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 8 Pneumonia prevention tips for expat families in Thailand
With World Pneumonia Day on November 9, it’s the perfect time to consider how you can protect your family from this serious illness, especially in Thailand, where unique climate and seasonal factors come into play. Pneumonia can be especially dangerous...
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Gold demand dips, jewellery market sees prices fall to 32,100 per baht weight
Demand for gold jewellery in Thailand experienced a drop causing a significant price dip in today’s market, according to the local gold traders association. The gold bar was trading at 32,100 baht per baht weight, a reduction of 150 baht compared to yesterday’s closing price, as reported on the association’s official website at 9.24am today. The 96.5% pure gold bars…
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Thailand Consumer Council appeals for higher elderly pension
In a recent online forum, the Thailand Consumers Council (TCC) voiced a call to the new government the reconsideration a policy that restricts certain elderly individuals from obtaining monthly grants, advocating instead for the reinstatement and enhancement of the universal pension scheme to pay 3,000 baht each month. Nimit Tienudom, the vice-chair of TCC and the representative of the People’s…
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Foreign investments bolster Thai economy with 58.9 billion baht boost
From January through July of this year, Thailand welcomed a foreign investment sum of 58.9 billion baht. A notable chunk of this influx originated from Japan, whose companies lavished the largest amount of capital on developing their businesses within Thai borders. Estimates suggest that the Japanese investors led the pack with a total outlay of 19.9 billion baht. They were…
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Thai Rice Trade Associations commit to stabilise retail prices despite market changes
Conversations between the Director-General of the Internal Trade Department and the Thai Associations of Rice Millers and Rice Entrepreneurs Association aim to stabilise rice prices, thus easing household expenses for consumers. Wattanasak Sueaiam, the Director-General, revealed yesterday that these industry bodies have been asked not to increase retail prices, despite market factors. However, ultimate decisions will be influenced by the…
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Phuket’s tumultuous news: Raids, accidents, policy changes, and Family Mart’s exit
A series of surprising incidents and noteworthy news have emerged from the island of Phuket. From ongoing raids in the massage parlours of Patong, a perilous vehicular mishap involving a tourist, a tragic road accident, progressive governmental decisions and a significant retail change, the week has been eventful. Unrelenting illicit operations have been underway in Patong’s massage industry where illegal…
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Sweet success: Thai fruit exports to China ripe with growth, thanks to fast track on China-Laos Railway
Thai fruit exports to China experienced a significant surge in the first five months of this year, growing by a staggering 365%. This upswing is predominantly accredited to the utilisation of the China-Laos Railway for transit, which has resulted in a significantly reduced delivery duration and leveraged the benefits of free trade deals, according to sources yesterday. The railway route…
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Fuelling the future: Thailand’s gas giant gears up production to avert power crisis
Efforts to prevent a second power crisis in Thailand are underway as the nation’s primary gas producer, PTT Exploration and Production (PTTEP) Public Company Limited, looks to increase its output substantially. With plans to double gas production in the Erawan field, Thailand’s largest, Montri Rawanchaikul, the Chief Executive Officer, confirmed plans to scale up production to as high as 800…
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Goodbye Family Mart, hello Tops: Thailand’s retail favorite gets a fresh aisle
The well-known Family Mart stores, a cornerstone of the local retail landscape for over 30 years, are set to be rebranded as Tops Daily in the heart of Thailand. The decision made by the Central Retail Corporation PLC (CRC) projected completion by the end of this year will bring an end to an era as it follows a decision to…
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Thai tourism embraces easier visa rules, faster approvals for Chinese tourists
In a move geared towards promoting Thai tourism, the government has implemented policy changes that lessen the rules for obtaining a tourist visa and slashes approval time for Chinese visitors. Chinese travellers emerged as the majority of international arrivals over the past week, the deputy government spokeswoman, Rachada Dhnadirek, confirmed yesterday. Statistics displayed that 95,581 visitors from China arrived in…
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Thailand’s data centre sector poised for explosive growth with global tech titans and cloud nine prospects
In a surge of digital enthusiasm, Thailand’s data centre industry is set to experience substantial expansion within the next two years, thanks to the arrival of worldwide tech giants and cloud service providers. This prediction comes from ST Telemedia Global Data Centres (Thailand) (STT GDC Thailand), a dominant player in hyper-scale data operations. STT GDC Thailand, a fruitful joint venture…
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Thai fruit and coconut exports to China boosted by FTA benefits
The popularity of Thai fruit was evident throughout the initial five months of this year, reflected through the leverage of free trade agreement (FTA) benefits by exporters. Most notably, shipments destined towards China signalled a greater propensity. The Director-General of the Foreign Trade Department, Ronnarong Phoolpipat, highlighted that durian, guava, mango and mangosteen were the favoured fruits amongst Chinese consumers,…
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Thai PM affirms progress of Eastern Economic Corridor of Innovation
Commendable strides have been achieved in the first five years of the Eastern Economic Corridor of Innovation (EECi), said Thai Prime Minister Prayut Chan-o-cha. He said intense innovation and research activity outlined the success of this endeavour. PM Prayut, alongside Interior Minister, Anupong Paojinda, Thanakorn Wangboonkongchana, Minister of the Prime Minister’s Office, and Labour Minister, Suchart Chomklin embarked on a…
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Thai tourism industry anticipates growth under Pheu Thai government
The Thai tourism industry is buzzing with optimism as the Pheu Thai Party is potentially gearing up to form the anticipated government. With Pheu Thai’s known successful stint in the realm of governance and its proven track record in enhancing the economy, the tourism sector is eagerly waiting for efficient tourism policies to be rolled out to mitigate existing challenges.…
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Thailand’s space dreams: Lifting off into high-tech horizons with spaceport ambitions
In an exhilarating bid to broaden its horizons and step into the global platform of high tech exploration and innovation, Thailand declared its ambitious plans to construct a spaceport. Undertaken under the vigilant eyes of the interim Prime Minister General Prayut Chan-o-cha, the initiative exhibits strong determination and has the potential to offer extensive economic benefits including around 400 job…
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Rice prices skyrocket in Thailand due to drought effects and export ban
A meeting is set to be convened today by Commerce Minister Jurin Laksanawisit evaluating the repercussions of the drought instigated by the El Niño weather occurrence, and potential courses of action in response to the surge in rice prices. Concurrently, the Commerce Ministry under the watchful eyes of Wattanasak Sur-iam, chief of the Internal Trade Department, is monitoring good prices,…
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Global rice trade shook by El Nino, politics, and embargo in Thailand
In the face of mounting global food security concerns, the impact of El Niño weather patterns and international political disruptions are causing serious upheavals in the farming landscape, particularly in major global rice-producing countries. Compounding the issue is Russia’s recent withdrawal from a vital agreement, which previously ensured the uninterrupted transport of Ukrainian grain goods through the Black Sea region.…
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Tisco ESU advises focus shift to debt instruments amid market instability
Amid global stock market turbulence, financial analysts at Tisco’s Economic Strategy Unit (Tisco ESU) are advocating that investors pivot their focus towards debt instruments for potential high-yield returns. The ongoing pressures from elevated bond yields, coupled with the weakening economies in the US and Europe, are some of the contributing factors exerting pressure on the financial markets. The ongoing macroeconomic…
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Water shortages: Thai govt mulls halting Central Plains rice farming amid anticipated drought
In a bid to counteract the effects of a potential drought, the central government of Thailand is contemplating the suspension of rice cultivation in the Central Plains region. This proposal comes alongside the potential establishment of a command centre to combat reduced rainfall and water shortages. The Office of the National Water Resources (ONWR) initiated this conversation, citing apprehensions about…
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ASEAN bolsters talks with UK, Russia for potential economic cooperation plans
In an attempt to further drive economic cooperation, Southeast Asia, through the Association of Southeast Asian Nations (ASEAN), is accelerating its dialogue with the United Kingdom and Russia. This information was released by Auramon Supthaweethum, the head of the Trade Negotiations Department. A senior official from the department, Duangarthit Nidhi-u-tai, was sent to represent the region at the 4th ASEAN-UK,…
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Tourism revival in Thailand risks airport slot overcrowding, suggests alternative options
In anticipation of the upcoming high season, Thailand’s Tourism Authority (TAT) expressed concerns over the slot capacity at international airports. As more flights are set to resume, it is predicted that the country will receive around 8 million tourists this year, primarily derived from long-haul markets anticipating a significant tourism revival. The deputy governor for Europe, Africa, the Middle East,…
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Household debt hits 15 year high amid uncertain economic outlook in Thailand
A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year. UTCC…
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Three more Thai provinces join ASEAN Smart Cities Network expanding digital reach
Further broadening its digital reach, Thailand’s Digital Economy and Society Ministry (DES) recently declared that three additional Thai provinces – Chiang Mai, Khon Kaen and Rayong, now form a part of the seminal ASEAN Smart Cities Network (ASCN). This exciting development was announced yesterday, by DES chief, Chaiwut Thanakamanusorn, during the sixth annual ASCN assembly held in Bali, Indonesia. In…
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Saudi-Phuket direct flights set to launch as Thai diplomacy thaws
Direct flights between Saudi Arabia and Phuket International Airport are slated to start in October, as announced by Monchai Tanode, the director of the airport. The Saudi-Phuket flights initiative is significant, marking the first-ever direct commercial flights between Saudi Arabia and Phuket since diplomatic relations were restored in the previous year. The foremost direct flight to Phuket will be facilitated…
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Budget airlines hike flights to China amid sluggish post-Covid recovery
In an attempt to achieve post-Covid recovery, budget airlines across the globe have increased flight frequencies to China. However, travel and capacity are yet to reach pre-Covid volumes. On its side, the Tourism Authority of Thailand (TAT) is being circumspect about implementing a visa fee waiver scheme to draw in more international visitors. Despite loom border controls from the start…
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Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation
A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months. The study was headed by…
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Thailand eyes record 2 million Russian tourists despite geopolitical tensions
With an increase in flights and a neutral position on the Russia-Ukraine conflict, Thailand’s Tourism Authority (TAT) is poised to welcome a record-breaking 2 million Russian tourists next year. Khanittha Phanworawat, the Moscow office director, emphasises the urgent need to preserve Thailand’s image as a friend to Russian travellers, as a measure to achieve this ambitious goal, especially if other…
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Thailand’s economy eyes rebound in 2023 buoyed by China’s booming influence
A light of hope has started to shine on the future of Thailand’s economy as we look forward to this year, and China’s influence as a significant driving force cannot be ignored, so suggests a leading Thai economist. The said economist, Kirida Bhaopichitr, who honours the position of Director for the Economic Intelligence Service at the Thailand Development Research Institute…
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Saudi-Thailand relations: Leaders discuss tourism and investment amid strengthening ties
The chairman of Saudi Arabia’s Consultative Assembly, Abdullah Mohammed Ibrahim Al-Sheikh, was heartily welcomed by Thailand’s Prime Minister, Prayut Chan-o-cha yesterday for a constructive dialogue on potential collaboration for tourism and investment in Thailand’s Eastern Economic Corridor (EEC). The Saudi-Thailand relations discussion was announced by Tipanan Sirichana, deputy government spokesperson for Thailand. Al-Sheikh, leading the delegation from Saudi Arabia, had…
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Culture ministry plans to boost Thai tourism through Korean TV series popularity
The Thai Culture Ministry voiced its intentions of capitalising on the increased popularity of Thai locations, brought on by their appearance in the latest Korean television series, King the Land. Recognising this upswing in interest, the ministry plans to attract more Korean tourists and fans of the drama to these specific sites, boosting Thai tourism. Culture Minister Itthiphol Kunplome attributed…
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Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
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