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 Working in Thailand: How expat health insurance protects your career and lifestyle
Starting a career in Thailand can be an exciting chapter, but it also brings unique challenges, especially when it comes to health and wellness. For expats, navigating Thailand’s healthcare system and meeting work permit requirements can be difficult. And while...
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Sea-change agenda: Phuket sets sail for luxury ship entry
Senate Tourism Committee Chairman General Thanasak Patimaprakon and his delegation visited Phuket yesterday to discuss transforming the popular holiday resort island into a point of entry for small luxury ships. The visit was in response to plans to develop Phuket Deep Sea Port at Ao Makham to serve as a home port for small cruise ships. This move aims to…
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Making waves: Phuket water projects dive deep into billion-baht territory
The Phuket Provincial Water Resources Subcommittee delved into water projects exceeding 1 billion baht yesterday and made quite a splash. The meeting, held at Phuket Provincial Hall and chaired by Phuket Vice Governor Norasak Suksombun, saw a flood of attendees from various government agencies. The discussion navigated through the island’s rainfall patterns, water levels in its three main reservoirs, water…
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Thailand’s economy set for 3.3% growth amid global uncertainties
Thailand’s economy is projected to grow by 3.3% this year, despite vulnerabilities from international politics, foreign wars, and unrest in neighbouring countries. These factors pose risks to the nation’s export sector. Tawee Piyapatana, the Senior Vice President of the Federation of Thai Industries, expressed concerns after representing the chair at a Joint Standing Committee on Commerce, Industry and Banking (JSCCIB)…
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Thai rice exporters stir in choppy waters as challenges loom ahead
Rice exporters in Thailand are bracing for a challenging year ahead due to a host of risk factors, including fluctuating exchange rates, waning competitiveness of Thai rice, fierce price competition, the potential impact of the El Niño weather phenomenon, and India’s restrictive export policies, as reported by the Thai Rice Exporters Association. The association’s honorary president, Chookiat Ophaswongse, referred to…
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Promising future for Thai SET in healthcare, tourism, food sectors
Despite the slow recovery of the Stock Exchange of Thailand (SET) from last year’s significant slump, executives see a promising future in healthcare, tourism, and food stocks. They believe these sectors can offer attractive opportunities for investors and encourage more companies to enlist on the bourse. Manpong Senanarong, SET Senior Executive Vice-President and head of the Issuer and Listing Division,…
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Thailand taps Chinese influencers to boost exports
The Thai government launched an initiative to boost the country’s exports to China, the world’s second-largest economy. The plan involves inviting 30 to 50 of China’s leading social media influencers to visit Thailand in May. During their stay, these influencers will livestream their Thai experiences, promoting local products from traditional elephant pants to native sweet treats to their followers back…
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Corruption potential in the 10,000-baht digital wallet scheme
Despite potential warnings from the National Anti-Corruption Commission (NACC), the government has confirmed plans to proceed with the 10,000-baht digital wallet scheme. Prime Minister Srettha Thavisin and Deputy Finance Minister Julapun Amornvivat agreed to let the digital wallet policy committee begin work next week. The focus of the forthcoming meeting will be on the potential for corruption during the handout…
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Trunk trouble: Illegal elephant pants imports surge sparks probe
A surge of illegal imports of Thai elephant pants from China and neighbouring countries led to an official investigation on February 5. Phumtham Wechayachai, the Deputy Prime Minister and Minister of Commerce, directed the Department of Intellectual Property (DIP) to look into this matter. These infringing items were spotted at various tourist hotspots, being sold at prices significantly lower than…
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Thai condo market surge fuelled by visa-free policy and Chinese
The Thai condominium market is experiencing a surge in activity, largely due to a permanent visa-free policy for Chinese nationals, which has led to a significant increase in property purchases by foreigners. In the first three quarters of the year 2023, foreign buyers transferred ownership of 10,703 units valued at 52,259 million baht (US$1.46 million). This momentum is expected to…
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Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
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Labour costs outpace revenue growth in Thai tourism sector
Rising labour costs in the tourism sector are outpacing revenue growth, resulting in increased hotel expenses, as revealed by hospitality market analyst STR. Jesper Palmqvist, senior director for Asia-Pacific at STR, warned that the only risk for hotels this year is maintaining cost controls in light of the extraordinary growth of labour costs and room rates. Over the past one…
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Samsung’s Galaxy S24 series boasts strong pre-orders in Thailand
Thai Samsung Electronics’ Vice-President of Mobile Experience, Sitthichoke Nopchinabutr, expressed confidence in the company’s position in Thailand’s competitive smartphone segment. This follows the recent launch of Samsung’s Galaxy S24 series, equipped with advanced artificial intelligence (AI) capabilities. Sitthichoke revealed that the volume of pre-orders for the S24 series places Thailand among the top five markets globally. Moreover, it leads to…
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Thailand’s 10,000-baht digital wallet scheme delayed due to legal complications
The anticipated 10,000-baht digital wallet scheme, initially scheduled for a May launch, has encountered delays due to a study by the National Anti-Corruption Commission (NACC) warning of potential legal complications. Prime Minister Srettha Thavisin, who is also the finance minister, emphasised on Saturday the need for expedited discussions with Deputy Finance Minister Julapun Amornvivat to determine the next steps for…
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Thai Hong Kong Trade Association signs MoU with Industries Federation
The Federation of Hong Kong Industries (FHKI) and the Thai Hong Kong Trade Association (THKTA) have joined forces, signing a Memorandum of Understanding (MoU) that promises to revolutionise bilateral trade. FHKI Chair Steve Chuang made the announcement on January 24, declaring that the Association is strategically eyeing ASEAN and Thailand as prime territories for Hong Kong manufacturers looking to navigate…
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Thai hotels hit hard as property tax breaks end
Thai hotels are facing an uphill battle this year as the government pulls the plug on property tax reductions and energy prices soar, sending operating costs skyrocketing by 10%. Marisa Sukosol Nunbhakdi, the President of the Thai Hotels Association (THA), reveals the dire consequences for hotel owners who enjoyed a 90% tax discount in 2020-21, only to see it evaporate…
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Thailand to launch roadshow in China promoting 1 trillion baht Land Bridge project
Thailand’s Transport Ministry, headed by Minister Suriya Jungrungreangkit, announced yesterday that it would be launching a roadshow in China next month to promote the Land Bridge project. This announcement followed a recent visit by Chinese Foreign Affairs Minister Wang Yi, who expressed China’s interest in the project. As a response, the Thai government is preparing to submit a project report…
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Thailand’s rice exports expected to drop 14.4% amid global competition
A projected drop of 14.4% in Thailand’s rice exports is anticipated for this year, due to a combination of reduced production and increased global competition, as reported by the Foreign Trade Department. The department’s director-general, Ronnarong Phoolpipat, revealed that the estimate of 7.5 million tonnes of rice exports this year was jointly made with the Thai Rice Exporters Association. This…
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Thai government aims to boost cross-border trade despite 2023 contraction
The Thai government is aiming to reinvigorate its cross-border trade, including transit trade, this year following a 2.6% contraction in 2023, which saw the value fall to 1.7 trillion baht (US$48 billion). The Foreign Trade Department’s director-general, Ronnarong Phoolpipat, stated that the Commerce Ministry would expedite cross-border and transit trade according to the government’s investment promotion strategy for 2024-27. To…
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Central Group grabs Ploenchit Road for record-breaking 16 million baht per square metre
The land price per square wah in the heart of Bangkok is set to smash records, with Central Group snatching up a plot on Ploenchit Road from the Sukosol family at 4 million baht per square wa (16 million baht per square metre). This coveted three-rai plot, formerly the Morakot parking lot nestled between Central Chidlom and Soi Somkid, has…
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Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
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South African-Thai Chamber of Commerce host networking event in Pattaya
The South African-Thai Chamber of Commerce (SATCC) hosted the SATCC ESB Multi-Chamber Networking Evening at Pullman Pattaya Hotel G on January 19. The event, generously supported by Bumrungrad Hospital as the main sponsor, transformed the venue into a vibrant hub of collaboration. A constellation of sponsors, including Macallan Insurance Broker, Q Cars, Red Wolf Global, and CSP Construction, illuminated the…
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Thailand’s manufacturing production sees steep fall due to car output drop
The Industry Ministry reported a year-on-year fall of 6.27% in Thailand’s manufacturing production index for December, attributed to a downturn in car production. This figure was notably steeper than the anticipated 3.2% decrease, according to a Reuters poll. This followed the 4.71% drop in November, rounding out a year in which overall output shrank by 5.11%. In addition to the…
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Google reigns supreme: Thailand’s top talent magnet for sixth year running
WorkVenture revealed the most coveted companies in Thailand, and surprise, surprise: Google claims the top spot for the sixth consecutive year. Unveiling the Top 50 Companies in Thailand 2024, the survey, conducted among over 11,452 young professionals, offers a snapshot of the Thai job market’s evolving landscape. As the professional arena adapts to the changing tides, the new generation of…
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Thai government and central bank clash over interest rates
The ongoing discord between government officials and central bankers regarding interest rate adjustments is creating uncertainty for local banks and could potentially trigger further foreign investor withdrawals. Thailand Prime Minister Srettha Thavisin, along with key advisors, is advocating for a reduction in rates by the Bank of Thailand (BoT) to stimulate an economy the Thai PM describes as being in…
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Bangkok leverages Boys Love series for global Thai product boost
Bangkok’s commerce scene is set to undergo a transformative boost as the Deputy Prime Minister and Commerce Minister, Phumtham Wechayachai, revealed a groundbreaking initiative to elevate Thai products and services to the global stage through the popular and increasingly recognised medium of television and films. Slated to reach an audience of three million across 100 countries, the scheme aims for…
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SET index may drop below 1,300 due to digital wallet handout
The Stock Exchange of Thailand (SET) index could potentially plummet below the 1,300-point mark this year, warns the CEO of One Asset Management (ONEAM), Pote Harinasuta. This alarming projection is associated with the government’s proposed digital wallet handout which could result in Thailand’s credit rating being downgraded and a subsequent hike in corporate borrowing costs. Key factors that could influence…
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Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
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Thai government seeks interest rate cut as household debt fuels recession
Thailand’s economy is currently grappling with a recession triggered by soaring household debt, as reported by the Deputy Finance Minister, Julapun Amornvivat, today. This intensified the call for the central bank to reduce interest rates. Julapun also expressed the government’s commitment to the 500 billion baht distribution plan, which aims to allocate 10,000 baht per person to 50 million Thai…
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Thai baht heads for poorest January since 2020
The Thai baht, after experiencing a nearly 4% loss compared to the US dollar, is on track for its poorest January performance since 2020. The currency’s downfall signals further challenges ahead, given the significant outflows. Emerging Asia’s top-performing currency in the fourth quarter turned into this year’s biggest loser as global funds avoid Thai assets. This comes amid a dispute…
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Thailand’s Land Bridge project eyed for boosting economy amid local concerns
Thailand’s Land Bridge project, a major infrastructure initiative resembling a proposed shortcut through Southeast Asia, dominated the recent mobile Cabinet meeting in Ranong. Residents expressed apprehensions to Prime Minister Srettha Thavisin, highlighting potential environmental damage and disruptions to their lifestyle. In the face of forecasted stagnant GDP growth, the government views the Land Bridge project as a promising solution for…
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