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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Thailand opens new border crossing with Cambodia to boost trade
The Thai government announced the opening of a new permanent border crossing between Thailand and Cambodia, alongside extending the operating hours of an existing checkpoint. These measures aim to bolster trade and tourism relations between the two nations. The Royal Gazette published two announcements from the Ministry of Interior, which were signed by Prime Minister Paethongtarn Shinawatra, and Anutin Charnvirakul,…
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Thai citizenship granted to 483,000 immigrants to boost economy
The Thai Cabinet approved Thai citizenship to 483,000 immigrants in a move aimed at boosting the economy. The decision met with disagreement from many Thai residents. The spokesperson for the Prime Minister’s Office, Jirayu Huangsub, announced on Tuesday, October 29, that the Thai Cabinet and the Office of National Security Council agreed in their meeting to grant citizenship to 483,000 immigrants.…
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Thailand targets 3.5% GDP growth amid economic challenges
The Finance Ministry of Thailand has ambitiously set the stage for GDP growth by targeting a 3.5% annual increase. This announcement was made at the CEO Econmass Awards 2024, where Finance Minister Pichai Chunhavajira delivered a keynote address. The minister expressed optimism that next year’s growth rate could reach 3%, marking a 10% increase from this year’s forecasted 2.7%. “This…
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Central Pattana unwraps festive cheer with finn-tastic partnership
Central Pattana Plc (CPN), Thailand’s retail powerhouse, is teaming up with a host of partners including the Tourism Authority of Thailand (TAT), the Embassy of Finland, Sculptra by Galderma, and Finnair to launch the extravagant The World’s Great Celebration 2025. With a whopping 700 million baht investment, this initiative aims to give Thailand’s economy a festive boost and reinforce its…
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Golden opportunity: Thai investors ‘mint’ to act as prices hold steady
In an unexpected twist for the Thai economy, the Gold Traders Association (GTA) announced a welcome bout of stability in today’s gold prices, prompting savvy investors to make their move. As of today, October 28, the glint of gold remains constant—keeping the market at a tantalising standstill. The GTA’s latest update, released at 9am, confirmed the price for gold ornaments…
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Potential Trump return haunts global finance leaders at IMF meeting
Amidst the typical chatter of low growth, high debt, and conflicts flaring up, the real buzz at the annual IMF and World Bank meetings was the possible political comeback of Donald Trump. This was the hot topic for finance leaders in Washington last week, overshadowing the usual suspects on the agenda. According to some sources, Trump’s alleged leap in the polls…
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Thai public debt remains under 70% of GDP despite borrowing
Thailand’s public debt remains within manageable levels, according to the Public Debt Management Office (PDMO), despite recent borrowing for fiscal 2024. Jindarat Viriyataveekul, a public debt advisor for the PDMO, confirmed that the debt level has not surpassed the critical threshold of 70% of GDP. “The level is still within this limit, even though the government borrowed an additional 145…
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Thai government urges swift updates for digital wallet distribution
The Thai government confirms that the second phase of the 10,000 baht digital wallet distribution will reach all registered citizens, urging vulnerable groups to rectify any issues promptly to avoid forfeiting their rights. Today, October 26, Jirayu Huangsap, spokesperson for the Prime Minister’s Office, discussed the progress of the 10,000 baht economic stimulus transfer in an interview broadcast on the…
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Thailand outlines new measures to support Thai farmers
Commerce Minister Pichai Naripatapan, announced that the House of Representatives’ Agriculture and Cooperatives Committee met with the Ministry of Commerce to discuss policies and measures to assist Thai farmers both domestically and internationally. The focus was on key agricultural products such as rice, cassava, animal feed corn, and fruits, as well as the compilation of agricultural product data. The meeting…
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Finance Ministry unveils 2025 State Welfare Card for low-income boost
The Ministry of Finance has just rolled out brand-new registrations for the 2025 State Welfare Card, aiming to wrap up all the eligibility checks by March 31, next year. That’s right, a fresh round of financial lifelines is coming with 1,545 baht heading straight into the pockets of those who qualify. The buzz kick-started today, October 24, when it was…
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Stuck in neutral: Loan rejections stall Thailand’s used car market
Thailand’s used car market is set to experience continued sluggish sales due to frequent loan rejections faced by prospective buyers, according to the Association of Used Cars. Earlier forecasts by the association anticipated an improvement in used car sales in the latter half of 2024, driven by expectations that financial service providers would relax their lending criteria. Nonetheless, financial institutions…
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Travel subsidy scheme said to boost post-flood tourism in the north
The Tourism and Sports Ministry is considering increasing the budget for its tourism subsidy scheme to help tourism firms in the northern region recover from recent flood damage. Tourism and Sports Minister Sorawong Thienthong announced the plans following a meeting with Prime Minister Paetongtarn Shinawatra to discuss economic and tourism stimulus measures. The meeting followed Sorawong’s visit to flood-hit Chiang…
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Thai Finance Ministry to tighten state welfare card criteria
Thailand’s Ministry of Finance is set to review the criteria for the State Welfare Card registration, aiming to exclude ineligible individuals after finding some recipients receiving as much as 10,000 baht per month in benefits. Deputy Finance Minister Chulapan Amornvivat announced a forthcoming meeting to discuss the progress of the new round of State Welfare Card registration. This comes following…
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GHB to launch loan app offering 8,000 to 1 million baht loans
The Government Housing Bank (GHB) is set to launch an application-based loan service aimed at small businesses, offering loans ranging from 8,000 to 1 million baht, with interest rates as determined by the Bank of Thailand (BoT). The Director of GHB, Withai Rattanakorn, announced that by next year, the bank targets to accelerate plans to enhance social support and long-term…
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Thailand’s drought and pests slash coconut yields, prices soar
The Agriculture Ministry revealed that the country’s mature coconut yield is expected to plummet to just 0.86 million tonnes this year, a sharp drop from last year’s 0.94 million tonnes. Blame it on a double whammy of prolonged drought and pesky infestations ravaging the country’s coconut trees. The knock-on effect is already being felt in the markets. Commerce Minister Pichai…
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Pump up: PTT station drops petrol prices by 0.50 baht per litre
PTT Station announced a reduction in retail petrol prices by 0.50 baht per litre for all types of gasoline and gasohol, effective today, October 17 after 5am. The new prices will come into effect starting today. The announcement from PTT Station outlines that the price for regular petrol will now be 43.64 baht per litre. Gasohol 95 will be available…
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Thailand’s industrial confidence dips as floods hit economy
Thailand’s Industrial Confidence Index dropped to 87.1 in September, down from 87.7 in August, announced Nava Chantanasurakon, Vice Chairman of the Federation of Thai Industries (FTI). The decline is primarily due to severe flooding across northern, northeastern, and central regions, impacting homes, agricultural areas, industries, and tourism, with economic losses estimated between 30 and 50 billion baht. The widespread flooding…
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Bank of Thailand slashes interest rates after four-year freeze
The Bank of Thailand (BoT) has stunned financial markets by slashing its key interest rate for the first time in four years, buckling under mounting pressure from the government to revive the sluggish economy. The unexpected move saw the one-day repurchase rate trimmed by 25 basis points, bringing it down to 2.25% from its 10-year high of 2.50%. This decision…
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Nok Air takes off again: Ready to ‘baht’ back in business
Nok Air is plotting a major comeback, with a 5 billion baht cash injection on the cards for 2025. The Thai low-cost airline, which entered business rehabilitation in 2021, is now eyeing an exit in 2026, as CEO Wutthiphum Jurangkool outlines a path to financial recovery. In an interview with Bangkok Business, Wutthiphum revealed the funds will be used to…
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Thailand Cabinet hits the right note with concert campaign
In a major bid to turn up the volume on tourism, the Thai Cabinet has launched a sensational music campaign aimed at luring world-famous artists to rock out in Thailand! With the goal of boosting both tourism and investment, it’s time for the Kingdom of Thailand to take centre stage. At a press conference yesterday, October 15, Prime Minister’s Office…
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Don’t ban TEMU: Thai experts call for enhanced trade standards
Thailand should embrace trade opportunities with China rather than follow Indonesia’s lead in banning the Chinese e-commerce platform TEMU, say experts. In light of Indonesia’s recent decision to prohibit the TEMU application, the International Institute for Trade and Development (ITD) voiced its opposition to a similar move by Thailand. Wimol Pankong, Deputy Director (Academic) of ITD, urged the Thai government…
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Young Thais increasingly rent homes due to high prices
A recent survey by DDproperty reveals that young people are increasingly opting to rent homes rather than buy them due to high prices and insufficient savings. Concerns about managing financial liquidity in an uncertain economy also play a significant role in this trend. The survey highlights that financial factors are the primary reason why consumers prefer renting. More than half,…
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Top 10 most developed provinces in Thailand (Excluding Bangkok)
Thailand is divided into 76 provinces, each contributing to the nation’s vibrant tapestry. Among them, certain provinces stand out for their technological advancements and economic prowess. For instance, Chonburi, recognised as the most advanced province in terms of industrial development and tourism, showcases how innovation can thrive alongside natural beauty. These developed provinces not only lead in technology but also…
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Thai tunes set for world domination with PUSH & PULL strategy
Thailand is turning up the volume on the global stage. The Creative Economy Agency (CEA) joined forces with the National Soft Power Strategy Committee to launch its bold PUSH & PULL strategy, aiming to make Thai music a global sensation. With plans to send local artists to top international festivals and attract music industry bigwigs to Thailand, the country’s soft…
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Fishing for solutions: Thailand turns invasive tilapia into tasty sauce
Thailand’s Department of Fisheries has unveiled an innovative approach to combat the invasive blackchin tilapia by converting them into fermented fish sauce. To tackle the spread of this species, which endangers commercially valuable fish stocks in nine provinces, the department will collaborate with local communities to process the blackchin tilapia into the popular condiment, according to department chief Bancha Sukkaew.…
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Thailand gets into gear as US-China tensions boost its economy
As the United States and China continue their economic tug-of-war, Thailand has ultimately emerged as an unexpected beneficiary on the global stage. The Southeast Asian nation is poised to become a formidable player in the electric vehicle (EV) industry, a development that could reshape the automotive landscape in the region and beyond. This revelation came to light during the 4th…
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Finance Ministry to open new welfare card registrations in March
The Ministry of Finance plans to open new registrations for the State Welfare Card early next year, around March. This follows the last registration period from September 5 to October 31 back in 2022, aiming to review the eligibility of participants every two years. Currently, the number of registered users has decreased from the previous 14.9 million to approximately 13.5…
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Finance ministry urges higher inflation target for policy rate flexibility
The Finance Ministry suggested adjusting the inflation target for next year to a range of 1.5 to 3.5%, up from the current 1 to 3%, to grant the Bank of Thailand (BoT) more flexibility in lowering the policy rate. A ministry source, who wished to remain anonymous, indicated that this change would enable the central bank to reduce the policy…
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LINE MAN Wongnai expands food delivery across Thailand
LINE MAN Wongnai is significantly expanding in Thailand’s food delivery market, with over 10 million users monthly and more than 100,000 riders servicing all 77 provinces. Yod Chinsupakul, CEO of LINE MAN Wongnai, highlighted the continuous growth of the food delivery market in Thailand. The platform now caters to over 10 million users each month and has a rider network…
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Thailand welfare card benefits updated for October
Thailand’s Comptroller General’s Department has updated the welfare card benefits for October. Eligible individuals will receive various allowances and benefits starting this month, including purchasing allowances, transport subsidies, and additional disability payments. The welfare card benefits for October began on Tuesday, October 1. Teeraporn Phasuk, Deputy Director-General of the Comptroller General’s Department and spokesperson for the department, stated that those…
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