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.
-
Sponsored Best islands to visit in Thailand before peak tourism season hits
The Thaiger key takeaways November is the sweet spot. The month offers sunshine without the crowds or inflated prices. The Andaman Sea and Eastern Gulf are dry and peaceful, while the Southern Gulf is still rainy. ravel insurance like SafetyWing’s...
-
EconThai urges government: Debt-lift measures needed for all, not just farmers
EconThai, the Employers’ Confederation of Thai Trade and Industry, called on the government to hasten steps to alleviate the heavy domestic debt burden, aiming to aid not only farmers but also middle-income earners who are bearing substantial financial loads. EconThai Vice-Chairman, Tanit Sorat, highlighted the necessity for debt suspension measures to be inclusive, covering a wide range of individuals in…
-
Thai consumer confidence surges as new government takes charge, but high living costs cast a shadow
Last month saw a rise in consumer confidence following the swift establishment of a new government, although concerns about the high cost of living and the sluggish global economy remain. The University of the Thai Chamber of Commerce (UTCC) revealed that the consumer confidence index rose to 56.9 from 55.6 in July. This uplift was attributed to the easing of…
-
Thai PM’s digital wallet pick: Pao Tang app unlocks blockchain integration
Prime Minister Srettha Thavisin announced yesterday that the government has chosen the Pao Tang app, operated by Krungthai Bank, for its digital wallet initiative. The integration of the app with blockchain technology was confirmed by Srettha during a policy meeting with executives from the Finance Ministry. The government is prepared with a sufficient budget to roll out a 10,000 baht…
-
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…
-
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…
-
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…
-
Pattaya’s sunny side: Hotel industry shines amid European gloom
Despite Europe’s deteriorating economic forecast, Pattaya’s hotel industry remains robust, backed primarily by Asian and domestic tourists, says the Managing Director of LH Mall and Hotel (LHMH). Pattaya, traditionally known for its nightlife, has successfully rebranded itself as a family and business-friendly destination. As the European Commission revises the Eurozone’s growth outlook and Germany faces a potential recession this year,…
-
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…
-
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…
-
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…
-
SET falls as Thai government’s new policies fail to convince investors
The Stock Exchange of Thailand (SET) experienced a slight decline yesterday as the newly elected government‘s policy statement failed to impress investors. Analysts have raised concerns about the lack of specific timelines and the feasibility of implementing these policies. The Srettha Thavisin administration’s key policies include a 10,000 baht digital wallet to stimulate domestic demand, energy price reductions, tourism promotion,…
-
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…
-
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…
-
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…
-
Bangkok’s condo market: Buyers rush for ‘ready-to-move’ amid sales slump
The second quarter of this year witnessed a significant slump in sales for newly launched condominiums in Bangkok. Buyers, gripped by mortgage rejection fears, exhibited a strong preference for ready-to-transfer units. Tritecha Tangmatitham, Managing Director at Supalai, highlighted that a staggering 70% of condo sales in the current year have been for completed units, underscoring a marked shift in consumer…
-
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…
-
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…
-
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…
-
Cash crackdown: Thai government’s e-payment pledge to curb corruption
Prime Minister Srettha Thavisin revealed yesterday that the Thai government is set to implement e-payments across the state sector as a pivotal strategy to tackle the rampant issue of corruption. The announcement was made at an Anti-Corruption Day event organised by the Anti-Corruption Organization of Thailand (ACT), which the prime minister chaired. This event marked Srettha’s first public forum since…
-
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…
-
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…
-
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…
-
Climate change hits Thai economy, calls for smart agriculture surge
The economy has been negatively impacted due to the challenges presented by climate change, leading to a decrease in farmers’ income because of reduced production, and affecting foreign investment. This has subsequently resulted in higher inflation and cost of living and impacted the export of agricultural products and food. This insight is according to a recent study conducted by the…
-
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…
-
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…
-
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…
-
Bangkok’s multinational ambitions drive forward: BMA seeks government support
The drive to establish Bangkok as a multinational hub has gained momentum, with the Bangkok Metropolitan Administration (BMA) expressing intent to garner government backing for the initiative. Bangkok Governor Chadchart Sittipunt, yesterday, announced the intent to align the BMA’s policy with that of the government to stimulate the city’s economy and job creation. In a press briefing, Chadchart illustrated the…
-
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…
-
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…
-
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…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.