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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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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Chinese investors show strong interest in Thailand at RCEP-tion
Chinese investors eagerly engaged with Thailand’s business landscape at a recent matchmaking event held under the Regional Comprehensive Economic Partnership (RCEP) agreement. Marking its debut in Thailand, the event seeks to draw interest towards emerging S-curve industries and facilitate the transfer of technology from China. At the helm of the 1st RCEP Business Opportunities Matchmaking Conference (China-Thailand) was Commerce Minister…
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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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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 Ministry to reassess stock holdings worth 1.19 trillion baht
The Finance Ministry plans to reassess its shareholdings in various stocks to optimise its asset portfolio and generate additional revenue for the state. Deputy Finance Minister Paopoom Rojanasakul instructed the State Enterprise Policy Office to evaluate the ministry’s stock holdings. According to sources, this review aims to identify which assets the government should retain and which could be sold. A…
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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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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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Finance Ministry to discuss new economic stimulus measures
The Ministry of Finance is currently considering new economic stimulus measures to boost the economy in the second half of 2024. Previously, Deputy Prime Minister and Finance Minister Pichai Chunhavajira held discussions about the economic situation, particularly focusing on economic figures. Despite the government’s extensive stimulus efforts, the economy grew by 1.5% in the first quarter of 2024, which, although…
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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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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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Thai trade envoy spices up talks with Shanghai to stir-fry ties
In a significant move to bolster economic ties, Thai trade representative Narumon Pinyosinwat met with Zhao Zhuping, Deputy Secretary-General of the Shanghai municipal government yesterday. The discussion centred on expanding trade and investment between Thailand and Shanghai. “Chinese investors sought the highest number of investment privileges from the Thai government last year.” Narumon noted that 430 projects valued at 160…
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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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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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Betting on Songkhla: Legal casino spin to boost border tourism
Tourism operators in Songkhla urge the government to consider developing an entertainment complex with a legal casino to revitalise tourism in border areas and reduce dependence on Malaysian visitors. As the government reviews a project for an integrated entertainment complex, Songchai Mungprasithichai, President of the Songkhla Tourism Promotion Association, highlighted the potential of Ban Dan Nok and the area around…
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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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PM Srettha scrambles to address economic woes
Thailand Prime Minister Srettha Thavisin has called an urgent meeting with his economic ministers next Monday in a bid to tackle Thailand’s sluggish economic growth. This move comes after a dismal first-quarter GDP report, which has sent shockwaves through the government and the public alike. In a Twitter post last night, the 62 year old Thai prime minister announced that…
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Philippines aims to be Asia’s next logistics hub with US support
According to President Ferdinand Marcos Jr, the Philippines is positioning itself as Asia’s next manufacturing and logistics hub, leveraging its strengthening relationship with the United States. Under the leadership of Marcos, the Philippines has bolstered its defence and economic cooperation with Washington, which recently committed to accelerating investments in the nation’s transport infrastructure, clean energy, and semiconductor supply chains through the…
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Thailand seeks new stimulus after Q1 growth falls short
Following Finance Minister Pichai Chunhavajira’s announcement yesterday, Thailand needs additional stimulus measures to unlock its economic potential after experiencing lower-than-expected growth in the first quarter. The country’s economy expanded by only 1.5% year-on-year in the first quarter. This performance, while surpassing analysts’ forecasts, fell short of the 1.7% growth recorded in the previous quarter, said Pichai. “There was still growth…
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Indonesia seeks Tesla EV battery plant with Musk’s interest
Indonesia is once again courting Elon Musk’s interest in establishing an electric vehicle (EV) battery plant within its borders. After meeting with President Joko Widodo, the CEO of Tesla, Elon Musk, is set to consider the proposal, as confirmed by Indonesia’s Coordinating Minister of Investment, Luhut Pandjaitan. Musk’s immediate response was not available following the announcement made by Luhut to…
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Tourism campaign in the works to promote second-tier provinces
In a bid to amplify tourism revenue from lesser-known provinces and cities, The Tourism Authority of Thailand (TAT) unveiled a five-point campaign aimed at promoting 55 second-tier regions. The initiative marks a collaborative effort involving nine ministries, the Royal Thai Police, and two additional agencies. Deputy Governor of the TAT, Somruedee Jitjong, emphasised the necessity of diversifying tourism revenue streams…
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Thailand’s economy grows 1.5% in Q1, beats forecasts
Thailand’s economy experienced a robust start to the year, expanding by 1.5% in the first quarter compared to the same period last year, according to official data released yesterday. This growth surpassed analysts’ expectations, indicating a positive shift for Southeast Asia’s second-largest economy. Every quarter, the economy grew by a seasonally adjusted 1.1% from January to March, as reported by…
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Thailand govt to auction decade-old stash after safety check
Thailand’s government will move forward with plans to auction off rice from Yingluck Shinawatra’s pledging scheme, stored in two Surin warehouses for a decade, following a laboratory test confirming its safety for consumption. Deputy Prime Minister and Commerce Minister Phumtham Wechayachai, currently in Italy, announced that a private laboratory’s tests on samples from the Surin warehouses revealed no aflatoxins or…
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Voluntary exodus leaves 1% of workforce jobless in first quarter
Over 400,000 individuals, representing approximately 1% of the working-age population, were unemployed during the first quarter of the year, with the primary reason being voluntary resignation. Piyanuch Wuttisornon, the Director-General of the National Statistical Office (NSO), announced the findings from a survey on the working-age population. The results indicated a decrease in unemployment numbers for the first quarter compared to…
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Commerce ministry acts to control prices amid minimum wage hike
The Ministry of Commerce implemented two measures to tackle rising product prices following the minimum wage increase to 400 baht. Officials are closely monitoring clothing prices and urging businesses to maintain prices for essential goods in eight categories. Director-General of the Department of Internal Trade Wattanasak Sueaiam stated yesterday May 16 that the private sector is preparing to raise product…
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Thailand’s unemployment crisis soars despite tourism boom
Thailand’s unemployment rate continues to climb, with a staggering 410,000 people out of work in the first quarter of this year, according to the National Statistical Office. The hardest-hit group is those with higher education degrees. Office director Piyanuch Wuttisorn revealed that of the total, around 79,000 people have been unemployed for more than a year.” The statistics paint a…
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