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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Moving to Thailand is an exciting adventure, especially when you're moving with your family. The country is popular for its warm climate, rich culture, and welcoming people, making it a popular destination for expatriates. However, settling in a new country...
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Government cracks down hard on pork hoarders
After Songkhla authorities accused one food company of hoarding 200 tonnes of pork in January, the government is on a mission to crack down on pork hoarding. Authorities have gotten more strict about storage and receiving procedures, and inspected 24.48 million kilograms of pork. They then seized 1.07 million kilograms of it that was hoarded. Pork prices are finally lowering…
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Truck drivers threaten to camp in front of Energy Ministry because of diesel price
Angry truck drivers say they will protest and camp out in front of if Thailand’s energy ministry if the minister doesn’t lower diesel prices in seven days. The chairman of the Land Transport Federation of Thailand (LTFT) also said the federation would join protests with other groups hurt by Thailand’s rising cost of living, like farmers affected by low crop…
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Minimum daily wage in Thailand looks set to increase to 492 baht
The Labour Ministry is expected to approve a rise in Thailand’s daily minimum wage from 336 baht to a flat rate of 492, according to a Nation Thailand report. The sharp increase comes just 2 years after a previous hike and is expected to mainly favour labourers. It’s understood that 2 agencies representing workers in the Tripartite Wage Committee have…
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Fear of back taxes preventing some businesses from participating in government co-payment scheme
Signs are popping up outside restaurants and shops across Thailand, advising customers that they don’t accept payment via the government’s 50/50 stimulus scheme. Thai PBS World reports that a number of businesses are refusing to participate in the Khon La Khrueng (Let’s Go Halves) subsidy scheme, fearful that the government will come along and claim back taxes further down the…
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Dusit Poll: 83% believe government can’t solve soaring prices
A new survey by Suan Dusit Rajabhat University finds that most people don’t feel that the government is capable of effectively dealing with the soaring prices of consumer goods with many saying they won’t be able to last 3 months with the current inflation levels. 82.69% of the people polled said they have either no confidence or very little confidence…
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Real estate consultancy says pandemic continues to affect foreign demand
A leading property consultancy says the ongoing pandemic and associated restrictions continues to hamper the real estate market. CBRE Thailand chief, Roongrat Veeraparkkaroon, says the low number of foreign arrivals means the sector continues to rely on local demand and must now adapt to these circumstances. “A decline in tourist numbers affected both residential and retail sectors. Given this challenge,…
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Digital assets as payment requires more regulation in Thailand
After studying the risks and benefits of using digital assets and cryptocurrencies to pay for goods and services, a coalition of financial bodies have decided that more regulation is necessary in Thailand. The Ministry of Finance, along with the Bank of Thailand and the Securities and Exchange Commission, have partnered together to assess the regulation needed for crypto usage in…
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Minimum wage hike proposal up to 492 baht per day being studied
A proposal is being evaluated to raise the minimum wage to 492 baht per day, a significant increase from the 313 to 336 baht per day lowest wage now. The hike proposed is a significant one and the Ministry of Labour is researching the impact of such a large wage. The proposed large increase in the lowest wage legally offered…
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Nippon Steel makes $763 million acquisition of 2 Thai steelmakers
Japan is making a move to invest in Thai steel. Nippon Steel Corp, the largest manufacturer of steel in Japan has announced a strategic deal to buy stakes in two major steelmakers in Thailand. The deal is reported to be worth as much as US $763 million – about 25 billion baht. The giant steelmaker has been interested in acquqiring…
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20 baht bills getting a modern polymer update on March 24
Money enthusiasts, get ready! On March 24 the 20 baht bill is getting a radical new update. The Royal portrait will still be prominent but the flimsy, green paper the bills have been printed on for decades is being replaced with a modern new polymer with a glossy, plasticky feel. Starting on March 24, the new, more durable polymer 20…
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Pork price crisis ups demand for poultry, chicken added to price control list
Thailand’s pork price crisis is causing an increased demand for chicken, leading poultry and egg prices to surge. The Ministry of Commerce has now added chickens and chicken meat to their price control list. The ministry now mandates that chicken raisers with over 100,000 chickens, and slaughterhouses with the capacity for over 4,000 chickens a day, disclose their quantity, stocks,…
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Thailand’s Commerce Ministry sets up war rooms to combat high prices
In an effort to take legal steps against merchants selling products at unfairly high prices, the Permanent Secretary of Thailand’s Ministry of Commerce Boonyarit Kalayanamit says he will chair war rooms to combat high prices. The secretary stated this yesterday in an urgent meeting with Commerce Minister Jurin Laksanawisit. The director-general of the Internal Trade Department under the Commerce Ministry,…
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Pork, petrol and noodles – inflation impacting prices in Thailand
Heading into 2022, the ‘I’ word is spooking economists around the world as they look at tools to try and control rampant inflation. Even in Thailand there has been big rises in staples, making headlines this week, particularly in the pork industry. Meat and produce prices have been sneaking up and now impacting the cost of living for everyone living…
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Artificial intelligence intended to prevent abuse of state welfare
As a new round of registration is set to commence, the Ministry of Finance is planning to use artificial intelligence to ensure that the state welfare cards issued this year are given only to eligible low-income earners. The Ministry plans to implement new technology to cut down on fraud and to keep urgent financial assistance money from going to those…
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NIDA Poll: No optimism about pandemic, economy, and politics
A new NIDA Poll asked people about their thoughts on 2022, asking about politics, the economy, and the Covid-19 pandemic, with the majority of respondents not having a particularly positive outlook on the coming year. They were asked if the economy will improve, if the pandemic will subside, and also if PM Prayut Chan-o-cha will remain in power or what…
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Thai baht falling over Omicron fears and strong US dollar
As the Covid-19 pandemic drags on, it’s not just our patience and our resolve that is weakening. The Thai baht is falling too, weakening against a stronger US dollar and global fears over the impact of the Omicron variant rapidly spreading throughout the world. Today the conversion rate stands at 33.59 baht to the US dollar just off of its…
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Minister of Finance: too soon to know Omicron variant effect on economy
Will the new and rapidly spreading Omicron variant of Covid-19 have a strong effect on the economy of Thailand? According to the Ministry of Finance, the answer is a solid maybe. Minister of Finance Arkhom Termpittayapaisith says it’s just too soon to know if and how Thailand’s economy will be affected by the Omicron variant. The Ministry of Finance is…
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Nightlife workers protest at Government House, call for financial assistance
Thailand’s nightlife workers have rallied in Bangkok, protesting outside Government House as they demand government assistance. The workers, known as the “high heel mob” are calling on PM Prayut Chan-o-cha to offer state aid to industry workers adversely affected by Covid-19 closure orders. According to a Bangkok Post report, the workers were led by the Empower Foundation. Employees say their…
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Thai government happy with results of economic stimulus measures
A spokesman says officials are pleased with the results of 4 economic stimulus measures introduced by the government. Thanakorn Wangboonkongchana says over 41.3 million citizens have spent over 223.82 billion baht, thanks to the 4 schemes, describing the results as satisfactory. The stimulus campaigns were introduced during the Covid-19 pandemic in an attempt to boost the economy and help those…
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Finance Minister: economy of Thailand will recover in 2023
Minister of Finance Arkhom Termpittayapaisith says that the economy of Thailand should see a full recovery, not next year, but by 2023. The economy is expected to grow by about 4% next year so 2022 would begin economic recovery, but it will take longer for Thailand definitely bounce back after the devastation of the Covid-19 pandemic. The Finance Minister believes…
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Ford factories in Thailand to receive a US $900 million upgrade
In an announcement today, Ford Motor Company committed to investing US $900 million – about 30 billion baht – to upgrade their factories in Thailand. The American car manufacturer vowed to modernise its production plants in Thailand that support the building of the Everest SUV and Ranger pickup truck. The 30 billion baht is the biggest single investment that Ford…
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PM says government move to digital technology will grow economy
PM Prayut Chan-o-cha has called on organisations in Thailand to stay focused on the development of digital technology to grow the economy. The prime minister hosted a ceremony for the Digital Government Awards 2021 this week, bestowing honours on those public agencies that have already adopted digital technology. At the event, PM Prayut offered praise for the government agencies making…
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Government agency ups 2021 foreign arrivals prediction to 200,000
An agency under the Ministry of Finance has increased its 2021 tourist arrivals forecast to 200,000. The Fiscal Policy Office had previously stated that it expected 180,000 foreign arrivals by the end of the year. According to a Bangkok Post report, Pornchai Thiraveja from the FPO says this now looks likely to increase. During the first 2 weeks of November,…
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Economist: government’s lag on migrant labour hurting economy
The reopening of Thailand has finally kickstarted the economy and put people back to work, but many businesses are struggling with a shortage of migrant labour. While the government has been cracking down on immigrants crossing the border illegally looking for work, many sectors are complaining that the government was unprepared for the country’s reopening and didn’t make efforts to…
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APEC summit in Thailand to focus on regional economy
Next year Thailand will be hosting the Asia Pacific Economic Cooperation (APEC) summit. The Foreign Ministry explains that this year the meeting will be focused on economic recovery and growth in the region following the global Covid-19 pandemic. Promoting cooperation between member nations is the emphasis of this event, reports Thai PBS. The theme of the summit is said to…
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Poverty rising during pandemic, 15 million expected to be on welfare by 2022
Thailand’s poverty rate has been increasing during the pandemic. According to the deputy Finance Minister, the number of Thais receiving state welfare is expected to increase by over 1 million, totaling around 15 million people. Based on Worldometer statistics, this means that next year over 21% of the population will be on welfare, or around 1 in 5 people in the…
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Businesses call on government to accelerate return of migrant workers
Businesses in Thailand are urging the government to speed up the process that will allow for the legal return of migrant workers from neighbouring countries. The Labour Ministry recently confirmed its intention to sign MoUs with Myanmar, Cambodia, and Laos that would permit workers from those countries to enter Thailand from December. However, according to a Bangkok Post report, Thailand’s…
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Government panel created to defend consumers online from fraud
A new panel was established by The Ministry of Digital Economy and Society, which will be in place to protect online shoppers from fraud. As Thailand’s internet economy experiences massive growth, problems related to online transactions are rising, too. With this panel, the government aims to help protect consumers from these internet scams. Secretary general of the Thailand Consumer Council…
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4 new holidays in Thailand hoped to stimulate domestic travel
Apparently in an effort to boost tourism revenue in Thailand, the Thai Cabinet has approved the creation of 4 new holidays in the middle of next year that allows for extra-long weekends. The government hopes that the creation of these long holiday weekends will encourage domestic travellers to take short getaway holidays around Thailand and stimulate the economy. The move…
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PM Prayut urges a new Thailand focused on tourism, sustainability
As the reopening of Thailand cranks the doors open wide to international travellers after cracking it open with Sandbox schemes over the past 4 months, PM Prayut Chan-o-cha is focusing on tourism in reimagining Thailand moving forward. PM Prayut has called for all sectors of the nation to come together to transform the country in the “new normal” with tourism…
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