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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Sponsored Fourtwenty High Garden 4/20 celebration 'Up in The Clouds'
Fourtwenty is thrilled to announce its flagship event “Up in The Clouds,” a celebratory gathering on the internationally recognized day of cannabis culture, April 20th (4/20), hosted at the scenic Fourtwenty High Garden. The event is set to kick off...
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KBank to create digital currency system
As mainstream lenders remain cautious about digital assets, Kasikornbank (KBank) is on a mission to create a digital-asset ecosystem, providing a groundbreaking funding route for companies. KBank acquired the licenced digital-asset exchange Satang Corp in October. Notably, this acquisition marks a rare instance of an established lender stepping into the crypto trading platform domain. The rebranded Satang Pro platform, now…
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Survey reveals half of Thai workers unprepared for retirement
In a startling revelation, a recent survey conducted by the Faculty of Commerce and Accountancy at Chulalongkorn University has unveiled a concerning truth – a staggering 50% of working-age Thais are not financially equipped for retirement. The implications are dire, as experts warn of the impending challenges faced by the nation’s ageing population. The survey, involving 2,400 participants nationwide, disclosed…
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Thai wage committee upholds 2.37% minimum wage increase
Yesterday, a senior government official announced that the tripartite wage committee has decided to uphold their previously agreed-upon plan to increase the average daily minimum wage by 2.37%. The committee, consisting of representatives from the government, employers, and employees, has agreed to uplift the pay threshold range to 330 to 370 baht, starting in January. This was confirmed by Pairoj…
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Explosive growth in Thai insurance industry predicted for 2024
The Thai General Insurance Association (TGIA) has foreseen an unprecedented surge in the insurance industry, with premiums expected to skyrocket to 303 billion baht in 2024. The TGIA president, Somporn Suebthawilkul, revealed the industry’s trajectory, unveiling that premiums for the initial nine months of this year already hit a whopping 210 billion baht, marking a staggering 5.2% rise from the…
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PM Srettha reveals bold plans for seamless tourism and rice boost in regional summit
Prime Minister Srettha Thavisin revealed visionary plans to foster seamless tourism among Thailand, Vietnam, Laos, and Cambodia. The grand revelation unfolded during a high-profile meeting with the leaders of these nations on the sidelines of the Tokyo summit, celebrating Japan’s half-century collaboration with ASEAN countries. During a tête-à-tête with Vietnam President Võ Văn Thưởng, Srettha enthusiastically announced the revival of…
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Stable gold prices in Thailand offers secure investment opportunity
The Gold Traders Association announced today’s gold prices, maintaining the same rates as yesterday. The selling price for gold jewellery is set at 34,050 baht. The price of gold remains unchanged from yesterday, with the Gold Traders Association revealing the selling price for gold jewellery at 34,050 baht per baht, according to the latest information published on their website at…
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Diesel drama: Choice of petrol diminished
In a game-changing move, the Energy Business Department is racing towards Cabinet approval to discontinue the sale of B10 diesel oil, leaving only B7 and B20 options at the pumps. Department Director-General Nanthika Thangsupanich explains this electrifying decision, spurred by the Energy Policy Committee’s bid to streamline diesel oil offerings and clear the fog of confusion for the masses. As…
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Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
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Shocking poverty report exposes Thailand’s hidden crisis: Top 10 struggling provinces revealed
In a groundbreaking summit titled Bridging the Gap: Thailand’s Path to Inclusive Prosperity, the National Economic and Social Development Council (NESDC), in collaboration with the World Bank, has unravelled an alarming reality about poverty persisting in certain provinces despite an overall reduction in inequality. According to the latest assessment of Thailand’s situation last year, the nation has witnessed a commendable…
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Phuket’s phenomenal rise: From tropical paradise to global hub
In the wake of a robust global economic resurgence, Phuket has emerged as a magnet for inbound migration, shaping a vibrant and eclectic international community in the heart of Asia, reveals C9 Hotelworks’ latest expansive investment dossier on Phuket’s economic landscape. Managing Director of C9 Hotelworks Bill Barnett stated… “With a tourism and property market in full throttle, we’re witnessing…
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SMK facing liquidity crisis as liabilities surpass assets
The Syn Mun Kong Insurance Plc (SMK), overseen by the Office of the Insurance Commission (OIC), is facing significant liquidity issues and has been given 60 days to solve these problems and raise capital. However, the OIC suggests that SMK is unlikely to comply within the given timeframe. SMK’s total liabilities have surpassed its assets, amounting to 30 billion baht, according…
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Thai tourism revolution: Duty-free ditch and booze bonanza
In a bold move set to redefine Thailand‘s tourism landscape, the Finance Ministry is gearing up to propose changes that could reshape the way tourists spend their cash. The Finance Ministry is set to pitch a revolutionary plan to Cabinet today, December 19, aiming to suspend duty-free shops in the arrivals section of all airports. Lavaron Sangsnit, the ministry’s permanent…
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Pork price crash in Thailand due to rampant smuggling
A nationwide crash in pork prices, sparked by rampant smuggling, is wreaking havoc on the livelihoods of hog farmers throughout Thailand. The illegal import of pork not only undermines local farmers but also poses a significant public health risk due to the potential for contamination. The Deputy Agriculture and Cooperatives Minister, Chaiya Phromma, addressed the issue in a conversation with…
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Thai government considers extending nightlife hours
The Thai government is currently contemplating the extension of operating hours for bars, clubs and other entertainment hubs until 4am, in more provinces as a means to stimulate the economy, as reported by Interior Minister Anutin Charnvirakul. The minister shared this information following a late-night inspection of Khao San Road nightspots on Saturday. This marked the second night clubs and…
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Thanapiriya Plc plans 120 million baht expansion
Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…
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Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
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Thailand’s soft power strategy to generate 4 trillion baht across 11 industries
Thailand’s soft power is poised for global promotion in 11 industries, with a potential generation of 4 trillion baht, as revealed by Commerce Minister Phumtham Wechayachai. The statement was made at a seminar aimed at empowering business operators through the application of soft power, attended by Paetongtarn Shinawatra of the ruling Pheu Thai Party and chair of the national committee…
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Thailand’s inflation hits 33-month low sparking economic slowdown concerns
Inflation in Thailand experienced a downward trend for the second month in a row, marking a 33-month low in November. This decrease sparked concerns regarding the increased risk of economic deceleration and potential deflation. The Commerce Ministry of Thailand has also predicted a further decline in the inflation rate in December. Deflation is defined as a period where the prices…
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Thailand’s economic growth potentially in decline, SCB EIC warns
The Siam Commercial Bank’s research wing, SCB Economic Intelligence Center (EIC), expressed concern over the potential decline in Thailand’s long-term economic growth. It has attributed this to enduring structural problems, such as low investment, diminished total factor productivity, and the economic impact of the pandemic. Chief Economist at SCB EIC, Somprawin Manprasert, revealed that Thailand’s economic recovery has been more…
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Social Security Board candidates call for higher pension rates
A majority of the candidates in the race for the new Social Security Board have underscored the need to increase pension rates for retirees within the social security system. They also drew attention to the crucial requirement of enhancing transparency and efficiency in managing the Social Security Fund (SSF). The election, slated for December 24, will see over 800,000 registered…
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NEPC plans to cap power tariff for Thai households at current rate
The National Energy Policy Council (NEPC), in its recent meeting, moved to limit the power tariff for households consuming not more than 300 units a month at the existing rate of 3.99 baht per unit, an insider familiar with the meeting discussions revealed. In the NEPC meeting, led by Prime Minister Srettha Thavisin, two main points were reviewed, both related…
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Minimum wage hikes unlikely to impact Thai goods pricing significantly
The Commerce Ministry’s planning unit has weighed in on the ongoing debate regarding the impact of minimum wage increases on domestic goods and services, suggesting that such hikes are unlikely to significantly influence the pricing landscape. Poonpong Naiyanapakorn, the director-general of the Trade Policy and Strategy Office (TPSO), has argued that a rise in the daily minimum wage by an…
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Thailand’s central bank forecasts export revival and low inflation
The Bank of Thailand (BoT) anticipates an export revival in the coming year, as revealed in a recent statement. The Bank also projects low inflation rates for the same period, attributing it to government subsidies, albeit with a gradual increase within an acceptable range. Meeting minutes from the BoT’s November 29 monetary policy gathering, released on Wednesday, indicated that while…
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Thai business bounces back: Surprising catalysts revealed by FTI
The Federation of Thai Industries (FTI) explained the significant rise in Thailand’s Industry Sentiment Index (TISI) after a five-month slump including a tourism boom and strategic government measures. Breaking through the economic gloom, the TISI soared to 90.9 points in November, marking a triumphant comeback after five consecutive months of decline, according to the FTI. In stark contrast to October’s…
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Malaysia and Singapore lure Chinese travellers with visa-free policies
The Chinese traveller market could see a significant rise to 7 million arrivals next year as Malaysia and Singapore become increasingly attractive due to reciprocal visa-free policies. Thailand, however, has yet to secure such an agreement with China. Following the introduction of a visa exemption for Malaysians, Beijing is speculated to extend a 30-day visa exemption to Singapore in the…
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Thailand extends visa-free entry for Japanese business visitors
Thailand’s Cabinet has given the green light to extend the 30-day visa-free entry privilege for Japanese visitors. The update, effective from January 1 next year, now includes Japanese business travellers. The Cabinet, convening today, December 12, waved the magic wand on a proposal brought forth by the Foreign Affairs Ministry. Deputy government spokesman Kharom Polpornklang spilt the beans, sharing that…
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PTT’s OR diversifies with budget hotels and community malls at petrol stations
PTT Oil and Retail Business Plc (OR) is renewing its focus on diversifying its non-oil business ventures, with plans to construct budget hotels within its petrol stations and incorporate community malls catering to tourists. The company’s President and Chief Executive, Disathat Panyarachun, shared these developments. The next quarter will see OR onboarding a business consultant to oversee the hotel project.…
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Slowing Chinese economy may impact Thailand’s exports, tourism and investment
Economic experts are voicing apprehension over the slowing Chinese economy, citing that the mainland’s deceleration and escalating tensions with the US could potentially affect Thailand in terms of exports, tourism, direct investment, and property. Despite China’s economy surpassing estimates by growing 4.5% in the first quarter, it has since experienced a slowdown. The disappointing figures in terms of investment, consumption,…
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Thai labour minister takes wages for a spin: Cabinet gears up for minimum wage review
Thai Labour Minister Phiphat Ratchakitprakarn announced that the Cabinet will be looking into a review of the new daily minimum wage rates. This comes after several business organisations urged the government to uphold the decision made by a tripartite wage committee regarding the increase in wages. Phiphat disclosed that he has no authority to review the rates approved by the…
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Thai high-value sectors to boost economy, exports in 2024 says FTI
The Federation of Thai Industries (FTI) forecasted that the country’s high-value sectors such as agriculture, food, automotive, and bio-, circular and green (BCG) manufacturing will bolster the economy and exports in the coming year. The BCG initiative, launched as a national agenda in 2021, aligns with global environmental campaigns, encouraging manufacturers to adopt environmentally friendly technologies. Kriengkrai Thiennukul, FTI chairman,…
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