareonrattanakul, a senior director, indicated in his talk that a boost in…

  • Thai economy booms as government’s fiscal income beats projections with 122bn baht surplus

    Thai economy booms as government’s fiscal income beats projections with 122bn baht surplus

    The Thai economy demonstrates strong recovery and active imports as the Thai government’s net income during the first two-thirds of fiscal 2023 has surpassed projections by 122 billion baht, revealed Fiscal Policy Office Director-General, Pornchai Thiraveja, 42 years old. Between October 2022 and May 2023, the Thai government raked in a total of 1.64 trillion baht, which is an 8%…

  • Global Thai rice export forecast to surpass 8 million tonnes

    Global Thai rice export forecast to surpass 8 million tonnes

    The appeal for Thai rice continues to be significant globally, with both Indonesia and Bangladesh expressing their aspirations to buy the grain through G2G or government-to-government contracts. Ronnarong Phoolpipat, head of the Foreign Trade Department, stated that the immense global demand for Thai rice is likely to boost exports to surpass 8 million tonnes this year. The department has plans…

  • Thai tourism-linked businesses experience booming growth amid economic recovery

    Thai tourism-linked businesses experience booming growth amid economic recovery

    Amid escalating tourist arrivals and robust economic recovery, Thai tourism-associated enterprises have been reaping lucrative rewards, particularly in the fields of foreign exchange, travel agencies, tour guides, dining establishments, and the accommodation industry. Such industries have experienced impressive growth within the initial five months of this year, as revealed by data garnered through the Business Development Department of the Commerce…

  • Smart moves by KTO set to boost Korean tourists in Thailand by one million

    Smart moves by KTO set to boost Korean tourists in Thailand by one million

    The Korea Tourism Organization (KTO) is on a mission to lure travellers with cutting-edge smart tourism offerings, boosting the number of Korean visitors to Thailand to an impressive one million during the upcoming third quarter. As this thriving alliance between the two countries takes shape, Korean tourism is set to soar to new heights. Tanes Petsuwan, the Tourism Authority of…

  • Thai economy stimulus: Government plans 1.9 trillion baht boost during government transition

    Thai economy stimulus: Government plans 1.9 trillion baht boost during government transition

    Thailand’s National Economic and Social Development Council (NESDC) unveiled plans to inject 1.9 trillion baht into the Thai economy to bridge the gap before the new government can budget for the year 2024, emphasising fiscal reforms and monitoring household debt. Secretary-General Danucha Pichayanan highlighted the need for industry restructuring and government action in response to shrinking exports, which is affecting…