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.
Stay ahead in Thailand’s dynamic and constantly evolving economy by subscribing to our newsletter and following us on social media.
-
Sponsored Leap into English mastery with Green Valley's LEAP Programme
For many years, St. Andrews International School, Green Valley’s students who did not speak English as their first language have typically participated in English as an Additional Language (EAL) programmes to build proficiency. However, the school has recently introduced a...
-
Chiang Mai tourism: Haze issue risks long-stay senior tourist numbers
Tourism operators in Chiang Mai are urging the new government to address the persistent haze issue to attract the return of long-stay senior tourists, whose absence has dealt a significant blow to the province’s economy. The leader of the Move Forward Party, Pita Limjaroenrat, visited Chiang Mai last week and discussed environmental and tourism policies with local industry representatives. According…
-
Household debt in Thailand soars to 86.9% of GDP, dampening consumer spending
Thailand’s mounting household debt is raising concerns, as it continues to hinder consumer spending, affecting various industries and impeding economic growth. The latest data from the National Economic and Social Development Council shows debt in the nation reached 15.1 trillion baht in the fourth quarter of 2022, a 3.5% increase year on year, and accounting for 86.9% of GDP. Debt…
-
Trading troubles: Thai stock market feels pinch of political uncertainties amid global rate rumbles
The Thai stock market remains under pressure from domestic political uncertainties, despite a halt in US interest rate hikes and a recent rate cut in China. The Stock Exchange of Thailand (SET) index continued its downward trend, closing at 1,557.71 points, a 0.22% decrease from the previous day. In contrast, several Asian stock markets experienced gains, with Hong Kong’s Hang…
-
Unlocking digital potential: Foreign software companies ‘Thai’ the knot with Thailand’s growing tech scene
Thailand is witnessing an increase in foreign software companies setting up offices in the nation, tapping into its digital growth and the demands of local enterprises. This development has attracted big data centres and cloud service providers from various countries, including the US, Japan, and China. Among the firms choosing Thailand is Adobe Inc., an American creator of design tools…
-
Thailand tourism eyed by Agoda CEO as business hotspot rivaling Japan, Vietnam
Agoda, the online travel agency, foresees a bright future for Thailand tourism as the country emerges as a preferred destination for business travellers, potentially rivalling top hotspots like Japan and Vietnam. Ranked second in Agoda’s largest inbound markets between January and May, Thailand’s tourism trails behind Japan in terms of overall popularity. Agoda’s Chief Executive, Omri Morgenshtern, believes Thailand’s potential…
-
Industry blues: Thailand’s TISI takes a double dip, blaming government formation woes
The Thailand Industry Sentiment Index (TISI) suffered another setback after experiencing a decline for the second month in a row, partly due to uncertainties surrounding the formation of a new coalition government. In May, the TISI dropped to 92.5 points from 95 in April. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), cited issues in setting up a…
-
Bank of Thailand anticipates slower loan growth: Interest rates not main factor
The Bank of Thailand anticipates a slower pace of loan growth in the banking industry due to reduced demand, while asserting that rising interest rates are not the main factor impacting loan expansion. The central bank’s soft loan programme, which aimed to aid small and medium-sized enterprises, largely contributed to the increased borrowing during the post-pandemic recovery period. Sakkapop Panyanukul,…
-
ASEAN membership: Roadmap endorsed for Timor-Leste’s inclusion and Thai trade
Yesterday, a senior official at the Ministry of Foreign affairs announced that the Association of Southeast Asian Nations (ASEAN) has recently endorsed a roadmap that outlines the steps for Timor-Leste becoming its 11th member. This ASEAN membership move is expected to benefit Thailand economically by expanding trade and investment opportunities between the two nations. Timor-Leste initially submitted its request for…
-
Thailand tourism thrives with 1,200% surge in Klook bookings
Online travel platforms continue to express optimism about Thailand’s tourism growth this year, propelled by a substantial increase in visitor arrivals. Wilfred Fan, Chief Commercial Officer at Klook, an online travel platform, stated that the company experienced a 1,200% increase in bookings for activities in Thailand year on year in the first five months of 2023. The top five markets…
-
Tourism promotion: TCT urges government to market Thailand as prime retiree destination
Tourism promotion has driven the Tourism Council of Thailand (TCT) to urge the new government to market Thailand as a prime destination for retirees while advocating for regulatory changes that would encourage the development of the tourism industry. The TCT yesterday met with representatives from the Thai Sang Thai Party to discuss these proposed changes, following the party’s consultation with…
-
Thailand embraces nuclear fusion tech with Tokamak I milestone
Thailand Prime Minister Prayut Chan-o-cha expressed satisfaction with the progress of the country’s Tokamak I (TT-1) nuclear fusion energy technology, stating its significance in achieving sustainable energy goals. The 69 year old prime minister’s comments came during a presentation on the development of nuclear fusion energy in Thailand, given by Anek Laothamatas, Minister of Higher Education, Science, Research and Innovation (MHESI),…
-
Neo Pattaya project revitalises Old Town Naklua with multimillion-baht budget
Pattaya’s deputy mayor, Manoch Nongyai, yesterday oversaw a restoration project at Chalerm Phrakiat Public Park in Old Town Naklua. The initiative is part of the larger Neo Pattaya project, which aims to transform Pattaya into a central hub for commerce and tourism within the Eastern Economic Corridor (EEC) zone. This ambitious endeavour is supported by a multimillion-baht budget, and authorities…
-
BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
-
Zen Corp and CPF launch ready-to-eat Tummour meal at 7-Eleven stores
If you visit 7-eleven a lot in Thailand, there’s good news for you. Zen Corporation Plc, known for operating restaurant chains such as Zen, AKA, and Tummour, has announced its expansion into the ready-to-eat meal market in a bid to strengthen its long-term business prospects. The company’s chief commercial officer for Thai brands, Siruwat Chatchawan, disclosed that Zen Corporation has…
-
Thailand’s tourism rebounds with 11.4 million visitors
Thailand has experienced a surge in foreign tourist arrivals, with 11.4 million visitors recorded from January to June 11, according to a statement released by the Ministry of Tourism and Sports. This figure has already surpassed the total number of tourists in 2022, which reached 11.15 million. The statement also revealed that tourist spending during this period amounted to 472…
-
Japanese investors seek Thai tech startups for regional expansion
Thai tech startups have caught the attention of Japanese investors, who are keen to support their expansion into regional markets, according to an executive at Bank of Ayudhya (Krungsri). Southeast Asia, and Thailand in particular, are considered prime investment locations for Japanese investors, who see potential in the country’s high-growth tech startups. Bunsei Okubo, head of Japanese corporate and multinational…
-
Ubolratana Dam usable water drops 11% amid insufficient wastewater plants
A significant decrease in usable water has been reported at Khon Kaen’s Ubolratana Dam, with an 11% drop attributed to an insufficient number of wastewater treatment plants in the region. The Office of National Water Resources (ONWR) has revealed that the dam currently holds only 32% of its total capacity, with merely 207 million cubic metres (m³) of usable water,…
-
Suvarnabhumi Airport’s SAT-1 terminal set for soft takeoff in September
Suvarnabhumi Airport in Bangkok is set to soft launch its Satellite Airport Terminal 1 (SAT-1) in September, with a full opening planned for early next year. Airports of Thailand (AoT) president, Kerati Kijmanawat, stated that the new 216,000-square-metre facility, with a capacity for 28 aircraft parking bays, aims to address existing issues at the airport. With the ability to accommodate…
-
Eggs-traordinary crisis: Thailand’s soaring egg prices crack traders and consumers alike
The soaring cost of eggs in Thailand has left traders and consumers concerned, with some attributing the price hike to a shortage of supplies at farms and increased export demand. Wanchai Rungmitcharatsaeng, a 65 year old egg shop owner in Khon Kaen’s Mueang district, has been in the business for over 20 years and claims that egg prices have reached…
-
Thailand urged to boost beauty and wellness market for long-term growth
Thailand’s new coalition government is being encouraged to adopt a consistent policy to support the nation’s beauty and wellness market over an extended period. Ketmanee Lertkitcha, the chairwoman of the health, wellness and beauty industry cluster of the Federation of Thai Industries, highlighted the need for a national strategy to promote this sector, which, along with tourism, plays a crucial…
-
New Na Klang-Ao Jik road links Phuket and Phang Nga, boosting tourism
The newly completed Na Klang-Ao Jik road, which connects Phuket and Phang Nga, is set to provide a boost to local tourism and cross-provincial transport. The Department of Rural Roads (DRR) has invested approximately 282.8 million baht (US$8.5 million) in the 4.2-kilometre road, which is part of a city expansion project in Phang Nga’s Thai Muang district. The concrete road…
-
Thai GDP growth at risk as new government formation faces delays
Concerns are rising within the private sector as the potential delay in the formation of Thailand’s new government could lead to a decline in the country’s GDP growth to 1-2%. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, stated that the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is closely monitoring the political situation. A new government…
-
Thai economy could face 36 billion baht hit from extreme weather
Extreme weather conditions, including drought and floods, could potentially inflict a 36 billion baht blow to Thailand‘s economy this year, warns the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). Drought, in particular, is a significant concern as it may severely affect the agricultural and manufacturing sectors, further hindering the country’s already sluggish exports. “Manufacturers are worried about drought…
-
Medical glove exports decline amid allergy concerns and easing Covid-19 cases
The export of medical gloves made from rubber latex is expected to continue its decline this year, as Covid-19 infections ease and some countries impose bans on natural rubber gloves due to allergy concerns, according to the Office of Industrial Economics (OIE). The decline in glove exports has been significant since last year, impacting Thailand, Indonesia, and Malaysia, said Warawan…
-
Bangkok’s YMID initiative drives Thai medical innovation to meet Asian demand
The National Innovation Agency (NIA) is continuing to push forward the Yothi Medical Innovation District (YMID) initiative in Bangkok, aiming to meet the growing demand for a central medical hub in Asia, according to NIA’s executive director, Pun-Arj Chairatana. Situated in Bangkok’s Yothi neighbourhood, the YMID project seeks to decrease imports of medical innovations and establish a Thai medical innovation…
-
Inflation plummets to 21-month low in Thailand as fuel and electricity prices drop
Inflation in Thailand reached its lowest point in 21 months last month, primarily driven by declining fuel prices and electricity bills, along with a higher price base in May of the previous year. Experts predict that the inflation rate will further decrease throughout June. Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, expects inflation for June to…
-
Foreign investors sell 100 billion baht in Thai stocks and shares amid global rate rise
In the first five months of this year, foreign investors offloaded almost 100 billion baht worth of Thai shares, with 33.4 billion baht sold in May alone, due to increasing global interest rates and uncertainties surrounding the formation of a new government. Despite this, the Stock Exchange of Thailand (SET) expressed optimism yesterday, believing that the recent easing of the…
-
Highway 12 expansion completed, boosting Thailand-Myanmar-Laos economic ties
The completion of Highway 12’s expansion, which connects Thailand with Myanmar, and Laos, is expected to significantly enhance cross-border economic activities among the three nations. Government spokesperson Anucha Burapachaisri announced that Prime Minister Prayut Chan-o-cha is optimistic about the economic benefits the highway will bring, particularly to the residents of Kalasin and Mukdahan in northeast Thailand. Highway 12 forms a…
-
Thai parties pledge to tackle economic inequality, business groups sceptical
Business organisations have expressed support for the Move Forward Party’s campaign pledges to address economic inequality in Thailand, but they question the party’s ability to overcome long-standing issues. On May 22, eight political parties signed a memorandum of understanding, outlining 23 focal points for governing Thailand. These included a joint commitment to reducing inequality and promoting equitable economic growth. The…
-
Thai rice exports valued at 23% more than same period last year
From January to April, Thailand’s rice exports reached 2.79 million tonnes, with an estimated total for the year surpassing 8 million tonnes, according to the government. Prime Minister Prayut Chan-o-cha, expressed optimism regarding the exports being valued at US$1.5 billion (51.2 billion baht) revenue, a 23% increase compared to the same period last year, as reported by government spokesperson Anucha…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.