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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Gold holds its ground: Steady prices shine in market update
Gold prices remained steady today according to the Gold Traders Association‘s opening market update, with the price of gold ornaments set at 32,650 baht per baht-weight. The price of gold bars in the country was also unchanged, with the buying and selling rates at 32,050 baht and 32,150 baht per baht-weight respectively. Meanwhile, 96.5% pure gold ornaments were bought for…
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Economic unit predicts ‘bond-ing’ boom amidst 2024 global recession
Tisco Economic Strategy Unit (ESU) warns the impending global recession in 2024 could likely lead to a surge in the return on bond investments to over 10%. This potential economic shift prompts Komsorn Prakobphol, the head of the economist strategy unit at Tisco ESU, to advise investors to lessen their stock investments and instead channel more into debt instruments, particularly…
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Bangkok’s Sustainability Expo 2023 highlights local goods and projects
The Sustainability Expo (SX) 2023 was inaugurated on Friday with a soft launch, putting the spotlight on the potential of local goods to enhance lifestyle standards. Known as the most extensive annual sustainability exhibition in the ASEAN region, SX 2023 is taking place at the Queen Sirikit National Convention Center in Bangkok until October 8. Three sectors, the SX Food…
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Thai economy loses steam: UTCC’s growth forecast trims to 3%
With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of…
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Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
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Bank of Thailand raises policy rate to 2.5%, highest since 2013
The Monetary Policy Committee (MPC) of the Bank of Thailand unanimously approved a quarter-percentage point increase in the policy rate, raising it from 2.25% to 2.50%. This change, which took effect yesterday, marks the highest rate since October 2013. According to Piti Disyatat, the MPC secretary, the Thai economy is on a slow recovery path this year, primarily due to…
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Year-end bonus frenzy: Thai companies make it rain with envy-inducing rewards
Over ten renowned Thai companies are set to distribute generous year-end bonuses for 2023, leading to a wave of envy. The highest bonus reported is 7.3 months’ salary plus an additional 37,000 baht. Some of the companies declaring such bonuses include IHI Turbo Thailand, Jtekt (Thailand), Siam Toyota, Siam ATT I-Shin, Trimotive, SIAM DENSO KYOSAN, IJT Thailand, TTK, TBKK, and…
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WHA anticipates US tech giants’ investment surge due to Thailand’s renewable potential
Thailand’s biggest built-to-suit logistics facilities developer, WHA Corporation, anticipates an increase in investment from US tech giants in the coming year, as they eye business expansion in the ASEAN region. Major players such as Google, Microsoft, and Tesla have shown interest in the country’s potential during an investment talk. The event was a part of Prime Minister Srettha Thavisin’s participation…
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Srettha Thavisin to bolster ASEAN ties, attract Saudi investment
Prime Minister Srettha Thavisin is preparing to bolster Thailand and Cambodia’s relationship with his upcoming visit tomorrow, as announced by Panpree Bahiddha-Nukara, the Deputy Prime Minister and Foreign Affairs Minister. This visit marks PM Srettha’s first trip to an ASEAN country since his initiation as prime minister, with Cambodia being one of Thailand’s nearest neighbours to strengthen ASEAN ties. Panpree…
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Thai govt greenlights 500 billion baht boost for state-owned enterprises in 2024 budget bonanza
The Thai government yesterday approved a massive investment budget of 500 billion baht dedicated to 46 state-owned enterprises for the fiscal year 2024, commencing this October. The substantial budget aims to stimulate the national economy and bolster fiscal growth. Government spokesperson Chai Wacharonke detailed the budget allocation, stating that the funding includes 209 billion baht earmarked for ongoing and routine…
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Thai exports spring back to life: A global manufacturing and clean energy surge
After 11 months in decline, Thai exports have made a surprising return to growth, largely due to a resurgence in global manufacturing, consumer spending and a thriving service sector among trading partners. This upturn has been further fuelled by the promotion of clean energy policies, increased demand for technological products and the relative depreciation of the baht, according to the…
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UOB report uncovers economic concerns and investment trends in ASEAN nations
The United Overseas Bank (UOB) released a significant report revealing the current economic sentiments of citizens and businesses across five ASEAN nations – Singapore, Malaysia, Indonesia, Vietnam, and Thailand. Two days ago, Yuthchai Tayaratchakul, the Executive Vice President of UOB, provided a statement regarding the ASEAN Consumer Sentiment Study (ACSS). The UOB report aimed to shed light on the top…
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Thailand’s commerce minister to stimulate exports, tackle Q4 slump
Thai Commerce Minister Phumtham Wechayachai is set to engage in dialogue with the private sector this week with the aim of stimulating exports and reviving the nation’s Q4 performance. The meeting is scheduled for September 27, as stated by Phusit Ratanakul Sereroengrit, the head of the International Trade Promotion Department, with the intent to evaluate the export scenario and devise…
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Evergrande’s uphill battle: China’s property giant grapples with dwindling option
China Evergrande Group, the beleaguered real estate titan, is rapidly exhausting its options to salvage one of the most substantial restructuring efforts in the country’s history. A series of unforeseen circumstances, including the cancellation of crucial creditor meetings, the necessity to revise its restructuring plan, the detainment of staff from its money management division, and a failure to meet the…
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Fiscal incentives may reward farmers bypassing Thai government’s debt suspension plan
An anonymous source from the Finance Ministry revealed that farmers who opt out of the government’s planned debt suspension programme may be rewarded with incentives. This policy is reminiscent of one enacted during the Thaksin Shinawatra administration and is designed to encourage fiscal discipline among farmers. Previously, in the period between 2001 and 2004, the Thaksin regime introduced a three-year…
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Thailand’s fisheries law amendment to ease fishermen’s concerns
A proposed amendment to the fisheries law by the Ministry of Agriculture and Cooperatives is underway, designed to alleviate the economic issues plaguing fishermen who assert that their livelihoods are compromised by stringent regulations. Thammanat Prompow, the Minister, acknowledges the concerns raised by fishing communities, who claim to be adversely impacted by the Fisheries Act. This fisheries law, originally instituted…
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Thailand’s visa-free initiative welcomes Chinese, Kazakhstani tourists
Chinese and Kazakhstani tourists will be welcomed by Prime Minister Srettha Thavisin at Suvarnabhumi Airport tomorrow, signalling the start of the government’s new visa-free initiative. Srettha will be accompanied by a delegation of ministers and officials at a reception organised by the Tourism Authority of Thailand (TAT) to greet Chinese travellers aboard Thai AirAsia X flight XJ761, scheduled to arrive…
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Phuket hotels thrive amid economic uncertainty, thanks to diverse visitor base
Phuket hotels are showing resilience amid a sluggish European economy and a weak British pound, with Laguna Phuket setting sights on its best high season yet. This optimism is fuelled by the return of Chinese tourists and a rebound in international travel demand. Paul Wilson, who holds the position of Vice-President and Deputy Managing Director at Laguna Phuket, revealed that…
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Bonding for the future: Thai govt sets sail with expanded issuance
The director-general of the Public Debt Management Office (PDMO) yesterday asserted that the planned issuance of government bonds in fiscal next year will be proportionate and appropriate. The limit for bond issuance for the said fiscal year has been expanded by approximately 160 billion baht. Patricia Mongkhonvanit revealed the increase is intended to counterbalance the budget deficit for fiscal next…
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Thai-US relations: Strengthening trade ties with Estonian E-Government expertise
The Prime Minister of Thailand announced that he has plans to bolster trade relations with the United States. This comes as the two nations observe their 190th anniversary of diplomatic ties. The announcement was made following a meeting between Thai Prime Minister Srettha Thavisin, and US President Joe Biden during a gala dinner, organised by the US-ASEAN Business Council and…
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Solar sparks fly: SPCG revs up to electrify Eastern Economic Corridor
After nearly two years of delay, SPCG, a leading solar farm developer in Thailand, is set to start construction of solar farms within the Eastern Economic Corridor (EEC). SPCG anticipates generating a combined power capacity of 500 megawatts. The delay was due to the need to identify suitable areas for the project and awaiting the license approval from the new…
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Weixin Pay rolls out red carpet for tourists in Thailand with new payment perks
Tencent’s Weixin Pay, commonly known as WeChat Pay, a Chinese payment service provider, has introduced innovative features aimed at simplifying payments for foreign tourists in China and cross-border transactions in Thailand. These features allow visitors to conveniently make payments by scanning QR codes, streamlining the payment process. Starting in July, Tencent has been collaborating closely with major global credit card…
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Thai economy to be driven by private consumption, tourism in 2023
Stimulating private consumption is a reasonable strategy for the government to maintain economic growth amidst global uncertainties, according to Tim Leelahaphan, an economist at Standard Chartered Bank Thailand. The first half of 2023 saw a 7% year-on-year increase in the country’s private consumption. Expectations are high for private consumption and tourism to be the main drivers of economic growth in…
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Foreign income tax proposal raises eyebrows among retail investors
A call has been issued to the government to reconsider the proposed foreign income tax, which could significantly impact retail investors with overseas investments, according to Jitta Wealth Asset Management. Trawut Luangsomboon, Jitta’s chief executive, voiced his concerns about the Revenue Department’s plan to include assessed income from abroad in the personal income tax calculations. He pointed out that the…
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Thai student loan restructuring to begin in November, easing debt burden
The Student Loan Fund (SLF) recently announced that it will start the restructuring of student defaulters’ debts starting in November. This information was disclosed today by Chainarong Katchapanan, the manager of SLF, during a meeting with Justice Minister Tawee Sodsong. According to him, the necessary regulations required for the restructuring process will be finalised within the next month. Tawee, the…
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Thailand reviews taxes and launches digital wallet to tackle income disparity
The Finance Ministry of Thailand is set to review the new land and building tax and the inheritance tax and launch the digital wallet following an order from Prime Minister Srettha Thavisin. The move aims to mitigate income disparity in the nation. PM Srettha, who also holds the Finance Minister post, gave the directive subsequent to the appointment of a new…
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Krungsri Bank anticipates Thai baht fluctuation amid global market developments
The Global Markets team at Krungsri Bank predicts a movement in the Thai baht this week within the range of 35.40 to 36.00 baht per US dollar. Last week, the baht closed weaker at 35.79 baht per US dollar after trading in the range of 35.43 to 35.82 baht per US dollar. The dollar strengthened against the euro but held…
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Thai economy faces scrutiny amid recession fears and slow pandemic recovery
The Thai economy is in the spotlight as concerns over a looming recession persist due to the nation’s weak export outlook and slow recovery from the pandemic. Last week, the government faced heavy criticism from opposition parties and business leaders during a Thai economy policy debate, with the latter expressing concerns over the lack of detail in the 43-page policy…
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Fiscal budget deficits risks Thai economy, chief economist warns
Kiatnakin Phatra Securities’ chief economist issued a stark warning over the government’s increasing reliance on fiscal budget deficits, cautioning that such an approach could harm the economy over an extended period. Pipat Luengnaruemitchai openly criticised the government’s latest populist strategies, including a digital money initiative and reduced oil costs, stating that these measures could erode fiscal discipline. He further warned…
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Economic data in China sees Asian stocks surge, Thai shares dip
Asian stocks experienced a significant surge yesterday, a continuation of the global equity rally, following encouraging Chinese economic data that sparked optimism about the imminent culmination of major central banks’ tightening initiatives. Despite the overall momentum, Thai stocks saw a slight dip of 0.3% from the prior week, closing at 1,542.03 on Friday, with an average daily turnover of 46.97…
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