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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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,…
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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…
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Timber regulations tightened, Thailand targets Siamese rosewood exports
The Commerce Ministry of Thailand recently announced two new regulations targeting the timber trade. Beginning on July 17, traders will be required to hold a certificate of import to import timber, processed wood, and wooden artefacts. Additionally, starting August 16, the export of Siamese rosewood (phayung) will be prohibited, Bangkok Post reports. The director-general of the Foreign Trade Department, Ronnarong…
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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…
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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),…
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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…
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Thai interest rates raised to 2% by BoT amid core inflation worries
The Monetary Policy Committee of the Bank of Thailand (BoT) anticipates ongoing economic growth with some potential risks, as evidenced by their decision to increase the key Thai interest rates for the sixth consecutive meeting, according to the minutes released recently. On May 31, the committee unanimously agreed to increase the one-day repurchase rate by a quarter point to 2%,…
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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…
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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…
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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…
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Thai economy set for boost as tourism and domestic consumption surge
The Thai economy is predicted to experience a boost in the second half of the year, driven by a surge in tourism and domestic consumption, according to the Economic Intelligence Service (EIS) of the Thailand Development Research Institute (TDRI). However, ongoing political instability remains a factor to watch. The EIS forecasts that Chinese tourist arrivals in Thailand will increase by…
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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,…
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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…
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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…
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Foreign investors target luxury Bangkok condos, India eyes Pattaya properties
Foreign buyers are showing renewed interest in luxury condominiums in Bangkok, with potential investors primarily coming from China, Myanmar and India. Yesterday, Capital One Real Estate and its representatives have reaffirmed that Thailand’s real estate market is showing positive signs as their portfolio value is on track to reach 50,000 million baht (US$1.42 billion). As a result, foreign market sales…
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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…
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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…
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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…
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Thai coalition parties propose zero-based budgeting for efficiency
The implementation of zero-based budgeting (ZBB) has been proposed by the Move Forward Party (MFP) as part of a 23-point memorandum of understanding signed by eight political parties seeking to form a new coalition government. The MFP argues that the current budgeting system fails to address the public’s needs due to bureaucratic hurdles. ZBB requires state officials to justify expenses…
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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…
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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…
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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…
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Thai exports decline for seventh month as global demand slows
The Thai Ministry of Commerce has reported a decline in the nation’s export value for the seventh consecutive month. In April, the value dropped by 7.6% compared to the previous year, a significantly larger decrease than the 2% fall anticipated by economists. April’s exports were valued at US$21.72 billion, a notable decrease from March’s 12-month high of US$27.65 billion. Despite…
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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…
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Thailand’s forest rangers push for higher salary
Thailand’s forest rangers are pushing for a higher salary. The Department of National Parks, Wildlife and Plant Conservation in Thailand is calling for a pay raise for approximately 14,000 forest rangers, Thai PBS reported. The department is seeking an increase from the current monthly salary of 9,000 baht to 11,000 baht from the Comptroller Department of the Finance Ministry, effective…
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Thai baht soars as voters back pro-democracy parties
The Thai baht hit a five-week high this morning after pro-democracy parties came out as the biggest winners in yesterday’s General Election after nearly a decade of military-backed rule in Thailand. The baht rallied 0.9% this morning to 33.70 against the greenback for the first time since April 5 after opposition parties Move Forward Pary (MFP) and Phue Thai won the…
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Pheu Thai candidate Dr Silp champions cultural diversity for economic revival
Dr Silp – Silpwichai Noisyamitr, a candidate for the constituency 24 of Khlong San, Thonburi, and Ratchaburana, Bang Pakok, under the Pheu Thai Party, aims to revive the economy with the diverse local culture. Growing up, he was a keen reader of Bangkok’s column in the newspaper, which made him an “active citizen” with a great knowledge of urban development.…
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Thailand is the world’s biggest exporter of durian
Thailand, known for its rich culture and stunning beaches, is also the world’s biggest exporter of the notorious fruit, durian. According to the Trade Policy and Strategy Office, Ministry of Commerce, Thailand has retained its top spot for durian exports, accounting for a whopping 93.3% of the global market share, Pattaya Mail reported yesterday. In 2022, Thailand exported fresh durian…
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US and Thailand advance energy cooperation in recent discussions
The United States and Thailand have recently agreed to advance energy cooperation during talks in Washington, DC. The Office of the Spokesperson for the US Department of State issued a joint press statement revealing that the discussions took place during the third US-Thailand Energy Policy Dialogue, held from April 18 to April 20. Both nations aimed to deepen their ties…
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Thailand accelerates shift to renewables amid global energy crisis fallout
The global energy crisis has prompted Thailand to accelerate its transition to renewable energy after years of hesitation, joining other countries in adopting wind and solar power to reduce dependency on imported fuels. Thailand’s reconsideration of its renewable energy strategy came after a surge in natural gas prices last year caused by Russia’s invasion of Ukraine, according to Wattanapong Kurovat,…
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