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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UNESCO recognises Songkran festival as Intangible Cultural Heritage
Thursday witnessed a series of events commemorating the Songkran Festival’s recent recognition as an Intangible Cultural Heritage by the United Nations Educational, Scientific and Cultural Organisation (UNESCO). The official declaration was made yesterday during UNESCO’s Intergovernmental Committee meeting for Safeguarding Intangible Cultural Heritage held in Botswana. The Culture Ministry’s application for the inclusion of the Songkran Festival was approved by…
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High depreciation of EVs raises loan concerns says National Credit Bureau
The National Credit Bureau (NCB) raised concerns about the high depreciation rates of electric vehicles (EVs) and the associated loan risks. As the popularity of EVs, particularly Chinese brands, continues to rise, so does the volume of loans attributed to their purchase. However, EVs depreciate faster than traditional internal combustion engine (ICE) cars, which has heightened the risk for auto…
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Thailand’s smartphone market to recover in 2024 boosted by AI and 5G
The smartphone market in Thailand is projected to recover in 2024, following an expected slump this year. The rebound is attributed to artificial intelligence (AI) features on smartphones, increased availability of affordable 5G devices, and replacement demand from 2021, according to Canalys, a global tech market analyst firm. Canalys analyst Sheng Win Chow indicated that the AI features on these…
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Cable car project causes concerns of potential overcrowding at Phu Kradueng
Concerns have been voiced by the Seub Nakhasathien Foundation over potential overcrowding at Phu Kradueng National Park in Loei, as a result of plans to revive a long-debated cable car project. The foundation, while assured that modern construction techniques can minimise environmental and wildlife disruption, is apprehensive about the park’s capacity to handle an influx of tourists. Ornyupa Sangkamarn, the…
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Thai road safety groups challenge extended bar hours over drink-driving fears
Alcohol temperance and road safety groups are challenging the new government decision to allow late-night bars and clubs in major Thai cities to extend opening hours until 4am. The critics argue that the authorities failed to make necessary arrangements to avert potential alcohol-related mishaps. This protest follows an announcement made by the Interior Ministry nearly a week ago, permitting bars…
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BCPG to divest its nine solar farms in Japan for strategic reinvestment
BCPG Plc, Bangchak Group’s power generation subsidiary, is planning to divest all its nine solar farms in Japan, in a strategic move to revamp its long-term investment in renewable energy. The assets on sale include equity worth 6.93 billion baht and net debt totalling 3.44 billion baht. The company has entered into an asset purchase agreement with Danish renewable energy…
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Easy e-receipt programme set to kick off next year in Thailand
A newly approved tax refund scheme, aimed at stimulating domestic spending and promoting the use of electronic invoices, is set to kick off early next year, the Finance Ministry confirmed on Monday. The so-called Easy E-Receipt programme allows individuals to claim a tax deduction of up to 50,000 baht on goods and services purchases from businesses backed by the e-tax…
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Thai PM plans revision of 5.1 billion baht for national art and culture
Prime Minister Srettha Thavisin yesterday announced plans to revise the substantial sum of 5.1 billion baht (US$145 million), originally designated for the promotion initiatives of national art and culture by the National Soft Power Development Committee (NSPDC). The Thai prime minister expressed the need for judicious use of the funds to maximise efficacy. PM Srettha’s statements followed the NSPDC’s second…
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Beefy business gone bad: Police probe 75 tonnes of rotten meat at local markets
An investigation into the sale of approximately 75 tonnes of rotting beef at local markets has been requested of the police. This action has been prompted by Atchariya Ruangratanapong, a crime probe activist, who has called on the Central Investigation Bureau to take legal steps against two shipping firms and five senior officials from the Livestock Development Department. It is…
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Thailand considering month-long Songkran Festival to boost economy
The National Soft Power Development Committee in Thailand is proposing to extend the Songkran Festival for the entire month of April. Traditionally held from April 13-15, the water-splashing festivities are a cornerstone of the celebration. The committee hopes that by extending the festival and incorporating a range of other cultural events across the country, the festival could be promoted to…
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Golden delight: GTA unveils gold rush with prices soaring to new heights
The Gold Traders Association (GTA) today announced a strong surge in today’s gold prices. Compared to yesterday’s closing price, gold ornaments are selling at 34,800 baht per baht, up by 200 baht. This information was released on their website at 9.08am. Gold bars of 96.5% purity are currently being bought at 34,200 baht per baht and sold at 34,300 baht…
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Overwhelmed businesswoman registers for Thai government’s debt relief scheme
A businesswoman, burdened with an overwhelming debt, registered for an out-of-system debt relief scheme. She owes money to 14 lenders and faces the daily challenge of finding more than 7,000 baht for interest payments at a rate of 20%. This move comes after the government, under Prime Minister Srettha Thavisin, has been focusing on resolving out-of-system debt issues for citizens…
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Thai Commerce Ministry plans new year mega sale
The Thai Commerce Ministry has unveiled plans for a new year mega sale, an extensive retail event, to alleviate living costs for the local population. The sale, which is being presented as a new year’s gift to the citizens, is set to take place at Muang Thong Thani from December 20 to December 24. The Commerce Minister, Phumtham Wechayachai, reported…
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Hong Kong and Thailand join FPS with PromptPay, unlocking cross-border QR payment linkage
In a move set to redefine international payments, Hong Kong‘s Faster Payment System (FPS) joined hands with Thailand‘s PromptPay, unlocking a seamless cross-border QR payment linkage. Hong Kong and Thailand have unleashed a financial revolution, enabling residents to flex their digital wallets across borders. The cross-border QR payment linkage between Hong Kong’s FPS and Thailand’s PromptPay is set to transform…
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Shinawatra greenlights 5.1 billion baht for soft power industries and Songkran
The Soft Power National Development Committee, headed by Paetongtarn Shinawatra, has approved a budget of 5.1 billion baht to boost 11 industries in Thailand, including the Songkran festival. The plan includes a grand Songkran celebration, dubbed the World Water Festival – The Songkran Phenomenon, to draw international tourists to Thailand. The announcement was made on December 1. The Soft Power…
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Thai government invites citizens to register debts for resolution
The Thai government is inviting citizens to register their debts, both within and outside the formal system, to alleviate the burden of unregulated debt. This move by Prime Minister Settha Thaweesin and the Ministry of Finance is seen as a national issue, aiming to restore dignity, hope, and stability to Thai citizens suffering from the detrimental effects of unregulated debt.…
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Thai Ministry of Interior launches online registration for debt assistance
The Ministry of Interior has initiated a programme to assist citizens struggling with off-system debt, inviting them to enrol either online or in-person from today, December 1, until February 24 next year. This scheme is part of the government’s efforts to alleviate the impact of high-interest-rate debts on the populace. For online registration, individuals can visit the website https://debt.dopa.go.th. The…
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Thailand’s electricity rate of 4.68 baht only a suggestion, says Energy Ministry
The suggested electricity rate of 4.68 baht per unit is merely a proposal, confirmed Energy Ministry spokesperson Pongsapol Yodmuangcharoen today. Emphasising that the final price falls under the purview of the Energy Ministry and is overseen by Energy Minister Peeraphan Salirathaviphak, Pongsapol assured that it won’t be fixed at this figure. He further confirmed that consumers will not face an…
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Thai community enterprise signs 100 million baht deal for Korat’s Golden Bananas export to Japan
A landmark deal worth 100 million baht has been signed between a Japanese buyer and a Thai community enterprise group for the purchase of 5,000 tonnes of Korat’s Golden Bananas. This first-ever export deal, set to greatly benefit local farmers, has been hailed for its potential to open new markets for Thai growers. The contract was signed at the Lamtakong…
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Singapore and Zurich rank as world’s most expensive cities in 2023
The Economist Intelligence Unit (EIU) recently revealed that Singapore and Zurich share the title of the world’s most expensive city in 2023. Following closely are Geneva, New York, and Hong Kong, maintaining that the worldwide cost-of-living crisis is yet unresolved. The research and analysis division of the Economist Group observed that prices for over 200 frequently utilised goods and services…
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Thai finance ministry considers beverage tax restructure to boost tourism
A proposed restructuring of the beverage tax framework is under consideration by the Finance Ministry, as revealed by the permanent finance secretary, Lavaron Sangsnit. The restructure aims to bolster tourism and domestic spending. This Friday, Lavaron plans to engage in a discussion with officials from the Customs Department and the Excise Department. The proposed measures align with Thai governmental policies…
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Thailand’s export sector sees recovery with third month of growth
The Director-General of the Fiscal Policy Office, Pornchai Thiraveja, announced that the export sector is showing signs of recovery, marking its third month of consecutive growth. Despite a year-on-year contraction of 2.7% in the value of exports between January and October, monthly figures indicate a resurgence, with an 8% rise in October to US$23.5 billion. Quarterly analysis shows a decrease…
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Thailand’s shrimp exports forecasted to surge by 10% next year
A 10% surge in Thailand’s shrimp exports is on the horizon for the upcoming year, brought about by a minor uptick in local shrimp production and bolstered demand primarily from the United States. Thai Shrimp Association President Ekapoj Yodpinit disclosed that shrimp production in Thailand this year mirrored the previous year’s figure of 280,000 tonnes. Meanwhile, the country’s shrimp exports…
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Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
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Chon Buri’s bright ambition: Aims to be top 10 smart city by 2037
An ambitious vision to elevate Chon Buri into the league of top 10 smart cities globally by 2037 has been revealed by the Eastern Economic Corridor Office of Thailand (EECO). This grand plan, termed the Smart City and Commercial/Residential Hub project, aims to metamorphose a vast expanse of 927.2 hectares in the vicinity of the U-Tapao Airport into a high-tech…
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Thai nightlife gets a glow-up: Cabinet green-lights 4am extended hours for tourist hotspots
The Thai Cabinet has given the green light to a draft regulation set forth by the Interior Ministry, permitting extended hours until 4am at entertainment venues in prominent tourist hotspots. The affected areas include Bangkok, Chiang Mai, Chon Buri, Koh Samui, and Phuket. Aiming to stimulate the country’s tourism sector, the Interior Ministry is at the helm of this initiative.…
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Thai government approves 10% increase for civil servants starting at 18,000 baht
The Thai government approved a 10% salary increase for civil servants over a two-year period, beginning with new recruits. According to Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), the first increment is expected to come into effect once the budget for 2024 is approved. Danucha explained that the salary adjustment will initially target newly inducted…
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Rice and shine: Thai government dishes out financial aid to farmers through BAAC
The Thai government initiated a financial aid programme for rice farmers, channelling through the Bank for Agriculture and Agricultural Cooperatives (BAAC). Rice farmers will receive 1,000 baht per rai, capped at 20 rai (32,000 squared metres) per household, or a maximum of 20,000 baht per household. This scheme, part of the Rice Farmer Management and Quality Improvement project for the…
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Commerce carnival: Ministry’s mega discount campaign aims to slash living costs for Thai citizens
In a grand gesture to ease the cost of living for Thai citizens, the Ministry of Commerce is joining forces with over 300 manufacturers, wholesalers, retailers, and convenience stores to roll out a colossal discount campaign. Scheduled to kick off on December 15 and last until January 15, 2024, this initiative is considered a new year present to the public…
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Visa-free travel policies boost global tourism and economy
Countries worldwide are recognising the importance of travel freedom in bolstering their economies and accelerating the recovery post-pandemic. As tourism and trade flourish without border restrictions, governments are implementing strategies to enhance their tourism competitiveness, such as visa-free travel policies and the digitalisation of pre-travel processes. Prominent countries like China and India, with their vast populations, are primary targets for…
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