Economy News
Thailand economy news, business updates, financial markets, and government policies—stay informed on economic developments shaping the nation. Get the latest from The Thaiger, your trusted source for Thailand economic news.
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Sponsored Why retirees in Thailand are choosing long-term health insurance over quick fixes
Retirees in Thailand are increasingly seeing the importance of health insurance in protecting their well-being during retirement. With insurance requirements for retirement visas and rising healthcare costs, many are moving away from short-term plans and choosing long-term coverage. Long-term health...
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Thai economy’s Q3 bounce-back: Warming up after a cool Q2
The Thai economy’s growth rate for the third quarter of this year is anticipated to surpass that of the second, according to the Bank of Thailand. This forecast comes after the nation’s economic expansion fell short of the central bank’s estimations for the preceding quarter. Chayawadee Chai-anant, the assistant governor for the corporate relations group at the central bank, reported…
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Trade negotiations with EFTA set to boost Thai GDP
The Trade Negotiations Department of the Commerce Ministry gears up for the seventh round of trade negotiations with the European Free Trade Association (EFTA), to seal the deal by mid-2024. The announcement was made by Auramon Supthaweethum, the director-general of the department, who confirmed that the negotiations will take place from November 6 to November 9 in Geneva, Switzerland. The…
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Government’s digital wallet scheme delayed amid sustainability concerns
A seven-month delay is set to affect the government’s digital wallet scheme, with the expected launch now projected around September of next year, according to an adviser to the prime minister. Pichai Chunhavajira, while addressing a Senate-organised forum on the scheme, voiced that the policy is a vital economic stimulant but doubted its implementation in February as initially planned. The…
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Thailand persists with 10,000-baht digital money giveaway to reboot economy
The Thailand government is standing firm on its decision to proceed with the 10,000-baht digital money giveaway, despite various calls for its reconsideration. The government maintains that while the specifics of the project can be tweaked, the fundamental principle of using it as a tool to reboot the economy remains steadfast. According to Deputy Prime Minister Phumtham Wechayachai, the Thai…
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Thai Airways sees surge in bookings despite pandemic and global conflict
Thai Airways International (THAI) reported a surge in bookings on its European and Australian routes for the fourth quarter of this year, signalling a robust recovery for the airline even amid an ongoing pandemic. Despite the broader global economic slowdown and the Israel-Hamas war, these routes have witnessed heavy bookings. However, the Chinese market remains slow, possibly due to various…
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Investment ties strengthened: Parnpree’s mobile meeting proposal for Thai-Vietnam relations
Parnpree Bahiddha-Nukara, the Foreign Affairs Minister, yesterday proposed the reinstatement of mobile meetings to bolster investment ties between Thailand and Vietnam. The proposal came about during a meeting with Pham Minh Chinh, the Prime Minister of Vietnam, concluding Parnpree’s two-day official visit to the neighbouring nation. The visit, which kicked off on October 25, marked Parnpree’s inaugural official trip since…
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Thailand’s business travel bounce-back: TCEB predicts 2024 revival, 2019 return by 2025-26
The Thailand Convention and Exhibition Bureau (TCEB) forecasts a business travel sector revival by 2024, with 23.2 million travellers expected. However, it predicts a business travel return to the pre-pandemic levels of 2019 only by 2025 or 2026 due to global economic unpredictability. TCEB’s president, Chiruit Isarangkun Na Ayuthaya, revealed that their business travel revival strategy will focus on stimulating…
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Thai Cabinet fuels up for savings: Gasohol 91 prices set to drop
The Thai Cabinet today gave initial approval for a 2.5 baht per litre reduction in the price of gasohol 91 for three months, likely to start from October 31, as stated by the Thailand Energy Minister. Thailand Energy Minister Pirapan Salirathavibhaga confirmed that this price cut would be facilitated by a 2.5 baht per litre reduction in excise tax, a method…
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Impending drought poses significant threat to Thai export sector
The Thai economy braces for another challenge as impending drought threatens its critical export sector, following last month’s extensive flooding. Despite an improvement in exports in August, marking a recovery from an 11 month decline, the impending drought could significantly impact food manufacturing and shipments. The Federation of Thai Industries (FTI) highlighted concerns over the potential repercussions of water shortages…
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Thailand’s future so bright, it’s gotta rock Ray-Bans
The future’s looking so bright for Thailand that it’s gotta wear shades, and not just any old shades, preferably Ray–Ban sunglasses. Fortunately, for residents in the Land of Smiles, EssilorLuxottica, the renowned creator of Ray-Ban sunglasses, has recently inaugurated a state-of-the-art factory in eastern Thailand, poised to serve as a prominent production centre for the Asia-Pacific region. Located in Rayong…
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Sunny-side up: Thai exports set to crack 3.6% growth in 2023
Positive prospects are forecasted for Thai exports next year, with an anticipated growth rate of 3.6%. This rebound follows a projected 2% drop this year, according to a recent report by the University of the Thai Chamber of Commerce (UTCC). UTCC’s president, Thanavath Phonvichai, attributes this optimistic projection to several factors including lower interest rates and easing inflation globally, which…
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NIA Reform: Thailand supports startups and SMEs market entry
The National Innovation Agency (NIA) reformed its financial assistance measures, shifting focus towards aiding startups and small and medium-sized enterprises (SMEs) in getting their products to market, rather than simply supporting the development of prototypes. This year, the state agency has allocated 300 million baht to support these businesses, to generate a 3 billion baht economic and social impact, which…
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Thong Fah outlets to join online food delivery platforms for cheaper fare
Future talks are in the works between the Internal Trade Department and multiple food delivery platform operators such as Thong Fah food outlets. The goal is to integrate Thong Fah (Blue Flag) outlets into their online systems. These outlets sell food at low prices, potentially helping customers save on daily food costs. Wattanasak Sur-iam, the Internal Trade Department’s director-general, revealed…
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Thai ‘super app’ set to launch with 10,000-baht digital wallet scheme
The completion of a multi-purpose mobile application, or super app, is on track for early next year, coinciding with the launch of the 10,000-baht digital wallet initiative, as announced by Deputy Finance Minister Julapun Amornvivat. The mobile app is designed as a comprehensive solution, with developers assuring its readiness for the digital wallet scheme’s rollout, expected between February and March…
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Petrol prices to drop by 2.50 baht as new year gift, says Thailand’s Energy Minister
The Deputy Prime Minister and Minister of Energy announced plans to reduce petrol prices by 2.50 baht per litre as a new year’s gift to the Thai people. The minister, Peeraphan Saleerathaviphak, also revealed the establishment of an official committee to investigate fuel pricing. Peeraphan revealed that the Ministry of Energy is considering ways to reduce petrol prices to help the…
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FTI urges new regulatory body to curb cheap Chinese imports
The Federation of Thai Industries (FTI) urged the Industry Ministry to establish a novel regulatory body to supervise product standards. The move is intended to curb the influx of inexpensive Chinese imports, which the FTI claims are flooding the Thai market. The FTI did not clarify whether the proposed regulatory body would be governed by the state or the business…
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Thai economy caught in global crossfire as Israel-Hamas tensions fuel price hike fears
The Thai economy, already tested by geopolitical conflicts over the past few years, is facing potential consequences from the hostilities between Israel and Hamas in the Middle East, as governments and corporations all over the world look for excuses and justifications to hike prices to obscene heights. It’s a well-worn tactic last seen in the conflict between Russia and Ukraine…
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Thailand’s digital economy ministry sparks ‘byte’-sized revolution for national growth
Thailand’s Digital Economy and Society (DES) Ministry, led by Prasert Chantararuangthong, is turning to digital technology in a bid to propel the nation’s development. As outlined in an interview with the Bangkok Post, Prasert revealed the DES Ministry has a policy to position digital technology as the fifth driver of the country’s growth. “I underlined ‘the Growth Engine of Thailand’…
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Bank of Thailand maintains 4.4% GDP growth forecast amid stimulus measures
A 4.4% GDP growth forecast for the coming year has been maintained by the Bank of Thailand, factoring in the government’s proposed economic stimulus measures. Assistant Governor Piti Disyatat confirmed this projection following the Monetary Policy Committee’s vote on September 27 to hike the benchmark interest rate by a quarter-point, making it a decade-high 2.5%. The committee, however, reduced its…
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World Bank identifies growth potential in Thailand’s secondary cities
The World Bank has highlighted the potential for growth in Thailand’s secondary cities such as Chiang Mai, Khon Kaen and Rayong in a recent study. The report, Thailand Urban Infrastructure Finance Assessment, suggests that these cities could boost Thailand’s economy if they invest in urban infrastructure improvements, such as mass transit systems and renewable energy sources. However, the study points…
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El Niño could trigger three-year rice shortage, warns Thailand’s Commerce Minister
Commerce Minister Phumtham Wechayachai expressed worries over a potential three-year-long impact of the El Niño-induced drought. This prolonged effect could potentially harm rice production and create a shortage in domestic consumption. Phumtham commissioned the Internal Trade Department and Foreign Trade Department to jointly monitor and alleviate the potential impacts of the El Niño phenomenon and the ensuing drought. He voiced…
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Thai government defends 10,000-baht digital wallet scheme amid economic criticism
Economic experts’ criticism of the 10,000-baht digital wallet scheme was rebuffed yesterday by its supporters, who asserted that the cash handout would alleviate disparity and provide a crucial financial boost to the disadvantaged. Jutipong Phummul headed the faction, which handed a plea to the government, encouraging the implementation of the digital wallet initiative. Presented in Parliament as an economic strategy…
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Thailand and Brunei forge deeper ties to boost bilateral trade
Thailand and Brunei have embraced greater bilateral cooperation, expanding into new sectors of trade and investment. The move comes as part of their collective commitment towards achieving economic integration within the ASEAN region. While on an official visit to Brunei, Thailand Prime Minister Srettha Thavisin met with His Majesty the Sultan of Brunei Darussalam, ASEAN’s most senior leader. The two…
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Tourism turmoil: Troubles in Israel & Bangkok’s bullet blues spell trouble for Thai tourism
The ongoing conflict in Israel and the recent shooting incident at Siam Paragon in Bangkok last week are anticipated to result in a decline in foreign arrivals for the upcoming week, which will have a substantial impact on the Thai tourism industry. Nevertheless, the private sector remains optimistic that the visa exemption scheme will play a crucial role in rejuvenating…
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Kaisa Group warns of under 5% recovery rate in potential liquidation
Facing severe financial difficulties, Kaisa Group, a prominent Chinese property developer, has forewarned creditors of a less than 5% recovery rate, should the company be driven into liquidation. This was the chilling forecast laid out by a legal representative for one such creditor who is currently pursuing a lawsuit against the beleaguered company. The revelation was made in a Hong…
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Israel-Hamas conflict stirs concern in Thai business sector over trade disruption
The ongoing Israel-Hamas conflict has stirred unease within Thailand’s business sector, due to worries about its potential impact on Thai-Israeli trade, valued at around 40 billion baht. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, advised Thai businesses to closely monitor the situation and manage any potential risk. Those trading with the Middle East have been particularly urged to…
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Tourist turmoil: Thailand grapples with 10,000 unexpected Israeli guests amid conflict aftermath
Thailand is currently hosting approximately 10,000 Israeli tourists, a situation that arose due to the recent Israel-Gaza conflict. The country’s Tourism and Sports Ministry is monitoring the effects of this situation on its tourism sector. Sudawan Wangsuphakijkosol, Tourism and Sports Minister stated that while numerous airlines have suspended flights between Thailand and Israel, El Al Airlines, Israel’s national airline, has…
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Inflation squeeze: Investors seek assets that outinflate rising costs
The recent surge in inflation has had a profound impact on the investment landscape, leading to an increase in product prices and living costs. These conditions require investors to strategically select assets that can generate returns that beat inflation. One such investor, Phongthorn Thavontanakul, founder and CEO of Lief Capital Asset Management, shared his insights on investments that can weather…
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Thailand’s commerce ministry aims for 20% cross-border trade boost
The Commerce Ministry of Thailand has an ambitious vision for the upcoming year – pushing cross-border trade value to 1.2 trillion baht, marking a 20% increase from this year’s estimated 1 trillion baht. Deputy Commerce Minister Napintorn Srisunpang, the overseer of the Business Development Department, Trade Negotiations Department and Foreign Trade Department, disclosed the ministry’s strategy to achieve this. They…
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Thai government’s 5% GDP growth aim deemed optimistic amidst challenges
The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed its…
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