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 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 raises retirement age to 65 for all sectors
Thailand’s Labour Ministry is set to extend the retirement age for both private and government sectors to 65 years, aligning it with countries like Singapore and Switzerland, announced Phiphat Ratchakitprakarn. Phiphat stated that the decision to increase the retirement age is influenced by significant advancements in health and medical technology, which have improved life expectancy. Additionally, the ministry plans to…
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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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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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Thousands miss 10,000 baht digital payout due to outdated IDs
The Ministry of Finance, through the Comptroller General’s Department, has initiated the disbursement of 10,000 baht digital money payout to targeted groups under the 2024 economic stimulus programme. This effort includes those with state welfare cards and persons with disabilities. The payout, which took place on September 25, 26, 27, and 30, reached a significant number of beneficiaries. According to…
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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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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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Billion-baht investment boosts Pattaya’s Terminal 21 mall
The bustling beachside retreat of Pattaya is about to see its shopping scene taken to new heights. Land and Houses (LH), one of the country’s largest property developers, announced a massive 5.7 billion baht investment in its Terminal 21 Pattaya shopping mall, proving that the city’s economic potential is glowing as bright as its beaches. Terminal 21 Pattaya, which opened…
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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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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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Thailand boosts economy with overseas workers
Thailand has seen a significant boost in its economy, with over 55,000 workers sent abroad during the 2024 fiscal year, resulting in more than 270 billion baht added to their families’ incomes. Labour Minister Phiphat Ratchakitprakarn visited 364 Thai workers yesterday, October 11, who were undergoing pre-departure training before heading to Taiwan, Israel, and Japan. Among these workers, 321 are…
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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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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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New chairman could spell economic disaster, warns ex-bank boss
The race to appoint the next Bank of Thailand (BoT) board chairman has taken a dramatic turn as former governor Tarisa Watanagase warns that a bad choice could plunge the economy into chaos. In a fiery Facebook post, Tarisa urged the panel selecting the new BoT chair to exercise extreme caution, stressing that appointing the wrong person could open the…
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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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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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Thailand’s LGBTQI+ discrimination costs the economy big time
Thailand’s economy is losing billions, and discrimination is the culprit. A new report by Open for Business reveals that LGBTQI+ exclusion is costing the nation a staggering 51.8 to 121.8 billion baht annually. This shocking figure comes from a mix of lost wages, healthcare costs, and missed economic opportunities, all linked to ongoing discrimination against the LGBTQI+ community. The report,…
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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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Penny-wise, pound foolish: Thailand’s budget delay leaves fiscal year in arrears
The Government of Thailand’s delayed budget approval led to significant underinvestment in the previous fiscal year, according to the Comptroller General’s Department (CGD). The state budget for the fiscal year is divided into a fixed fund and an investment fund. For fiscal 2024, which ended on September 30, the fixed fund amounted to 2.8 trillion baht (US$84 billion), covering expenses…
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Agriculture minister vows to expedite debt relief for farmers
Ekaphap Phonsue, spokesperson for the Ministry of Agriculture and Cooperatives, revealed that Saikrai Pimbueng, a committee member and secretary of the Farmers’ Rehabilitation and Development Fund (FRDF), recently met with Narumon Pinyosinwat, the Minister of Agriculture. The meeting aimed to discuss policies and actions concerning Thai farmers’ issues. Saikrai detailed that since 2019, the previous government had considered restructuring farmers’…
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AIS launches 5G movie package for youths at 299 baht monthly
AIS ZEED 5G launched the AIS ZEED 5G Movie Lover package, catering to youngsters who love watching movies and entertainment content both in cinemas and online. This package offers one free cinema ticket per month and a second ticket for just 50 baht at Major Cineplex theatres nationwide. Additionally, subscribers receive 10 gigabytes of high-speed Internet for streaming premium content…
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Milking it: ThaiBev pours 18 billion baht into dairy, drinks expansion
ThaiBev Group plans to invest 18 billion baht in 2025, more than doubling its annual investment, focusing on strengthening its non-alcoholic beverage and dairy businesses, including establishing a dairy farm in Malaysia. ThaiBev Group, led by CEO Thapana Sirivadhanabhakdi, announced a significant investment increase to 18 billion baht for the fiscal year 2025, which spans from October to September 2025.…
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Thailand’s bold plan to regulate sex work sparks heated debate
Thailand Prime Minister Paetongtarn Shinawatra’s government is stirring up controversy with a proposal to develop an entertainment complex aimed at formalising underground businesses—sex work included. The plan is designed to bring these industries into the formal economy, making them taxable, and, in the long term, funding welfare programmes in education, public health, and infrastructure. But the proposal has ignited a…
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Lettuce pray: Market shoppers face steep prices ahead of Pattaya Vegetarian Festival
The Rai Vanasin Market in East Pattaya was buzzing with anticipation yesterday as eager shoppers scrambled to stock up on fresh produce for the upcoming Pattaya Vegetarian Festival, which kicks off today, October 2 and runs until October 12. However, as the crowds grew, so did the prices – with many vegetables seeing eye-watering surges just days before the festival…
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