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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Thai graduates face high unemployment despite stable job market
Thailand’s unemployment rates reveal a concerning trend among university graduates, with 65% unable to secure employment. Long-term unemployment has risen by 16%, and a significant 71.3% of the unemployed have never worked before. Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), announced the findings from the third quarter of 2024, highlighting a relatively stable employment scene.…
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Thailand’s automotive production lowest since pandemic
Thailand’s automotive sector faces a significant downturn in 2024, with the Federation of Thai Industries (FTI) projecting annual vehicle production to hit 1.5 million units, marking the lowest output since 2021’s pandemic-affected figures. Speaking at a briefing today, November 25, FTI automotive industry group spokesperson Surapong Paisitpatnapong announced this second downward revision of the year. The federation had previously lowered…
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Thai PM yet to unveil new stimulus to boost economic growth
After nearly three months in office, Prime Minister Paetongtarn Shinawatra is poised to influence Thailand’s economic growth through a series of new stimulus proposals. These measures aim to address various economic challenges and are anticipated to be unveiled shortly. The National Economic and Social Development Council (NESDC) recently projected Thailand’s GDP growth to be between 2.3% and 3.3% for 2025,…
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Thailand to expand child support to all under six years old
Thailand’s Ministry of Social Development and Human Security is poised to propose an expansion of the early childhood development scheme, with plans to present the child support proposal to the Cabinet shortly. The scheme aims to broaden its reach by extending financial support to all children under six years of age, enhancing the current system that aids children from impoverished…
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Thailand’s 10,000 baht handout: Cashing in to support elderly
The Government of Thailand is moving forward with its plans to distribute financial aid worth 10,000 baht, both in cash and digital form, to specific groups in need. This initiative, led by the Ministry of Finance in collaboration with the Comptroller General’s Department, aims to support elderly citizens aged 60 and above as well as those who have registered through…
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GTA reports gold prices glisten amidst market chaos
In a refreshing change from recent volatility, the Gold Traders Association (GTA) sparkled with an announcement that gold prices are holding firm today, maintaining the surge seen earlier. For the shrewd investor or even the casual enthusiast watching their assets, this is golden news. Gold ornaments are on offer for 43,600 baht per baht weight, mirroring yesterday’s closing figures, much…
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Sky’s the limit: RTAF aims to reach new heights with space plans
The Royal Thai Air Force (RTAF) is looking to take Thailand’s defences to new heights. Plans are underway for a bold rebranding as the Royal Thai Air Force and Space alongside the creation of a new unit aimed at safeguarding Thailand’s air and space interests. This strategic move, announced by RTAF spokesperson Air Marshal Prapas Sornjaidee yesterday, November 19, highlights Thailand’s…
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Finance Ministry cashes in with economic stimulus package
The Finance Ministry is preparing to unveil an extensive economic stimulus package for review by a committee led by Prime Minister Paetongtarn Shinawatra. The announcement was made by Deputy Finance Minister Julapun Amornvivat, who indicated that the proposal includes a 10,000-baht (US$290) cash handout distributed via a digital wallet. This initiative is aimed at stimulating economic activity to bolster growth…
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Thailand set to ‘stir up’ the economy with juicy stimulus carrot
Thailand is gearing up to dangle a glittering economic carrot with a new stimulus package set to roll out by year’s end, stretching well into 2025. This ambitious plan aims to supercharge the country’s economy, injecting life into key sectors and rallying national growth. In the corridors of power, Deputy Finance Minister Julapun Amornvivat revealed that the top-tier economic stimulus…
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Thailand economy gives a surprise ‘Thai’ five with Q3 growth leap
Thailand’s economy just delivered a surprise package of positive news! Official figures released today, November 18, reveal that the nation’s economic growth has leapt to a striking 3.0% increase in the third quarter compared to last year, leaving analyst predictions of 2.6% in the dust. In a stellar performance, Southeast Asia’s second-largest economy also recorded a seasonally adjusted growth of…
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Thailand’s debt drive: Putting the brakes on cars and homes
The financial woes of Thailand have taken centre stage as crippling debt levels put the brakes on car sales and curb the housing market, particularly among low-income households. With banks wary of non-performing loans (NPLs), many hopeful borrowers are seeing their applications for mortgages and car loans hit the skids. In response, the government is steering new initiatives to tackle…
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Thailand launches QR system to track tobacco products
Thailand’s Finance Ministry has unveiled a new technology aimed at transforming the monitoring of tobacco products. The “QR Cigarette” system, announced by Deputy Finance Minister Paophum Rojanasakul, is a Track & Trace innovation designed to follow tobacco products throughout their lifecycle, from production to purchase. This move is part of a broader effort to enhance tax collection efficiency, boost transparency,…
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Thailand consumer confidence rises for first time in eight months
Consumer confidence in Thailand saw its first improvement in eight months this October, driven by reduced concerns over recent floods and improved economic conditions influenced by government policies. The University of the Thai Chamber of Commerce (UTCC) reported a rise in the consumer confidence index to 56, up from 55.3 in September. The consumer confidence index, which measures consumers’ outlook…
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Trump’s win sparks PM Paetongtarn’s bold investor push
Thai Prime Minister Paetongtarn Shinawatra is seizing the momentum after Donald Trump’s election victory by calling for an ambitious strategy to attract foreign investors to Thailand. Speaking in Los Angeles yesterday, November 12, to Thai ambassadors, consul-generals, and key representatives of Team Thailand from across the Americas, the Thai premier urged diplomats to become a front-line force, promoting Thailand as…
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Thailand approves 55 billion baht low-interest home loans
The Thai Cabinet has approved the Government Housing Bank (GHB) to roll out a low-interest loan package worth 55 billion baht. This initiative aims to enhance housing accessibility for Thai citizens and includes two major schemes: a fixed-rate mortgage for the first five years at 3% per annum for purchasing or constructing homes, and a low-interest loan for home renovations…
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Thailand’s Huai Mun Pineapple gains GI status in Japan
Thailand’s Deputy Minister of Commerce, Naphinthorn Srisampan, recently engaged in discussions with Japan’s Deputy Minister of Agriculture, Forestry, and Fisheries, Yoichi Watanabe. They focused on the registration of Huai Mun Pineapple as a Geographical Indication (GI) product, marking the first Thai fruit to achieve this recognition in Japan. The meeting also included a visit to Japan’s largest wholesale market for…
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Pawsitive growth: Thailand’s pet food exports skyrocket 31%
Thailand’s pet food exports have surged by around 31% in the first nine months of the year, raking approximately 80 billion baht, according to the Commerce Ministry’s Trade Policy and Strategy Office (TPSO). The demand for high-quality dog and cat food led the charge, accounting for around 71 billion baht—an impressive 39% increase compared to the previous year. “The pet…
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Coconut prices crack open a fortune for farmers in Trang
Coconut farmers in Trang province are celebrating as prices soar, with coconuts now fetching as much as 20 baht each, doubling previous prices. This lucrative market shift promises earnings exceeding 30,000 baht, drawing significant interest from traders eager to purchase entire plantations. At the integrated agricultural garden owned by 64 year old Suthep Wattanavatchara, located in the village of Khao…
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Big pay day: Thailand minimum wage to hike to 400 baht in 2025
Thai workers could be ringing in the new year with a pay boost, as the Labour Ministry announces plans to raise the minimum wage to 400 baht per day in 2025. Labour Minister Phiphat Ratchakitprakarn confirmed the increase, calling it “a new year present” for the nation’s workforce. Initially slated for October, the raise faced delays as the national wage…
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ERC mulls 31% electricity tariff hike despite lower fuel costs
Businesses and households are facing a significant decision regarding the future of their electricity costs as the Energy Regulatory Commission (ERC) considers changes to the power tariff. Despite a projected decrease in fuel costs, the ERC is evaluating whether to maintain the current rate or implement an increase of 26 to 31% early next year. The existing tariff, set at…
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Trump victory prompts Thai stock market strategy reevaluation
Donald Trump’s victory in the US presidential election, coupled with a comprehensive Republican majority in Congress, has prompted a reevaluation of investment strategies in the Thai stock market. Natchat Mekmasin, assistant managing director of securities analysis at Trinity Securities, suggests that the Thai stock market is likely to align with the broader trend observed in emerging markets. However, he points…
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Thailand halves poverty in seven years despite ongoing challenges
Thailand has achieved a significant milestone in its battle against poverty, reducing the number of people living in poverty by half in just seven years, according to the 2024 Global Multidimensional Poverty Index (MPI). Despite this impressive progress, many Thai citizens endure inadequate living conditions, particularly in rural areas, where access to essential services such as healthcare, education, and sanitation…
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Thailand biofuel subsidy ends in 2027, costs to rise for farmers
Thailand’s Energy Ministry is set to introduce measures to mitigate the effects of the impending cessation of biofuel price subsidies in 2027. With the expiration of these subsidies, the cost of biofuels is anticipated to rise, impacting palm and sugar cane growers who supply raw materials for biofuel production. Farmers sell their crops to factories that produce two types of…
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Phimai Festival to boost tourism in Nakhon Ratchasima
Nakhon Ratchasima this week launched the spectacular Phimai Festival, featuring a dazzling light and sound show titled Vimayapura Niramit Sri Wirentrasrom. The event aims to boost the local economy and promote tourism in Korat. The Phimai Historical Park in Phimai district, Nakhon Ratchasima, served as the venue for the festival’s opening ceremony. Chaiwat Chuenkosum, the Governor of Nakhon Ratchasima, presided…
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Thailand’s public debt remains sustainable at 64% of GDP
The recent Cabinet meeting focused on the nation’s public debt status, revealing it remains well within sustainable limits. Public debt as of August reached 11.7 trillion baht, accounting for 64% of the country’s GDP, comfortably below the 70% benchmark for fiscal sustainability. Government spokesperson Jirayu Houngsub detailed during the meeting that the Finance Ministry adhered strictly to the public debt…
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Bangkok to transform Phahurat into vibrant Little India
Bangkok Metropolitan Council is set to transform the Phahurat area into a vibrant Little India, fostering comprehensive collaboration among the government, private sector, and community to attract tourists and boost investments, thereby increasing the nation’s revenue. John Surajit Pongsingwitaya, President of the Bangkok Metropolitan Council, announced the capital’s commitment to support the development of Phahurat into a Little India, a…
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Thai Airways reshuffle: Finance Ministry calls for new managers
Thailand’s Finance Ministry is set to shake up Thai Airways International Plc (THAI)‘s rehabilitation plan, nominating two high-profile officials to join the team managing the troubled national airline’s comeback. In a bid to secure its position as THAI’s primary creditor, the ministry will propose these candidates at a crucial meeting with debtors on Friday, November 8. The nominees, Polchak Nimwatana,…
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Bangkok aims to turn Chatuchak Market into soft power paradise
Thailand is setting its sights on transforming the iconic Chatuchak Weekend Market in Bangkok into a hub for soft power, with an ambitious two-year plan spearheaded by the National Committee on Soft Power Development. This initiative aims to capitalise on the market’s popularity and diverse offerings to bolster Thailand’s global cultural influence. Surapong Suebwonglee, chair of the National Committee on…
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Turning up the Thai-mometer: Thailand and Russia in heated talks for free trade pact
Thailand is turning up the heat on trade negotiations with Russia, as both nations look to seal a dynamic free trade agreement with the Eurasian Economic Union (EAEU). Recent high-stakes discussions at the Commerce Ministry between Thailand’s Commerce Minister, Pichai Naripthaphan, and Russian Deputy Minister of Agriculture, Sergey Levin, underscored a shared ambition to boost trade and investment. The spotlight…
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Thailand’s industrial sector hit by mass layoffs amid economic woes
Mass layoffs have swept through Thailand’s industrial sector, with approximately 2,600 factory workers losing their jobs over the past two days. Financial difficulties have compelled employers to downsize their operations, leading to significant disruptions in the workforce. An electric vehicle manufacturer in Chachoengsao announced that 600 workers will be laid off, effective December 1. This decision, communicated in a letter…
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