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 How much does it cost to see a doctor in Thailand?
Thailand is known for its high-quality yet affordable healthcare system, but how much does it really cost to see a doctor? As an expat, this question might be crucial for budgeting your health needs. The answer depends on whether you...
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New commerce minister vows to tackle high living costs, Chinese imports
New Commerce Minister Pichai Naripthaphan pledged immediate action to tackle high living costs, hasten free trade agreement (FTA) negotiations, and tighten control over the influx of Chinese imports. Pichai, after his first day in office, expressed readiness to collaborate with deputy commerce ministers Napintorn Srisanphang and Suchat Chomklin to address the pressing need to drive Thailand’s economy during a crisis.…
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New law to regulate Thailand oil and gas prices nears approval
A draft law aimed at empowering energy officials to regulate domestic oil and cooking gas prices is advancing towards parliamentary approval. This legislation could become a significant energy policy under the emerging Paetongtarn Shinawatra government. Energy Minister Pirapan Salirathavibhaga highlighted yesterday, September 11, that the bill should be reviewed by legislators before the year’s end. Pirapan championed this policy since…
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Royal push for sustainable farming in East Pattaya
The Phueng Luang Asawin Foundation has unveiled an ambitious plan to turn hundreds of rai in Huay Yai, East Pattaya, into a sustainable agricultural powerhouse. Locals packed a community forum on Sunday, September 8 to hear the exciting details of a project that promises to revolutionise their livelihoods. The foundation, established by Mom Chao Pansawali Kitiyakara, mother of Her Royal…
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Red Lobster Thailand’s endless shrimp deal led to bankruptcy woes
Red Lobster’s Ultimate Endless Shrimp promotion, offering unlimited shrimp for US$20 (around 670 baht), became a permanent menu item last year, leading to a surge in customer traffic at the chain’s nearly 700 restaurants. Diners flocked to Red Lobster, indulging in various shrimp dishes like Parrot Isle Jumbo Coconut Shrimp, Walt’s Favorite, Garlic Shrimp Scampi, Shrimp Linguini Alfredo, and Grilled…
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Century-old parkia speciosa tree generates 40,000 baht annually
A century-old parkia speciosa tree in Trang province has captivated the market due to its large, long pods and superior taste, generating up to 40,000 baht annually from a single tree. At Suan Ta Chan Tonmai Panpi in Trang’s Na Yong district, 53 year old Satit Ramna hired locals to climb and harvest the pods from his four 100-year-old parkia…
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China approves three more Thai poultry plants for export
Thailand’s Department of Livestock Development announced that the General Administration of Customs of China (GACC) recently approved and registered three additional Thai poultry processing and production facilities for export. This approval brings the total number of certified Thai poultry plants exporting to China to 26. The continuous approval of Thai poultry export facilities by China reflects confidence in Thailand’s stringent…
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Thailand to speed up 145 billion baht digital wallet handout
Thailand will advance the distribution of 145 billion baht from its digital wallet handout programme to support vulnerable groups, announced by the deputy finance minister yesterday. The decision aims to provide immediate economic stimulus in the short term. During a budget debate in the senate, Julapun Amornvivat revealed that the government has allocated 450 billion baht for this flagship handout…
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Thailand rice is on the rise with global GI glamour
The Thailand Rice Department is on a mission to put Thai rice in the global spotlight by promoting its distinctive strains with certified Geographical Indication (GI) labels to a wider audience. Farming communities in Phatthalung and Trang in the south, along with Phayao in the north, have crafted premium rice products that command top prices. These farmers are betting on…
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Floods drive August inflation up 0.35% due to rising food prices
Rising prices of fresh vegetables and fruit, influenced by flood-damaged production areas, have driven up inflation by 0.35% in August. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn, reported that headline inflation in August saw a 0.35% year-on-year increase. The surge in food prices, particularly fresh vegetables and fruit, was primarily due to flooding in agricultural regions,…
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Thai trade talks push for expanded ASEAN market access
Thai representatives, led by Thatchayanpol Apimontechabutr, Deputy Director-General of the Department of Trade Negotiations, recently participated in the 11th ATIGA Upgrade Negotiation Trade Negotiating Committee (ATIGA-TNC) meeting in Malaysia. The meeting, held over four days, aimed to accelerate negotiations for a comprehensive conclusion by the middle of next year. The Thai Department of Trade Negotiations prioritises Free Trade Agreement (FTA)…
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Thailand mandates foreign e-commerce offices under new law
Thailand will soon require foreign e-commerce operators to establish registered offices within the country, as stipulated by the new digital platform service law. The Electronic Transactions Development Agency (ETDA) announced this move following consultations with the Department of Trade Negotiations to ensure compliance with international trade agreements, according to executive director Chaichana Mitrpant. The initiative is part of broader efforts…
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Thailand minimum wage hike to 400 baht confirmed for October 1
Pheu Thai Party’s labour policy, particularly the plan to increase the daily minimum wage to 400 baht nationwide, remains firm, confirmed caretaker Labour Minister Phiphat Ratchakitprakarn. Phiphat assured that the wage hike, targeting specific professions and regions, is set to take effect on October 1, with further details to be announced shortly. The national wage committee, led by the permanent…
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US Navy’s MV Ocean Valor visit to boost economy in Pattaya
The US Navy is set to make a significant visit to Pattaya with the MV Ocean Valor scheduled to dock at Pattaya Port from September 16 to 19. Chon Buri Provincial Officials received a notification from the Ministry of the Interior, based on an announcement from the Ministry of Foreign Affairs, that the request for docking permission has been approved.…
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Thailand government includes cash options in 10,000-baht handout
The Thailand government’s 10,000-baht handout programme is set for adjustments, with Deputy Finance Minister Julapun Amornvivat acknowledging the need to include cash distributions for some recipients instead of digital money. Numerous petitions against the government’s flagship policy contributed to this decision, Julapun said yesterday. Additionally, feedback from various sectors has prompted changes to improve the programme’s effectiveness. Initially, the policy…
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Economic challenge: Business tycoon Pichai to the rescue
Pichai Naripthaphan, a businessman-turned-politician, is stepping into the hot seat as Thailand’s new Commerce Minister at a time when the nation’s economy teeters on the edge of disaster. With sky-high expectations from every corner, Pichai faces the daunting task of steering the country out of economic turbulence. Pichai takes over from Phumtham Wechayachai, who has moved to Defence Minister and…
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SCB predicts Bank of Thailand to lower rates by 0.25%
Siam Commercial Bank (SCB) anticipates the Bank of Thailand (BoT) will initiate a series of policy rate cuts starting later this year, potentially continuing into early next year. This move is expected to trigger a reduction in interest rates across the banking sector. SCB’s Chief Executive Kris Chantanotoke predicts the central bank’s Monetary Policy Committee will reduce the policy rate…
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Phuket hotels see steady service charges and rising room rates
Phuket’s hotel industry will see stable service charge income and rising room rates during the upcoming peak season, according to the Phuket Hotels Association (PHA). PHA President Bjorn Courage noted that employment levels in Phuket’s 95-member hotels have fully rebounded post-pandemic. Typically, service charges account for 10% of paid room nights and are distributed monthly among all staff members. With…
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Flooding disrupts Thai agriculture, vegetable prices surge
Flooding in several provinces across Thailand has led to significant disruptions in the supply of agricultural products, prompting the Commerce Ministry to closely monitor price movements. According to Wattanasak Sur-iam, Director-General of the Internal Trade Department, the floods have reduced supply, causing a noticeable increase in vegetable prices compared to last week. Hom mali paddy rice is currently priced at…
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Labour minister to investigate measures to save social security fund
Labour Minister Phiphat Ratchakitprakarn vowed to investigate measures to avert a potential collapse of the Social Security Fund (SSF) within the next decade due to funding shortfalls. The SSF, currently holding 2.6 trillion baht, is projected to grow to at least 4 trillion baht by 2034, according to the Thailand Development Research Institute and the International Labour Organisation (ILO). Despite…
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Hungary and Thailand to sign MoU for stronger economic ties
Hungary and Thailand are set to strengthen their economic ties with the signing of a Memorandum of Understanding (MoU) between the Hungarian-Thai Chamber of Commerce and the Budapest Chamber of Commerce next month. The Hungarian embassy facilitated a luncheon in Bangkok, where the Hungarian ambassador and local Thai media discussed Hungary’s role as president of the Council of the European…
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Thai farmers set to grow demand for chemical fertilisers next year
The demand for chemical fertilisers and agricultural chemicals among Thai farmers is expected to rise between October and December next year. This increased need is crucial for crops such as oil palm, rubber, fruit trees, and ornamental plants, which require year-round agricultural inputs. Udom Srisomrong, Deputy Director-General of the Department of Internal Trade, highlighted that the current fertiliser prices in…
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Harley-Davidson shifts gears to Thailand: A new twist in the tale
Legendary American motorcycle maker Harley-Davidson has stunned its fans and workers with a bombshell announcement: the production of three popular models will be shifted to Thailand starting in 2025. The decision has sparked a wave of outrage and concern among Harley’s loyal US customer base and workers, who feel betrayed by the move. The Pan America, Sportster S, and Nightster…
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Nine provinces miss reel deal, forcing Thai movie buffs to hit the road
Nine provinces in Thailand lack cinemas, forcing residents to travel to neighbouring regions to watch movies. The issue came to light recently when a netizen from Mae Hong Son expressed frustration about the lack of local cinemas, which sparked a broader discussion about social inequality and the economic viability of the cinema industry in these areas. The comment was made…
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Thai central bank may cut rates if digital wallet delayed
The Bank of Thailand might be compelled to reduce the policy rate earlier than anticipated if the new government opts to postpone the digital wallet policy slated for the fourth quarter. Analysts warn this delay could significantly impact the Thai economy. Despite the central bank’s Monetary Policy Committee (MPC) maintaining the rate at 2.5% last week, BofA Securities highlighted that…
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Thailand’s female CEOs soar but the gender equality gap remains
Thailand’s female business leaders are smashing glass ceilings at an impressive rate, but the country’s gender equality struggle is far from over. With 32% of senior leadership positions in Thai businesses held by women, compared to a global average of 27%, Thailand boasts one of the highest ratios of women CEOs in the world. Nearly 90% of businesses in Thailand…
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Job jolt: Thailand’s unemployment hits two-year high at 1.07%
Thailand’s unemployment rate surged to a two-year high, with 1.07% of the workforce out of a job, the National Economic and Social Development Council (NESDC) revealed. The rise marks the highest level of unemployment since the Covid-19 pandemic waned, showing a worrying trend in the nation’s job market. Danucha Pichayanan, NESDC Secretary-General, reported that the rate had climbed slightly from…
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Most Thai listed companies report Q2 this year profits
Thailand’s stock exchange disclosed that 819 out of 856 listed companies have submitted their second-quarter financial results for this year, with 631 reporting net profits. This represents a significant 77.05% of the companies that submitted financial statements. The Stock Exchange of Thailand (SET) has seen continuous growth in the second quarter of this year. Sales for listed companies in the…
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Thailand boosts HDD production with 23.5 billion baht investment
Thailand’s Board of Investment (BOI) approved a significant investment project by Western Digital Storage Technologies (Thailand) Co., Ltd., to expand its hard disk drive (HDD) and related equipment production. The project, valued at 23.516 billion baht, will take place in Bang Pa-in Industrial Estate, Phra Nakhon Si Ayutthaya province and 304 Industrial Park, Prachin Buri province. The Secretary-General of the…
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Thailand’s BRICS ambition: Gateway to economic power?
As Thailand contemplates joining the BRICS economic bloc, the nation’s public and private sectors are buzzing with anticipation over the potential opportunities and benefits. The growing excitement was evident at the International Media Club of Thailand (IMCT)’s inaugural seminar in Bangkok last Thursday, August 22, where two panels dissected the pros and cons of the Brazil, Russia, India, China, and…
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Going bananas: Songkhla’s top fritter vendor in a slippery situation
A well-known banana fritter vendor in Songkhla is facing difficulties due to a sharp increase in the price of bananas and a shortage of supply. Sales have dropped, and profits have dwindled, forcing some vendors to raise their prices. However, one vendor decided to keep her prices the same out of concern for her customers. At the entrance to the…
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