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 Working in Thailand: How expat health insurance protects your career and lifestyle
Starting a career in Thailand can be an exciting chapter, but it also brings unique challenges, especially when it comes to health and wellness. For expats, navigating Thailand’s healthcare system and meeting work permit requirements can be difficult. And while...
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Thai employment dips: Farm job cuts sow 0.1% decline in Q1 stats
Thailand today experienced a 0.1% decline in employment during the first quarter compared to the same period last year, primarily due to reductions in agricultural jobs, according to the National Economic and Social Development Council (NESDC). This follows a 1.7% year-on-year increase in employment in the previous quarter. The drop in agricultural employment was significant, with a more than 5.7%…
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Thailand PM calls urgent meeting with economy ministers
Thailand Prime Minister Srettha Thavisin called for an urgent meeting with economy ministers to discuss short-term economic stimulus measures to address Thailand’s sluggish economic performance in the first quarter of 2024. The National Economic and Social Development Council (NESDC) reported that Thailand’s economy grew by only 1.5% year-on-year for the first three months of 2024. This lacklustre growth has prompted…
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Commerce Ministry investigates oil palm price drop
The Commerce Ministry directed the Internal Trade Department to investigate the recent drop in oil palm prices by visiting provinces known for palm plantations. This initiative follows complaints from growers about reduced purchase prices. Commerce Minister Phumtham Wechayachai instructed Wattanasak Sur-iam, director-general of the Internal Trade Department, to assess the situation in Phang-Nga, Krabi, and Surat Thani provinces. The goal…
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Finance Ministry to discuss new economic stimulus measures
The Ministry of Finance is currently considering new economic stimulus measures to boost the economy in the second half of 2024. Previously, Deputy Prime Minister and Finance Minister Pichai Chunhavajira held discussions about the economic situation, particularly focusing on economic figures. Despite the government’s extensive stimulus efforts, the economy grew by 1.5% in the first quarter of 2024, which, although…
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Nakhon Ratchasima farmers wade through ‘rice-crisis’ as floods surge
Heavy rains and storms have hit Nakhon Ratchasima, causing significant concern among local farmers due to widespread flooding of rice fields. The continuous downpour over the past few days has completely engulfed the farmlands, thwarting the growth of the seedlings, which have just begun to sprout. A 76 year old local farmer, Ken Tethaisong, from Sarai Subdistrict in the Chum…
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Thailand’s economic crisis: An ageing population
Thailand is facing a looming economic crisis as demographic shifts threaten to cripple its domestic consumption, the Kasikorn Research Centre (KRC) warns. With an increasingly elderly population and declining birth rate, the nation’s key driver of economic growth is at risk. In 2022, domestic consumption accounted for 58% of Thailand’s economic growth, up from 53% a decade ago. This reliance…
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THAI set for shock stock market comeback: PM Srettha
Prime Minister Srettha Thavisin ordered from the Finance Ministry an expedited rehabilitation plan for Thai Airways International Plc (THAI) to see the national carrier relisted on the Stock Exchange of Thailand (SET) by the end of this year, according to a ministry insider. Originally slated for a stock market return in April or May next year, THAI’s accelerated timeline is…
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Thai trade envoy spices up talks with Shanghai to stir-fry ties
In a significant move to bolster economic ties, Thai trade representative Narumon Pinyosinwat met with Zhao Zhuping, Deputy Secretary-General of the Shanghai municipal government yesterday. The discussion centred on expanding trade and investment between Thailand and Shanghai. “Chinese investors sought the highest number of investment privileges from the Thai government last year.” Narumon noted that 430 projects valued at 160…
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Thai government urged to regulate booming influencer industry
With the explosive growth of social media and e-commerce, the role of influencers has never been more prominent. Recognising the immense economic potential, the National Economic and Social Development Council (NESDC) calls for the Thai government to implement regulations and provide support for this burgeoning career path. In 2023, the ASEAN region boasted approximately 13.5 million influencers, according to Nielsen.…
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US imposes major tariffs on Chinese EVs and semiconductors
The United States recently imposed substantial tariffs on Chinese products, focusing particularly on electric vehicles (EVs) and semiconductors. This move is expected to push China to expand its EV manufacturing within Asia, with Thailand emerging as a significant export hub, according to the Federation of Thai Industries (FTI). President Joe Biden’s administration cited Beijing’s unfair trade practices as the reason for…
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Thailand boosts ties with Italy, eyes Schengen visa waiver
Thailand and Italy have committed to enhance bilateral cooperation across various sectors, Prime Minister Srettha Thavisin announced following his official visit to Italy, describing his discussions with Italian Prime Minister Giorgia Meloni as highly productive. Thailand’s prospects for obtaining a Schengen visa waiver for its ordinary passport holders have significantly improved. Meloni pledged her support for Thailand’s proposal, bolstering the…
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Betting on Songkhla: Legal casino spin to boost border tourism
Tourism operators in Songkhla urge the government to consider developing an entertainment complex with a legal casino to revitalise tourism in border areas and reduce dependence on Malaysian visitors. As the government reviews a project for an integrated entertainment complex, Songchai Mungprasithichai, President of the Songkhla Tourism Promotion Association, highlighted the potential of Ban Dan Nok and the area around…
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Thailand’s hydrogen hype: Fuelling a cleaner future
Thailand is gearing up to construct a hydrogen economy, motivated by both state and business initiatives to advance hydrogen fuel ventures and foster cleaner energy usage. The nation’s potential for a low carbon-driven economy is gaining traction following a joint announcement by PTT Global Chemical (PTTGC), the largest petrochemical producer in Thailand, and Bangkok Industrial Gas, the country’s leading industrial…
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Loan and behold: NPLs spike as economy recovery stumbles
The Bank of Thailand reported a rise in non-performing loans (NPLs) within the banking industry for the first quarter, attributing the increase to all types of loan products amidst an uneven economic recovery. NPLs in the banking sector reached 502 billion baht, equivalent to 2.74% of total outstanding loans in the first quarter, an increase from 2.66% in the previous quarter.…
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PM Srettha scrambles to address economic woes
Thailand Prime Minister Srettha Thavisin has called an urgent meeting with his economic ministers next Monday in a bid to tackle Thailand’s sluggish economic growth. This move comes after a dismal first-quarter GDP report, which has sent shockwaves through the government and the public alike. In a Twitter post last night, the 62 year old Thai prime minister announced that…
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Philippines aims to be Asia’s next logistics hub with US support
According to President Ferdinand Marcos Jr, the Philippines is positioning itself as Asia’s next manufacturing and logistics hub, leveraging its strengthening relationship with the United States. Under the leadership of Marcos, the Philippines has bolstered its defence and economic cooperation with Washington, which recently committed to accelerating investments in the nation’s transport infrastructure, clean energy, and semiconductor supply chains through the…
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Indonesia seeks Tesla EV battery plant with Musk’s interest
Indonesia is once again courting Elon Musk’s interest in establishing an electric vehicle (EV) battery plant within its borders. After meeting with President Joko Widodo, the CEO of Tesla, Elon Musk, is set to consider the proposal, as confirmed by Indonesia’s Coordinating Minister of Investment, Luhut Pandjaitan. Musk’s immediate response was not available following the announcement made by Luhut to…
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Govt to boost 2024 budget by 122 billion baht for handout scheme
According to the Budget Bureau Chief, the Thai government plans to increase the 2024 fiscal budget by 122 billion baht to support its primary handout initiative. This announcement follows the recent approval of a delayed 3.48 trillion baht budget. The government is continuing to push forward with fiscal stimulus plans, aiming to distribute 500 billion baht by the fourth quarter…
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Tourism campaign in the works to promote second-tier provinces
In a bid to amplify tourism revenue from lesser-known provinces and cities, The Tourism Authority of Thailand (TAT) unveiled a five-point campaign aimed at promoting 55 second-tier regions. The initiative marks a collaborative effort involving nine ministries, the Royal Thai Police, and two additional agencies. Deputy Governor of the TAT, Somruedee Jitjong, emphasised the necessity of diversifying tourism revenue streams…
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Thailand’s economy grows 1.5% in Q1, beats forecasts
Thailand’s economy experienced a robust start to the year, expanding by 1.5% in the first quarter compared to the same period last year, according to official data released yesterday. This growth surpassed analysts’ expectations, indicating a positive shift for Southeast Asia’s second-largest economy. Every quarter, the economy grew by a seasonally adjusted 1.1% from January to March, as reported by…
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Voluntary exodus leaves 1% of workforce jobless in first quarter
Over 400,000 individuals, representing approximately 1% of the working-age population, were unemployed during the first quarter of the year, with the primary reason being voluntary resignation. Piyanuch Wuttisornon, the Director-General of the National Statistical Office (NSO), announced the findings from a survey on the working-age population. The results indicated a decrease in unemployment numbers for the first quarter compared to…
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British family leaves UK for Thailand for cheaper living costs
A young British family has swapped the grey skies of Cheshire for the sunny shores of Thailand, seeking refuge from the UK’s crippling cost of living crisis. Jess, her partner Harry (surnames withheld), and their two year old daughter Cece uprooted their lives in Congleton to start afresh in Southeast Asia. Their decision was driven by surging energy bills that…
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Commerce ministry acts to control prices amid minimum wage hike
The Ministry of Commerce implemented two measures to tackle rising product prices following the minimum wage increase to 400 baht. Officials are closely monitoring clothing prices and urging businesses to maintain prices for essential goods in eight categories. Director-General of the Department of Internal Trade Wattanasak Sueaiam stated yesterday May 16 that the private sector is preparing to raise product…
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Thailand’s unemployment crisis soars despite tourism boom
Thailand’s unemployment rate continues to climb, with a staggering 410,000 people out of work in the first quarter of this year, according to the National Statistical Office. The hardest-hit group is those with higher education degrees. Office director Piyanuch Wuttisorn revealed that of the total, around 79,000 people have been unemployed for more than a year.” The statistics paint a…
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Navigating new depths: RTN seals deal for Chinese submarine
The Royal Thai Navy (RTN) confirmed its decision to proceed with the purchase of a 13.5-billion-baht submarine from China, following successful negotiations earlier this week. This announcement came from an RTN source. General Somsak Rungsita, adviser to Defence Minister Sutin Klungsang and chairman of the Defence Ministry panel dealing with the submarine issue, held discussions with a Chinese delegation led…
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Lamborghini to debut electric supercar in Thailand by 2028
Automobili Lamborghini, the renowned Italian luxury sports car manufacturer, plans to introduce its new electric supercar to Thailand, with a global debut slated for 2028. This initiative is part of the company’s broader strategy to reduce carbon dioxide emissions. For years, Lamborghini has been actively developing electric vehicle (EV) technology to support its goal of achieving carbon neutrality, according to…
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Alipay+ partners with TAT to redefine travel experience
Thai tourism is undergoing a digital revolution as Alipay+ teams up with the Tourism Authority of Thailand (TAT) to redefine the travel experience. With an aim to attract more tourists and enhance their journey, the duo unveils an array of innovations that promise seamless exploration and unforgettable memories. In a joint statement, Alipay+ and TAT announced groundbreaking developments set to…
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PM Srettha: Six advantages to make Thailand an investment hotspot
Prime Minister Srettha Thavisin, addressing potential investors at SUBCON Thailand 2024, asserted that Thailand possesses a plethora of advantages positioning it as an investment hotspot for crucial industries such as electrical vehicle (EV) and electronics manufacturing. Hosting the international trade show for part-sourcing and business-matching, the premier highlighted Thailand’s standout traits, starting with its geopolitical stability, distinguishing it from its…
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Bitcoin’s bull run: Crypto climbs with biggest surge in months
Bitcoin’s price today experienced a substantial surge marking its most significant single-day gain in two months. This sudden upward movement has been attributed to growing anticipation of a more relaxed monetary policy environment in the coming months. The prospect of central banks potentially easing their grip on digital currency interest rates has injected a wave of optimism into the market.…
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Tripartite committee rejects uniform 400-baht minimum wage hike
The tripartite wage committee has chosen to uphold the autonomy of provincial wage panels in setting minimum wages, rejecting the Thai government’s uniform 400-baht minimum wage hike. During a tense session on May 14, the 15-member committee, representing the Ministry of Labour, employers, and employees, did not endorse the proposed nationwide increase. This decision followed closely on the heels of…
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