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 Is Swedish snus a good alternative to smoking in Thailand?
With approximately 106,000 people in Thailand succumbing to smoking-related illnesses annually, people are exploring alternatives in pursuit of a safer option. And for many, the answer is Swedish snus (pronounced snoose and rhymes with goose), a traditional Scandinavian tobacco product...
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Thai Rice Trade Associations commit to stabilise retail prices despite market changes
Conversations between the Director-General of the Internal Trade Department and the Thai Associations of Rice Millers and Rice Entrepreneurs Association aim to stabilise rice prices, thus easing household expenses for consumers. Wattanasak Sueaiam, the Director-General, revealed yesterday that these industry bodies have been asked not to increase retail prices, despite market factors. However, ultimate decisions will be influenced by the…
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Thai baht instability rises due to political unrest
Political unrest is heightening baht oscillations against the US dollar, as Thailand finds itself without a stable government, the head of the Bank Thailand asserts. This turbulence introduces a greater risk factor amongst investors who are observing the foreign exchange rate, particularly between the baht and the US dollar, in light of Thailand’s current political developments. Post Thailand’s General Election…
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Phuket’s tumultuous news: Raids, accidents, policy changes, and Family Mart’s exit
A series of surprising incidents and noteworthy news have emerged from the island of Phuket. From ongoing raids in the massage parlours of Patong, a perilous vehicular mishap involving a tourist, a tragic road accident, progressive governmental decisions and a significant retail change, the week has been eventful. Unrelenting illicit operations have been underway in Patong’s massage industry where illegal…
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Sweet success: Thai fruit exports to China ripe with growth, thanks to fast track on China-Laos Railway
Thai fruit exports to China experienced a significant surge in the first five months of this year, growing by a staggering 365%. This upswing is predominantly accredited to the utilisation of the China-Laos Railway for transit, which has resulted in a significantly reduced delivery duration and leveraged the benefits of free trade deals, according to sources yesterday. The railway route…
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Goodbye Family Mart, hello Tops: Thailand’s retail favorite gets a fresh aisle
The well-known Family Mart stores, a cornerstone of the local retail landscape for over 30 years, are set to be rebranded as Tops Daily in the heart of Thailand. The decision made by the Central Retail Corporation PLC (CRC) projected completion by the end of this year will bring an end to an era as it follows a decision to…
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Thai consumer confidence dips due to political instability and slow recovery
Reports today reveal that last month Thai consumer confidence dramatically dropped for the first time in 14 months. Evidence pointed towards the general unease of continuous political instability in the Kingdom of Thailand after the General Election took place in May, as well as a sluggishly recovering economy. The survey, helmed by the esteemed University of the Thai Chamber of…
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Thai tourism embraces easier visa rules, faster approvals for Chinese tourists
In a move geared towards promoting Thai tourism, the government has implemented policy changes that lessen the rules for obtaining a tourist visa and slashes approval time for Chinese visitors. Chinese travellers emerged as the majority of international arrivals over the past week, the deputy government spokeswoman, Rachada Dhnadirek, confirmed yesterday. Statistics displayed that 95,581 visitors from China arrived in…
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Thailand’s data centre sector poised for explosive growth with global tech titans and cloud nine prospects
In a surge of digital enthusiasm, Thailand’s data centre industry is set to experience substantial expansion within the next two years, thanks to the arrival of worldwide tech giants and cloud service providers. This prediction comes from ST Telemedia Global Data Centres (Thailand) (STT GDC Thailand), a dominant player in hyper-scale data operations. STT GDC Thailand, a fruitful joint venture…
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Thai PM affirms progress of Eastern Economic Corridor of Innovation
Commendable strides have been achieved in the first five years of the Eastern Economic Corridor of Innovation (EECi), said Thai Prime Minister Prayut Chan-o-cha. He said intense innovation and research activity outlined the success of this endeavour. PM Prayut, alongside Interior Minister, Anupong Paojinda, Thanakorn Wangboonkongchana, Minister of the Prime Minister’s Office, and Labour Minister, Suchart Chomklin embarked on a…
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Rice price hikes worry restaurant owners, some pass costs to diners
Rice prices have begun to climb, causing restaurateurs concern about the cost of producing made-to-order meals. Despite this, some restaurants have opted not to increase prices, sympathising with their customers. They are instead appealing to the government to control the cost. The Ministry of Commerce directed related agencies to balance rice prices after a lull in rainfall from El Niño…
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Thai tourism industry anticipates growth under Pheu Thai government
The Thai tourism industry is buzzing with optimism as the Pheu Thai Party is potentially gearing up to form the anticipated government. With Pheu Thai’s known successful stint in the realm of governance and its proven track record in enhancing the economy, the tourism sector is eagerly waiting for efficient tourism policies to be rolled out to mitigate existing challenges.…
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Thailand’s space dreams: Lifting off into high-tech horizons with spaceport ambitions
In an exhilarating bid to broaden its horizons and step into the global platform of high tech exploration and innovation, Thailand declared its ambitious plans to construct a spaceport. Undertaken under the vigilant eyes of the interim Prime Minister General Prayut Chan-o-cha, the initiative exhibits strong determination and has the potential to offer extensive economic benefits including around 400 job…
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Global rice trade shook by El Nino, politics, and embargo in Thailand
In the face of mounting global food security concerns, the impact of El Niño weather patterns and international political disruptions are causing serious upheavals in the farming landscape, particularly in major global rice-producing countries. Compounding the issue is Russia’s recent withdrawal from a vital agreement, which previously ensured the uninterrupted transport of Ukrainian grain goods through the Black Sea region.…
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Thai tourism stays firm amid debt rise, 200 million domestic trips targeted
Despite a backdrop of tepid consumption, the Tourism Authority of Thailand (TAT) remains steadfast in its pursuit of 200 million domestic tourism trips within the current year. Data from a survey conducted by the University of the Thai Chamber of Commerce paints a rather gloomy picture of increased household debt levels, up by 11.5% this year from last year. It…
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Tisco ESU advises focus shift to debt instruments amid market instability
Amid global stock market turbulence, financial analysts at Tisco’s Economic Strategy Unit (Tisco ESU) are advocating that investors pivot their focus towards debt instruments for potential high-yield returns. The ongoing pressures from elevated bond yields, coupled with the weakening economies in the US and Europe, are some of the contributing factors exerting pressure on the financial markets. The ongoing macroeconomic…
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Water shortages: Thai govt mulls halting Central Plains rice farming amid anticipated drought
In a bid to counteract the effects of a potential drought, the central government of Thailand is contemplating the suspension of rice cultivation in the Central Plains region. This proposal comes alongside the potential establishment of a command centre to combat reduced rainfall and water shortages. The Office of the National Water Resources (ONWR) initiated this conversation, citing apprehensions about…
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Tourism revival in Thailand risks airport slot overcrowding, suggests alternative options
In anticipation of the upcoming high season, Thailand’s Tourism Authority (TAT) expressed concerns over the slot capacity at international airports. As more flights are set to resume, it is predicted that the country will receive around 8 million tourists this year, primarily derived from long-haul markets anticipating a significant tourism revival. The deputy governor for Europe, Africa, the Middle East,…
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Blue Flag market unveiled by Phuket to combat rising costs
Phuket is preparing to host a monthly special market dubbed the “Blue Flag.” The market is hoped to bring an economic lifeline to the less affluent residents of the city as they struggle with the inflating prices of common household essentials. The Phuket Provincial Commerce Office has taken the initiative of kick-starting the Blue Flag market beginning from the first week…
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Household debt hits 15 year high amid uncertain economic outlook in Thailand
A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year. UTCC…
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Three more Thai provinces join ASEAN Smart Cities Network expanding digital reach
Further broadening its digital reach, Thailand’s Digital Economy and Society Ministry (DES) recently declared that three additional Thai provinces – Chiang Mai, Khon Kaen and Rayong, now form a part of the seminal ASEAN Smart Cities Network (ASCN). This exciting development was announced yesterday, by DES chief, Chaiwut Thanakamanusorn, during the sixth annual ASCN assembly held in Bali, Indonesia. In…
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Budget airlines hike flights to China amid sluggish post-Covid recovery
In an attempt to achieve post-Covid recovery, budget airlines across the globe have increased flight frequencies to China. However, travel and capacity are yet to reach pre-Covid volumes. On its side, the Tourism Authority of Thailand (TAT) is being circumspect about implementing a visa fee waiver scheme to draw in more international visitors. Despite loom border controls from the start…
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Bank of Thailand forecasts final interest rate hike amid inflation uncertainty
The Bank of Thailand (BoT) aims to cap its series of interest rate increases with a final 25-basis-point hike slated for August 2, due to an ongoing high and uncertain inflation outlook. This insight has been gathered from a poll conducted recently. After June’s annual headline inflation eased down to 0.23%, falling below the BoT’s target range of 1%-3%, it…
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Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation
A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months. The study was headed by…
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Thailand eyes record 2 million Russian tourists despite geopolitical tensions
With an increase in flights and a neutral position on the Russia-Ukraine conflict, Thailand’s Tourism Authority (TAT) is poised to welcome a record-breaking 2 million Russian tourists next year. Khanittha Phanworawat, the Moscow office director, emphasises the urgent need to preserve Thailand’s image as a friend to Russian travellers, as a measure to achieve this ambitious goal, especially if other…
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Saudi-Thailand relations: Leaders discuss tourism and investment amid strengthening ties
The chairman of Saudi Arabia’s Consultative Assembly, Abdullah Mohammed Ibrahim Al-Sheikh, was heartily welcomed by Thailand’s Prime Minister, Prayut Chan-o-cha yesterday for a constructive dialogue on potential collaboration for tourism and investment in Thailand’s Eastern Economic Corridor (EEC). The Saudi-Thailand relations discussion was announced by Tipanan Sirichana, deputy government spokesperson for Thailand. Al-Sheikh, leading the delegation from Saudi Arabia, had…
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Thailand sees tourism growth skyrocketing to 3 trillion baht in 2023
Thailand recently experienced a surge in international arrivals, with numbers reaching 15 million within just seven months of this year, encouraging tourism growth, informed Rachada Dhnadirek, a deputy government spokesperson. She acknowledged the substantial contribution of northern hemisphere school summer breaks increasing the influx of international tourists to the vibrant Southeast Asian nation, thereby boosting tourism growth. In response to…
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Culture ministry plans to boost Thai tourism through Korean TV series popularity
The Thai Culture Ministry voiced its intentions of capitalising on the increased popularity of Thai locations, brought on by their appearance in the latest Korean television series, King the Land. Recognising this upswing in interest, the ministry plans to attract more Korean tourists and fans of the drama to these specific sites, boosting Thai tourism. Culture Minister Itthiphol Kunplome attributed…
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Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
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Thai rice exports poised to hit 9 million tonnes amid climate anxieties
Thailand stands on the cusp of a hugely promising year in terms of rice exportation, which, forecasts suggest, could reach up to 9 million tonnes. Making the most of a climate-induced market fervour, the Thai industry gleefully anticipates shipping masses of what is an integral commodity to many. The increase in demand is believed to be rooted in anxieties about…
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Thailand aims to boost economy with health tourism campaign
The Thai government has launched an ambitious campaign, “Discover the New You” to entice international visitors to spend upwards of 18 million baht (US$510,000) by September of this year. This initiative is a concerted effort by the government, the Tourism Authority of Thailand (TAT), and over 130 healthcare, wellness businesses and service providers including hotels, spas, health resorts, hospitals, and clinics.…
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