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.
-
Sponsored Do foreigners get free healthcare in Thailand?
Thailand’s healthcare system is well-regarded across Southeast Asia, with options ranging from public hospitals to world-class private facilities. But when it comes to foreign residents or tourists, healthcare access isn’t as straightforward. So, do foreigners get free healthcare in Thailand?...
-
Minimum daily wage in Thailand looks set to increase to 492 baht
The Labour Ministry is expected to approve a rise in Thailand’s daily minimum wage from 336 baht to a flat rate of 492, according to a Nation Thailand report. The sharp increase comes just 2 years after a previous hike and is expected to mainly favour labourers. It’s understood that 2 agencies representing workers in the Tripartite Wage Committee have…
-
Fear of back taxes preventing some businesses from participating in government co-payment scheme
Signs are popping up outside restaurants and shops across Thailand, advising customers that they don’t accept payment via the government’s 50/50 stimulus scheme. Thai PBS World reports that a number of businesses are refusing to participate in the Khon La Khrueng (Let’s Go Halves) subsidy scheme, fearful that the government will come along and claim back taxes further down the…
-
Streaming services rake in more than 815 million baht, emerge as new cash cow for Thai entertainment industry
The Department of International Trade Promotion announced on Tuesday that international streaming services like VIU, iQiyi, WeTV, and Netflix, alongside the Thai film industry, have earned Thailand more than 815 million baht. The news comes after the DITP held a meeting with members from international streaming providers and 15 Thai content creators to improve their relationship on January 27. This…
-
Dusit Poll: 83% believe government can’t solve soaring prices
A new survey by Suan Dusit Rajabhat University finds that most people don’t feel that the government is capable of effectively dealing with the soaring prices of consumer goods with many saying they won’t be able to last 3 months with the current inflation levels. 82.69% of the people polled said they have either no confidence or very little confidence…
-
Digital assets as payment requires more regulation in Thailand
After studying the risks and benefits of using digital assets and cryptocurrencies to pay for goods and services, a coalition of financial bodies have decided that more regulation is necessary in Thailand. The Ministry of Finance, along with the Bank of Thailand and the Securities and Exchange Commission, have partnered together to assess the regulation needed for crypto usage in…
-
Minimum wage hike proposal up to 492 baht per day being studied
A proposal is being evaluated to raise the minimum wage to 492 baht per day, a significant increase from the 313 to 336 baht per day lowest wage now. The hike proposed is a significant one and the Ministry of Labour is researching the impact of such a large wage. The proposed large increase in the lowest wage legally offered…
-
Thailand will raise 12% fewer pigs this year, livestock department says
Thailand’s livestock department says farmers will probably raise 11.8% fewer pigs this year. Already, male pig breeders have dropped 41.1%, while female breeders have dropped 11%. The department general said this is because of economic conditions during the pandemic, and also farmers not having too many pigs in case of disease outbreaks. There are 107,000 pig raisers in the country,…
-
Nippon Steel makes $763 million acquisition of 2 Thai steelmakers
Japan is making a move to invest in Thai steel. Nippon Steel Corp, the largest manufacturer of steel in Japan has announced a strategic deal to buy stakes in two major steelmakers in Thailand. The deal is reported to be worth as much as US $763 million – about 25 billion baht. The giant steelmaker has been interested in acquqiring…
-
Pork price crisis ups demand for poultry, chicken added to price control list
Thailand’s pork price crisis is causing an increased demand for chicken, leading poultry and egg prices to surge. The Ministry of Commerce has now added chickens and chicken meat to their price control list. The ministry now mandates that chicken raisers with over 100,000 chickens, and slaughterhouses with the capacity for over 4,000 chickens a day, disclose their quantity, stocks,…
-
Thailand’s Commerce Ministry sets up war rooms to combat high prices
In an effort to take legal steps against merchants selling products at unfairly high prices, the Permanent Secretary of Thailand’s Ministry of Commerce Boonyarit Kalayanamit says he will chair war rooms to combat high prices. The secretary stated this yesterday in an urgent meeting with Commerce Minister Jurin Laksanawisit. The director-general of the Internal Trade Department under the Commerce Ministry,…
-
Thai airlines pin their hopes on government resuming Test & Go
The president of the Airlines Association of Thailand says the government must allow the Test & Go entry scheme to resume as soon as possible. The scheme was recently suspended as the Omicron Covid-19 variant spread rapidly across the globe. Puttipong Prasarttong-Osoth, who is also the boss of Bangkok Airways, says the scheme was working well, attracting more foreign visitors…
-
Pork, petrol and noodles – inflation impacting prices in Thailand
Heading into 2022, the ‘I’ word is spooking economists around the world as they look at tools to try and control rampant inflation. Even in Thailand there has been big rises in staples, making headlines this week, particularly in the pork industry. Meat and produce prices have been sneaking up and now impacting the cost of living for everyone living…
-
NIDA Poll: No optimism about pandemic, economy, and politics
A new NIDA Poll asked people about their thoughts on 2022, asking about politics, the economy, and the Covid-19 pandemic, with the majority of respondents not having a particularly positive outlook on the coming year. They were asked if the economy will improve, if the pandemic will subside, and also if PM Prayut Chan-o-cha will remain in power or what…
-
Thai baht falling over Omicron fears and strong US dollar
As the Covid-19 pandemic drags on, it’s not just our patience and our resolve that is weakening. The Thai baht is falling too, weakening against a stronger US dollar and global fears over the impact of the Omicron variant rapidly spreading throughout the world. Today the conversion rate stands at 33.59 baht to the US dollar just off of its…
-
PM says government will make tackling household debt a priority in 2022
The Thai PM has used his New Year address on Facebook to reassure citizens that 2022 will be the year the government tackles household debt. PM Prayut Chan-o-cha says the government will focus on accelerating economic recovery and dealing with household debt in 2022. According to a Bangkok Post report, he acknowledges the economic hardships caused by the pandemic and…
-
Minister of Finance: too soon to know Omicron variant effect on economy
Will the new and rapidly spreading Omicron variant of Covid-19 have a strong effect on the economy of Thailand? According to the Ministry of Finance, the answer is a solid maybe. Minister of Finance Arkhom Termpittayapaisith says it’s just too soon to know if and how Thailand’s economy will be affected by the Omicron variant. The Ministry of Finance is…
-
Thai government happy with results of economic stimulus measures
A spokesman says officials are pleased with the results of 4 economic stimulus measures introduced by the government. Thanakorn Wangboonkongchana says over 41.3 million citizens have spent over 223.82 billion baht, thanks to the 4 schemes, describing the results as satisfactory. The stimulus campaigns were introduced during the Covid-19 pandemic in an attempt to boost the economy and help those…
-
Finance Minister: economy of Thailand will recover in 2023
Minister of Finance Arkhom Termpittayapaisith says that the economy of Thailand should see a full recovery, not next year, but by 2023. The economy is expected to grow by about 4% next year so 2022 would begin economic recovery, but it will take longer for Thailand definitely bounce back after the devastation of the Covid-19 pandemic. The Finance Minister believes…
-
Bank of Thailand concerned with banks trading in digital assets
The Bank of Thailand said they don’t want commercial banks to directly trade in cryptocurrency and digital assets due to their extreme volatility. Thai lenders have been investing more and more in digital asset exchanges in Thailand with several banks making deals in the digital currency space. Siam Commerical Bank recently purchased a 51% share of Bitkub for 17.85 billion…
-
Ford factories in Thailand to receive a US $900 million upgrade
In an announcement today, Ford Motor Company committed to investing US $900 million – about 30 billion baht – to upgrade their factories in Thailand. The American car manufacturer vowed to modernise its production plants in Thailand that support the building of the Everest SUV and Ranger pickup truck. The 30 billion baht is the biggest single investment that Ford…
-
Government agency ups 2021 foreign arrivals prediction to 200,000
An agency under the Ministry of Finance has increased its 2021 tourist arrivals forecast to 200,000. The Fiscal Policy Office had previously stated that it expected 180,000 foreign arrivals by the end of the year. According to a Bangkok Post report, Pornchai Thiraveja from the FPO says this now looks likely to increase. During the first 2 weeks of November,…
-
Economist: government’s lag on migrant labour hurting economy
The reopening of Thailand has finally kickstarted the economy and put people back to work, but many businesses are struggling with a shortage of migrant labour. While the government has been cracking down on immigrants crossing the border illegally looking for work, many sectors are complaining that the government was unprepared for the country’s reopening and didn’t make efforts to…
-
Chamber of Commerce proposes familiar plans for the economy
Ahead of a meeting with PM Prayut Chan-o-cha tomorrow, the Thai Chamber of Commerce has compiled a list of measures to boost Thailand’s struggling economy. The proposal was sourced from 5 regional chambers of commerce and will be submitted to the prime minister tomorrow as part of his meetings with private sector representatives. The proposed measures aren’t particularly groundbreaking, mostly…
-
APEC summit in Thailand to focus on regional economy
Next year Thailand will be hosting the Asia Pacific Economic Cooperation (APEC) summit. The Foreign Ministry explains that this year the meeting will be focused on economic recovery and growth in the region following the global Covid-19 pandemic. Promoting cooperation between member nations is the emphasis of this event, reports Thai PBS. The theme of the summit is said to…
-
Businesses call on government to accelerate return of migrant workers
Businesses in Thailand are urging the government to speed up the process that will allow for the legal return of migrant workers from neighbouring countries. The Labour Ministry recently confirmed its intention to sign MoUs with Myanmar, Cambodia, and Laos that would permit workers from those countries to enter Thailand from December. However, according to a Bangkok Post report, Thailand’s…
-
Government panel created to defend consumers online from fraud
A new panel was established by The Ministry of Digital Economy and Society, which will be in place to protect online shoppers from fraud. As Thailand’s internet economy experiences massive growth, problems related to online transactions are rising, too. With this panel, the government aims to help protect consumers from these internet scams. Secretary general of the Thailand Consumer Council…
-
Government wants 76 billion baht to support rice farmers
The Finance Ministry has announced a plan to use a 76 billion baht package to support Thai rice farmers. The ministry is working with the Budget Bureau to create a scheme that ensures a guaranteed income for the farmers, which would offer some cushion against the unpredictable issues that plague farming such as floods, droughts and pestilence. There is already…
-
4 new holidays in Thailand hoped to stimulate domestic travel
Apparently in an effort to boost tourism revenue in Thailand, the Thai Cabinet has approved the creation of 4 new holidays in the middle of next year that allows for extra-long weekends. The government hopes that the creation of these long holiday weekends will encourage domestic travellers to take short getaway holidays around Thailand and stimulate the economy. The move…
-
Bitkub company and crypto-coin value surges as SCB buys 51% of shares
Cryptocurrencies just got a big boost in Thailand as Siam Commercial Bank Group’s parent company SCBX struck a deal to take over 51% of shares of Bitkub from its parent company Bitkub Capital Group Holdings, a deal valued at 17.85 billion baht. SCB Securities will hold the shares and collaborate with Bitkub to create a national infrastructure with a digital…
-
Reform urged for foreigners to invest or buy condos in Thailand
The vice-chairman of the Board of Trade of Thailand is calling for amendments to the restrictions and processes for foreigners to buy condos and invest in the country. He said the process is unnecessarily complex, and steps need to be taken to improve procedures and conditions if Thailand’s plan to lure wealthy pensioners is to gain any traction. He called…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.