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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Thai PM extinguishes ‘high’ hopes for recreational cannabis, prioritises medicinal path
Disagreeing with the notion of recreational cannabis use, the Prime Minister of Thailand indicated that his administration would instead continue to focus on the medicinal usage of the plant. Thai PM Srettha Thavisin, who additionally performs the role of the nation’s Finance Minister, shared his stance with the media today, Friday, September 15. Despite this, the cannabis industry in Thailand…
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Energizing savings: Government’s cost-cutting shock eases financial pressure
The Employers’ Confederation of Thai Trade and Industry (EconThai) expressed approval for the Thai government’s latest move to slash both electricity and diesel costs. This initiative is aimed at alleviating the financial pressure on households and businesses. The reduction in power tariff was confirmed yesterday, following Prime Minister Srettha Thavisin‘s policy statement announcement in parliament, reports Bangkok Post. The new…
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FTI urges Thai PM for definitive strategy, not just lower energy costs
The Federation of Thai Industries (FTI) called for a more definitive strategy and concrete plans from Prime Minister Srettha Thavisin, rather than just a pledge to lower prices. The FTI’s focus is on energy costs, particularly oil and electricity, as they have an impact on both businesses and households. During a two-day parliamentary debate on the Pheu Thai-led coalition government’s…
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Indonesia mulls banning social media merchandise sales, TikTok expresses concern
Indonesia is contemplating prohibitive measures against merchandise transactions conducted via social media platforms such as TikTok as stated by the deputy trade minister during a parliamentary hearing recently. The move is aimed at e-commerce vendors who employ predatory pricing strategies on social platforms, thereby jeopardising traditional marketplaces in Southeast Asia’s largest economy. Social media and social commerce cannot be combined, declared…
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El Niño’s unexpected twist: Industries in hot water as mining and livestock hit hard
El Niño’s weather anomaly is triggering a ripple effect on industries beyond just agriculture with mining and livestock sectors also feeling the pinch. This is according to a new study by the Trade Policy and Strategy Office, which warns that the phenomenon may lead to a surge in prices for consumer goods, energy, and inflation, compounded by an increase in…
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PM takes fast lane: Thailand’s visa-free travel plans speed up tourism revival
In a recent meeting with key stakeholders in the tourism industry, Prime Minister Srettha Thavisin expressed his unwavering commitment to expedite the implementation of visa-free travel. This initiative is part of a broader strategy to boost the tourism sector and, by extension, the nation’s economy. PM Srettha has tasked relevant officials with the development of various tourism stimulus measures, both…
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Thailand’s government proposes swift minimum wage increase to 400 baht
Prime Minister Srettha Thavisin announced that the government will be pushing for a swift increase in the minimum daily wage to 400 baht, in a bid to assist workers grappling with rising living costs. The decision will be reached through negotiations between the government, employers, and workers to agree upon a reasonable amount. The prime minister shared the plans during…
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Thai-EU FTA talks set to roll, aiming for a trade-tastic deal within two years
Talks on a free-trade agreement between Thailand and the European Union (Thai-EU FTA) are set to kick off next week, to finalise the deal within a two-year timeframe. The Department of Trade Negotiations, under the Thai Commerce Ministry, is spearheading the negotiations. Auramon Supthaweethum, the department’s director-general, revealed that a team from various state agencies is being prepped for the…
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Thai government plans central budget use for farmers’ debt relief
The Ministry of Agriculture is planning to utilise the central budget to support farmers’ debt relief in case next year’s budget is delayed. The ministry is aligning its plans with the government’s policies, especially Prime Minister Srettha Thavisin’s strategy of reducing production costs. In an interview before announcing the policy, Deputy Ministers of Agriculture and Cooperatives Chaiya Phromma stated that…
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Australian Chevron LNG workers’ strike unsettles global gas markets
Following unsuccessful negotiations, liquefied natural gas (LNG) workers at Chevron Corp’s key sites in Australia initiated partial strikes yesterday, a move that has unsettled global gas markets. This news spurred gas futures in Europe, causing them to leap by as much as 13%, illuminating the region’s susceptibility in the aftermath of last year’s energy crisis. Spot LNG in Asia also…
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Digital wallet initiative and anti-corruption boosted by Thai deputy PM
Yesterday, Deputy Prime Minister and Interior Minister, Anutin Charnvirakul, hosted a meeting with the governors of the country’s provinces. The discussion revolved around the ministry’s key objectives, including loyalty to the highest institution, the implementation of anti-corruption measures, and the support for Pheu Thai’s 10,000 baht digital wallet initiative. The meeting took place at Centara Grand at Central Plaza Lat…
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Commerce captain charts cost of living course: Cost-cutting and export-boosting ahoy
New Commerce Minister Phumtham Wechayachai aims to address the cost of living and align product prices with production costs. He plans to expedite efforts to discover new export markets and enhance Thai shipping opportunities through increased trade negotiations. On his first day, Wechayachai emphasized his commitment to Prime Minister Srettha Thavisin‘s policies and assured prompt attention to public concerns, especially…
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Recruitment adventures: When job hunting in Thailand feels like a blind date
Navigating the waters of a job interview can often feel akin to treading the unpredictable path of a blind date. The entire process can be punctuated by uncertainty, ambiguity, and occasionally, a lack of respect and courtesy from the hiring party. An interviewee’s experience can be marred by a lack of information about the interview process: from the number of…
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Ticket turbulence: Thai airlines aim to price things right amid rising costs
Thai airlines plan to explain the accusations of raising ticket prices amid higher jet fuel costs. The Airlines Association of Thailand (AAT) announced it will host a seminar to clarify airfare structures and CAAT price regulations following consumer complaints. Nok Air CEO Wutthiphum Jurangkool stated that price increases mainly occurred during extended holidays due to high demand, impacting last-minute bookings.…
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JSCCIB to discuss Chinese goods influx and revise Thai economic forecasts
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is preparing to discuss new economic challenges such as the influx of Chinese merchandise. The committee aims to formulate a fresh economic proposal for the Srettha Thavisin Pheu Thai Party-led government. The subjects are set to be discussed in the committee’s today’s meeting. The JSCCIB intends to confer with the new…
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Baht-ing for growth: Pheu Thai Party’s digital policy to boost Thai economy
The 10,000-baht digital currency policy handout by Pheu Thai is expected to inject an estimated 2 trillion baht into the country’s economy, according to Deputy Finance Minister Julapun Amornvivat. This initiative aims to contribute to a growth of at least 5% in the GDP by 2024. Julapun Amornvivat stated that the economy would get a boost from the widespread use…
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Diesel dreams: Government plans 2-baht tax cut to fuel price drop below 30 baht per litre
The Excise Department is preparing a proposal to reduce diesel tax by 2 baht per litre and aiming to lower the retail price of diesel to less than 30 baht per litre according to the newly formed government. The proposal is in the pipeline following Prime Minister Srettha Thavisin’s announcement to slash the retail price of diesel to 30 baht…
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Thai-dal wave: Taiwanese electronics firms spark 30 billion baht boom in Thailand
The electronics industry of Thailand is set to experience significant growth as 20 new investments, amounting to 30 billion baht, have been approved by the Board of Investment (BoI). These investments are from Taiwan-based electronics firms that have shown intent to establish Thailand as their new export base. The BoI indicated that this move is particularly noteworthy for manufacturers of…
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Thai shippers’ council forecasts export decline amid sluggish global demand
The Thai National Shippers’ Council (TNSC) predicts a 1% decline in exports for the current year, down from their previous estimate of a contraction between 0.5% and a 1% increase. This revision is due to ongoing sluggish global demand. TNSC Chairman Chaichan Chareonsuk stated that Thailand’s export sector is expected to decline by -1% or more this year due to…
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Thailand’s DES minister vows to combat online scams, roll out digital wallet
The new Digital Economy and Society (DES) Minister Prasert stated that he is prioritising combating online fraud and call centre scams, as well as launching the much-discussed digital wallet plan. The ministry, aligned with Pheu Thai Party goals, plans a digital wallet scheme by 2024, starting next year, offering 10,000 baht to all Thai individuals aged 16 and above via…
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Line Man Wongnai and Line Thailand tap into booming Thai e-payment market
Tech giants Line Man Wongnai and Line Thailand recently revealed plans to expand their businesses by capitalising on the rising e-payment market within their business ecosystem. They officially announced last month their successful joint acquisition of shares in Rabbit Line Pay Co (RLP) from previous shareholders, RabbitPay System Co and Advanced mPAY Co. This crucial transaction has allowed Line Man…
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Foot Locker kicks off its Thai journey, stepping into youth-driven sneaker scene
Foot Locker, the renowned speciality athletic retailer based in New York, launched its first store in Thailand, targeting the youth demographic and aiming to invigorate the sports shoe/sneaker market. The announcement came from Deepak Tomar, country general manager and director of MAP Active Adiperkasa, the official licensee for Foot Locker in Thailand, who revealed the store’s opening in the Siam…
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Thailand’s DES minister vows to combat online scams
Newly appointed Digital Economy and Society (DES) Minister, Prasert Chanthararuangthong, pledged to prioritise the suppression of online fraud and call centre scams. As part of the Pheu Thai Party‘s commitments, the DES ministry is also expected to cooperate with related agencies to roll out a digital wallet scheme by 2024, with an initial rollout anticipated for early next year. The…
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Chery’s EV dreams charge ahead in Thailand: BoI blessings pending
China‘s Chery International, through its subsidiary Omoda & Jaecoo International Co, intends to establish an electric vehicle (EV) production facility in Thailand, pending Board of Investment (BoI) privileges. Qi Jie, Thailand’s national director at Omoda & Jaecoo International, will unveil detailed investment and business plans in the coming months. Chery, one of China’s top vehicle manufacturers, plans to introduce two…
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New Thai Cabinet prioritises economic recovery, property and tourism sectors
The newly confirmed Cabinet, featuring many Pheu Thai Party members, is focusing on economic recovery matters and pledged to reduce energy costs to ease financial burdens. Prime Minister Srettha Thavisin engaged with various business sectors but concerns about potential bias make it unlikely that the property sector will receive preferential treatment. Tritecha Tangmatitham, MD of SET-listed developer Supalai, believes the…
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Government economy plan: Cost of living cuts, fuel and electricity price adjustments
The government plans to announce initiatives to reduce living costs and boost the economy in an upcoming Cabinet meeting. Deputy Finance Minister Julapun Amornvivat revealed these measures would involve changes to diesel and electricity prices. A reduction in diesel excise tax is under consideration to lower retail prices at the pump and help the economy. A potential freeze on government…
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Thailand eyes growth in pink economy by attracting international LGBTQ+ retirees
Thailand’s potential to expand its pink economy through the attraction of international LGBTQ+ retirees was the highlight of a recent conference held in Bangkok. Dr Chaiwat Songsiriphan, who is the founder and medical director of the Safe Clinic, emphasised that Thailand’s high tolerance for gender diversity could make it an ideal retirement destination for the LGBTQ+ community. He further noted that…
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Pheu Thai Party’s digital handout scheme could boost Thailand’s GDP by 3%
The Pheu Thai Party‘s proposed digital handout scheme, requiring around 500 billion baht, could potentially boost Thailand’s GDP growth by 3% in the next year, according to the Bank of Thailand. Sakkapop Panyanukul, the central bank‘s director of the economic and policy department, mentioned the digital handout contribution depends on the economic multiplier. The 3% GDP projection uses a cash…
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Rice and shine: Thailand sets sights on 8 million tonnes export mark
The director-general of the Department of Foreign Trade, Ronnarong Phoolpipat, announced that Thailand’s rice exports are expected to achieve the target of 8 million tonnes this year. This forecast comes after the recorded shipments through to August 29 reached 5.29 million tonnes, reflecting a year-on-year increase of 11.9%. This upswing in rice exports aligns with the rising concerns over drought…
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Grain gain: Thailand’s rice exports sprout an impressive 12% surge
The Commerce Ministry reported a significant increase in Thailand’s rice exports. Data reveals an 11.91% rise in exports from January to August 29, compared to the same duration last year. During this period, Thailand managed to export a hefty 5.29 million metric tonnes of rice. Despite the impressive rice export figures, the agricultural sector in Southeast Asia has been grappling…
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