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.
-
Consumer groups challenge proposed electricity tariff rise
Consumer advocacy groups have opposed the proposed increase in electricity tariffs and have asked the Energy Regulatory Commission (ERC) to review all data used to calculate the Fuel Adjustment Charge (Ft) to ensure fairness to the public. According to Prasart Meetem, the Chair of the Committee on Public Services, Energy and Environment of the Consumer Council, the estimated Ft charge…
-
PM Srettha unveils proactive diplomacy for Thai global influence
Prime Minister Srettha Thavisin yesterday unveiled a fresh approach to foreign policy, dubbed proactive diplomacy, aimed at empowering Thai representatives abroad to stimulate trade, investment, and tourism, and enhance Thailand’s global influence. The 61 year old prime minister detailed his proactive diplomacy policy at a yearly gathering, hosted by the Ministry of Foreign Affairs, attended by Thai ambassadors, consul-generals, commerce…
-
Thai govt’s 500 billion baht digital wallet scheme awaits legal review
The Thai government’s bill proposing a loan of 500 billion baht to fund the 10,000-baht digital wallet scheme is yet to be reviewed by the Council of State for its legality, according to the council’s secretary-general, Pakorn Nilprapunt. This came as a rebuttal to Deputy Prime Minister Phumtham Wechayachai’s previous statement that the loan bill was under the council’s vetting…
-
Q3 slowdown: Thailand economy hits the brakes at 1.5%, falling short of forecasts
With an annual growth rate of 1.5% recorded in the third quarter, Thailand’s economy has shown a slower expansion compared to predictions, according to data released today, November 20. The National Economic and Social Development Council revealed that, from July to September, the economy of Southeast Asia’s second-largest country experienced a seasonally adjusted growth of 0.8% every quarter. However, these…
-
Kazakhstan courts ASEAN investors to become Central Asia’s investment hub
Kazakhstan is reaching out to foreign investors, particularly from the Association of Southeast Asian Nations (ASEAN), in a bid to establish itself as a central investment hub in the Central Asia Region. The Kazakh government has expressed interest in mutual economic development with the Southeast Asian region, according to Deputy Minister of Foreign Affairs Roman Vassilenko. He made these remarks…
-
Peruvian culture delights: Thailand’s Peru Embassy promotes food and coffee
In a recent series of events designed to strengthen bilateral ties between Peru and Thailand, the Embassy of Peru in Thailand organised three cultural programs centred around Peruvian food and coffee. The events showcased the richness of Peruvian culture and gastronomy, aiming to introduce the Thai public to the unique flavours and traditions of Peru. The series kicked off with…
-
Economic ties in focus: Thai PM extends invitation to Biden
Thailand Prime Minister Srettha Thavisin recently extended an invitation for an official visit to US President, Joe Biden. This invitation was extended during the Asia-Pacific Economic Cooperation (APEC) Summit that took place in San Francisco. The Thai PM used this platform to assure President Biden of Thailand’s readiness to serve as a base for major American companies’ production, boosting their…
-
Jatuporn criticises government’s proposed digital wallet scheme
The digital wallet initiative proposed by the government has come under fire from Jatuporn Prompan, a former red-shirt leader and co-leader of the Melting Pot Group. In a livestream on Facebook, Jatuporn voiced his concerns about the ruling Pheu Thai Party’s repeated withdrawal from pledges, including their initial vow not to form a government with ex-coalition parties from the previous…
-
Sadao checkpoint: Entrepreneurs urge continued operation
Songkhla-based entrepreneurs in the Sadao district appealed to the government to keep the old Sadao immigration checkpoint operational alongside the new one. The move aims to stimulate both trade and tourism with Malaysia. The appeal follows the circulation of rumours concerning the government’s intention to close the Sadao checkpoint in preference for the newly constructed border checkpoint. The discussion involved…
-
Global EV trend surges with Thailand joining the race
A surge in the global trend of electric vehicles (EVs) usage has been highlighted by Poonphong Naiyanaphakorn, the director of the Trade Policy and Strategy Office. This information was shared with the public on a day not too long ago. The International Energy Agency (IEA) has predicted that the total EV sales are set to rise from 10 million units…
-
Thai prime minister addresses small investors’ crisis of confidence in the stock market
Thailand’s Prime Minister and Finance Minister Srettha Thavisin has spoken about the news of small investors planning to stop trading on November 20 due to a crisis of confidence. The situation, the Thailand prime minister says, is serious and warrants investigation. The government, he assures, is not taking negative measures against the Thailand Stock Exchange, but is trying to improve multiple…
-
Fueling frustration: Thailand Energy Minister alarmed as petrol prices play a seesaw despite promised relief
Peeraphan Salirathaviphak, Thailand’s Minister of Energy, raised concerns about the constant fluctuations in petrol prices, which have seen a continuous rise over the past two days, despite a recent government announcement of a 2 baht per litre reduction. In a statement made at the Government House at 1pm this afternoon, Peeraphan argued that petrol prices should not fluctuate like stocks…
-
Thai government and Google partnership to boost digital economy
The Thai government announced a strategic partnership with Google to bolster the country’s digital economy and accelerate the development of artificial intelligence (AI). The agreement, unveiled at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting, seeks to enhance Thailand’s digital infrastructure, encourage the secure and responsible adoption of AI, anchor cloud-first policies, and make digital skills more accessible to Thai citizens.…
-
Tourists travelling less but spending more in luxury Thai tourism
The luxury travel sector is witnessing a peculiar trend: tourists are travelling less but spending more, according to the observations from Pimalai Resort and Spa, a hospitality establishment located on Koh Lanta. The resort has also noted that Krabi tourism is grappling with the dearth of international flights, especially from China. The resort’s owner, Charintip Tiyaphorn, revealed that despite the…
-
Thai government seeks urgent economic stimulus amid rising household debt
The Thai economy is in a dire state and in urgent need of a stimulus package to prevent further deterioration, according to the government. This stance arises amid ongoing discussions about the true state of the economy, with some expressing doubts about the actual need for the government’s proposed US$313 million handout scheme, which would necessitate a loan of US$15.6…
-
Thai Commerce Minister defends recent sugar price increase
The Deputy Prime Minister and Minister of Commerce defended the recent sugar price hike following discussions with all parties involved. The minister, Phumtham Wechayachai, maintains the decision was made based on appropriate cost considerations, not a failure to control prices. Today, at Government House, Phumtham addressed concerns that the government couldn’t control sugar prices after a Cabinet meeting yesterday decided…
-
Thailand PM invites Tesla, HP, and Analog Devices to invest
Thailand Prime Minister Srettha Thavisin extended an invitation to three significant American corporations to consider investing in Thailand, asserting the nation’s capability to act as their productive bases. The 61 year old prime minister recently visited the manufacturing plant of Tesla’s electric vehicles (EVs), where he participated in a trial run of the company’s cyber truck, which is set for unveiling…
-
Global sugar shortage anticipated despite increased production in Brazil, Russia, China
A report by CovrigAnalytics released yesterday revealed an anticipated global sugar shortage. The deficit is estimated to be 2.4 million metric tonnes in the 2023/24 crop year, marking an increase of 200,000 tonnes from previous expectations. Despite increased sugar production in Brazil, Russia, and China, the shortfall in output from India and Thailand, due to inadequate humidity, will not be…
-
Star Petroleum predicts global oil price drop despite high energy demand
Star Petroleum Refining Plc predicts a decrease in global oil prices for the remainder of the year despite robust energy demand. The reduction in prices is anticipated due to a potential surplus among key oil producers, according to Sakchai Thamsuruk, the manager for supply and planning at the petroleum company. The global oil industry is closely observing Saudi Arabia and…
-
PTT reinvestment: Diversifying beyond oil and petrochemicals for future growth
National energy conglomerate PTT Plc has initiated a reinvestment phase, eyeing new ventures for future growth. This move follows the stagnation of the company’s traditional businesses, which are primarily centred around the oil refinery and petrochemical sectors. As these avenues have limited potential for enhancing future income, the company emphasises the need for reinvestment. PTT’s President and Chief Executive Officer,…
-
Thai government to finance digital wallet scheme with 500 billion baht loan
The Thai government has plans to secure a loan of 500 billion baht to finance a digital wallet scheme, revealed Prime Minister Srettha Thavisin. This digital wallet scheme is targeted towards Thai citizens who are 16 years and older, earning less than 70,000 baht per month with less than 500,000 baht in bank deposits. The 61 year old Thai prime…
-
Thai deputy PM defends government’s initial performance amidst economic criticism
Thailand Deputy Prime Minister Phumtham Wechayachai defended the government‘s performance during its initial two months in office, amidst criticism that the economy has seen little to no improvement and the cost of living remains high. The deputy PM stated that the fruits of the government’s labour would not be noticeable until at least 100 days have passed, as many departments,…
-
Digital wallet boost: Thai government to inject 600,000 million baht into economy
The government is set to inject 600,000 million baht into the economy through the well-documented digital wallet initiative. This programme will provide 10,000 baht to Thai citizens aged 16 and above, with an income not exceeding 70,000 baht and savings of no more than 500,000 baht. The initiative, set to run for six months, will be applicable within the citizen’s…
-
Consumer confidence in Thailand soars to 44 month high
Last month witnessed a surge in consumer confidence for the third consecutive month, reaching its highest point in 44 months, according to the University of the Thai Chamber of Commerce (UTCC). Factors contributing to this uplift include the government’s initiatives to curb living costs, a boost in foreign arrivals, and a revival in exports. The UTCC reported that the consumer…
-
Sweet setback: Thailand’s sugar exports face sticky situation with government controls
Thailand’s sugar exports, which sit second globally behind Brazil, are threatened with potential delays in the coming year. This comes after the Thai government implemented new controls to guard the domestic supply and curb smuggling. The newly instated regulations require official approval for the export of any quantity exceeding one tonne, a move that some traders have voiced concerns could…
-
The Energy Ministry crackdown on petrol retailers stockpiling fuel after price cut
The Energy Ministry has pledged to take stringent action against oil retailers found to be illegitimately stockpiling fuel. This decision comes in response to complaints about a sudden shortage of oil at petrol stations, following the government’s decision to lower the prices of gasohol 91 and gasohol 95. On the morning of November 7, petrol stations across the nation began…
-
Economic hurdles hamper Thailand’s tourist market recovery despite visa exemptions
Tourism operators have indicated that economic challenges are hindering the recovery of tourist markets from China, Taiwan, and India, despite Thailand’s recent introduction of visa exemptions. These exemptions, implemented for Chinese visitors since September 25, have had limited effect due to perceptions of Thailand as unsafe and China’s sluggish economic growth, according to Thanet Supornsahasrungsi, ex-president of the Chon Buri…
-
Thai PM evaluates potential wage increase for civil servants without price hike
Prime Minister Srettha Thavisin yesterday declared that an evaluation was underway to determine the feasibility of increasing wages for civil servants and government employees. However, he dismissed the notion that such a hike would lead to a rise in consumer goods prices. The prime minister’s comments came in response to inquiries concerning the potential inflationary effects of the proposed wage…
-
ICONSIAM’s billion baht renovation: M and first floors set for stunning transformation
ICONSIAM Mall is preparing a substantial investment of 1 billion baht for a significant renovation of the complex, set to start in July 2024. The refurbishment is specifically targeted at the M and first floors of ICONSIAM, with the project expected to run until mid-2025. The company’s managing director, Supoj Chaiwatsirikul, explained that the ICONSIAM billion baht renovation will adjust…
-
Thai govt reduces foreign worker visa fees to 500 baht to boost economy
Foreign worker visa fees for four nationalities have been reduced to 500 baht, with the fee changes expected to be enforced from November 11 for a duration of four years. This reduction aims to stimulate the Thai economy’s recovery by promoting the legal employment of migrant workers from Cambodia, Laos, Myanmar, and Vietnam. Somchai Morakotsriwan, currently acting as the Director-General…
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.