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 factory closures, a victim of Chinese imports surge
Chinese electric vehicle (EV) manufacturer BYD recently opened its inaugural Southeast Asian factory in Thailand, garnering considerable attention and praise for the country’s industrial foresight. However, this development also adversely affected long-established Japanese automakers, leading to a ripple effect across numerous Thai factories. A crucial development went relatively unnoticed as Suzuki Motor announced the closure of its Thai factory, with…
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Thailand disburses 3.48 trillion baht budget to boost economy
An injection of 3.48 trillion baht from the 2024 fiscal budget has finally been disbursed in the second quarter of this year, following delays that began on October 1 last year due to political setbacks after the General Election in May 2023. With economic growth stagnating, public expenditure is seen as a crucial factor to revive subdued private spending and…
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Thailand energy, finance, tourism to boost revenue in fiscal 2024
Energy businesses, financial institutions, and tourism are expected to be the primary revenue contributors for the Revenue Department this year, according to its chief. These sectors have shown strong performance and are anticipated to generate significant tax revenues during the first nine months of fiscal 2024 (October 2023 to June 2024). Revenue Department Director-General Kulaya Tantitemit highlighted that while these…
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King Vajiralongkorn supports sustainable farming and welfare
King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua has consistently demonstrated his commitment to the agricultural sector, recognising its vital role in the national economy since his days as Crown Prince. His Majesty has undertaken numerous initiatives aimed at improving the livelihoods of farmers throughout the country. These initiatives have not only strengthened the bond between farmers and the monarch but also frequently…
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Nation Group: Salary cuts apply to management team only
Nation Group has clarified that its recent salary suspension affects a mere 10% of its staff, primarily targeting the management team. This revelation comes amid swirling rumours and public outcry, which the company attributes to distorted messages presenting partial truths, causing widespread public misunderstanding and online criticism, damaging the organisation’s reputation. Dismissing any notions of being in crisis, Nation Group…
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Thai investors flee Myanmar chaos, pulling out 253 billion baht
Thai companies are fleeing Myanmar amid escalating conflict and economic instability. The ongoing clash between Myanmar’s military government and opposition forces shows no signs of easing, prompting Thai firms to withdraw a staggering US$7 billion (around 253 billion baht) in investments. Once the third-largest investors in Myanmar, Thai companies are now ranked 5th, with investments plummeting from US$11.6 billion in…
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Chinese foreign minister calls for ASEAN regional cooperation
During a meeting between the Thai and Chinese foreign ministers to discuss the consultation mechanisms between the two nations, Chinese Foreign Minister Wang Yi emphasised the importance of upholding the ASEAN-centered East Asian regional cooperation framework and rejecting exclusive small circles. Wang and Thai Foreign Minister Maris Sangiampongsa co-chaired the second meeting between the foreign ministers. This two-day visit marked…
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Thailand’s EV 3.0 policy faces major oversupply challenges
The Thai Electric Vehicle Association (EVAT) issued a cautionary note to electric vehicle (EV) manufacturers in Thailand, alerting them to the potential for a significant oversupply of EVs in the coming years. This warning arises from the production requirements stipulated under the EV 3.0 policy. This policy, which has been previously lauded for encouraging domestic EV production, offers import tax…
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Japanese tourists to flock to Thailand despite economic woes
To revive tourism, the Tourism Authority of Thailand (TAT) unveiled dynamic strategies to draw Japanese tourists back to the Land of Smiles. Despite the yen’s depreciation, TAT Tokyo Office Director Kajorndet Apichartrakul remains optimistic about reversing the deficit in tourist numbers with Japan. Last year, 995,000 Thai tourists visited Japan, while only 804,000 Japanese tourists came to Thailand, resulting in…
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Thai investor confidence remains neutral for 5th month
The Federation of Thai Capital Market Organisations’ (FETCO) Investor Confidence Index (ICI) maintained its position in the neutral zone for the 5th consecutive month, registering 82.89 in June. The index, which forecasts market conditions over the next three months, highlights that stimulus measures and companies’ earnings reports could potentially boost investor sentiment in the latter half of the year. FETCO…
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Thai-Philippine MoUs for rice exports worth 2.8 billion baht signed
The Commerce Ministry recently facilitated a significant trade development, leading a team of rice exporters to the Philippines and securing memorandums of understanding (MoUs) valued at 2.8 billion baht (US$77 million). Ronnarong Phoolpipat, Director-General of the Foreign Trade Department, headed the delegation, which included Charoen Laothamatas, president of the Thai Rice Exporters Association, during a visit from July 3 to…
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Thailand’s BOI opens first Saudi branch amid growing ties
Thailand’s Board of Investment (BOI) will inaugurate its first branch in Saudi Arabia this week, signalling a new chapter in economic relations between the two nations. The new office in Riyadh, opening this Sunday, July 14, marks a significant step in fostering investment and business growth. This strategic expansion has drawn high-profile attendees, including Foreign Minister Maris Sangiampongsa and over…
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GAC AION charges ahead in Thailand with new EV hub in Rayong
China’s 4th-largest electric vehicle (EV) manufacturer, GAC AION New Energy Automobile, is gearing up to revolutionise Thailand’s automotive landscape with the inauguration of a state-of-the-art manufacturing facility in Rayong’s Eastern Economic Corridor (EEC) on July 17. Industry Minister Pimphattra Wichaikul announced that the cutting-edge plant, costing a staggering 2.3 billion baht, is poised to kick off operations by November. Boasting…
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Amata City factory in Rayong to close by January 2025
A long-standing company in Amata City Industrial Estate, Rayong, is set to close its doors after 20 years, gradually laying off employees to complete the process by the end of this year or at the latest by January 2025. This news, posted by the News Chon Buri-Rayong Online page, has sent shockwaves through the local workforce, as the company is…
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Thai king’s sustainable model boosts Thai agriculture
King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua’s Khok Nong Na Model is revitalising Thai agriculture with its sustainable approach designed for the people’s happiness. The model advises farmers to divide their land into equal parts for plant cultivation, pond construction, and housing. To commemorate the king’s 71st birthday last year, reporters interviewed Wiwat Salyakamthorn, former agriculture and cooperatives minister, who now chairs…
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Thailand delays legal advice on digital wallet funding
The Thailand government has not yet sought legal advice from the Council of State regarding the use of funds from the Bank for Agriculture and Agricultural Cooperatives (BAAC) to partially finance the digital wallet scheme, confirmed Pakorn Nilprapunt, Secretary-General of the Council. Pakorn clarified that the government does not need to consult the council if it plans to use money…
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Chiang Mai used car dealers rev up amid economic turmoil
Chiang Mai’s used car dealerships are on the brink of collapse as they battle economic woes and intense price wars. The once-thriving market is now a battleground, with many dealerships shutting their doors while the survivors cling on by the skin of their teeth. The surge in repossessed vehicles and stricter financing regulations have only added fuel to the fire.…
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Cash in the cloud: Thailand gears up for digital wallet launch
Thailand’s deputy finance minister recently disclosed that the prime minister will announce details about the digital wallet project, including registration and identity verification steps, on Wednesday, July 24. The project aims to distribute 10,000 baht through digital wallets, pending approval from various authorities. Deputy Finance Minister Paopum Rojanasakul addressed concerns raised by Deputy Leader of the Move Forward Party, Sirikanya…
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Reforming Thailand’s creative sector to boost economy globally
Thailand’s creative industry requires a comprehensive reform to foster growth both domestically and internationally, as emphasised by the soft power development subcommittee. The government has identified the creative sector as a crucial driver for economic enhancement and international recognition, leveraging Thailand’s soft power. The 5F approach, encompassing Thai food, films and videos, fabric and fashion design, martial arts, and traditional…
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Thailand aims for 8 million Chinese tourists if airlines boost capacity
The Tourism Authority of Thailand (TAT) has stated that the goal of attracting 8 million Chinese tourists this year is attainable, provided airlines can increase seat capacity to over 80% of pre-pandemic levels. Chinese tourists had surpassed visitors from other countries by June 30, with 3.5 million arrivals out of a total of 17.5 million foreign visitors to Thailand. The…
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Fiorentine fusion: Ttalian-Thai forum sparks economic amore
The ninth annual Italian-Thai Business Forum (ITBF) was recently held in Florence, Italy, organised by the Thai Chamber of Commerce, the Thai Board of Trade, and the Italian Embassy in Bangkok, the event aims to bolster economic cooperation between the two nations, which have enjoyed 156 years of diplomatic relations. Business leaders from 16 Thai and 13 Italian companies attended…
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Berry far away: Thai farmers chase sweeter loans in Scandinavia
The BAAC is offering loans for Thai farmers to harvest berries in Sweden and Finland this summer. The state-owned Bank of Agriculture and Agricultural Cooperatives (BAAC) earmarked 375 million baht to help 5,000 Thai farmers embark on an adventurous journey to pick wild berries in Sweden or Finland during this year’s harvest season, starting this month. BAAC President Chatchai Sirilai…
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Durian vendors reduce sizes to segments amid price surge
Durian prices have surged in Nakhon Ratchasima, prompting vendors to adapt by selling the fruit in segments instead of whole, as local purchasing power dwindles and sales plummet more than 50%. At the fruit sale zone within a local market in Mueang Nakhon Ratchasima, durian sellers have shifted from selling the fruit by kilogrammes to selling it in segments, measured…
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Thailand and Malaysia aim for 1 trillion baht trade by 2027
Thailand and Malaysia have set an ambitious goal to boost bilateral trade to 1 trillion baht by 2027, with a focus on enhancing border economic connections through the Twin Cities initiative. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai outlined the plans following the third Thailand-Malaysia Joint Trade Committee (JTC) meeting in Kuala Lumpur. Phumtham highlighted the strong relationship…
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Toy story: Thailand art toys boom with adult collectors’ creativity
The local art toys sector in Thailand is experiencing significant growth, primarily driven by the purchasing power of mainly adult collectors, compounded by the creativity of small toy manufacturers. According to the Director-General of the Business Development Department, Auramon Supthaweethum, the art toy business is set for continued expansion due to rising consumer demand, presenting promising opportunities for Thai entrepreneurs.…
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Revised debt management plan pushes borrowing to 1.03t baht
The Thai Cabinet approved a revised public debt management plan for the 2024 fiscal year, incorporating an additional 275.87 billion baht in borrowing. Of this, 269 billion baht is designated for direct government use and lending to state enterprises for debt restructuring. According to Deputy government spokesperson Rudklao Suwankiri, this revision increases the total new borrowing for the current fiscal…
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Political turmoil and economic strife rock Thailand’s elite
The fate of Thailand’s business-friendly Prime Minister Srettha Thavisin, a former real estate mogul, hangs by a thread less than a year after taking office. Political turmoil has shaken investor confidence in Southeast Asia’s second-largest economy, resulting in a 15% drop in the benchmark stock index since last year. Compounded by a weaker baht, the combined wealth of the nation’s…
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Thailand’s economic growth forecast cut to 2.4% amid weak exports
Thailand’s economic growth is forecasted to slow to 2.4% this year, a decrease from the 2.8% projection made in April, primarily due to weaker-than-expected exports and public investment in the early months of the year, the World Bank announced. The World Bank today, July 3, highlighted that the growth of Southeast Asia’s second-largest economy will be supported by consumer spending,…
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US economy thrives in 2024, China faces challenges
The US economy has been robust throughout 2024, buoyed by strong consumer spending, fiscal stimulus, and a thriving labour market. In contrast, Europe and Asia, particularly China, have faced economic challenges, with China’s real estate market issues impacting its overall economic performance. However, there are optimistic signs for the remainder of 2024 and into 2025. China’s leadership is beginning to…
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Thailand considers alcohol ban lift to boost restaurant spirits
The Government of Thailand is considering lifting the afternoon ban on alcohol sales to assist struggling restaurant operators amid an economic downturn. Representatives from the Restaurant Business Club submitted a letter to Prime Minister Srettha Thavisin, urging for measures to help restaurants survive the challenging economic climate. Restaurant operators highlighted rising operating costs and increasing prices of ingredients as major…
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