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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Jatuporn criticises government’s proposed digital wallet scheme
The digital wallet initiative proposed by the government has come under fire from Jatuporn Prompan, a former red-shirt leader and co-leader of the Melting Pot Group. In a livestream on Facebook, Jatuporn voiced his concerns about the ruling Pheu Thai Party’s repeated withdrawal from pledges, including their initial vow not to form a government with ex-coalition parties from the previous…
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Pheu Thai leader discusses soft power at Thailand 2024 beyond Red Ocean seminar
The leader of the Pheu Thai Party addressed the audience on the Soft Power: The Great Challenger during the Thailand 2024 Beyond Red Ocean seminar organised by Prachachat, a newspaper publisher, on November 15. The term soft power has been making rounds in Thailand recently, defined by the Thai government as an influential power that assimilates new cultures through societal…
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Sadao checkpoint: Entrepreneurs urge continued operation
Songkhla-based entrepreneurs in the Sadao district appealed to the government to keep the old Sadao immigration checkpoint operational alongside the new one. The move aims to stimulate both trade and tourism with Malaysia. The appeal follows the circulation of rumours concerning the government’s intention to close the Sadao checkpoint in preference for the newly constructed border checkpoint. The discussion involved…
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Global EV trend surges with Thailand joining the race
A surge in the global trend of electric vehicles (EVs) usage has been highlighted by Poonphong Naiyanaphakorn, the director of the Trade Policy and Strategy Office. This information was shared with the public on a day not too long ago. The International Energy Agency (IEA) has predicted that the total EV sales are set to rise from 10 million units…
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Fueling frustration: Thailand Energy Minister alarmed as petrol prices play a seesaw despite promised relief
Peeraphan Salirathaviphak, Thailand’s Minister of Energy, raised concerns about the constant fluctuations in petrol prices, which have seen a continuous rise over the past two days, despite a recent government announcement of a 2 baht per litre reduction. In a statement made at the Government House at 1pm this afternoon, Peeraphan argued that petrol prices should not fluctuate like stocks…
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Grab Thailand to offer million baht loans to tap into digital lending
Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy…
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Thai government and Google partnership to boost digital economy
The Thai government announced a strategic partnership with Google to bolster the country’s digital economy and accelerate the development of artificial intelligence (AI). The agreement, unveiled at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting, seeks to enhance Thailand’s digital infrastructure, encourage the secure and responsible adoption of AI, anchor cloud-first policies, and make digital skills more accessible to Thai citizens.…
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Tourists travelling less but spending more in luxury Thai tourism
The luxury travel sector is witnessing a peculiar trend: tourists are travelling less but spending more, according to the observations from Pimalai Resort and Spa, a hospitality establishment located on Koh Lanta. The resort has also noted that Krabi tourism is grappling with the dearth of international flights, especially from China. The resort’s owner, Charintip Tiyaphorn, revealed that despite the…
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Thai Commerce Minister defends recent sugar price increase
The Deputy Prime Minister and Minister of Commerce defended the recent sugar price hike following discussions with all parties involved. The minister, Phumtham Wechayachai, maintains the decision was made based on appropriate cost considerations, not a failure to control prices. Today, at Government House, Phumtham addressed concerns that the government couldn’t control sugar prices after a Cabinet meeting yesterday decided…
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Pattaya businesses backs discarded proposal for Chinese police patrols in Thailand
Pattaya Nightlife Business Association chairwoman Lamphueng Hamilton expressed her support for a now-discarded proposal for Chinese police officers to patrol popular tourist areas in Thailand. The proposal, originally mooted by the Thai government, has since been unequivocally dismissed. However, several Pattaya-based private tourism operators continue to champion the idea. Their support stems from a notable decrease in Chinese visitors, which…
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Thailand PM invites Tesla, HP, and Analog Devices to invest
Thailand Prime Minister Srettha Thavisin extended an invitation to three significant American corporations to consider investing in Thailand, asserting the nation’s capability to act as their productive bases. The 61 year old prime minister recently visited the manufacturing plant of Tesla’s electric vehicles (EVs), where he participated in a trial run of the company’s cyber truck, which is set for unveiling…
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Global sugar shortage anticipated despite increased production in Brazil, Russia, China
A report by CovrigAnalytics released yesterday revealed an anticipated global sugar shortage. The deficit is estimated to be 2.4 million metric tonnes in the 2023/24 crop year, marking an increase of 200,000 tonnes from previous expectations. Despite increased sugar production in Brazil, Russia, and China, the shortfall in output from India and Thailand, due to inadequate humidity, will not be…
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PTT reinvestment: Diversifying beyond oil and petrochemicals for future growth
National energy conglomerate PTT Plc has initiated a reinvestment phase, eyeing new ventures for future growth. This move follows the stagnation of the company’s traditional businesses, which are primarily centred around the oil refinery and petrochemical sectors. As these avenues have limited potential for enhancing future income, the company emphasises the need for reinvestment. PTT’s President and Chief Executive Officer,…
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Thai Government Savings Bank promises low interest rates for home loans
The Government Savings Bank (GSB), an institution committed to enabling Thai citizens to own their homes, is prepping a credit line of 45,000 million baht to offer three home loan products with fixed interest rates for the first three years, marking the end of this year. The initiative is expected to inject liquidity into the economy. According to Karm Phonprakong,…
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Thai government to finance digital wallet scheme with 500 billion baht loan
The Thai government has plans to secure a loan of 500 billion baht to finance a digital wallet scheme, revealed Prime Minister Srettha Thavisin. This digital wallet scheme is targeted towards Thai citizens who are 16 years and older, earning less than 70,000 baht per month with less than 500,000 baht in bank deposits. The 61 year old Thai prime…
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Thai deputy PM defends government’s initial performance amidst economic criticism
Thailand Deputy Prime Minister Phumtham Wechayachai defended the government‘s performance during its initial two months in office, amidst criticism that the economy has seen little to no improvement and the cost of living remains high. The deputy PM stated that the fruits of the government’s labour would not be noticeable until at least 100 days have passed, as many departments,…
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Consumer confidence in Thailand soars to 44 month high
Last month witnessed a surge in consumer confidence for the third consecutive month, reaching its highest point in 44 months, according to the University of the Thai Chamber of Commerce (UTCC). Factors contributing to this uplift include the government’s initiatives to curb living costs, a boost in foreign arrivals, and a revival in exports. The UTCC reported that the consumer…
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Budget travel: Thai travelers choose affordability amid economic instability
In the wake of an unpredictable global economy, travellers are becoming increasingly cost-conscious. A recent survey by online travel agency Booking.com revealed that the majority of Thai citizens are apprehensive about the escalating cost of living and are thus curtailing their expenditure on travel, opting for budget travel instead. Michelle Gao, the regional manager for the Mekong region at Booking.com,…
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Sweet setback: Thailand’s sugar exports face sticky situation with government controls
Thailand’s sugar exports, which sit second globally behind Brazil, are threatened with potential delays in the coming year. This comes after the Thai government implemented new controls to guard the domestic supply and curb smuggling. The newly instated regulations require official approval for the export of any quantity exceeding one tonne, a move that some traders have voiced concerns could…
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The Energy Ministry crackdown on petrol retailers stockpiling fuel after price cut
The Energy Ministry has pledged to take stringent action against oil retailers found to be illegitimately stockpiling fuel. This decision comes in response to complaints about a sudden shortage of oil at petrol stations, following the government’s decision to lower the prices of gasohol 91 and gasohol 95. On the morning of November 7, petrol stations across the nation began…
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Thai PM evaluates potential wage increase for civil servants without price hike
Prime Minister Srettha Thavisin yesterday declared that an evaluation was underway to determine the feasibility of increasing wages for civil servants and government employees. However, he dismissed the notion that such a hike would lead to a rise in consumer goods prices. The prime minister’s comments came in response to inquiries concerning the potential inflationary effects of the proposed wage…
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Thailand’s inflation drop fuels economic slowdown fears
Concerns are heightening among analysts over Thailand’s first year-on-year inflation decline in 25 months. The drop in the Consumer Price Index (CPI) is viewed as an indication of increasing risks of economic deceleration and deflation. BofA Securities, previously known as Bank of America Merrill Lynch, highlighted that the inflation figure for October signified the first year-on-year decline since August 2021.…
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ICONSIAM’s billion baht renovation: M and first floors set for stunning transformation
ICONSIAM Mall is preparing a substantial investment of 1 billion baht for a significant renovation of the complex, set to start in July 2024. The refurbishment is specifically targeted at the M and first floors of ICONSIAM, with the project expected to run until mid-2025. The company’s managing director, Supoj Chaiwatsirikul, explained that the ICONSIAM billion baht renovation will adjust…
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Thai govt reduces foreign worker visa fees to 500 baht to boost economy
Foreign worker visa fees for four nationalities have been reduced to 500 baht, with the fee changes expected to be enforced from November 11 for a duration of four years. This reduction aims to stimulate the Thai economy’s recovery by promoting the legal employment of migrant workers from Cambodia, Laos, Myanmar, and Vietnam. Somchai Morakotsriwan, currently acting as the Director-General…
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NIDA poll unveils Thailand’s digital wallet desires
The National Institute of Development Administration (NIDA) conducted a poll regarding the upcoming digital wallet handout scheme, gauging the sentiment of 1,310 respondents aged 18 and older from a wide variety of social backgrounds between October 31 and November 2. The results revealed a widespread belief that the government’s 10,000-baht digital cash handout should be extended to all Thais, regardless…
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Thailand economy: Fiscal position to suffer due to government policies like digital wallet scheme
Thailand’s fiscal position is predicted to face a downturn in the medium term, according to analysts, as the government advances populist policies such as the digital wallet scheme. BMI, a division of Fitch Solutions, forecasts that the nation’s budget deficit will escalate from 2.9% in the current fiscal year to 3.6% in the following fiscal year. This is due to…
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Thailand sees 2.3% rise in fuel consumption amid economic growth
Thailand has witnessed a 2.3% surge in fuel consumption in the initial nine months of this year, averaging at 154 million litres daily, in harmony with the country’s economic expansion, according to the Department of Energy Business. There was an upswing in the demand for most fuel types, except for diesel, which saw a minor decline of 4.5% to 69.2…
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Thailand to cut retail gas price following energy conservation fund resolution
A significant resolution was announced by the director-general of Alternative Energy Development and Efficiency, Prasert Sinsukprasert, on November 2. The pronouncement concerned a resolution on the Fund of Energy Conservation, which is set to bring about a substantial reduction in the retail gas price of Gasohol 91 by 2.50 baht per litre. This change is slated to take effect from…
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Economic reformation in action: Thailand open for foreign investments amid polycrisis
Prime Minister Srettha Thavisin declared Thailand’s openness to foreign investments and readiness to collaborate with the private sector for an economic reformation to create an inclusive and sustainable future. Speaking on Wednesday at the Foreign Industrial Club Gala Dinner, the Thai PM’s speech, titled Reformation of Thai Economy Amidst Polycrisis, was summarised by government spokesperson Chai Wacharonke. The 61 year…
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Thailand tourism aims for 2.38 trillion baht target with late-year surge
Aiming to achieve its revenue target of 2.38 trillion baht, Thailand’s tourism sector is pushing ahead in the last two months of the year. The Tourism Authority of Thailand (TAT) announced that the total takings for the first ten months stood at 1.67 trillion. TAT’s governor, Thapanee Kiatphaibool, outlined plans to stimulate the sector further, with a focus on intensifying…
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