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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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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Thailand’s MICE industry shakes up IMEX Frankfurt 2024
A dazzling display of Thai hospitality took centre stage at IMEX Frankfurt 2024 as 36 Thai exhibitors united under the Thailand Pavilion. Representing Bangkok, Phuket, Pattaya, and Phang-nga (Khao Lak), the delegation comprised 20 hotels and resorts, 11 DMCs and organisers, two venues, one airline, one association, and the Thailand Convention and Exhibition Bureau (TCEB). TCEB President Chiruit Isarangkun Na…
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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 targets 465 billion baht in central region tourism revenue
The Tourism Authority of Thailand (TAT) is set to promote the central region with new flight connections to the south and northeast, aiming to generate 465 billion baht in tourism revenue this year. Following a mobile cabinet meeting in Phetchaburi province, Prime Minister Srettha Thavisin directed TAT to boost tourism in Suphan Buri, Kanchanaburi, Ratchaburi, and Phetchaburi. The initiative will…
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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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Thailand seeks new stimulus after Q1 growth falls short
Following Finance Minister Pichai Chunhavajira’s announcement yesterday, Thailand needs additional stimulus measures to unlock its economic potential after experiencing lower-than-expected growth in the first quarter. The country’s economy expanded by only 1.5% year-on-year in the first quarter. This performance, while surpassing analysts’ forecasts, fell short of the 1.7% growth recorded in the previous quarter, said Pichai. “There was still growth…
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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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Thailand govt to auction decade-old stash after safety check
Thailand’s government will move forward with plans to auction off rice from Yingluck Shinawatra’s pledging scheme, stored in two Surin warehouses for a decade, following a laboratory test confirming its safety for consumption. Deputy Prime Minister and Commerce Minister Phumtham Wechayachai, currently in Italy, announced that a private laboratory’s tests on samples from the Surin warehouses revealed no aflatoxins or…
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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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Mango mania: Thailand’s sweet export boom
Thailand’s mango exports soared by a staggering 130% in the first quarter of this year, reaching an impressive 1.6 billion baht, compared to the same period last year. Not to be outdone, exports of sticky rice saw a notable increase of 13%, totalling about 1 billion baht. Chotima Iemsawasdikul, the Director-General of the Trade Negotiations Department, attributed this surge to…
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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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Fears mount as Thailand’s 10 year old rice set to hit Nigeria
Growing concerns and fears are emerging in Africa’s most populous country over the possibility of Thailand’s 10-year-old stored rice entering the Nigerian and African markets. This comes after the Thai government announced plans to sell it to the public, BusinessDay Nigeria has reported. Thailand plans to auction 150,000 sacks of rice that have been kept in warehouses for 10 years,…
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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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Superrich faces stalled growth as tourists prefer travel cards
Renowned local money changer Superrich Currency Exchange (1995) Co, known by its SuperRich Orange brand, has faced a challenging start to the year with its transaction growth stalling at zero during the initial four months, despite an increase in foreign travellers. The stagnation in Superrich’s growth is largely due to the rising popularity of travel card services, which are increasingly…
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Thai noodle giant unfazed by minimum wage increase to 400 baht
The imminent nationwide increase in the minimum wage to 400 baht holds little concern for major noodle producer Thai President Foods PCL, the maker of the popular instant noodle brand Mama, which believes the company’s ability to adapt will mitigate any significant impact, highlighting instead the potential challenges this wage hike could pose to smaller enterprises and small and medium-sized…
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Johor, Singapore aim for Shenzhen-like economic zone
The Malaysian state of Johor suggested its economic and petrochemical centres as potential locations for a special zone with neighbouring Singapore. This proposal is part of Johor’s ambition to become the Shenzhen of Southeast Asia, according to the Star’s report. The proposed area will include Iskandar Malaysia and Pengerang, located on the state’s eastern coast, said Johor Menteri Besar Onn…
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Thai govt’s plan for minimum wage increase gains public support
The Thai government’s initiative to increase the daily minimum wage has received widespread approval, with a large section of the populace expressing their support for the plan, a recent poll revealed. The National Institute of Development Administration (NIDA) conducted the survey, which witnessed the participation of 1,310 individuals, all aged 18 or above, between May 3 and May 7. An…
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Thailand and EU nearing completion of free trade agreement
Thailand is on the verge of finalising a free trade agreement (FTA) with the European Union within the year, as they collaborate on commitments to halt illegal, unreported, and unregulated (IUU) fishing practices. The Europe Day 2024 celebration, held yesterday in Bangkok by the EU embassy, commemorated the historic event that underpinned the establishment of the EU. Europe Day, observed…
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