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 Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
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IMF predicts six top global economies in 2024 to be from Sub-Saharan Africa
Six of the top-performing global economies in 2024 will be from Sub-Saharan Africa, predicts the International Monetary Fund (IMF). Despite the limited scale of these economies, they’re contributing positively to a region plagued by poverty and inequality. The economic growth of this region is set to rise from 3.3% in 2023 to 4% in 2024, with standout performances from Ivory…
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Thailand’s exports predicted to see slight rise in 2024
The Thai National Shippers’ Council anticipates a slight upturn in Thailand’s exports, predicting an increase of 1%-2% for 2024, as per today’s disclosure. This estimate aligns with a prior forecast, underscoring the critical role exports play in the economic health of Southeast Asia’s second-largest economy. However, the current global demand climate has resulted in sluggish trade in recent times. Chaichan…
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Phuket governor proposes 191 million baht infrastructure and digital modernisation plan
It was a bustling day at Phuket Provincial Hall last Friday as local government office chiefs and private sector representatives gathered to confirm a series of new infrastructure developments to be proposed at the upcoming mobile Cabinet meeting in Ranong on January 22-23. At the helm of this ambitious endeavour is Phuket Governor Sophon Suwannarat, who intends to seek approval…
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Oil prices dip over 1% due to Saudi cuts and increased Opec production
Oil prices experienced a significant drop today, with a decrease of over 1% due to the substantial price reductions introduced by Saudi Arabia, a leading exporter, coupled with an increase in the Organization of the Petroleum Exporting Countries (OPEC) production. These factors successfully counterbalanced concerns about the growing geopolitical tension in the Middle East. During early trading, Brent crude saw…
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Chon Buri: Essilor Thailand opens job applications with daily wage of 361 baht
Essilor Optical Laboratory (Thailand) Co., Ltd, located in the Amata Nakorn Industrial Estate, Chon Buri, announced openings for new employees. The announcement, posted on the Factory News page, describes the job as comfortable, with a good income, excellent benefits, excellent bonuses, and continuous overtime opportunities. The direct application process offers a wage of 361 baht per day, a shift allowance…
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NESDC: China’s economic slowdown could have significant effect on Thailand
Thailand is on high alert as the National Economic and Social Development Council (NESDC) closely monitors the ripple effects of China’s economic deceleration. Despite initial projections, China’s sluggish growth last year has cast shadows over Thailand’s economic prospects for the coming year. NESDC’s chief, Danucha Pichayanan, predicts Thailand’s economic expansion in 2024 to hover between 2.7% and 3.7%, with a…
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Thailand’s headline CPI sees unanticipated drop in December
Thailand’s Commerce Ministry announced today that the country’s headline consumer price index (CPI) experienced a 0.83% decrease in December compared to the same period a year earlier. This figure is a steeper drop than the 0.44% year-on-year decrease seen in the preceding month. Contrasting with the anticipated 0.30% fall for December as per a Reuters poll, the actual result was…
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Rice-rumble rocks markets: Thailand anticipates 15% export dip, global repercussions loom
In a rice-rumble that could shake global markets, Thailand’s rice exports are poised to plunge by a staggering 15% this year. Thailand, the rice heavyweight, is set to face a double whammy. Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association, predicts a dip in demand from Indonesia, last year’s top buyer. “Indonesia, after its presidential election next…
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Commerce Ministry’s plan to catapult SMEs to 40% GDP by 2027
The Commerce Ministry unleashed an ambitious plan to elevate small and medium-sized enterprises (SMEs) to new heights, targeting a staggering 40% contribution to the GDP by 2027. A comprehensive strategy is set to turbocharge consumption, investment, government spending, and international trade, propelling SMEs into the forefront of economic prowess. Acknowledging the pivotal role SMEs play in Thailand’s economic fabric, Commerce…
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Thailand’s Kra Isthmus Land Bridge promises economic boom for Penang Port
Thailand is eyeing a colossal infrastructure project, a 90-kilometre land bridge across the Kra Isthmus, set to revolutionise maritime trade and shower economic benefits on ports in northern Peninsular Malaysia. Penang Port Sdn Bhd CEO V Sasedharan envisions this ambitious project as a potential game-changer, akin to the impact the Suez Canal had on Egyptian waterway-adjacent ports. The proposed land…
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Thai graduates form largest group of unemployed, says NSO
Concerning statistics were unveiled by Thailand’s National Statistical Office (NSO) yesterday, revealing that newly minted graduates now comprise the largest segment of the country’s unemployed. Results from October’s employment survey disclosed that around 150,000 recent graduates were jobless, a worrying trend that Suwannee Wangkarn, NSO’s Deputy Director, labelled alarming. Every month, the NSO conducts an employment survey among Thai citizens.…
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Phuket continues promotion as timeless destination to boost tourism
Championed by the Tourism Authority of Thailand‘s (TAT) local office, Phuket is set to continue its promotion as a timeless destination, void of an official low season. Director Lertchai Wangtrakuldee confirms this strategy following the significant triumph of last year when the resort province achieved its arrival and revenue targets ahead of schedule. By the end of November, the visitor…
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Thai government to stimulate economy with digital wallet scheme
The Thai government reaffirmed its commitment to launch the digital wallet scheme in May, a key policy of the ruling Pheu Thai Party. The scheme, financed by a 500 billion baht (US$14,518,005,000) loan, aims to inject 10,000 baht (US$290) into the digital wallet of every Thai citizen aged 16 and above as a means to stimulate the economy. The government…
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Thailand PM urges cautious monetary policy amid economic recovery
Prime Minister Srettha Thavisin urges the Bank of Thailand to consider the potential risks to the country’s delicate economic recovery when making decisions regarding monetary policy. He expressed concern that the decade-high borrowing costs, currently standing at 2.5%, could potentially impede the nation’s economic revival and affect the populace adversely. During a parliamentary budget debate, PM Srettha revealed that the…
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Gold prices take a dip in Thailand: 50 baht decrease reported
The price of gold fell again on the morning market today, with a decrease of 50 baht (US$1.46) compared to the closing price yesterday. As reported at 9.05am today, the cost of gold ornament was selling at 34,050 baht (US$99.4) per baht, according to the Gold Traders Association (GTA). Meanwhile, the 96.5% gold bar was bought at 33,450 baht (US$976.93)…
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Thailand’s delayed 2024 budget bill presented in Parliament
The delayed budget bill for this year, amounting to 3.48 trillion baht (US$101.52 billion), was presented today by Prime Minister and Finance Minister Srettha Thavisin in the House of Representatives. This event marked the start of a three-day debate among lawmakers. PM Srettha emphasised the importance of the budget to Parliament. “The budget is crucial in moving the economy forward.”…
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Thailand’s triumph and tribulations: OECD report urges bold reforms
Thailand has made good economic recovery post-pandemic, with tourism as a major boost, however, a recent report from the Organisation for Co-operation and Development (OECD) highlights the need for bold reforms to solidify and extend this triumph. The second OECD Economic Survey of Thailand commends the nation for averting a severe economic downturn during the pandemic, crediting robust fiscal support.…
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Export of Thai fruit faces competition from China
Deputy Commerce Minister Napintorn Srisunpang reveals a bumpy road ahead, with China’s market becoming a fierce battleground for Thai fruit exporters. In the opening 10 months of last year, Thailand exported 1.74 million tons of fruits, pocketing 174.27 billion baht. Thailand’s fruit royalty, including durians, longans, mangosteens, mangoes, and pineapples, dazzled the export scene. However, trouble lurks in the dragon’s…
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Thai industries foresee slow growth, tourism still below 2019 levels
The Federation of Thai Industries (FTI) anticipates sluggish growth for the steel and internal combustion engine (ICE) industries this year, whilst the tourism sector remains unlikely to reach 2019 levels. FTI chairman Kriengkrai Thiennukul emphasised the need for economic measures to support certain industries due to these projected declines. The steel and iron industry faces a slowdown as state construction…
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Thailand and China to implement mutual visa-free travel from March
Beginning in March, Thailand and China will roll out a mutual visa-free agreement. This arrangement means that citizens from both countries will not need to apply for visas when travelling to the other country. The scheme was announced by Prime Minister Srettha Thavisin after a Cabinet meeting, and it will take effect from the first day of March. The initiative…
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Thai government cuts local alcohol tax to zero to boost tourism and economy
The Thai government has announced a tax reduction on local alcohol as part of a wider review of laws hindering domestic tourism and economic growth. Revealed on January 2 at the Government House, Prime Minister Settha Thavisin stated that the restructuring of excise and various national taxes, including reducing domestic alcohol tax to 0%, formed part of their strategy to…
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Thailand’s economy braces for slow growth
Thailand’s economy is set to experience slow growth in the coming years, with GDP forecasts for this year ranging between 3-3.4%. Several factors, including sluggish growth in exports, subdued Chinese demand for consumption and tourism, geopolitical risks, and a shortage of skilled workers, are expected to influence this. Despite these challenges, industry executives are optimistic and are devising strategies to…
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Thai hospitality groups eye global expansion amid tourism recovery
The global tourism recovery has spurred Thai hospitality groups to broaden their horizons beyond domestic borders, tapping into the robust demand in numerous destinations. In the previous year, many hotel management companies reported substantial profits, with some even witnessing their average daily room rates surpass 2019 levels, particularly in prime locations. Minor International (MINT), the largest hotel chain in Thailand,…
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Gold prices predicted to hit record highs by 2024, says MTS Gold
MTS Gold, a local trader, predicted that gold prices are likely to skyrocket to new record levels of over 79,005 baht (US$2,300) per ounce and beyond 40,000 baht (US$1,164) per baht weight by this year. This forecast comes amidst anticipated adverse global economic situations. Kritcharat Hiranyasiri, the President of MTS Gold, explained that the anticipated decline in interest rates and…
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Thailand and China unveil game-changing cargo link
Thailand and China have launched a direct cargo rail link, whisking farm-fresh delights straight from Nong Khai to the bustling metropolis of Chongqing via Laos. Agriculture and Cooperatives Minister Thamanat Prompow, a key player in this historic venture, flagged off the inaugural Thai train loaded with the jewel of Thai agriculture – dried longan. This marks the commencement of the…
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World bank and ADB downgrade Thai GDP growth predictions for 2024
The economic forecast for Thailand in 2024 is uncertain as the World Bank reduces the country’s GDP growth estimate from 3.4% to 2.5%. Factors influencing this include weak exports and fiscal consolidation. Furthermore, the Asian Development Bank (ADB) also downgraded its Thai GDP growth prediction from 3.5% to 2.5% for the same reasons. Looking towards 2024, GDP is expected to…
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PM Srettha rallies coalition for upcoming budget bill debate
Prime Minister Srettha Thavisin has requested all coalition partners of the government to gear up for the upcoming debate on the Budget Bill for the fiscal year 2024. The bill, which aims to secure 3.48 trillion baht (US$101 billion) to fund the fiscal year that began in October, is due for its initial reading from January 3 to 5. The…
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Huge deficit in 2025 fiscal year
The government has laid bare its plans for the 2025 fiscal year, unveiling a colossal budget deficit of 713 billion baht. This unprecedented move comes hand in hand with a staggering increase in spending, soaring to 3.6 trillion baht, leaving citizens and experts alike scratching their heads. The ambitious forecast also includes a predicted gross domestic product (GDP) growth of…
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Job seekers look for quality jobs, not just income concerns
In the aftermath of the pandemic, Thai job seekers are demanding more than just a paycheque. Managing Director of Jobs DB (Thailand) Recruitment Company, Duangporn Phrom-on, has unveiled revelations from the expansive Global Talent Survey, a game-changer exploring Southeast Asia’s job market. This survey, casting its net over 97,324 participants across six Asian nations, unleashed significant insights. Thailand, a digital…
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Thai real estate faces perfect storm next year
Thailand‘s pivotal real estate sector, a key economic force, anticipates a demanding 2024 due to substantial dependence on supply chains and various internal and external risks. Business entities foresee the need to adapt strategies, as the government prolongs the property transfer and mortgage registration fee reduction for an additional year to invigorate the market. Wongsakorn Prasitwipat, the managing director of…
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