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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Thai finance ministry considers beverage tax restructure to boost tourism
A proposed restructuring of the beverage tax framework is under consideration by the Finance Ministry, as revealed by the permanent finance secretary, Lavaron Sangsnit. The restructure aims to bolster tourism and domestic spending. This Friday, Lavaron plans to engage in a discussion with officials from the Customs Department and the Excise Department. The proposed measures align with Thai governmental policies…
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Thailand’s export sector sees recovery with third month of growth
The Director-General of the Fiscal Policy Office, Pornchai Thiraveja, announced that the export sector is showing signs of recovery, marking its third month of consecutive growth. Despite a year-on-year contraction of 2.7% in the value of exports between January and October, monthly figures indicate a resurgence, with an 8% rise in October to US$23.5 billion. Quarterly analysis shows a decrease…
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Thailand’s shrimp exports forecasted to surge by 10% next year
A 10% surge in Thailand’s shrimp exports is on the horizon for the upcoming year, brought about by a minor uptick in local shrimp production and bolstered demand primarily from the United States. Thai Shrimp Association President Ekapoj Yodpinit disclosed that shrimp production in Thailand this year mirrored the previous year’s figure of 280,000 tonnes. Meanwhile, the country’s shrimp exports…
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Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
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Chon Buri’s bright ambition: Aims to be top 10 smart city by 2037
An ambitious vision to elevate Chon Buri into the league of top 10 smart cities globally by 2037 has been revealed by the Eastern Economic Corridor Office of Thailand (EECO). This grand plan, termed the Smart City and Commercial/Residential Hub project, aims to metamorphose a vast expanse of 927.2 hectares in the vicinity of the U-Tapao Airport into a high-tech…
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Thai nightlife gets a glow-up: Cabinet green-lights 4am extended hours for tourist hotspots
The Thai Cabinet has given the green light to a draft regulation set forth by the Interior Ministry, permitting extended hours until 4am at entertainment venues in prominent tourist hotspots. The affected areas include Bangkok, Chiang Mai, Chon Buri, Koh Samui, and Phuket. Aiming to stimulate the country’s tourism sector, the Interior Ministry is at the helm of this initiative.…
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Thai government approves 10% increase for civil servants starting at 18,000 baht
The Thai government approved a 10% salary increase for civil servants over a two-year period, beginning with new recruits. According to Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), the first increment is expected to come into effect once the budget for 2024 is approved. Danucha explained that the salary adjustment will initially target newly inducted…
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Rice and shine: Thai government dishes out financial aid to farmers through BAAC
The Thai government initiated a financial aid programme for rice farmers, channelling through the Bank for Agriculture and Agricultural Cooperatives (BAAC). Rice farmers will receive 1,000 baht per rai, capped at 20 rai (32,000 squared metres) per household, or a maximum of 20,000 baht per household. This scheme, part of the Rice Farmer Management and Quality Improvement project for the…
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Commerce carnival: Ministry’s mega discount campaign aims to slash living costs for Thai citizens
In a grand gesture to ease the cost of living for Thai citizens, the Ministry of Commerce is joining forces with over 300 manufacturers, wholesalers, retailers, and convenience stores to roll out a colossal discount campaign. Scheduled to kick off on December 15 and last until January 15, 2024, this initiative is considered a new year present to the public…
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Visa-free travel policies boost global tourism and economy
Countries worldwide are recognising the importance of travel freedom in bolstering their economies and accelerating the recovery post-pandemic. As tourism and trade flourish without border restrictions, governments are implementing strategies to enhance their tourism competitiveness, such as visa-free travel policies and the digitalisation of pre-travel processes. Prominent countries like China and India, with their vast populations, are primary targets for…
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Revolutionising Thailand: Game-changing smart city plan unveiled
At the Thailand Smart City Expo 2023, Commerce Minister Phumtham Wechayachai laid bare the nation’s ambitious blueprint for smart cities. Packed with tax incentives and cutting-edge technology, this plan is set to reshape Thailand’s urban landscape. During his address at the Thailand Smart City Expo, Commerce Minister Phumtham Wechayachai catapulted Thailand into a new era of urban development. Unveiling the…
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Thai economy rebound: PM unveils bold plan to tackle challenges
Prime Minister Srettha Thavisin outlined a comprehensive plan to tackle pressing economic issues in Thailand spanning agriculture, industry, and debt-related concerns. He unveiled his intentions during a keynote speech at The Standard Economic Forum, stating that the Thai economy’s current state is a subject of contention between himself and the Bank of Thailand’s governor. Despite the debate, the Thai PM…
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Consumer groups challenge proposed electricity tariff rise
Consumer advocacy groups have opposed the proposed increase in electricity tariffs and have asked the Energy Regulatory Commission (ERC) to review all data used to calculate the Fuel Adjustment Charge (Ft) to ensure fairness to the public. According to Prasart Meetem, the Chair of the Committee on Public Services, Energy and Environment of the Consumer Council, the estimated Ft charge…
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PM Srettha unveils proactive diplomacy for Thai global influence
Prime Minister Srettha Thavisin yesterday unveiled a fresh approach to foreign policy, dubbed proactive diplomacy, aimed at empowering Thai representatives abroad to stimulate trade, investment, and tourism, and enhance Thailand’s global influence. The 61 year old prime minister detailed his proactive diplomacy policy at a yearly gathering, hosted by the Ministry of Foreign Affairs, attended by Thai ambassadors, consul-generals, commerce…
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Thai govt’s 500 billion baht digital wallet scheme awaits legal review
The Thai government’s bill proposing a loan of 500 billion baht to fund the 10,000-baht digital wallet scheme is yet to be reviewed by the Council of State for its legality, according to the council’s secretary-general, Pakorn Nilprapunt. This came as a rebuttal to Deputy Prime Minister Phumtham Wechayachai’s previous statement that the loan bill was under the council’s vetting…
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Q3 slowdown: Thailand economy hits the brakes at 1.5%, falling short of forecasts
With an annual growth rate of 1.5% recorded in the third quarter, Thailand’s economy has shown a slower expansion compared to predictions, according to data released today, November 20. The National Economic and Social Development Council revealed that, from July to September, the economy of Southeast Asia’s second-largest country experienced a seasonally adjusted growth of 0.8% every quarter. However, these…
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Kazakhstan courts ASEAN investors to become Central Asia’s investment hub
Kazakhstan is reaching out to foreign investors, particularly from the Association of Southeast Asian Nations (ASEAN), in a bid to establish itself as a central investment hub in the Central Asia Region. The Kazakh government has expressed interest in mutual economic development with the Southeast Asian region, according to Deputy Minister of Foreign Affairs Roman Vassilenko. He made these remarks…
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Peruvian culture delights: Thailand’s Peru Embassy promotes food and coffee
In a recent series of events designed to strengthen bilateral ties between Peru and Thailand, the Embassy of Peru in Thailand organised three cultural programs centred around Peruvian food and coffee. The events showcased the richness of Peruvian culture and gastronomy, aiming to introduce the Thai public to the unique flavours and traditions of Peru. The series kicked off with…
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Economic ties in focus: Thai PM extends invitation to Biden
Thailand Prime Minister Srettha Thavisin recently extended an invitation for an official visit to US President, Joe Biden. This invitation was extended during the Asia-Pacific Economic Cooperation (APEC) Summit that took place in San Francisco. The Thai PM used this platform to assure President Biden of Thailand’s readiness to serve as a base for major American companies’ production, boosting their…
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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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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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Thai prime minister addresses small investors’ crisis of confidence in the stock market
Thailand’s Prime Minister and Finance Minister Srettha Thavisin has spoken about the news of small investors planning to stop trading on November 20 due to a crisis of confidence. The situation, the Thailand prime minister says, is serious and warrants investigation. The government, he assures, is not taking negative measures against the Thailand Stock Exchange, but is trying to improve multiple…
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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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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 government seeks urgent economic stimulus amid rising household debt
The Thai economy is in a dire state and in urgent need of a stimulus package to prevent further deterioration, according to the government. This stance arises amid ongoing discussions about the true state of the economy, with some expressing doubts about the actual need for the government’s proposed US$313 million handout scheme, which would necessitate a loan of US$15.6…
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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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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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