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 DIP organises online cartoon script competition
In a collaboration between the Department of Intellectual Property (DIP), KP Comics Studios, and Kakao Webtoon Thailand, an online cartoon competition promises to be a game-changer for aspiring writers. Director-General of the DIP, Wuttikrai Leewiraphan, champions the cause. “We’re putting the spotlight on intellectual property, blending Thai cultural influence with cutting-edge digital trends like webtoons.” With over 3 million monthly…
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Aleph Farms revolutionises meat production in Southeast Asia
In a groundbreaking alliance set to revolutionise meat production, Aleph Farms has forged a strategic partnership with biomanufacturer BBGI and synbio research powerhouse Fermbox Bio. This collaboration is set to pave the way for Thailand’s inaugural cultivated meat plant, heralding a new era of sustainable protein sourcing in Southeast Asia. In a bid to enhance production capabilities and foster economic…
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Thailand incentivises companies to go green with EV conversion
The Thailand government confirmed yesterday that measures have been approved to encourage companies to convert their commercial fleets of large trucks and buses to battery electric vehicles (EVs). This move aims to increase the adoption of EVs and support companies in achieving their net-zero targets. In addition, cash grants will be provided for EV battery cell manufacturers. These policies are…
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Bank of Thailand faces political pressure to cut interest rates
The Bank of Thailand (BoT) is under increased political tension to reduce interest rates, with the majority of analysts predicting that the monetary authority will withstand requests for unexpected easing to bolster the economy. This escalating discord between Prime Minister Srettha Thavisin and the central bank concerning monetary policy direction is predicted to damage investor confidence, though the likelihood of…
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UK and Thailand unveil 15.3 billion baht science fund
In a historic move announced in Bangkok, the British Embassy and Thailand Science Research and Innovation (TSRI) have joined forces to roll out the International Science Partnerships Fund (ISPF). This jaw-dropping 337-million-British-pound (15.3 billion baht) venture, set to be fully operational by the year’s end, is poised to revolutionise the realms of science and innovation on a global scale. Prompted…
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PM Srettha urges bank of Thailand to consider interest rate cut
Prime Minister Srettha Thavisin expressed his concerns to the Bank of Thailand’s (BoT) Monetary Policy Committee (MPC), suggesting an urgent meeting to discuss a potential cut in interest rates, rather than waiting until the scheduled April meeting. Following a recent Cabinet meeting, PM Srettha clarified that he hadn’t imposed any pressure on the secretary-general of the National Economic and Social…
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Thai baht’s future forecast: Dollar domination looms on the horizon
Predictions by Kasikorn Research Center (K-Research) indicate a potential decline in the baht to 37 against the US dollar in the coming year. This anticipated depreciation is linked to a combination of a faltering Thai economy and a delay in American interest rate reductions, thereby placing the Thai currency under considerable strain. Kanjana Chockpisansin, K-Research’s head of banking and financial…
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Thai export growth projected at 2-3% amid global economic recovery
The UTCC (University of the Thai Chamber of Commerce) predicted a revival in exports, projecting a growth of 2-3% for the year, which equates to a value between US$290-293 billion. This shows a significant improvement from the 1% contraction experienced in the previous year. The UTCC’s president, Thanavath Phonvichai, attributed this predicted resurgence largely to the global economic recovery and…
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NESDC adjusts Thailand’s GDP growth projections
An adjustment to the anticipated GDP growth for 2023 and 2024 has been made by the National Economic and Social Development Council (NESDC), dropping to 1.9% and 2.7% respectively. The secretary-general of NESDC, Danucha Pichayanan, has called upon the Bank of Thailand to utilise financial measures to support the economy. The NESDC unveiled the figures for the economic growth in…
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TBA urges integration of informal economy for digital growth
The Thai Bankers’ Association (TBA) has advocated for integrating the informal economy into the national economic framework to enhance transparency and bolster the country’s digital economy. The recovery index of Thailand’s GDP post-pandemic in 2023 was marked at 110, underperforming the worldwide average of 80, according to the TBA. A higher score on this index indicates a lengthier recovery period.…
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Thailand aims for top ASEAN agricultural exporter with new FTAs
A Government of Thailand spokesperson revealed plans to enhance economic cooperation and attract foreign trade and investment, which could propel the Thai nation to the top of the agricultural export rankings in ASEAN through the implementation of Free Trade Agreements (FTA). The spokesperson for the Thai Prime Minister’s Office, Chai Watcharong, disclosed Prime Minister and Finance Minister Srettha Thavisin’s determination…
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Thailand’s GDP sees modest growth amid calls for interest rate cut
Thailand’s economic growth in 2023, as measured by the gross domestic product (GDP), registered a 1.9% increase, according to the National Social and Economic Development Council (NESDC). This growth, however, was tempered by a decline in manufacturing and public spending, despite an upswing in private consumption and visitor numbers. This growth bolsters the argument for an interest rate slash during…
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Thai farmers advised against off-season rice due to climate change
Climate change and the moderate effects of the El Niño phenomenon have led to a reduction in Thailand’s water supply, prompting authorities to advise second-crop farmers against the cultivation of off-season rice. The lower water levels have necessitated a revised water distribution plan to support existing plantations where crops are yet to be harvested. Krongsak Songraksa, Deputy Director-General of the…
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Baht falls to three-month low as US inflation delays rate cut
The Thai currency hit a three-month low against the US dollar yesterday, February 14, slipping below 36 to the dollar. This was attributed to higher-than-anticipated US inflation, which led the market to predict a delay in the Federal Reserve’s first interest rate cut, initially expected in May. Quoting Kasikorn Research Centre, the baht was valued at a low of 36.13 against…
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Thai poultry exports soar, feathering their cap as world’s third-largest
With over 100,000 tonnes of chicken valued at a staggering 100 billion baht shipped abroad last year alone, Thailand has secured its spot as the world’s third-largest exporter, trailing only behind Brazil and the US. Thailand’s poultry industry has been on an upward trajectory, with Chaweewan Kampa, President of the Poultry Promotion Association of Thailand, hailing the nation’s climb to…
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Phuket’s property pandemonium: Foreign buyers drive real estate prices sky high
Phuket’s property market has been catapulted to unprecedented heights, with foreign interest igniting a buying spree sending prices soaring. Phattarachai Taweewong, director of Research and Communications at Colliers International (Thailand), revealed that the allure of owning a slice of paradise in Phuket has pushed land prices to astronomical levels, hitting as high as 25 to 100 million baht per rai.…
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Anticipated US interest rate cut to boost gold prices in May
Gold prices in the domestic market, which had earlier witnessed a surge to 34,550 baht (US$956) per baht-weight during the Lunar New Year, are anticipated to rise again in May. This forecast comes as traders expect the Federal Reserve to begin a cut in US interest rates, thereby potentially driving global prices to US$2,100 per ounce. Gold Traders Association (GTA)…
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CRC projects 9-11% revenue growth driven by tourism boost
Central Retail Corporation (CRC) is expecting revenue growth of 9-11% in 2024, with the primary drivers being a resurgence in tourism and increased consumption. However, concerns have been raised about a potential influx of inexpensive imported goods. Yol Phokasub, CRC’s chief executive, articulated that despite the sluggish economic growth, the overall spending confidence in Thailand remains above average for the…
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Thailand govt cuts informal debts by 670 million baht in two months
The Government of Thailand has slashed the nation’s informal debts by 670 million baht (US$18.69 million) in a span of two months, successfully resolving 102,000 out of the 140,000 reported cases. This significant reduction is part of an initiative to alleviate the household debt burden. Prime Minister Srettha Thavisin, who also holds the position of Finance Minister, attributed this progress…
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Digital love: 80% of Thais to swipe right on online Valentine’s gifts
According to a recent study conducted by the YouGov analysis institute, sponsored by Visa, the go-to name in digital payments, 80% of Thais will be ordering their Valentine’s Day treats from the comfort of their screens. The research delved deep into the hearts and wallets of Thai consumers, uncovering fascinating insights into how lovebirds navigate the digital aisles in search…
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FTI urges protection for SMEs against cheap Chinese imports surge
The Federation of Thai Industries (FTI) is advocating for enhanced protection of small and medium-sized enterprises (SMEs) against the surge of inexpensive Chinese products. Kriengkrai Thiennukul, FTI chairman, revealed that the importation of these products has caused certain local manufacturers, predominantly SMEs, to cut their production by 50%. The FTI asserts that some imported goods require comprehensive inspection, as they…
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Thai economy needs more stimulus amidst global challenges
Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…
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Indonesia reassures no rice shortage despite retail restrictions
The Indonesian government affirmed today that there is no shortage in the country’s rice stocks, despite increasing restrictions on sales in mini markets and supermarkets that have been in place since the close of 2023. Arief Prasetyo Adi, the Head of the National Food Agency (NFA), made this assurance following a coordination meeting with the president. He also highlighted the…
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Japanese to invest 10 billion baht in Thailand’s S-curve industries
Two Japanese corporations are set to inject a total of 10 billion baht into Thailand’s S-curve industries, according to the Thai Industry Ministry. This initiative encompasses 12 industries earmarked for development by the Thai government, including smart electronics. Air and compressor manufacturing are the sectors that have particularly piqued the interest of the two firms, said Industry Minister Pimphattra Wichaikul.…
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Thailand capitalises on halal market amid renewed Saudi ties
Thailand and Saudi Arabia’s reestablishment of diplomatic ties in 2022, after a three-decade hiatus, has presented the Land of Smiles with fresh avenues to capitalise on its halal products’ demand in the Middle Eastern markets. The global Muslim population, approximately 2 billion, is projected to constitute 25% of the total populace by 2030. Thaweelap Rittapirom, the President of the Islamic…
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Thai workers invited to apply for high-paying oil rig jobs in Brunei
A Thailand government spokesperson announced a significant recruitment drive by the Department of Employment for 40 positions on oil rigs in Brunei, offering high annual salaries, free accommodation, and excellent benefits. The application window for these coveted roles opened on February 9 and will close on February 23, inviting experienced professionals with a minimum of eight years in the industry,…
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Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
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Thailand-Cambodia border gate to boost trade despite landmine challenges
The Ban Nong Ian-Stung Bot border gate between Thailand and Cambodia is soon to be operational, aiming to stimulate trade and logistics between the two nations. This announcement was made by Parinya Potisat, the governor of Sa Kaeo province yesterday. The new frontier passage will ease the pressure on the Ban Khlong Luek-Poipet border by providing an additional route for…
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Thai tourism index for Q4 2023 signals risk of deflation
The Tourism Council of Thailand’s (TCT) quarterly index has reported a lower-than-normal confidence level for the fourth quarter of 2023, signalling concerns among operators about the risk of deflation and delayed fiscal budget disbursement. The Thai tourism index for the last quarter of the year scored 77, with 100 being the average; this is an increase from the third quarter’s…
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Pheu Thai Party dismisses corruption concerns on 10,000-baht digital wallet scheme
The Pheu Thai Party dismissed a warning by the National Anti-Corruption Commission (NACC) concerning the government’s proposed 10,000-baht digital wallet scheme. Anusorn Iamsa-ard, a Pheu Thai list-MP, maintained that the government is open to feedback from all quarters and that the NACC’s concerns are premature as the scheme has not been implemented yet. “If the digital wallet scheme is delayed…
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