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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Thailand’s fiscal position geared to absorb potential economic shocks
According to Pornchai Thiraveja, the director-general of the Fiscal Policy Office, Thailand’s robust fiscal position is well-equipped to buffer any potential economic shocks. The country boasts a fiscal space substantial enough to absorb crises equating to 10% of the GDP. The Thai financial institutions are stable economically, with a 19.9% Bank for International Settlements ratio, which is well above the…
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Thailand and Malaysia join forces to boost economy
Thailand and Malaysia have forged an alliance to supercharge development in the southern Thai region and the northern Malaysian peninsula. Prime Minister Anwar Ibrahim reveals this game-changing commitment after a late-night summit with Thai counterpart Srettha Thavisin in Phuket. Anwar took to Facebook to reveal the details. “A special joint committee at the highest level between the two countries will…
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Thailand’s export surge signals global economic boom
Thailand‘s exports have skyrocketed for the fourth month in a row, unleashing economic fireworks just in time for the festive season. Thailand’s exports are on a jaw-dropping winning streak, marking a fourth consecutive monthly surge in November. Ministry of Commerce Permanent Secretary Keerati Rushchano explains this economic rollercoaster. “Exports of goods showed a remarkable expansion across the board, with agricultural…
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Thailand urges Australia to expand trade and investment ties
The Commerce Minister of Thailand, Phumtham Wechayachai, has urged Australia to broaden their trade and investment ties, as well as discover new avenues for economic collaboration. Following his recent discussion with Australian ambassador Angela Macdonald, he revealed that Thailand views Australia as a vital ally in the Pacific and a key collaborator in devising joint economic strategies to enhance trade,…
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3.48 trillion budget approved by Cabinet for next year
Prime Minister Srettha, in a post-Cabinet meeting press conference declared that the budget bill, meticulously scrutinised by the Office of Council of State, will be delivered for approval. Typically, budget bills are sealed and delivered before the fiscal year kicks off in October. However, this year’s extravaganza faced a dramatic delay, thanks to the intricate dance of forming a coalition…
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Toshiba Corporation gets booted from Tokyo Exchange but Toshiba Thailand stays
After a staggering 74-year run, Toshiba Corporation on the Tokyo Stock Exchange faces delisting and a subsequent takeover. However, Toshiba Thailand Ltd emerges unscathed, asserting its independence and vowing to power on. “Unfazed by the storm in Japan, Toshiba Thailand is business as usual.” Having severed ties with its Japanese parent years ago, the company stands resilient in the face of…
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Thai industries battle tide of cheap imports: Government gears up for tough measures
In a bid to rescue Thailand‘s floundering manufacturing sector, the Thai government is gearing up for a fierce showdown against a deluge of low-priced imports that threaten to drown local industries. The Commerce Ministry’s crackdown, aimed primarily at products flooding in from China, promises to safeguard Thai manufacturers from the relentless assault on their market share. Thailand’s industrial output has…
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Thai MICE boom faces hurdles next year
Thailand‘s MICE (Meetings, Incentives, Conventions, and Exhibitions) industry, once on the brink, surged back to 80% of its 2019 glory this year, however, a looming slowdown in 2024 raises eyebrows. Thailand’s MICE industry is poised for a remarkable recovery, reaching 80% of its pre-pandemic revenue in 2019. President of Thailand Incentive and Convention Association (TICA), Sumate Sudasna, highlights Thailand’s allure as…
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Thai BOI reveals game-changing green plan with 150 billion baht EV investment
The Board of Investment (BOI) of Thailand has declared its strategic vision for the next four years, placing a robust emphasis on the burgeoning sectors of bio, circular, and green (BCG) industries. Speaking passionately at the Go Thailand: Green Economy-Land Bridge forum in Bangkok, BOI secretary-general Narit Therdsteerasukdi highlighted the global trend towards sustainability in business operations. “From BOI’s roadshow…
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Thai listed companies broke records by reeling in 6.21 trillion baht last year
Thai listed companies have orchestrated a financial coup, raking in an astronomical 6.21 trillion baht from their overseas ventures last year, smashing records and defying global economic odds. The Stock Exchange of Thailand (SET) reports an eye-watering surge of 1.83 trillion baht from the previous year, making it a staggering 17-year high. Amidst the chaos of the Russia-Ukraine war and…
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Malaysia’s economic miracle: 2024 boom predicted with a twist
RAM Rating Services Berhad reveals Malaysia‘s economic future, promising significant growth next year. RAM Rating Services Berhad said in its Economic Outlook 2024 report to get ready for an economic renaissance. The tantalising revelations point towards a potential external demand turnaround, setting the stage for a dazzling economic performance. The domestic front is gearing up for a resilience revolution, riding…
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Crisis at sea: Attacks threaten 1.31 trillion baht trade route
Thailand‘s 1.31 trillion baht worth of exports to Europe and the Middle East hangs in the balance as armed militants threaten a vital trade route. Expert warnings of a trade catastrophe are ringing alarm bells worldwide. Amid escalating conflicts in the Red Sea, Associate Professor Aat Pisanwanich, an international economics guru, has raised the red flag on the severe consequences…
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Government to shoulder Covid-19 insurance claims as insurers buckle under 60 billion baht payouts
Deputy Finance Minister Julapun Amornvivat has revealed that the Thai government may have to step in to assist with the hefty burden arising from Covid-19 insurance claims. The grim situation has seen total payouts skyrocket to almost 60 billion baht, leaving non-life insurance companies in shambles and prompting the closure of those unable to meet the financial demands. Julapun disclosed…
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Will the 2024 fiscal year save the Thai economy?
Deputy Finance Minister Julapun Amornvivat revealed that Thailand‘s eagerly awaited 3.48 trillion baht budget for the 2024 fiscal year won’t see the light until early May. Originally set to kick off on October 1, the budget got tangled in the web of politics, with May’s election and the lengthy government formation process pushing the official start to September 5. According…
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Thai health charter chairman advocates for cannabis in wellness tourism
Dr Kampon Sriwatanakul, chairman of the Thailand National Charter of Health, has called for the adoption of a holistic wellness technique to leverage the potential of cannabis in bolstering the nation‘s tourism. He delivered these remarks at the 4th CISW MedCann Investment Summit 2023, which took place yesterday, December 20. The chairman advocated for a wellness tourism model revolving around…
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KBank to create digital currency system
As mainstream lenders remain cautious about digital assets, Kasikornbank (KBank) is on a mission to create a digital-asset ecosystem, providing a groundbreaking funding route for companies. KBank acquired the licenced digital-asset exchange Satang Corp in October. Notably, this acquisition marks a rare instance of an established lender stepping into the crypto trading platform domain. The rebranded Satang Pro platform, now…
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Thai wage committee upholds 2.37% minimum wage increase
Yesterday, a senior government official announced that the tripartite wage committee has decided to uphold their previously agreed-upon plan to increase the average daily minimum wage by 2.37%. The committee, consisting of representatives from the government, employers, and employees, has agreed to uplift the pay threshold range to 330 to 370 baht, starting in January. This was confirmed by Pairoj…
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Explosive growth in Thai insurance industry predicted for 2024
The Thai General Insurance Association (TGIA) has foreseen an unprecedented surge in the insurance industry, with premiums expected to skyrocket to 303 billion baht in 2024. The TGIA president, Somporn Suebthawilkul, revealed the industry’s trajectory, unveiling that premiums for the initial nine months of this year already hit a whopping 210 billion baht, marking a staggering 5.2% rise from the…
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The hidden struggle of Thailand’s overlooked workforce
Thailand’s National Statistical Office (NSO) Director, Piyanut Wuthison, has exposed the stark reality of the nation’s labour force where 21 million workers in the informal sector constitute a staggering 52.3% of Thailand‘s workforce. “Our annual survey sheds light on the silent warriors of the informal labour sector, a staggering 21 million strong. These workers, often grappling with irregular hours and…
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PM Srettha reveals bold plans for seamless tourism and rice boost in regional summit
Prime Minister Srettha Thavisin revealed visionary plans to foster seamless tourism among Thailand, Vietnam, Laos, and Cambodia. The grand revelation unfolded during a high-profile meeting with the leaders of these nations on the sidelines of the Tokyo summit, celebrating Japan’s half-century collaboration with ASEAN countries. During a tête-à -tête with Vietnam President Võ Văn Thưởng, Srettha enthusiastically announced the revival of…
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Diesel drama: Choice of petrol diminished
In a game-changing move, the Energy Business Department is racing towards Cabinet approval to discontinue the sale of B10 diesel oil, leaving only B7 and B20 options at the pumps. Department Director-General Nanthika Thangsupanich explains this electrifying decision, spurred by the Energy Policy Committee’s bid to streamline diesel oil offerings and clear the fog of confusion for the masses. As…
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Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
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Thailand’s growing spa industry (video)
President of the Thai Spa Association, Sunai Wachirawarakarn, or Nai, talks about the secrets behind Thailand‘s spa industry meteoric rise and unveils the trends reshaping the wellness landscape. The Thai Spa Association, a non-profit powerhouse dedicated to propelling Thailand’s spa industry, boasts 200 privileged members relishing perks like exclusive newsletters, seminars, and high-profile networking events. Across the Middle East, spa…
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Shocking poverty report exposes Thailand’s hidden crisis: Top 10 struggling provinces revealed
In a groundbreaking summit titled Bridging the Gap: Thailand’s Path to Inclusive Prosperity, the National Economic and Social Development Council (NESDC), in collaboration with the World Bank, has unravelled an alarming reality about poverty persisting in certain provinces despite an overall reduction in inequality. According to the latest assessment of Thailand’s situation last year, the nation has witnessed a commendable…
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SMK facing liquidity crisis as liabilities surpass assets
The Syn Mun Kong Insurance Plc (SMK), overseen by the Office of the Insurance Commission (OIC), is facing significant liquidity issues and has been given 60 days to solve these problems and raise capital. However, the OIC suggests that SMK is unlikely to comply within the given timeframe. SMK’s total liabilities have surpassed its assets, amounting to 30 billion baht, according…
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Thai tourism revolution: Duty-free ditch and booze bonanza
In a bold move set to redefine Thailand‘s tourism landscape, the Finance Ministry is gearing up to propose changes that could reshape the way tourists spend their cash. The Finance Ministry is set to pitch a revolutionary plan to Cabinet today, December 19, aiming to suspend duty-free shops in the arrivals section of all airports. Lavaron Sangsnit, the ministry’s permanent…
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Revolutionary reforms: Government’s 90-day plan to boost economy
In a move to transform the nation‘s fortune, the Public Relations Department has unveiled a game-changing report highlighting the government‘s efforts to boost the economy over the last 90 days. The report, released with much fanfare yesterday, December 18, boasts an array of initiatives aimed at cutting costs, boosting income, and ushering in a new era of prosperity. Chai Watcharong,…
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Pork price crash in Thailand due to rampant smuggling
A nationwide crash in pork prices, sparked by rampant smuggling, is wreaking havoc on the livelihoods of hog farmers throughout Thailand. The illegal import of pork not only undermines local farmers but also poses a significant public health risk due to the potential for contamination. The Deputy Agriculture and Cooperatives Minister, Chaiya Phromma, addressed the issue in a conversation with…
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Thanapiriya Plc plans 120 million baht expansion
Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…
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Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
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