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 How to reduce out-of-pocket medical expenses in Thailand?
Managing medical expenses in Thailand is important as healthcare costs continue to rise. The country’s healthcare system includes both public and private options, but even with the Universal Coverage Scheme (UCS) for citizens, many still face high out-of-pocket medical expenses....
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Thailand exempts cryptocurrency transfer VAT until 2023
The Royal Thai Government Gazette has formally announced a VAT exemption for transferring cryptocurrency from now until the end of 2023. The cabinet had approved the exemption of the value added tax, or VAT, for transferring cryptocurrency or digital tokens in March. Yesterday, the decision was passed into Thai law and will be in effect from yesterday until December 31,…
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As fuel prices climb, Thailand’s delivery workers struggle
As Thailand’s fuel prices climb, some delivery drivers are saying the country’s attempts at subsidies aren’t helping them much. One motorcycle taxi driver told Thai PBS World that, even though the government offers a 250 baht discount per month on benzene or gasohol, it’s not worth it when he has to travel a long distance for it. The driver added that…
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Large banana plantation near Bangkok goes viral, Thai netizens say owner wants to avoid land tax
One of the biggest exhibition centres and event venues, Impact Arena, in the central province of Nonthaburi, basically just north of Bangkok, is showing off its large banana plantation on their official Facebook page. The page claims the CEO desires to increase green spaces for people, but Thai netizens have figured out it’s just a way the controlling company is…
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Unemployment rate dropped with removal of Covid-19 restrictions
Thailand’s unemployment rate dropped significantly since the coronavirus outbreak. The quota fell to 1.53% from 1.64% since the beginning of 2022 meaning just over 600,000 people are currently unemployed. Before the Covid-19 pandemic the unemployment rate was at 1% in Q1 of 2020, according to the National Economic and Social Development Council (NESDC). But the good news is that the…
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Thailand sets sights on “wealthy foreign tourists” to recover economy
The Tourism Authority of Thailand, or TAT, is again going to target “wealthy group of tourists” as it works out its marketing plan as it contributes to the recovery the Thai economy following a 2 year hiatus due to closed borders and restrictions. The TAT claims that, focussing on the “rich groups”, 1.93 trillion baht will be generated in 2024…
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Thai officials vow to solve household debt problem at Phuket event
Thai officials held a ‘Household Debt Reconciliation Fair’ in Phuket yesterday. At the event, Thailand’s Minister of Justice Somsak Thepsutin said the government has designated 2022 as the “Year of Solving Household Debt”. He said that 2,810 people had registered for the event. Somsak said that several government departments have organised events to “facilitate the mediation process of household debts…
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Thailand’s PM Prayut invites US to invest in supply chains
As part of his visit to the US, Thailand’s PM Prayut Chan-o-cha has attended the 2nd ASEAN-US Special Summit in Washington last week. Now, he is inviting the US to invest or set up supply chains in Thailand to fill gaps created by the Russia-Ukraine crisis. And not the least the ongoing disruption of China’s part in the supply chain…
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New wages for Thailand’s skilled workers
Thailand’s cabinet has approved new wages for construction workers, industrial arts workers and service workers. The new wages are expected to come into effect 90 days after the announcement was made on Tuesday. In the construction industry, tilers considered ‘level 1’ will earn 465 baht per day. Those considered level 2 will earn 550 baht a day. Level 3 tilers…
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Labour Minister says government considering increasing minimum wage to 492 baht
Thailand’s Labour Minister says the government is considering increasing the daily minimum wage to 492 baht. Suchart Chomklin was addressing the Anti-Fake News Centre in an attempt to clarify rumours circulating on social media, according to a Nation Thailand report. “The ministry has discussed the raise with representatives of workers’ unions and businesses based on the rate submitted by the…
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Durian valued at 120 billion baht will be shipped to China this year
Thailand will export durians to the vale of 120 billion baht to China this year, about a 10% increase, according to Minister of Agriculture and Cooperatives Chalermchai Sri-on. The Chinese government has set strict controls against fruit imports during their Covid-19 pandemic response. Thailand exported 875,100 tonnes of durian to China last year, valued at 109 billion baht. Thailand’s durian…
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Government economic agency says China’s zero-Covid policy hurting Thai economy
China’s relentless pursuit of a zero-Covid status, coupled with tough import restrictions, is having a negative impact on the Thai economy. So says the Thai economic planning agency, the National Economic and Social Development Council. According to a Nation Thailand report, the NESDC says it’s watching China closely, after a strict lockdown was enforced in Shanghai and other cities. “China’s…
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Nightlife venues in “blue zones” want permission to re-open from June 1
Thailand’s nightlife venues are demanding to be allowed re-open for business in “blue zone” tourism areas from June 1. According to a Bangkok Post report, the proposal is one of several being submitted to PM Prayut Chan-o-cha today. Sa-nga Ruangwatthanakul from the association of Khao San Road business operators says the proposals are being put forward by over 10 associations…
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Shopping mall in Chiang Mai goes dark, couldn’t afford 20 million baht power bill
Tenants and staff were in shock after a shopping mall in Chiang Mai suddenly announced temporary closure due to economic fallout from Covid-19. Or is it economic mismanagement? Thai media have reported that the centre had more than 20 million baht in debt from electricity bills and had to close immediately because they were unable to pay the bill. Today,…
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Thailand borrows 50 billion yen from Japan to cope with Covid aftermath
The Thai government has signed a loan contract to borrow 50 billion yen or about 13 billion baht (US$385 million) from Japan International Cooperation Agency or JICA to cope with costs of handling the Covid pandemic in Thailand. Thai PM and Defence Minister Prayut Chan-o-cha urged Thais not to criticise the government borrowing money again because the amount was included…
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Thailand doesn’t need to introduce 300 baht entry fee yet, says PM Prayut
Thailand’s PM has pushed back the introduction of a 300 baht ‘entry fee’ for international tourists arriving in the kingdom. Since Test & Go, Sandbox and other entry restrictions were dropped on May 1, Thailand has experienced a surge in international arrivals. If tourism levels continue to climb and significantly improve national income this year, it might not be necessary…
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Thai PM expects tourism to recover to half of pre-pandemic levels by next year
The Thai PM says he expects 20 million tourists to visit the kingdom next year, around half the number of pre-pandemic years. PM Prayut Chan-o-cha says this prediction still relies on the Covid-19 situation not deteriorating. According to a Bangkok Post report, the PM has acknowledged that tourism numbers have increased significantly since the easing of some restrictions. ‘Significant’ is…
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Federation of Thai Industries concerned about plans for minimum wage hike
Thailand’s Federation of Thai Industries has expressed concern about the impact a rise in the minimum wage could have on small and medium-sized businesses. The federation says if a proposal to increase the minimum wage to 492 baht goes ahead, it will have a severe impact on such firms. According to a Bangkok Post report, the FTI was responding to…
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Employers in Thailand object to raising minimum wage
In the midst of Thailand’s worst worker’s debt in 14 years, Thai employers are opposing a new proposal to increase the country’s daily minimum wage. The currrent minimum daily wages range from 313 baht to 336 baht, depending on which part of the country you’re in. In Bangkok it’s 331 baht. Earlier this week, the Thai Labour Solidarity Committee and…
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Freight trains between North Korea and China suspended due to Covid-19
A South Korean media agency said today that freight train services between China and North Korea have been suspended. The agency said services were suspended due to Covid-19 infections in the Chinese border city of Dandong. Meanwhile, South Korean authorities say they are keeping an eye on the situation. An official from South Korea’s unification ministry said the government is…
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80 year old noodle shop in Bangkok temporarily closed due to expensive ingredients
A well-known noodle shop named Look Chin Pla Ban Tad Thong in Bangkok has temporarily closed after 80 years in service. “We have to close all branches temporarily. We have never seen ingredients this expensive before,” said the shop’s owner. Since the pandemic hit, many businesses have closed down. Areas that were previously bustling have become quiet. Businesses hoped that…
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Price of ‘Mama’ noodles to increase
One of the cheapest ways to satisfy your hunger in Thailand is to eat instant ‘Mama’ noodles, which have cost an affordable 6 baht per packet since 2014. However, Mama’s producer said they plan to increase the price of their instant noodles next month to compensate for rising costs of transport and raw materials. Thailand’s Minister of Commerce said he…
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Thailand officials say diesel will be 32 baht per litre from May 1
Get ready to say goodbye to Thailand’s 30 baht per litre price cap on diesel on May 1. Starting on Sunday, the price will be 32 baht per litre, according to the Oil Fuel Fund Office. Thailand’s permanent secretary for energy said the current 11 baht subsidy per litre is falling to 9.6 baht per litre. Officials from Thailand’s energy…
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Thailand’s postal rates to go up after nearly 2 decades
For the first time in 18 years, Thailand’s postal rates are going up. The country’s Digital Economy and Society Ministry said that according to data from 2011-2020, Thailand Post has a social service burden of up to 18.4 billion baht, and it’s likely to keep rising. Yesterday, the Cabinet approved a proposal by the ministry to raise rates. Thailand’s profit…
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Truck drivers rally in Bangkok against spiking diesel price
Now that Thailand has announced the upcoming end of its diesel price cap, Bangkok truckers have rallied today to demand that the price cap continues. Currently, the price for diesel is capped is 30 baht per litre. But On Tuesday, Thailand’s Energy Minister said the retail price is now at 40 baht per litre, so the government have had to…
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Hundreds queue for free food handouts in Pattaya
Images of hundreds of residents queuing up to receive free bags of rice and other dried foods on April 23 2022 in Pattaya suggest that Thailand’s economy still has a long way to go on the road to recovery. During “lockdown” in Pattaya in 2020, huge crowds of people queuing for 200 baht food and drinks handouts from Rom Pho…
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Price of Thai consumer goods might increase due to diesel price hike
The price of diesel in Thailand is set to increase next month, beyond the 30 baht per litre cap, but the Commerce Ministry has promised to do everything it can to keep consumer goods costs under control. The public is now worried about the products being more expensive due to the increase in diesel price. The diesel prices, connected to…
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Thailand to host ‘economic roadshows’ to attract foreign investors
Thai PM Prayut Chan-o-cha has ordered the relevant authorities to host “economic roadshows” to draw foreign investors back to Thailand. The first event was held in Japan earlier this month, from April 13 – 23, with similar events planned for European countries, as well as the US, South Korea and Taiwan. During a press conference this morning, deputy spokesperson Trisulee Trisaranakul…
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Thailand’s labour ministry hopes to export 50,000 workers
Now that the Covid-19 situation across the world has calmed down a bit, Thailand’s Labour Ministry expects to send about 50,000 workers abroad this year. The Department of Employment’s PR office said now that restrictions have largely eased, Thailand’s labour exports are set to resume in large numbers. So far, labour export agreements have been signed with two countries, Saudi…
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Thai commerce chairman welcomes end of PCR test requirement
Following the announcement for major changes to Thailand Pass, a commerce leader is giving the government a great big thank you. Yesterday, the chairman of the Thai Chamber of Commerce, Sanan Angubolkul, thanked the government for getting rid of mandatory RT-PCR tests for visitors on arrival, starting May 1. “The private sector believes the decision will help trade, investment, services…
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Former Phuket prison to transform into spooky tourist attraction
An old Phuket prison no longer housing inmates is now set to become a spooky tourist attraction, providing visitors with a “Twilight Zone” experience. Phuket Prison was built in Phuket Town about 120 years ago, and Phuket officials now plan to turn it into a ‘live museum’ to teach both tourists and locals about its history. In addition to the…
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