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.
Stay ahead in Thailand’s dynamic and constantly evolving economy by subscribing to our newsletter and following us on social media.
-
Sponsored Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
-
Thai stock market hits snooze button despite extended hours
Despite the extension of the Stock Exchange of Thailand‘s (SET) trading hours and looming interest rate cuts by the Bank of Thailand, the Thai market failed to rally yesterday. Concerns over a premature rate cut and the aftermath of a recent terrorist attack near Moscow fuelled investor anxiety. The SET yesterday, March 25, increased its trading period from 270 to…
-
Thai citizens set to receive government handout by year-end
To dispense a financial lifeline, Deputy Finance Minister Julapun Amornvivat unveiled plans to ensure that eligible Thais receive a 10,000 baht handout before the year’s end. The initiative, slated to be facilitated through digital wallets, hinges on a decisive timeframe to be determined by the digital wallet committee. Speaking confidently yesterday, March 25, the minister expressed optimism that the committee,…
-
TCC proposes temporary power tariff reduction for Thai households
The Consumers Council (TCC) has proposed a temporary reduction in power tariffs to alleviate the financial strain on Thai households during the summer’s peak demand. This request follows the Energy Regulatory Commission’s (ERC) suggested alterations to the current power rate, which critics argue would not result in cheaper electricity bills. Critics contend that the ERC’s adjustments primarily aim to lessen…
-
Thai EV market shifts into gear with Chinese investment
Major automobile companies are forecasting a rapid escalation in the Thai electric vehicle (EV) market, propelled by increased investment from Chinese EV manufacturers. This is anticipated to ignite a price war as manufacturers strive to lure consumers with competitive pricing. This viewpoint was shared by Narong Sritalayon, the managing director of Chinese automaker Great Wall Motor (GWM), in a statement…
-
Thai gold prices see slight rise, now at 37,900 baht per baht-weight
Thai gold prices have experienced a modest increase, catching the attention of potential buyers and investors. As of the latest update from the Gold Traders Association (GTA), the cost of gold ornaments rose by 50 baht since the last recorded prices, indicating a slight uptick in the precious metal’s market value. The GTS’s website revealed that as of 9.09am today,…
-
Thailand govt releases 1.35 trillion baht from 2024 budget
Between October 1, 2023, and March 8, a whopping 1.35 trillion baht has been released from the 2024 fiscal budget by the Thailand government, according to data from the Comptroller-General’s Department. Comptroller-General’s Department Director-General Patricia Mongkhonvanit explained that the 2024 Expenditure Budget Act draft is still under review by the House of Representatives. In such scenarios, the Budget Bureau’s Budgetary…
-
Thailand Stock Exchange shakes up trading oversight
The Thailand Stock Exchange (SET) has launched a series of initiatives to bolster trading oversight and refine company listing criteria. This move is to regain investor confidence, following a 15.5% negative return last year, the worst performance globally among stock exchanges. Foreign investors offloaded 192 billion baht worth of Thai shares last year, with this trend continuing into the first…
-
Thailand grapples with surge in illegal foreign workers in tourism
The Labour Ministry of Thailand has expressed worries over the persistent issue of foreigners being unlawfully employed within the country’s tourism sector. Labour Minister Phiphat Ratchakitprakarn revealed that the ministry has been vigilantly tracking the situation and has reported a steady increase in the number of illegal foreign workers. From October 2023 to February 2024, as many as 13,424 foreigners…
-
Chao Phraya Princess enhances cruise services to boost tourism
Thailand’s tourism industry is witnessing a revival, with operators enhancing their services to attract the global inflow of tourists. A sought-after experience for many first-time visitors in Bangkok is a scenic cruise along the Chao Phraya River, the country’s main thoroughfare. Chao Phraya Princess, among the largest river cruise operators, has weathered several crises, including the Covid-19 pandemic. To survive…
-
Thailand’s bid to join OECD gains momentum
Thailand’s quest for the Organisation for Economic Co-operation and Development (OECD) membership gains momentum as insiders reveal surprising support from top diplomats. Thailand’s aspiration to kick-start the accession process for OECD membership has garnered significant backing from the organisation’s members, reports a diplomatic insider. The revelation came to light during the inaugural OECD Council meeting held in Paris on Tuesday,…
-
Boosting economic growth: Thailand-Hungary relationship
Hungary seeks to cultivate a stronger bilateral relationship with Thailand as part of the Central European country’s objective to achieve 4% economic growth in the current year, according to Péter Szijjártó, the country’s Minister of Foreign Affairs and Trade. Trade between Thailand and Hungary hit a new high last year, exceeding US$730 million (approximately 26 billion baht). Thailand made significant…
-
Unveiling Thailand’s cultural heritage through mini-dramas
The Department of Commerce is encouraging business owners to utilise mini-dramas as a means of enhancing the global market’s awareness of the nation’s cultural heritage, traditions, and tourism opportunities. Commerce Minister Phumtham Wechayachai recently introduced actors to Prime Minister Srettha Thavisin, demonstrating the government’s commitment to promoting local products worldwide through the Y-Yuri Series. The department teamed up with well-known…
-
Huai Khwang’s food scene hit by strict regulations, eateries close
Recent developments in Huai Khwang district have seen a wave of closures across restaurant businesses including hotpot and shabu eateries. According to the Huai Khwang District Office, scrutiny has led to the discovery that many Chinese restaurants were operating without the necessary permits. The district office mandated that all eateries obtain proper licensing but this proved challenging for some. Compliance…
-
Deputy foreign minister backs Mekong region trade
To revitalise cross-border commerce, the Thailand deputy foreign minister made a pivotal visit to Chiang Saen Port on Monday, accentuating its pivotal role in the lower Mekong region. With cross-border trade in Chiang Rai soaring to an estimated 100 billion baht last year, according to the Foreign Ministry, the port’s strategic location where the Kok and Mekong Rivers converge offers…
-
Q-Con’s land acquisition set to boost southern Thailand’s economy
The Industrial Estate Authority of Thailand (IEAT) anticipates its recent land sale to Quality Construction Products Plc (Q-Con), a lightweight brick manufacturer, to bolster the increasing demand for bricks and endorse the government’s economic upliftment plan for the southern region. Situated in the Southern Region Industrial Estate, the 35-rai land was acquired by Q-Con, which had committed to a purchase…
-
Thai govt’s cash splash: 500 billion baht digital wallet green light
With a budget proposal of 3.48 trillion baht (US$96.5 billion) for the fiscal year under discussion, the Government of Thailand is determined to proceed with a significant 500-billion-baht (US$13.8 billion) digital wallet handout scheme, according to Deputy Finance Minister, Julapun Amornvivat. During the parliamentary debate, Julapun stated the possible necessity of securing a loan via a bill to finance the…
-
Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
-
Gold prices in Thailand surge with ornaments at 37,350 baht
Gold prices in Thailand saw a significant hike today, with the Gold Traders Association (GTA) reporting an increase that builds on the closing figures from the previous day. Today, March 19, gold ornaments were sold at 37,350 baht per baht-weight, a 150 baht rise from yesterday’s closing price. The latest data released by the association at 9.04am underlines a buoyant…
-
Index Living Mall targets low-income success defies mortgage setbacks
Index Living Mall (ILM), a Stock Exchange of Thailand (SET)-listed company, has observed rapid growth in the low-income segment, despite soaring mortgage rejection rates. This trend led to a strategic shift in the company’s approach, expanding its product range to include non-branded furniture and budget-friendly products imported from China. Kridchanok Patamasatayasonthi, ILM Managing Director, highlighted the exceptional 100% growth within…
-
Comptroller-General Department tackles budget disbursement delay
The Comptroller-General’s Department is working to resolve the impediment in hastening budget disbursement, with a focus on speeding up budget funding into the economy for the fiscal year 2024. Director-General of the department Patricia Mongkhonvanit revealed that the delay in budget disbursement is majorly due to the high volume of appeals submitted by unsuccessful bidders for government projects. Each appeal,…
-
Krungsri Research predicts growth for Thai construction
Krungsri Research unveiled the dynamic trajectory of Thailand’s construction sector for the next two years. According to the report, the construction industry is poised for a meteoric rise, with an anticipated annual growth rate of 3% to 4%. This surge aligns seamlessly with the overall investment value in construction, heralding a golden era of development on the horizon. The state…
-
Thai entrepreneurs make record-breaking sales at Japan food expo
Fifty Thai entrepreneurs showcased their culinary prowess at the Foodex Japan 2024 exhibition held in Tokyo from March 5 to 8. The Department of International Trade Promotion (DITP) revealed that the response from Japanese buyers was so overwhelming that sales soared to nearly 2.5 billion baht. Chanthapat Panjamanond, Thailand’s commercial attaché in Tokyo revealed that orders for Thai food products…
-
Thai Drinks targets Gen Z in Asia for est Cola expansion
Keen on broadening its reach in Asia, Thai Drinks, the company managing est Cola, is targeting the Gen Z market for expansion. Forecasting a growth of 25% in the Thai carbonated soft drink market due to warmer weather and intensive marketing campaigns, Suporn Denpaisarn, the non-alcoholic beverages division head at Thai Drinks, reveals their growth plans. According to Nielsen IQ…
-
Centara sets on becoming Top 100 global hotel operator by 2027
2024 is set to be a momentous year for Centara Hotels & Resorts, Thailand’s leading hotel operator. The company is rolling out an ambitious plan to open new properties, refresh its brands, and introduce exciting experiences for guests, aiming to become a top destination for travellers and one of the world’s leading hotel operators by 2027. Centara laid solid foundations…
-
Driving economic growth: Thailand’s quest for clean energy
The call to action resonates through Thailand’s corridors of power as demands surge for the nation to lead the clean energy revolution across the region, igniting economic growth. Burin Adulwattana, the managing director and chief economist at Kasikorn Research Centre (K-Research), underscores the urgency of this endeavour, stressing its pivotal role in ensuring competitive pricing for clean energy within Thailand.…
-
Thai workers set to transform South Korea’s shipbuilding industry
Labour Minister Phiphat Ratchakitprakarn secured an agreement during his recent visit to Seoul as 3,000 Thai workers are set to revolutionise South Korea’s shipbuilding sector. The minister, in a high-stakes meeting at Lotte Hotel Seoul, clinched a deal with representatives from five top South Korean shipbuilders: HD Hyundai Heavy Industry, Hyundai Mipo Dockyard, Hyundai Samho, Samsung Heavy Industries, and Hanwha…
-
Thai envoy unveils plan for Taiwanese investment boom
In an exclusive interview with CNA on Tuesday, the executive director of the Thailand Trade and Economic Office (TTEO), declared the nation’s readiness for an influx of Taiwanese investment, particularly in electronic manufacturing and construction projects. Narong Boonsatheanwong highlighted Thailand’s emergence as a Southeast Asian electronics manufacturing powerhouse, with a burgeoning global reputation for printed circuit board (PCB) production. Drawing…
-
Thailand’s industrial ethanol: A game-changer in green economy?
Thailand is on the cusp of an industrial transformation as experts push for a major shift in ethanol production. Isares Rattanadilok na Phuket, Vice President of the Federation of Thai Industries (FTI) called to liberate the country’s ethanol potential, aiming to slash reliance on imports and catapult Thailand into a green economic powerhouse. The FTI has unearthed Thailand’s abundant capacity…
-
Thai government approves tax benefits for investment tokens
The Thai government has authorised tax measures aimed at fostering capital raising through investment tokens, as confirmed by Kulaya Tantitemit, the director of the Revenue Department. The decree, which was approved during yesterday’s Cabinet gathering, states that individuals who have received income, profit shares, or other benefits from holding digital investment tokens and have had a 15% withholding tax deducted,…
-
Government revenue falls short due to dip in oil taxes
There’s been a shortfall in the government’s revenue collection for the first four months of the 2024 fiscal year, largely due to a sharp drop in oil taxes. This data was disclosed by the Fiscal Policy Office (FPO) director-general, Pornchai Thiraveja, who highlighted that the government’s net revenue for the period of October 2023 to January 2024 was 824 billion…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.