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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Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
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Thailand’s tourism revenue goal in jeopardy: Tourism minister
Thailand faces an uphill battle in reaching its ambitious 3.5 trillion-baht tourism revenue target for 2024, as admitted by Tourism and Sports Minister Sermsak Pongpanich. Speaking at the Thai Hotels Association’s annual conference, Sermsak highlighted the current progress and challenges ahead. “In the first five months of this year, Thailand has welcomed 15 million foreign tourists, generating 1.1 trillion baht.…
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BoT urges usage of older banknotes for special occasions
The Bank of Thailand (BoT) urged consumers to use existing banknotes for special occasions instead of requesting newly printed ones. This request comes as the circulation period of banknotes has extended due to the rise in digital payments and improved banknote quality. Currently, the first-in, first-out cycle for banknotes means they stay in circulation about 10% longer than before. The…
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Thailand’s national parks smash revenue records
Thailand’s national parks achieved a monumental milestone, breaking revenue records by collecting a whopping 1.785 billion baht between October 1 last year, and June 20 this year. This incredible sum surpasses the total amount collected in the whole of 2023, which stood at 1.467 billion baht. Leading the charge is the Nopparat Thara Beach National Park, Phi Phi Islands, raking…
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Thai handicrafts to drive economic growth, says Deputy PM
The Deputy Prime Minister and Minister of Commerce has tasked the Institute for the Promotion of Thai Arts and Crafts (SACIT) with enhancing Thai handicrafts to boost the economy. This initiative aims to honour the legacy of Her Majesty Queen Sirikit, The Queen Mother. Deputy PM Phumtham announced policies to advance the SACIT at Bang Sai, Phra Nakhon Si Ayutthaya.…
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Thailand’s exports surge in May with agricultural products
Thailand’s exports reached their highest level in 14 months, achieving a 7.2% year-on-year growth in May, largely due to a surge in agricultural products. Director-General of the Trade Policy and Strategy Office Poonpong Naiyanapakorn announced that the value of exports in May expanded to US$26.2 billion (approximately 960 billion baht), marking a significant gain of 7.2%. Thai shipments, excluding gold,…
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Government may raise foreign condo ownership limit to 75%
The government considers increasing the foreign ownership limit in condominiums from 49% to 75% of a building’s usable space, as disclosed by Deputy Prime Minister Phumtham Wechayachai. The Interior Ministry is evaluating the feasibility of extending the maximum leasehold period for foreigners from 50 years to 99 years. Phumtham stated that this proposal was first discussed at a Cabinet meeting…
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Haulage operators in Thailand threaten strike over diesel prices
Road haulage operators have hiked their charges by an average of 9% today and are now gearing up for a nationwide strike unless the government addresses their demands to cap diesel prices at 30 baht per litre. Apichart Prairungruang, Land Transport Association of Thailand President, expressed frustration. “We’ve adjusted charges to cope with rising costs after four petitions to Prime…
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Food delivery market grows as economy threatens restaurants
The online food delivery market in Thailand is experiencing growth but the challenging economy might force closures of between 50,000 and 100,000 small restaurants. Thailand has approximately 700,000 restaurants, including mobile street vendors, with the total business valued at 800 billion baht. Online food delivery services contribute 15% to this total. Chief Executive of Line Man Wongnai, Yod Chinsupakul, reports…
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Thailand’s durian diplomacy: Cracking the chinese market wide open
Thailand is going all out to secure its crown in the lucrative Chinese durian market. The government has rolled out a series of innovative strategies, including high-tech farming enhancements and stringent quality controls, to ensure Thailand remains the top durian supplier to China. Prime Minister’s Office spokesman Chai Wacharonke announced at a press conference that Thailand has significantly bolstered its…
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PM Srettha in talks with BoT chief over handout scheme
Thailand Prime Minister Srettha Thavisin has yet to address Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput’s staunch opposition to the government’s colossal 500-billion-baht handout scheme. Acknowledging the brewing conflict, PM Srettha admitted he and the central bank governor held divergent views, necessitating urgent discussions. Governor Sethaput, in a candid Bloomberg interview, criticised the sweeping economic stimulus, suggesting it was excessive…
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Malaysia and China join forces on billion-dollar rail project
China’s plans to extend the East Coast Rail Link (ECRL) into Thailand are set to transform Southeast Asian trade. Chinese Premier Li Qiang announced the initiative during his visit to Malaysia yesterday. The US$10 billion (approximately 366 billion baht) ECRL, a key project of China’s Belt and Road Initiative, aims to connect Malaysia’s east and west coasts by 2026. Initially…
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Thailand eyes cleaner energy with new power plan for 2024 to 2037
Thailand’s revised power development plan (PDP) is set to be submitted for approval after a week-long public hearing concluded yesterday, the implementation of the plan by year’s end, will steer the country towards cleaner energy. Central to Thailand’s commitment to reducing carbon dioxide emissions, the PDP is expected to provide a clearer path for the nation. Thailand announced its commitment…
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Deputy PM defends mammoth borrowing to jump start growth
In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…
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Thailand unveils 3.75 trillion baht budget bill to boost economy
As the House of Representatives kicked off a three-day debate, Prime Minister Srettha Thavisin introduced a 3.75 trillion baht budget bill for the 2025 fiscal year, aimed at revitalising Thailand’s sluggish economy. Simultaneously, he remains focused on advancing the digital wallet scheme. The budget intends to stimulate economic growth, with forecasts suggesting an increase of 2.5% to 3.5% in 2025…
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Thailand promotes OTOP products to boost local economies
Thailand’s deputy interior minister recently presided over the opening of an event aimed at developing and supporting marketing channels for One Tambon One Product (OTOP) items, poised to enhance community enterprises. The event, titled Community Enterprises: United in Promoting Thai Products saw the participation of Deputy Interior Minister Kreang Kalltinant, who was accompanied by several members of the ministry, alongside…
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BoT opposes cash handout scheme, urges help for those in need
The Bank of Thailand (BoT) firmly opposes the digital wallet cash handout initiative proposing a 500 billion baht cash distribution to nearly all adult citizens to boost consumption, emphasising that it would be more beneficial to directly assist those in need. Private consumption is expected to grow by about 4% this year following a record 7% increase last year. However,…
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Thailand shoots to the top, leaves Malaysia trailing in ASEAN rankings
Thailand has rocketed up the global competitiveness rankings, leaving Malaysia in the dust and securing the second spot in ASEAN. The IMD World Competitiveness Centre’s 2024 report catapulted Thailand from 30th to 25th place worldwide, highlighting a significant leap in economic performance. Danucha Pichayanan, the Secretary-General of the National Economic and Social Development Council, briefed the Cabinet yesterday regarding this…
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Inflate debate: BoT warns against raising inflation target
Bank of Thailand (BoT) cautioned against raising the inflation target to match the range established by the monetary authority, citing concerns that such a move may destabilise expectations and accelerate price increases. BoT Governor Sethaput Suthiwartnarueput stated that the current range is appropriate. “The current inflation target range is appropriate for the circumstances and it has worked well in terms…
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Finance minister: Digital wallet funds to exclude mobile phones
Deputy Finance Minister Julapun Amornvivat urged the Commerce Ministry to reconsider its decision to permit recipients of the 10,000-baht payout from the digital wallet scheme to use the funds on mobile phones. He argued that this move would not benefit the domestic economy as intended. Prime Minister Srettha Thavisin shares these concerns, noting that most mobile phones are either manufactured…
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Ambassadors from Islamic Cooperation visits South Thailand
A delegation of ambassadors from eight Organisation of Islamic Cooperation (OIC) countries recently visited Thailand’s southern border provinces, aiming to understand the region’s multicultural society and assess potential areas for trade, investment, tourism, and education. The delegation included ambassadors from Brunei, Egypt, and Iran, along with chargés d’affaires from Malaysia, Nigeria, and the Maldives. Deputy chiefs of mission from Indonesia…
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Pride Month to boost Thai economy by 4.5 billion baht
June’s Pride Month is anticipated to stimulate over 4.5 billion baht in economic activity, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham announced yesterday that the government, led by Prime Minister Srettha Thavisin, is actively endorsing sexual diversity and collaborating with the private sector to organise additional Pride Month festivities. These events aim to attract LGBTQ+ tourists…
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Macau casino company eyes Thailand for major investment
In a move that could revolutionise Thailand’s entertainment landscape, MGM China Holdings is exploring new investment opportunities, including a potential entertainment complex in Thailand. This was revealed after a high-level meeting between TAT governor Thapanee Kiatphaibool and Pansy Ho, chairperson of MGM China Holdings, on Thursday. TAT governor Thapanee highlighted that MGM China is keen to promote Macau tourism to…
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Crisis in Thai industry: Are major collapses on the horizon?
Thailand’s industrial sector is teetering on the brink of a crisis as rapid technological advancements, fierce competition from China, and a planned hike in the daily minimum wage threaten to trigger a massive collapse. With two Japanese car giants, Subaru and Suzuki, set to shut down their manufacturing operations in Thailand, the situation is dire. KKP Research reports that 1,700…
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Revved up: Thai used car market set to accelerate
The used car market in Thailand is poised for growth in the latter half of this year as financial service providers may ease lending criteria for prospective buyers. According to the President of the Association of Used Cars, Vichai Suwanasilar, this development follows discussions about stringent loan conditions. “We talked about lending with banks and finance companies, which affects the…
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Thailand boosts farmer income with new training initiatives
The Thai Ministry of Agriculture and Cooperative, led by Thammanat Prompao, announced new professional development and marketing initiatives to boost farmer income and increase agriculture technology knowledge. The recently held first meeting of the Subcommittee on Career Development and Marketing focused on improving agricultural livelihoods through training in production, marketing, and career development. The project aims to address land use…
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Consumer confidence lowest this year amid political instability
Thai consumer confidence has plummeted for the third consecutive month, reaching its lowest point since October of last year, amid worries over a sluggish economic recovery and political instability, according to a survey released yesterday. The University of the Thai Chamber of Commerce (UTCC) reported that its consumer index dropped to 60.5 in May from 62.1 in April. This decline…
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Lace runs out: Crystal textile industries unravels, leaving 97 jobless
Crystal Textile Industries Ltd., a lace manufacturer established 34 years ago, closed its factory due to a lack of orders, leaving 97 employees jobless. Located in Soi Wat Kusang, Suksawat Road, Samut Prakan, the company faced insurmountable financial difficulties. Crystal Textile Industries Ltd., which specialised in lace embroidery and exports, was a joint venture between Thai and Indian entrepreneurs. The…
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Interior Minister promotes sustainable income project in Lamphun
The Deputy Interior Minister visited Lamphun to inaugurate the Sustainable Community Income Development Project and encourage provincial development officers. The event took place today, June 13, at the Ministry of Interior Market Organisation’s Lamphun branch (Central Tunnel Market). Minister Kriang Kalptinan emphasised the significance of the project, stating its primary objective is to develop, promote, and support marketing channels. This…
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Khao Takiab: Thailand’s hottest condo spot
Khao Takiab in Hua Hin is soaring in popularity among condo buyers, emerging as one of Thailand’s most coveted locations, according to a recent report by Knight Frank. This vibrant seaside area has quickly become a top choice for local and international buyers. Knight Knox’s latest insights reveal four prime spots for riverside and seaside condos in Thailand: Charoen Krung…
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Thailand extends control on 57 items to protect consumers
Government spokesperson Phumtham Wechayachai announced the extension of control over 57 products and services for another year to regulate essential goods and services for consumers, effective from today, June 12 onwards. The deputy prime minister and minister of commerce reported the decision following a meeting of the Central Committee on Prices of Goods and Services (CCP) held yesterday. The meeting…
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