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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Thailand central bank anticipates lower rates due to virtual banking
The Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff. The granting of virtual bank licences is expected to bring more competitors into the market, thereby stimulating competition within…
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Tourists increase spending in Thailand despite soaring airfares
Despite higher airfares, foreign tourists are indulging in opulent accommodation choices, sending spending figures soaring, according to a recent Tourism Authority of Thailand (TAT) survey. The TAT’s survey, which engaged 30,054 tourists last year, unveiled a significant uptick in expenditure per trip, hitting an average of 50,900 baht. A substantial portion of this sum, averaging 23,518 baht per trip, was allocated…
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Declining conditions of Bangkok’s Klong Ong Ang raise concerns
A United Thai Nation Party‘s (UTN) Parliament member voiced concerns yesterday about the neglected state of Klong Ong Ang, a once thriving tourist attraction in the heart of Bangkok’s Chinatown. Kriangyot Sudlapha, a UTN list-MP, raised the issue in the House of Representatives, urging the Bangkok Metropolitan Administration (BMA) to step in and rejuvenate the area. Located in the Phra…
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Grab Thailand empowers female drivers with campaign
To champion gender equality, Grab Thailand is rolling out its #WomenWelcome campaign on International Women’s Day 2024, promising equal earning opportunities and empowerment for women across the country. Amidst the celebrations of International Women’s Day 2024, Grab Thailand takes a bold step forward with the launch of its #WomenWelcome campaign. This initiative not only underscores the company’s commitment to fostering…
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Thailand’s digital wellness revolution boosts revenue
Thailand’s Industry Ministry is spearheading a digital revolution aimed at boosting revenue for the nation’s wellness and medical business entrepreneurs. With the ambitious target of surpassing 30 million baht in revenue, this initiative promises to reshape the landscape of Thailand’s tourism and economy. Under this visionary scheme, the ministry is equipping businesses with cutting-edge digital equipment and technologies, propelling them…
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Thai credit card holders hit with new 1% fee
In a recent development, holders of credit cards issued in Thailand are set to face a 1% fee for foreign currency conversion starting May 1, as revealed in a notice on the Bangkok Bank website. Local credit card issuers, including Visa and Mastercard, will enforce this fee, also known as dynamic currency conversion (DCC), for transactions made in baht with…
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Thailand’s revamped tax system promises economic boost
In a bid to shield the public from economic turmoil, Thailand’s Finance and Interior Ministries have unleashed a slew of reforms, spearheaded by Paopoom Rojanasakul, secretary to the finance minister. Addressing a high-profile property seminar, Paopoom asserted that the proposed alterations to the land and building tax are geared towards bolstering collection efficiency and ensuring a fair tax rate. “We…
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Thailand to build local pharmaceutical facilities to reduce import reliance
The National Committee on Drug System Development has greenlit the construction of local pharmaceutical production facilities, a notable stride towards decreasing the nation’s dependence on foreign-made medicines. This ambitious initiative comes with a budget exceeding 10 billion baht (US$280 million), as revealed by Deputy Prime Minister Somsak Thepsuthin, who presided over the recent committee meeting. Beyond the borders, another significant…
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Thai economy predicted to bounce back in Q2 despite sluggish start
The Joint Standing Committee on Commerce, Industry and Bangkok (JSCCIB) indicated that the Thai economy, which is set to experience sluggish growth this year, is expected to pick up in the second quarter. This projection is attributed to the anticipated state budget spending and a reduction in tension within the Red Sea region. The National Economic and Social Development Council…
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Lazada celebrates Women’s Day with MERGE jeans
In a bid to celebrate International Women’s Day, Lazada is turning the spotlight on the women sellers dominating the e-commerce platform. From Thailand to beyond, these female entrepreneurs are inspiring a new generation to chase their business dreams. In the heart of Thailand’s vibrant marketplace, Lazada shines a light on MERGE, a denim brand that caters to the diverse needs…
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OR’s SDG policy fuels Thailand’s sustainable economic growth
PTT Oil and Retail Business (OR) has adopted a Small-Diversified-Green (SDG) policy, aiming to stimulate Thailand’s economic growth through sustainable practices. This move aligns with the country’s broader strategy of reducing carbon footprints by 2030. The SDG policy focuses on empowering small communities as key drivers of economic recovery, particularly in the tourism sector tipped to fuel the national GDP…
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Thai PM invites Aussie firms to invest in clean energy
During the 2024 ASEAN-Australia Special Summit, Srettha Thavisin, the Prime Minister of Thailand, extended an invitation to prominent Australian companies to invest in Thailand’s electric vehicle (EV) battery, clean energy, and transport logistics sectors. The summit, which marks five decades of Australia’s partnership with ASEAN, is being held in Melbourne, Australia. PM Srettha used this opportunity to meet with his…
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Thailand’s influencer marketing boom sparks regulatory debates
The burgeoning influencer marketing trend is powering the local creator economy while simultaneously causing societal implications, thereby sparking debates over regulatory measures. Thailand’s National Economic and Social Development Council (NESDC) and Nielsen’s data highlighted the meteoric rise of influencers, with over 13.5 million influencers in the ASEAN Economic Community, and more than two million influencers in Thailand alone. The scramble…
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Thailand’s social security fund faces bankruptcy risk in 30-40 years
The Labour Ministry raised the alarm that the Social Security Fund (SSF) of Thailand is on the brink of bankruptcy, and could be insolvent in 30 to 40 years if there are no changes made to its current policies. This warning was issued during a meeting between the newly established Social Security Board (SSB) headed by Sustarum Thammaboosadee, an academic…
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Post-pandemic shift in tourist spending habits reveals TikTok’s role in Thai travel
The Tourism Authority of Thailand (TAT) divulged insightful data revealing a shift in foreign tourists’ spending habits post-pandemic and the surge in popularity of TikTok as a source of travel information and inspiration. A survey conducted by TAT’s digital R&D Deputy Governor Teerasil Tapen, encompassing 30,054 tourists in 2023, unveiled an increased average expenditure on individual trips, rising from 48,209…
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Thailand urged to diversify agricultural exports to boost value
A study by the Commerce Ministry urges agricultural businesses to widen their export markets to mitigate risk and boost the value of food products and processing. The advice follows findings that the majority of export-oriented agricultural goods are commodities or those with only rudimentary processing. Deputy Commerce Minister Napintorn Srisunpang disclosed that agricultural and agro-industrial products accounted for 17.3% of…
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Loan rejections soar for Thai homes under 3 million baht
The Thai housing market is facing a significant challenge as a growing number of loan applications for homes priced below 3 million baht are being rejected. According to the Housing Finance Association, the rejection rate has spiked to 50%, highlighting the vulnerability of this segment despite its substantial market size. The association’s secretary-general and chairman of the executive board, Alangkot…
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Thai economy set for revival amid global uncertainties
The Federation of Thai Capital Market Organizations (FETCO) anticipates a revival of the Thai economy in the latter half of the year, supported by potential interest rate reductions. This optimistic outlook emerges amidst global economic uncertainties, with possible recessions in the UK and Japan, and China grappling with a prolonged property crisis. FETCO chairman Kobsak Pootrakool believes that the global…
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Foreign currency deposits surge in Thailand
The past year has seen a significant upturn in foreign currency deposits (FCDs), spurred by appealing interest rates due to global rate hikes. According to data from the Deposit Protection Agency (DPA), member financial institutions observed a surge in FCDs to a total value of 812 billion baht (US$22 billion) by November 2023, up from an earlier figure of 640…
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BAAC to launch e-commerce platform with Chinese tech firm
The Bank for Agriculture and Agricultural Cooperatives (BAAC) is in discussions with a prominent Chinese technology firm to establish a joint venture. The focus of this venture is to create an e-commerce platform to streamline the sale of agricultural commodities to China, as revealed by Chatchai Sirilai, the bank’s president. In this joint venture, the BAAC will not be considered…
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Thailand gov urges bank to cut interest rate amid economic crisis
The ongoing feud between Prime Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput regarding interest rates remains the focus of media attention. Meetings of the Monetary Policy Committee (MPC) have been closely watched as elements of the government and business sector believe the central bank needs to reduce the policy rate. The MPC is set to meet six…
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ThaiBev intensifies commitment to sustainable growth
Thai Beverage Plc (ThaiBev) is stepping up its commitment to sustainable development, implementing strategies that encompass all facets of its business operations. The company’s Executive Vice President and Chief of Sustainability and Strategy, Tongjai Thanachanan, outlined the firm’s commitment to achieving sustainability through a comprehensive approach, known as Enabling Sustainable Growth (ESG). This approach encompasses environmental, social, and governance goals.…
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PM Srettha’s billion-baht plan to transform Suvarnabhumi Airport
Prime Minister Srettha Thavisin announced plans to boost the annual capacity of Suvarnabhumi International Airport in Samut Prakan. “We’re gearing up to more than double our capacity to a staggering 150 million passengers annually.” Currently handling a substantial 60 million passengers, Suvarnabhumi Airport is set for a dramatic makeover, including the addition of a third runway. This makeover will catapult…
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Surging Pattaya hotel occupancy shows post-pandemic recovery
Pattaya is experiencing a remarkable resurgence, with hotels bursting at the seams, boasting over 90% room occupancy. Sanphet Supabawornsathien, Eastern Thai Hotel Association President, reveals that Pattaya’s hotel industry is booming, with room occupancy rates soaring above 90% as tourists from China, Russia, and India flood the city alongside a surge in domestic travel. This remarkable trend is fuelled by…
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China-Laos high-speed rail to transform northeast Thailand
Krungthai COMPASS Research Centre unveiled a groundbreaking vision, identifying the China-Laos high-speed railway as the cornerstone for transforming the northeast of Thailand into an economic juggernaut within the Greater Mekong Subregion. The centre disclosed that the China-Laos high-speed railway, now operational for both passenger and freight services along the Kunming-Vientiane route, will directly turbocharge trade and investment in Thailand’s northeastern region,…
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AWC plans 36 billion baht investment in high-end tourism
Asset World Corp (AWC), a Stock Exchange of Thailand (SET)-listed company, maintains a positive outlook on high-spending tourists and outlined plans to invest in projects estimated at 36 billion baht (US$1 billion) this year. Wallapa Traisorat, AWC’s chief executive and president, highlighted Thailand’s potential to attract high-spending tourists from regional competitors through quality property development, specifically hotels in partnership with…
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TikTok shopping: The new trend in Thai e-commerce
TikTok has usurped traditional e-commerce giants to claim the throne as Thailand’s premier shopping platform for millennials, a survey by the Trade Policy and Strategy Office (TPSO) discloses. With 4,699 respondents nationwide, the survey unveiled TikTok’s meteoric rise as an online shopping hub, particularly among the youth demographic. Renowned for its fusion of joyous content and retail therapy, TikTok pioneers…
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Weakening Thai baht forecast due to economic cost factors
Analysts predict a decline in the value of the Thai baht, the nation’s currency, attributed to various factors such as sluggish economic growth, elevated freight expenses, and discord regarding reductions in interest rates. It is anticipated that the baht will fluctuate within the range of 36 to 36.50 against the US dollar throughout this month. On Wednesday, the baht recorded…
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Consumer confidence hits 47-month high amid economic recovery
January saw a significant rise in consumer confidence, reaching the highest level in 47 months due to the ongoing economic recovery, according to a statement by Fiscal Policy Office (FPO) Director-General Pornchai Thiraveja. The consumer confidence index marked its sixth consecutive month of growth, reaching 62.9, a slight increase from 62.0 in December. This growth is indicative of improved domestic…
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Chinese city gives out lottery tickets to boost birth rates
Authorities in Xi’an, China, are rolling the dice on love with a jaw-dropping scheme aimed at tackling the nation’s plummeting birth rates. In a bold move to combat China’s declining birth rates, the city of Xi’an is set to splash a whopping 700,000 yuan (equivalent to 3.6 million baht) on lottery tickets, all in the name of encouraging newlyweds to…
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