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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Household debt hits 15 year high amid uncertain economic outlook in Thailand
A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year. UTCC…
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Three more Thai provinces join ASEAN Smart Cities Network expanding digital reach
Further broadening its digital reach, Thailand’s Digital Economy and Society Ministry (DES) recently declared that three additional Thai provinces – Chiang Mai, Khon Kaen and Rayong, now form a part of the seminal ASEAN Smart Cities Network (ASCN). This exciting development was announced yesterday, by DES chief, Chaiwut Thanakamanusorn, during the sixth annual ASCN assembly held in Bali, Indonesia. In…
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Saudi-Phuket direct flights set to launch as Thai diplomacy thaws
Direct flights between Saudi Arabia and Phuket International Airport are slated to start in October, as announced by Monchai Tanode, the director of the airport. The Saudi-Phuket flights initiative is significant, marking the first-ever direct commercial flights between Saudi Arabia and Phuket since diplomatic relations were restored in the previous year. The foremost direct flight to Phuket will be facilitated…
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Budget airlines hike flights to China amid sluggish post-Covid recovery
In an attempt to achieve post-Covid recovery, budget airlines across the globe have increased flight frequencies to China. However, travel and capacity are yet to reach pre-Covid volumes. On its side, the Tourism Authority of Thailand (TAT) is being circumspect about implementing a visa fee waiver scheme to draw in more international visitors. Despite loom border controls from the start…
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Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation
A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months. The study was headed by…
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Thailand eyes record 2 million Russian tourists despite geopolitical tensions
With an increase in flights and a neutral position on the Russia-Ukraine conflict, Thailand’s Tourism Authority (TAT) is poised to welcome a record-breaking 2 million Russian tourists next year. Khanittha Phanworawat, the Moscow office director, emphasises the urgent need to preserve Thailand’s image as a friend to Russian travellers, as a measure to achieve this ambitious goal, especially if other…
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Thailand’s economy eyes rebound in 2023 buoyed by China’s booming influence
A light of hope has started to shine on the future of Thailand’s economy as we look forward to this year, and China’s influence as a significant driving force cannot be ignored, so suggests a leading Thai economist. The said economist, Kirida Bhaopichitr, who honours the position of Director for the Economic Intelligence Service at the Thailand Development Research Institute…
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Saudi-Thailand relations: Leaders discuss tourism and investment amid strengthening ties
The chairman of Saudi Arabia’s Consultative Assembly, Abdullah Mohammed Ibrahim Al-Sheikh, was heartily welcomed by Thailand’s Prime Minister, Prayut Chan-o-cha yesterday for a constructive dialogue on potential collaboration for tourism and investment in Thailand’s Eastern Economic Corridor (EEC). The Saudi-Thailand relations discussion was announced by Tipanan Sirichana, deputy government spokesperson for Thailand. Al-Sheikh, leading the delegation from Saudi Arabia, had…
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Culture ministry plans to boost Thai tourism through Korean TV series popularity
The Thai Culture Ministry voiced its intentions of capitalising on the increased popularity of Thai locations, brought on by their appearance in the latest Korean television series, King the Land. Recognising this upswing in interest, the ministry plans to attract more Korean tourists and fans of the drama to these specific sites, boosting Thai tourism. Culture Minister Itthiphol Kunplome attributed…
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Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
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Bank of Ayudhya predicts pivotal role of politics in Thailand’s economy
In light of the current political climate, a division of the renowned Bank of Ayudhya suggests that the upcoming political decisions could significantly steer Thailand’s economy this year. This report highlights the pivotal role of swift administrative formation in stabilising the economy and buoying investor confidence. However, the prospect of an emerging minority government raises considerable concerns over its potential…
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Thai rice exports poised to hit 9 million tonnes amid climate anxieties
Thailand stands on the cusp of a hugely promising year in terms of rice exportation, which, forecasts suggest, could reach up to 9 million tonnes. Making the most of a climate-induced market fervour, the Thai industry gleefully anticipates shipping masses of what is an integral commodity to many. The increase in demand is believed to be rooted in anxieties about…
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Thailand’s potential as international events hub questioned amidst Taylor Swift tour snub
The exclusion of Thailand from the itinerary of Taylor Swift‘s world tour has prompted the denizens to reconsider the nation’s global standing as a viable hub for international exhibitions and events. Bringing the country’s potential into question, it was revealed that the total revenue from meetings, incentives, conferences and exhibitions (MICE) industry for the final quarter of last year was…
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Migrant amnesty programme extended for half a million foreign labourers in Thailand
In a bid to alleviate Thailand’s labour shortage and lay the groundwork for post-pandemic economic recovery, the country’s Cabinet has decided to lengthen its foreign migrants’ amnesty programme until the close of the month. This initiative allows close to half a million workers from neighbouring nations, namely Cambodia, Laos, Myanmar, and Vietnam, to effectively organise the permits necessary for legal…
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Bank of Thailand considers interest rate cuts to address household debt
A senior executive at the Bank of Thailand hinted at the possibility of interest rate slashes, which could provide a lifeline to struggling debtors, desperate to escape from their worsening debt cycles. In talks with the Thai Bankers’ Association (TBA) and other related groups, the central bank is exploring various methods to curb the nation’s escalating household debt. According to the…
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Minor Food Group launches new Chinese restaurant in Bangkok
Spurred by the recent rise in popularity of Chinese cuisine, Minor Food Group Plc debuted its first Riverside Grilled Fish & Mala restaurant in the heart of Bangkok today. Thunyachate Ekvetchavit, occupying the role of the top-ranking executive in the company, announced a 10-12 million baht budget allocation for the inauguration of the first branch of the renowned dining venue.…
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Thai industries adjust strategies amid export downturn, eyes new markets
A recent downturn in exports has provoked 25 industry sectors to rethink their production strategies, the Federation of Thai Industries (FTI) has revealed. Key industries affected and readjusting include steel, machinery, construction materials and furniture, all of which significantly cater to the markets in Asia, the European Union and the United States. The FTI recently unveiled the results of a…
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Thai tourism surge: 25 million visitors forecasted, boosting economy
In a recent announcement, the Thailand is on track to welcome a staggering 25 million tourists by the year end, offering a much-needed booster to the economy. This follows a significant surge in Thai tourism, exceeding 12 million arrivals recorded late last month, as relayed by deputy government spokesperson Traisuree Taisaranakul. Between January and June 25 of this year, the…
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Banpu eyes free power trade system amidst rising Thai electricity costs
In the face of rising electricity bills, a new opportunity is emerging for a free power trade system in Thailand, as spotted by Banpu Power Plc, the power generation arm of energy conglomerate Banpu Plc. Expecting a worldwide shift in electricity markets, the company, under Kirana Limpaphayom, its CEO, is poised to take advantage of this imminent change. The combined…
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Thailand’s tourism confidence slides amidst global economy concerns
The second quarter of this year saw the Tourism Confidence Index remaining subdued, sliding from the previous quarter. The contributor to this drop was a blend of Thailand‘s low season and decreased earnings from tourism. The president of the Tourism Council of Thailand (TCT), Chamnan Srisawat, announced that the second quarter’s score was two points lower than the prior quarter…
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Thai industries call for government aid to stimulate export growth amid falling rates
Industry leaders are soliciting governmental assistance in a bid to boost export growth, following steady declines observed over a streak of eight months, according to recent insights sourced from the Federation of Thai Industries (FTI). Discussions with 210 executives from 45 sectors of the industry revealed that an overwhelming 80% of respondents were in favour of government initiatives to trim…
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Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation
Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears. Stock markets in the region largely painted a bleak picture, with…
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Thai exports set for surge amid favourable market conditions and expansion plans
With predictions of a rebounding global economy, Thai exports are expected to witness a surge in the second half of the year, according to the nation’s Commerce Ministry. Keerati Rushchano, the permanent commerce secretary, revealed that the current competitive baht exchange rate coupled with planned market expansion initiatives could significantly boost trade. The regions targeted for market expansion include Yunnan…
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Fitch ratings reveal Thailand’s economic recovery to boost corporate earnings in 2023
Recovery of the domestic economy and alleviation of inflationary pressures are set to bolster the performance of corporations in Thailand this year, suggest analysts from Fitch Ratings during the 2023 Thailand Corporate Credit Outlook & Asean ESG conference, held recently in Bangkok. Corporates at Fitch Ratings (Thailand)’s Lertchai Kochareonrattanakul, a senior director, indicated in his talk that a boost in…
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Global Thai rice export forecast to surpass 8 million tonnes
The appeal for Thai rice continues to be significant globally, with both Indonesia and Bangladesh expressing their aspirations to buy the grain through G2G or government-to-government contracts. Ronnarong Phoolpipat, head of the Foreign Trade Department, stated that the immense global demand for Thai rice is likely to boost exports to surpass 8 million tonnes this year. The department has plans…
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Thai tourism-linked businesses experience booming growth amid economic recovery
Amid escalating tourist arrivals and robust economic recovery, Thai tourism-associated enterprises have been reaping lucrative rewards, particularly in the fields of foreign exchange, travel agencies, tour guides, dining establishments, and the accommodation industry. Such industries have experienced impressive growth within the initial five months of this year, as revealed by data garnered through the Business Development Department of the Commerce…
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Thailand tourism thrives as it ranks second in global travel, Bangkok tops city list
Thailand tourism continues to thrive, as online travel platform Agoda recently revealed that the country holds the title of the second most popular destination for travellers worldwide, with Bangkok topping the list of favourite cities for global travellers. The ranking came from an analysis of booking data collected from January to May of the current year, shared by government spokesman…
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Smart moves by KTO set to boost Korean tourists in Thailand by one million
The Korea Tourism Organization (KTO) is on a mission to lure travellers with cutting-edge smart tourism offerings, boosting the number of Korean visitors to Thailand to an impressive one million during the upcoming third quarter. As this thriving alliance between the two countries takes shape, Korean tourism is set to soar to new heights. Tanes Petsuwan, the Tourism Authority of…
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Thailand investments attract 45 billion baht in foreign funding
In the first five months of 2023, Thailand received foreign investments amounting to 45.4 billion baht, with Japan being the largest spender in the development of businesses in the country. The figures released by the Commerce Ministry show Japan’s investments reaching 15.9 billion baht, followed by China at 11.5 billion baht, and Singapore at 6.35 billion baht. The Business Development…
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Rice export surge: Thailand fast-tracks new varieties to boost global market share
Thailand is making significant strides in boosting its export competitiveness by fast-tracking the development of new rice varieties to meet global market demand, with plans to introduce 30 new varieties in the coming year. Following the “new rice variety contest for Commerce” event, Commerce Minister Jurin Laksanawisit discussed Thailand’s efforts to combat the lack of diversity in its product offerings…
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