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 Top 10 reasons for expats to get a comprehensive health insurance in Thailand
Moving to Thailand offers plenty of excitement and adventure, but the local healthcare system can be complex to navigate as an expat. From unique health risks to high costs at private hospitals, having a comprehensive health insurance plan is essential....
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High depreciation of EVs raises loan concerns says National Credit Bureau
The National Credit Bureau (NCB) raised concerns about the high depreciation rates of electric vehicles (EVs) and the associated loan risks. As the popularity of EVs, particularly Chinese brands, continues to rise, so does the volume of loans attributed to their purchase. However, EVs depreciate faster than traditional internal combustion engine (ICE) cars, which has heightened the risk for auto…
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Thailand’s smartphone market to recover in 2024 boosted by AI and 5G
The smartphone market in Thailand is projected to recover in 2024, following an expected slump this year. The rebound is attributed to artificial intelligence (AI) features on smartphones, increased availability of affordable 5G devices, and replacement demand from 2021, according to Canalys, a global tech market analyst firm. Canalys analyst Sheng Win Chow indicated that the AI features on these…
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Cable car project causes concerns of potential overcrowding at Phu Kradueng
Concerns have been voiced by the Seub Nakhasathien Foundation over potential overcrowding at Phu Kradueng National Park in Loei, as a result of plans to revive a long-debated cable car project. The foundation, while assured that modern construction techniques can minimise environmental and wildlife disruption, is apprehensive about the park’s capacity to handle an influx of tourists. Ornyupa Sangkamarn, the…
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Drastic drop in Thai gold prices today following recent surge
Gold prices in Thailand have plummeted drastically today following a continuous surge, according to the Gold Traders Association. The price of gold ornaments fell by 250 baht compared to the last price yesterday, selling at 34,450 baht per baht-weight. The buying price of gold bars in the country stands at 33,850 baht per baht-weight and the selling price is 33,950…
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BCPG to divest its nine solar farms in Japan for strategic reinvestment
BCPG Plc, Bangchak Group’s power generation subsidiary, is planning to divest all its nine solar farms in Japan, in a strategic move to revamp its long-term investment in renewable energy. The assets on sale include equity worth 6.93 billion baht and net debt totalling 3.44 billion baht. The company has entered into an asset purchase agreement with Danish renewable energy…
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Easy e-receipt programme set to kick off next year in Thailand
A newly approved tax refund scheme, aimed at stimulating domestic spending and promoting the use of electronic invoices, is set to kick off early next year, the Finance Ministry confirmed on Monday. The so-called Easy E-Receipt programme allows individuals to claim a tax deduction of up to 50,000 baht on goods and services purchases from businesses backed by the e-tax…
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Thai PM plans revision of 5.1 billion baht for national art and culture
Prime Minister Srettha Thavisin yesterday announced plans to revise the substantial sum of 5.1 billion baht (US$145 million), originally designated for the promotion initiatives of national art and culture by the National Soft Power Development Committee (NSPDC). The Thai prime minister expressed the need for judicious use of the funds to maximise efficacy. PM Srettha’s statements followed the NSPDC’s second…
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Thailand poised to become regional hub for electric vehicle production
Thailand is stepping into the spotlight as a potential regional centre for Electric Vehicle (EV) manufacturing, bolstered by Prime Minister Srettha Thavisin‘s confidence and support. This sentiment was shared with the public on December 1 by the Government Spokesperson, Chai Watcharong. PM Srettha has reportedly been working closely with various agencies to encourage and aid international private entities, particularly those…
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Thailand considering month-long Songkran Festival to boost economy
The National Soft Power Development Committee in Thailand is proposing to extend the Songkran Festival for the entire month of April. Traditionally held from April 13-15, the water-splashing festivities are a cornerstone of the celebration. The committee hopes that by extending the festival and incorporating a range of other cultural events across the country, the festival could be promoted to…
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Golden delight: GTA unveils gold rush with prices soaring to new heights
The Gold Traders Association (GTA) today announced a strong surge in today’s gold prices. Compared to yesterday’s closing price, gold ornaments are selling at 34,800 baht per baht, up by 200 baht. This information was released on their website at 9.08am. Gold bars of 96.5% purity are currently being bought at 34,200 baht per baht and sold at 34,300 baht…
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Overwhelmed businesswoman registers for Thai government’s debt relief scheme
A businesswoman, burdened with an overwhelming debt, registered for an out-of-system debt relief scheme. She owes money to 14 lenders and faces the daily challenge of finding more than 7,000 baht for interest payments at a rate of 20%. This move comes after the government, under Prime Minister Srettha Thavisin, has been focusing on resolving out-of-system debt issues for citizens…
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House committee formulates 2024 budget proposal
The House committee responsible for scrutinising planning and monitoring budget expenditure is formulating a budget proposal for next year. The proposal is expected to be reviewed by the House in early January. Natthapong Ruangpanyawut, the committee’s chair and a list MP of the Move Forward Party, confirmed that the panel is currently processing budget requests from various state agencies. These…
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Hong Kong and Thailand join FPS with PromptPay, unlocking cross-border QR payment linkage
In a move set to redefine international payments, Hong Kong‘s Faster Payment System (FPS) joined hands with Thailand‘s PromptPay, unlocking a seamless cross-border QR payment linkage. Hong Kong and Thailand have unleashed a financial revolution, enabling residents to flex their digital wallets across borders. The cross-border QR payment linkage between Hong Kong’s FPS and Thailand’s PromptPay is set to transform…
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Shinawatra greenlights 5.1 billion baht for soft power industries and Songkran
The Soft Power National Development Committee, headed by Paetongtarn Shinawatra, has approved a budget of 5.1 billion baht to boost 11 industries in Thailand, including the Songkran festival. The plan includes a grand Songkran celebration, dubbed the World Water Festival – The Songkran Phenomenon, to draw international tourists to Thailand. The announcement was made on December 1. The Soft Power…
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Thai government invites citizens to register debts for resolution
The Thai government is inviting citizens to register their debts, both within and outside the formal system, to alleviate the burden of unregulated debt. This move by Prime Minister Settha Thaweesin and the Ministry of Finance is seen as a national issue, aiming to restore dignity, hope, and stability to Thai citizens suffering from the detrimental effects of unregulated debt.…
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Thai Prime Minister to review proposed energy tariff increase
Srettha Thavisin, the Thai Prime Minister, is set to convene a meeting with the relevant bodies following the revelation that the Energy Regulatory Commission (ERC) intends to surge the energy tariff from 3.99 baht per unit to 4.68 baht per unit from January to April next year. This proposed increase has stirred renewed demands for a revamp of the nation’s…
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Thailand’s electricity rate of 4.68 baht only a suggestion, says Energy Ministry
The suggested electricity rate of 4.68 baht per unit is merely a proposal, confirmed Energy Ministry spokesperson Pongsapol Yodmuangcharoen today. Emphasising that the final price falls under the purview of the Energy Ministry and is overseen by Energy Minister Peeraphan Salirathaviphak, Pongsapol assured that it won’t be fixed at this figure. He further confirmed that consumers will not face an…
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Thai community enterprise signs 100 million baht deal for Korat’s Golden Bananas export to Japan
A landmark deal worth 100 million baht has been signed between a Japanese buyer and a Thai community enterprise group for the purchase of 5,000 tonnes of Korat’s Golden Bananas. This first-ever export deal, set to greatly benefit local farmers, has been hailed for its potential to open new markets for Thai growers. The contract was signed at the Lamtakong…
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Singapore and Zurich rank as world’s most expensive cities in 2023
The Economist Intelligence Unit (EIU) recently revealed that Singapore and Zurich share the title of the world’s most expensive city in 2023. Following closely are Geneva, New York, and Hong Kong, maintaining that the worldwide cost-of-living crisis is yet unresolved. The research and analysis division of the Economist Group observed that prices for over 200 frequently utilised goods and services…
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Thailand’s herbal market worth skyrockets to 90,000 billion baht
Minister of Health Santi Prompat highlighted the significant growth in the market for Thai massage and food as a form of soft power for the nation. He also emphasized the rising value of herbal consumption, which has increased to 90,000 billion baht, making Thailand the third highest in Asia. This occurred during a special assembly and policy communication meeting at…
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Thailand’s export sector sees recovery with third month of growth
The Director-General of the Fiscal Policy Office, Pornchai Thiraveja, announced that the export sector is showing signs of recovery, marking its third month of consecutive growth. Despite a year-on-year contraction of 2.7% in the value of exports between January and October, monthly figures indicate a resurgence, with an 8% rise in October to US$23.5 billion. Quarterly analysis shows a decrease…
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Thailand’s shrimp exports forecasted to surge by 10% next year
A 10% surge in Thailand’s shrimp exports is on the horizon for the upcoming year, brought about by a minor uptick in local shrimp production and bolstered demand primarily from the United States. Thai Shrimp Association President Ekapoj Yodpinit disclosed that shrimp production in Thailand this year mirrored the previous year’s figure of 280,000 tonnes. Meanwhile, the country’s shrimp exports…
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Thailand’s power play: Hosting mega IMF and World Bank meetings in 2026
The Chief of the Fiscal Policy Office (FPO) unveiled Thailand‘s ambitious proposal to host the annual meetings of the International Monetary Fund (IMF) and World Bank in 2026. On October 15, the Finance Ministry, Bank of Thailand, and IMF and World Bank reps threw ink on a memorandum of understanding, sealing the deal for Thailand to reclaim its throne as…
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Debt dilemma: Households in a financial bind as debt soars, Thai PM pledges change
Thailand is in the grips of a financial crisis, with household debt skyrocketing to a staggering 16.07 trillion baht, a 3.6% surge compared to last year. Thai Prime Minister Srettha Thavisin vowed to address the problem of what he calls debt slavery. The National Economic and Social Development Council (NESDC) yesterday dropped a bombshell, revealing that Thailand’s household debt is…
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Thai nightlife gets a glow-up: Cabinet green-lights 4am extended hours for tourist hotspots
The Thai Cabinet has given the green light to a draft regulation set forth by the Interior Ministry, permitting extended hours until 4am at entertainment venues in prominent tourist hotspots. The affected areas include Bangkok, Chiang Mai, Chon Buri, Koh Samui, and Phuket. Aiming to stimulate the country’s tourism sector, the Interior Ministry is at the helm of this initiative.…
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Thai government approves 10% increase for civil servants starting at 18,000 baht
The Thai government approved a 10% salary increase for civil servants over a two-year period, beginning with new recruits. According to Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), the first increment is expected to come into effect once the budget for 2024 is approved. Danucha explained that the salary adjustment will initially target newly inducted…
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Rice and shine: Thai government dishes out financial aid to farmers through BAAC
The Thai government initiated a financial aid programme for rice farmers, channelling through the Bank for Agriculture and Agricultural Cooperatives (BAAC). Rice farmers will receive 1,000 baht per rai, capped at 20 rai (32,000 squared metres) per household, or a maximum of 20,000 baht per household. This scheme, part of the Rice Farmer Management and Quality Improvement project for the…
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Thailand and Malaysia enhance bilateral relations to boost border trade and tourism
A significant agreement was recently reached between the leaders of Thailand and Malaysia to bolster their bilateral relations, with a specific focus on enhancing border trade and tourism. The Thai Prime Minister, Srettha Thavisin, and his Malaysian counterpart, Anwar Ibrahim, agreed upon this during their working visit at the newly inaugurated Sadao customs checkpoint in Songkhla. Their meeting, which took…
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Visa-free travel policies boost global tourism and economy
Countries worldwide are recognising the importance of travel freedom in bolstering their economies and accelerating the recovery post-pandemic. As tourism and trade flourish without border restrictions, governments are implementing strategies to enhance their tourism competitiveness, such as visa-free travel policies and the digitalisation of pre-travel processes. Prominent countries like China and India, with their vast populations, are primary targets for…
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Revolutionising Thailand: Game-changing smart city plan unveiled
At the Thailand Smart City Expo 2023, Commerce Minister Phumtham Wechayachai laid bare the nation’s ambitious blueprint for smart cities. Packed with tax incentives and cutting-edge technology, this plan is set to reshape Thailand’s urban landscape. During his address at the Thailand Smart City Expo, Commerce Minister Phumtham Wechayachai catapulted Thailand into a new era of urban development. Unveiling the…
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