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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“The Thai economy is teetering on recession” – Kasikorn Bank
A financial analyst is sounding the warning bells saying that the Thai economy is on the verge of a recession while the baht will remain strong. The head of capital markets research at Kasikorn Bank, Kobsidthi Silpachai, says all eyes will be on Thailand’s economic growth to see if it slows in the fourth quarter, compared to the third. The economy…
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Thai government introduces property stimulus package
PHOTO: homeservicerayong.com “Buyers must earn no more than 100,000 baht a month and be registered on the Revenue Department’s tax database.” Thailand’s Finance Ministry spokesman Lavaron Sangsnit says that the three major housing associations are ready to support the government’s latest stimulus measures to support home purchases. There was a meeting between Ministry officials and the Housing Business Association, Thai Real…
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Thai household debt hits all-time high of 340K baht per house
Household debt in Thailand is at a record high. A survey carried out by the University of the Thai Chamber of Commerce shows that household debt has increased by 7.4% since this time last year and now sits at a record high of 340,000 baht. The survey was carried out between November 11-23, canvassing 1,201 people around the country. The…
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Thailand to export additional 1 million tonnes of rice to China
PHOTO: asia.nikkei.com The Agriculture and Cooperatives Minister says he aims to increase exports of Thai rice to China by another 1 million tonnes. The Nation reports that Chalermchai Sri-on says a second list of approved Thai rice manufacturers has been provided to China, with officials there pledging to finalise the country’s import scheme registration as soon as possible. Minister Chalermchai…
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Thais are tightening their belts and spending less – survey
“Nearly 70% said they’ve reduced spending on things like travel, shopping, parties and luxury goods.” Thais are tightening their belts and reducing their spending to weather the country’s growing stumbling economy, according to a Dusit Poll survey. The poll was conducted November 19-23 and surveyed 1,174 people from across Thailand. When asked how they’ve cut back, nearly 70% said they’ve…
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Thai exports down 4.5% in October, 2.35% for the year
PHOTO: Commerce Ministry Thai exports have crashed 4.5% for October 2019, compared with the same month last year. The total contraction in first 10 months of this year has now averaged 2.35%, and things don’t look like improving any time soon, according to the Commerce Ministry, as reported in the Bangkok Post. The director-general of the ministry’s Trade Policy and…
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No Chim-Shop-Chai deadline for over 60s
The third phase of the government’s “Chim-Shop-Chai” (Eat-Shop-Spend) program has a special quota of 500,000 reserved for the Thai elderly, in addition to the already fully subscribed 1.5 million. A spokesman says the Finance Ministry has not set a time frame for elderly people to subscribe so they won’t feel pressured to meet a deadline. More than 90,000 seniors subscribed…
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Deputy Thai PM: “Don’t mention the economy”
“If we keep talking about it, it’ll make good things look bad, and this will have wide repercussions.” Thailand’s Deputy PM Somkid Jatusripitak is urging the public not to discuss Thai economic problems too much, saying it could affect investor confidence. Somkid says he’ll explain the economic slowdown if the opposition raises it at the censure debate against the government, which…
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Deputy PM claims US tech giants eager to invest in Thailand
The Deputy Thai PM and government ‘Finance Tzar’ Somkid Jatusripitak claims that Amazon and an unnamed American digital company are both keen to invest in the Kingdom. Somkid says both organisations have enquired about meeting the relevant ministers and have been advised to hold talks with the Finance Ministry and the Ministry of Digital Economy and Society. The Deputy PM…
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Thailand ranks in top five economies for salary increases
PHOTO: iglu A report in Thailand Business News says Thailand is among the top five countries in the world for salary increases. The Annual Salary Trends Report, carried out by ECA (Employment Conditions Abroad) International, looked at salary trends for 60 countries and forecasts a 2020 salary increase of 4.1% for Thailand, up from 3.9% this year. In general, Asian nations…
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Sugar industry expert says banning of 3 agri-chemicals will severely damage business
The president of the Thailand Society of Sugarcane Technologists has criticised the recently- implemented ban on three agri-chemicals that were commonly used in the industry. The Nation reports that Dr Kitti Chunhawong insists the ban on Paraquat, Chlorpyrifos and Glyphosate will cripple business. “Currently Thailand is the world’s fifth sugar producer and second biggest exporter with more than 11 million…
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Government wants to extend ‘Eat, Spend, Shop’ economic stimulus plan
The government is seeking to extend the deadline for its economic stimulus package, “Eat, Spend, Shop” (Chim Shop Chai) to January 31. The Nation reports that the Finance Ministry is planning to ask Cabinet today to agree to an extension from the original deadline of December 31, in order to provide a further boost to spending and the economy over…
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Thailand’s ‘economic condition index’ expected to decline in Q3
PHOTO: Culture Trip Thailand’s household economic condition index is likely to drop further due to the ongoing global economic slowdown. Another drop would make it the third this year, measured in quarters. The slowdown is impacting the domestic economy and employment, according to the Kasikorn Thai research centre. Thai PBS reports that the latest ECI report indicates that a survey…
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Government’s economic stimulus package generates over 10 billion baht so far
PHOTO: Fodors Travel Guide The Thai government’s campaign to stimulate domestic tourism – the Chim Shop Chai campaign – has generated over 10 billion baht so far. The Nation reports that transactions carried out through the g-Wallet app have generated 225 million baht in the Yala province alone. The southern province now ranks 10th highest for spending during the campaign.…
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Thai baht dips after rate cut
The baht continued losses yesterday after the Thai central bank cut interest rates. Other Asian currencies dipped as markets assess the latest details of the US-China tariff talks. The Bank of Thailand cut rates for the second time this year, with the benchmark one day repurchase rate now at a record low, as the bank tries to manage inflation and…
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Ease on foreign investments and cut on official interest rate
The Bank of Thailand will now allow Thai residents to send money overseas to invest directly and the domestic trading in gold in foreign currencies. The Central bank governor Veerathai Santiprabhob says the move should help slow the baht’s worryingly rapid appreciation. The new measures will come into effect tomorrow. Exporters will be allowed to invest their earnings abroad, up to…
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PM signals more stimulus packages to lift Thai economy
Thai PM Prayut Chan-o-cha says Thailand needs more measures to boost the local economy. He made the remark during the meeting of the Council of the Economic Ministers on Friday. The PM reassured the meeting that Thailand’s and other ASEAN economies were not in recession, but would have slower growth next year, so Thailand needs to come up with stimulus measures.…
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Sit down, shut up and hang on – The Asian century is here
GRAPHIC: paragkhanna.com In the nineteenth century, the world was ‘Europeanised’. In the twentieth century, it was ‘Americanised’. This century it is all about being ‘Asianised’. With more than half of the world’s population, Asia has gone swiftly from low to middle-income status in a single generation. Today, its global share of trade grows quickly, along with capital, people, knowledge, transport,…
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Thailand’s internet economy to hit 50 billion dollars by 2025
Google and Singaporean investment firm Temasek launched a research program into the internet economies of Southeast Asia In 2016 and continue tracking economies in the region. Their “E-Conomy SEA 2019” report shows that Southeast Asia’s internet economy reached 100 billion dollars for the first time this year, with 360 million people now linked to cyberspace – 100 million more than…
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Ministry considering third round of the Chim Shop Chai stimulus packages
Deputy PM Somkid Jatusripitak is praising the Chim Shop Chai (Eat Shop Spend) scheme and has told the Finance Ministry to consider launching a third round before the end of the year. In a policy speech, he defended the scheme, saying it’s neither wasteful nor a populist policy, fending off accusations by critics. He insists the program has been successful in…
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