Economy News
Discover the latest updates on Thailand’s economy with our in-depth coverage of breaking news, developments, and events shaping its financial landscape. Stay informed and ahead of the curve with our thorough analysis and insights into the business sectors, financial markets, and government policies of Thailand.
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Thailand shuts down illegal Bitcoin mine worth 70 million baht
A major illegal Bitcoin mining operation was dismantled yesterday when police and the Provincial Electricity Authority raided an abandoned ice factory in Samut Sakhon, Thailand, seizing equipment worth over 70 million baht. A Myanmar national was found guarding the facility, which is believed to have caused the state a loss of 10 million baht per month in electricity. At 11am…
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AoT tee up 3 billion baht compensation swing for RTAF
Thailand’s Defense Ministry spokesperson, Jirayu Houngsub, revealed yesterday that the Airports of Thailand (AoT) could be liable for a compensation payment of at least 3 billion baht to the Royal Thai Air Force (RTAF). This potential payment is in relation to the Kantarat Golf Course, a property currently owned by the RTAF, which the AoT is considering repurposing. Previously, the…
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Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
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Thai baht finds its groove: Depreciation rate takes a dip
The Thai baht experienced a lessening in its depreciation rate in April, buoyed by an uptick in the country’s economic performance. A leading figure from the country’s central bank anticipates that the local currency will make a recovery in the second half of the year. In the initial quarter of this year, the baht saw a 7.8% decline against the…
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SEC warns digital asset exchanges on special privileges
The Deputy Secretary-General of the Securities and Exchange Commission (SEC) issued a stern warning to digital asset exchange operators. The caution comes in light of recent findings by the SEC, which reveal that these exchanges often entice the public to invest by offering special privileges, thereby encouraging trades on their platforms. Anek Yooyuen emphasised that the operations of digital asset…
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Thai PM’s frozen durian order: A fruitful venture worth millions
Thailand Prime Minister Srettha Thavisin yesterday publicised the country’s recent acquisition of a 300-million-baht (US$8.1 million) frozen durian order on social media. The announcement came in the aftermath of his trip to Chanthaburi, which further emphasised the global appetite for Thai durians. “Post my visit, an order was placed. Business tycoons have expressed interest in placing an annual order worth 300…
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Thai commerce minister to boost fruit exports to China via Laos
An evaluation of the Boten and Mohan checkpoints’ capacity to facilitate Thai fruit exports to China is on the agenda for Commerce Minister Phumtham Wechayachai. This is part of a strategy to ease the exportation process of Thai fruit during the 2024 harvest season, with shipments expected to commence at the end of April. The ministry’s spokesperson, Wittayakorn Maneenetr, reported that…
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Asian millennials and Gen Z prefer regional travel, says Marriott
Rising travel expenses have led to an increase in intra-regional tourism among Asia-Pacific’s Gen Z and millennial tourists, according to Marriott International. The younger adults, keen on saving for their travels, are opting for trips within their region. In 2023, intra-regional travellers accounted for over 60% of bookings in the Asia-Pacific region, a significant increase from the 40-50% before the…
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Thai government delays wage hike: Minimum muddle continues
The Thai government has postponed the anticipated increase in minimum daily wage to 400 baht. The rise was initially set to take effect on Labour Day but the government will now await the outcome of a tripartite committee meeting on May 14. Karom Polpornklang, the deputy government spokesperson, confirmed yesterday that the wage increase would not start on May 1.…
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Thailand sees surge in foreign investment in Q1
Thailand has seen a recent surge in foreign investment, according to recent statistics from the Thai Ministry of Commerce. Government spokesperson Chai Watcharong yesterday, April 25, unveiled these numbers, highlighting a significant upsurge in foreign investment within the first quarter of 2024. A staggering total of more than 35 billion baht has been funnelled into the Thai economy by foreign investors,…
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Bangkok riverside estate lists at 200 million baht
A Facebook post advertising a house for sale along the Chao Phraya River on Charansanitwong Road in Bangkok sparked widespread interest and surprise with its staggering 200 million baht price tag. Social media users have been buzzing about the post, shared in an exclusive group for luxury properties, presenting a prime piece of land with a view of the Sapaya…
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Bank of Thailand warns government against digital wallet plan
Phumtham Wechayachai, Deputy Prime Minister and Commerce Minister, dismissed concerns about a confidential Bank of Thailand (BoT) document warning the government against the proposed digital wallet handout initiative. Phumtham, a prominent figure in the Cabinet, stated he was unaware of the document’s contents and questioned its credibility, insisting that if it were a real warning, it would have been officially…
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Thailand’s central bank defends policy rates amidst govt pressure
Amidst persistent governmental pressure to decrease borrowing costs and stimulate slow-paced growth, Thailand’s central bank (BoT) defended its current policy interest rate settings today, stating they are resilient and capable of tackling future economic risks. The bank warned that although rate reductions could alleviate debt in the short term, they could also invite long-term hazards. By maintaining a steady rate…
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Thai firms jointly build waste-to-energy power facilities
A strategic alliance has been formed between local power and waste management firms to jointly finance and construct 12 waste-to-energy power facilities and three refuse-derived fuel production plants. This initiative is aimed at bolstering the country’s bio, circular, and green economic strategies. Supawat Khunvoravinij, who is currently serving as the acting managing director of Earth Tech Environment, a waste recycling…
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BoT may adjust policy due to economic changes and challenges
The Bank of Thailand (BoT) may revise its monetary policy if economic changes in the landscape and structural challenges significantly lower its long-term potential growth, disclosed BoT Deputy Governor Alisara Mahasandana. This follows governmental pressure on the central bank to decrease interest rates. Alisara, speaking from the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, highlighted that…
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Thailand targets global animal feed market
The Government of Thailand is spearheading a move to become a global leader in the production and export of animal feed, focusing on quality assurance and safety to cater to the global market. The initiative is expected to generate an economic value of up to 300 billion baht. Chai Watcharong, the spokesperson for the Office of the Prime Minister, announced…
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Thai stock market rebounds amid renewed investor confidence
The Thai stock market made a strong comeback yesterday, experiencing a rise of approximately 1.3%. This resurgence was mirrored in other regional markets which also bounced back from significant losses incurred on Friday. Investors are seemingly reassured by the belief that a full-scale war in the Middle East is unlikely. This sentiment was further bolstered by the decision of the…
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Thai baht expected to weaken against US dollar
The Thai baht is expected to weaken to an estimated 37.20 baht against the US dollar later this week, due to the continued Middle East tensions, says Kasikorn Research Centre (K-Research). The economic indicators from the US, due for release this week, are also predicted to bolster the dollar’s strength. Monday morning trading saw the Thai currency quoted at 36.97…
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Thai Restaurant Association rolls dice with dream casino complex
An integrated entertainment complex, housing a casino, hotel, shopping mall, amusement park, and a variety of restaurants is sought by the Thai Restaurant Association. The association urged the Government of Thailand to consider constructing this innovative hub in a second-tier area, with the idea of promoting and selling local cuisine within the complex. Thai Restaurant Association President Thaniwan Kulmongkol stated…
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Over 5 million senior Thais still working without formal education
The National Statistical Office (NSO) reveals that over 5 million senior Thais, with the majority lacking formal education, continue to work to sustain their livelihoods. This demographic represents approximately 19.5% of the nation’s 66 million population, or 13.64 million individuals aged 60 and above, according to the NSO’s annual survey conducted in July and August of the previous year. Suwannee…
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Thai government’s Ofos project to create 20 million jobs from June
The Thai government has plans to set in motion the One Family One Soft Power (OFOS) project in June, hoping to generate 20 million employment opportunities with a minimum yearly wage of 200,000 baht according to Paetongtarn Shinawatra, Head of the National Committee on Soft Power Development and leader of the Pheu Thai Party. Paetongtarn shed light on the forthcoming…
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Thai Labour Minister aims to boost Social Security Fund
Phiphat Ratchakitprakarn, the Labour Minister, announced plans to improve the profitability of the Social Security Fund by investing in international private firms, including some in Japan. The effort is aimed at increasing the fund’s revenue to 2.7 trillion baht and achieving a growth rate of 5% in the coming year. During a trip from April 5 to April 13, ministry…
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Asian shares plunge over 2% amid rising Middle East tensions
Asian shares experienced a significant plunge of over 2% as tensions rose in the Middle East, according to MSCI’s broadest index of Asia-Pacific shares. This was in response to reported Israeli missile attacks on Iranian sites, which also caused US stock futures to drop by 1.3%. The escalation in hostilities has driven the bond yields to tumble, with US long-term…
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Brewing herbal revolution: Thai herbs poised to spice up global markets
Government spokesman Chai Wacharonke unveiled Prime Minister Srettha Thavisin’s master plan to transform Thai herbs into a formidable soft power product, captivating domestic and international markets. “Prime Minister Thavisin’s vision is crystal clear: to propel Thailand’s herbal industry to unprecedented heights, elevating the status of Thai herbs worldwide.” Harnessing the innate medicinal prowess, rich biodiversity, and indigenous knowledge embedded within…
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Thai and Taiwanese firms join to build medical products plant
Aiming to capitalise on the government’s initiative to make Thailand a medical hub in Southeast Asia, Thai firm Namwiwat Medical Corporation (Nam) and Taiwanese company Somnics Inc have joined forces to construct a new manufacturing plant. The facility, intended to serve as an export base, will produce a wide range of medical products, including sleep-enhancing devices. Nam, a local sterilised…
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Thailand advances its bid for OECD membership to boost economy
Thailand is forging ahead with its application to become a member of the Organisation for Economic Cooperation and Development (OECD), a move that is anticipated to significantly enhance the country’s economic growth. The Thai Foreign Affairs Minister, Parnpree Bahiddha-Nukara, took a proactive step on Tuesday, April 16, by submitting an official letter of intent to Mathias Cormann, the secretary-general of…
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Xi Jinping’s bullet train gift sparks China-Thailand railway reality
A replica of China’s Fuxing bullet train, bedecked in Thailand’s national colours and gifted during the 29th APEC Economic Leaders’ Meeting in Bangkok in November 2022, now finds itself at the epicentre of a transformative railway saga between China and Thailand. As the wheels of progress turn, the construction of the China-Thailand Railway, a flagship venture under the Belt and…
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Thailand’s revenue department ups tax amid economic slowdown
The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…
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Gold ornament prices soar to 41,900 baht in Thailand
Gold prices in Thailand witnessed a notable increase, as reported by the Gold Traders Association (GTA) today. The cost of gold ornaments surged to 41,900 baht, marking a significant rise from the previous day’s closing figures. The GTA, the authoritative body on gold pricing in Thailand, announced an uptick of 200 baht in the price of gold ornaments compared to…
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Global oil prices dip over China’s economic slowdown
With the ongoing economic slowdown in China and diminishing hopes for imminent US interest rate reductions, global oil prices saw a decline in the early trade today. These concerns outweighed supply apprehensions triggered by escalating tensions in the Middle East. Trading at US$89.16 a barrel, Brent futures for June delivery experienced a minor decrease of 7 cents or 0.1%. Similarly,…
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