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 Digital nomading in Chiang Mai? What US$1,000 a month really gets you
Chiang Mai has become a popular destination for digital nomads due to its low living costs, rich culture, and active remote work community. The city offers affordable housing, tasty food, reliable internet, and many co-working spaces, making it a great...
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Pride Month to boost Thai economy by 4.5 billion baht
June’s Pride Month is anticipated to stimulate over 4.5 billion baht in economic activity, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham announced yesterday that the government, led by Prime Minister Srettha Thavisin, is actively endorsing sexual diversity and collaborating with the private sector to organise additional Pride Month festivities. These events aim to attract LGBTQ+ tourists…
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Macau casino company eyes Thailand for major investment
In a move that could revolutionise Thailand’s entertainment landscape, MGM China Holdings is exploring new investment opportunities, including a potential entertainment complex in Thailand. This was revealed after a high-level meeting between TAT governor Thapanee Kiatphaibool and Pansy Ho, chairperson of MGM China Holdings, on Thursday. TAT governor Thapanee highlighted that MGM China is keen to promote Macau tourism to…
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Crisis in Thai industry: Are major collapses on the horizon?
Thailand’s industrial sector is teetering on the brink of a crisis as rapid technological advancements, fierce competition from China, and a planned hike in the daily minimum wage threaten to trigger a massive collapse. With two Japanese car giants, Subaru and Suzuki, set to shut down their manufacturing operations in Thailand, the situation is dire. KKP Research reports that 1,700…
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Revved up: Thai used car market set to accelerate
The used car market in Thailand is poised for growth in the latter half of this year as financial service providers may ease lending criteria for prospective buyers. According to the President of the Association of Used Cars, Vichai Suwanasilar, this development follows discussions about stringent loan conditions. “We talked about lending with banks and finance companies, which affects the…
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Thailand boosts farmer income with new training initiatives
The Thai Ministry of Agriculture and Cooperative, led by Thammanat Prompao, announced new professional development and marketing initiatives to boost farmer income and increase agriculture technology knowledge. The recently held first meeting of the Subcommittee on Career Development and Marketing focused on improving agricultural livelihoods through training in production, marketing, and career development. The project aims to address land use…
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Consumer confidence lowest this year amid political instability
Thai consumer confidence has plummeted for the third consecutive month, reaching its lowest point since October of last year, amid worries over a sluggish economic recovery and political instability, according to a survey released yesterday. The University of the Thai Chamber of Commerce (UTCC) reported that its consumer index dropped to 60.5 in May from 62.1 in April. This decline…
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Lace runs out: Crystal textile industries unravels, leaving 97 jobless
Crystal Textile Industries Ltd., a lace manufacturer established 34 years ago, closed its factory due to a lack of orders, leaving 97 employees jobless. Located in Soi Wat Kusang, Suksawat Road, Samut Prakan, the company faced insurmountable financial difficulties. Crystal Textile Industries Ltd., which specialised in lace embroidery and exports, was a joint venture between Thai and Indian entrepreneurs. The…
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Interior Minister promotes sustainable income project in Lamphun
The Deputy Interior Minister visited Lamphun to inaugurate the Sustainable Community Income Development Project and encourage provincial development officers. The event took place today, June 13, at the Ministry of Interior Market Organisation’s Lamphun branch (Central Tunnel Market). Minister Kriang Kalptinan emphasised the significance of the project, stating its primary objective is to develop, promote, and support marketing channels. This…
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Khao Takiab: Thailand’s hottest condo spot
Khao Takiab in Hua Hin is soaring in popularity among condo buyers, emerging as one of Thailand’s most coveted locations, according to a recent report by Knight Frank. This vibrant seaside area has quickly become a top choice for local and international buyers. Knight Knox’s latest insights reveal four prime spots for riverside and seaside condos in Thailand: Charoen Krung…
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Thailand extends control on 57 items to protect consumers
Government spokesperson Phumtham Wechayachai announced the extension of control over 57 products and services for another year to regulate essential goods and services for consumers, effective from today, June 12 onwards. The deputy prime minister and minister of commerce reported the decision following a meeting of the Central Committee on Prices of Goods and Services (CCP) held yesterday. The meeting…
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Ratchaburi farmers back new fertiliser project to cut costs
Farmers in Ratchaburi are optimistic about the Half-and-Half Fertiliser project, designed to alleviate financial strain and reduce production costs for rice farmers. The project, approved by the Ministry of Agriculture and Cooperatives, aims to support farmers planting rice in the 2024 to 2025 production year by providing 50 kilogrammes of fertiliser per rai, with a cap of 20 rai per…
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Political turmoil sends Thai stock market plummeting
Prime Minister Srettha Thavisin acknowledged that Thailand’s current political turmoil is likely behind the recent stock market plunge, which hit a four-year low on Monday. Analysts have pointed to three high-profile court cases shaking the nation’s political landscape as the primary cause of investor anxiety. “It is about stock market sentiment.” PM Srettha highlighted that he, among others involved in…
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Thailand’s food delivery apps dish out tasty profits
Thailand’s food delivery and on-demand super apps have demonstrated moderate growth despite economic hurdles, with major players generating significant revenue increases in 2023. Business data provider creden.co reports that total revenue for these apps reached 31.7 billion baht last year, rising from 27 billion baht in 2022. Grab Taxi (Thailand) achieved a profit for the second year running, with revenue…
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Thailand’s manufacturing sector hit by surge in factory closures
A surge in factory closures has heightened concerns over the weakening of Thailand’s manufacturing sector, as indicated by Kiatnakin Phatra Financial Group (KKP). KKP Research revealed that Thailand’s manufacturing production index experienced a decline over a 15-month span from December 2022 to March 2024, despite a global trade recovery commencing late last year. Thailand has seen an increase in factory…
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Thailand is fast becoming a global LGBTQIA+ hub
Thailand is on the brink of becoming the ultimate destination for the LGBTQIA+ community, thanks to its welcoming environment, progressive policies, and the recent launch of the Pink Plus Economy initiative. This revolutionary move, announced on Sunday by Borderless.lgbt, aims to create a supportive ecosystem for LGBTQIA+ individuals in Thailand, encompassing living, family planning, and retirement. The initiative is backed…
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Nearly 30% of Thailand’s beggars are foreigners
Thailand’s bustling streets are teeming with beggars, and the latest statistics reveal a startling trend: nearly 30% of them are foreigners. Social Development and Human Security Minister Varawut Silpa-archa made the revelation today, June 11, addressing a surge of complaints on social media about the growing presence of beggars, especially outside Bangkok’s major shopping malls. According to Varawut, approximately 8,000…
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Thai cannabis advocates ‘weed’ out opposition in Bangkok
Cannabis advocates are rallying to protect the future of the plant in Thailand. Led by Prasitchai Nunual, the Secretary-General of the Network for Shaping the Future of Thai Cannabis, over 300 people are set to gather in front of the UN Office on Ratchadamnoen Avenue, aiming to march to the Government House. Their protest, scheduled for yesterday at 1pm, coincides…
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Koh Phayam fears Land Bridge project will disrupt island’s harmony
Koh Phayam, located 17 kilometres off the Andaman Sea coast, is known for its unspoiled forests and pristine beaches, making it a popular destination for tourists seeking peaceful recreation and the charming lifestyle of local fishers. Covering a 35km² area, it stands as the second largest island in Ranong Province. In recent years, Koh Phayam has garnered attention as a…
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Gold prices expected to rise amid Federal Reserve rate cuts
YLG Bullion International advises investors to accumulate gold as prices consolidate, with expectations of a rise in the medium to long term, particularly after anticipated interest rate cuts by the Federal Reserve later this year. Global gold prices have increased by 13.2% this year as of today, driven by high demand from central banks and institutional investors amidst tightening supply,…
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Thai condo market faces turbulence with Myanmar buyers blocked
The Thai condominium market is bracing for a storm as Myanmar’s crackdown on property purchases by its citizens threatens to halt a major influx of foreign investment. According to the Thai Condominium Association, the clampdown could significantly impact condo transfers during the second and third quarters of this year. Prasert Taedullayasatit, president of the association, revealed that Thai condo units…
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Thailand eyes MICE supremacy in Southeast Asia
Thailand is pulling out all the stops to become the epicentre of MICE tourism in Southeast Asia, with Vietnam emerging as a potential powerhouse partner. This ambitious vision, spearheaded by Puripan Bunnag, Senior Vice President of the Thailand Convention and Exhibition Bureau (TCEB), aims to harness the post-pandemic resurgence in the MICE sector to bolster Thailand’s economy. “The MICE segment…
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Thailand’s steel sales slump 11 to 12% due to weak car market
Thailand’s sluggish car sales prompted an 11 to 12% decline in premium-grade steel sales during the first four months of 2024, raising concerns about reduced steel consumption this year, according to the Federation of Thai Industries (FTI). FTI Iron and Steel Industry Club Vice-Chairman Nava Chantanasurakon stated that local steel manufacturers are bracing for a tough period, with expectations of…
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Khon Kaen Zoo opens for wild mushroom harvesting, aids economy
Khon Kaen Zoo opened its Khao Suan Kwang area to villagers for wild mushroom harvesting, aiming to boost the local economy through sales to tourists and family consumption. The early arrival of the rainy season this year has led to a noticeable increase in rainfall across the Khao Suan Kwang mountain area, resulting in lush greenery and a significant growth…
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Baht hits two-week high but faces long-term depreciation risks
The Thai baht surged to a two-week high yesterday, surpassing 36.5 to the dollar, marking a strong short-term gain. However, Kiatnakin Phatra Financial Group (KKP) has issued a cautionary note about the potential depreciation of the currency, attributing it to persistent structural issues in Thailand’s economy. Yesterday, the baht led gains among Asian currencies, appreciating by 0.3% to its highest…
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Bonding issues: Political turmoil shakes Thai investor confidence
Thailand’s escalating political risks are making foreign investors hesitant about the nation’s bond market, despite a cautious return in May after a six-month break. In May, global funds bought US$511 million worth of Thai bonds, a notable difference compared to larger acquisitions in Indonesia, India, and South Korea. Comparative indicators of foreign investment show Thailand lagging behind its regional counterparts.…
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Peso power play: CIMB targets record 75 billion in loans for 2024
CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer. Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank…
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SET unveils plan to boost foreign and family business investments
The Stock Exchange of Thailand (SET) unveiled a strategic business plan targeting foreign industries operating in Thailand and family businesses, aiming to boost market capitalisation. SET executives highlighted the shift in investment trends, particularly post-pandemic, with technology stocks rising as traditional businesses adapt to the digital age. SET officials noted that the Thai market has faced trust and confidence issues…
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Thai export growth set to miss target amid global challenges
The anticipated growth in Thai exports this year is poised to fall short of expectations due to a mix of external and internal hurdles, as outlined by a recent assessment from a private sector panel. During its recent meeting, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) upheld its projection for export growth in 2024, estimating it to…
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Thai tourism revenue to hit 3 trillion baht, misses target
Thai tourism revenue is projected to reach 3 trillion baht this year, falling short of the government’s target of 3.5 trillion baht due to economic challenges in key markets, the Tourism Authority of Thailand (TAT) reported. As of today, Thailand has seen 14.9 million foreign arrivals, generating 709 billion baht (US$19.4 billion). This figure represents roughly 30% of the international…
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Thailand predicts 2.7% growth amid slow export recovery, high debt
Thailand’s economy is experiencing a gradual recovery, with projected growth of between 2.2% and 2.7% this year, according to a recent announcement by a prominent joint business consortium. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which includes key stakeholders from these sectors, has maintained its previous growth forecast. Exports, a crucial component of Thailand’s economic engine, are…
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