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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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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Bank of Thailand concerned with banks trading in digital assets
The Bank of Thailand said they don’t want commercial banks to directly trade in cryptocurrency and digital assets due to their extreme volatility. Thai lenders have been investing more and more in digital asset exchanges in Thailand with several banks making deals in the digital currency space. Siam Commerical Bank recently purchased a 51% share of Bitkub for 17.85 billion…
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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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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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Chamber of Commerce proposes familiar plans for the economy
Ahead of a meeting with PM Prayut Chan-o-cha tomorrow, the Thai Chamber of Commerce has compiled a list of measures to boost Thailand’s struggling economy. The proposal was sourced from 5 regional chambers of commerce and will be submitted to the prime minister tomorrow as part of his meetings with private sector representatives. The proposed measures aren’t particularly groundbreaking, mostly…
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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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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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Government wants 76 billion baht to support rice farmers
The Finance Ministry has announced a plan to use a 76 billion baht package to support Thai rice farmers. The ministry is working with the Budget Bureau to create a scheme that ensures a guaranteed income for the farmers, which would offer some cushion against the unpredictable issues that plague farming such as floods, droughts and pestilence. There is already…
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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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Reform urged for foreigners to invest or buy condos in Thailand
The vice-chairman of the Board of Trade of Thailand is calling for amendments to the restrictions and processes for foreigners to buy condos and invest in the country. He said the process is unnecessarily complex, and steps need to be taken to improve procedures and conditions if Thailand’s plan to lure wealthy pensioners is to gain any traction. He called…
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Bank of Thailand plans real-world test of digital currency in 2022
The Bank of Thailand recently announced plans to do some real-world testing of digital currency in the near future as the popularity of cryptocurrency continues to grow. They plan to test their Central Bank Digital Currency in a real-world environment sometime in the second quarter of 2022. The BOT has been studying the CBDC since 2018 and is aware that…
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Thai car production expected to grow
Car production in Thailand is expected to grow, according to the Federation of Thai Industries. With the rates of Covid-19 infections falling and the careful management of the semiconductor shortage, the target of 1.6 million units is expected to be surpassed. Lockdowns and other restrictions are being eased in many countries that buy cars produced in Thailand, which means that…
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PM tells reporters to focus on economy, doesn’t want to talk about election
The Thai PM says he can cope with everything he has to deal with and is not bothered by rumours of political disagreements. However, according to a Bangkok Post report, he then asked journalists to stop asking about the election and focus their questions on the economy instead. Prayut Chan-o-cha was addressing the media after yesterday’s meeting of the Defence…
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Thai economist urges government to address inequality, improve education
A leading Thai economist says there are several issues the country needs to address in order to protect the economy in the long term. Dr Somjai Phagaphasvivat is calling on the government to develop human resources, improved the standard of Thai education, and address the serious issue of inequality. According to a Thai PBS World report, he says the Covid-19…
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Thai industry bodies encouraged by tourism re-opening plan
The chairman of the Federation of Thai Industries has welcomed the plan to re-open Thailand to vaccinated tourists from low-risk countries. Supant Mongkolsuthree says the planned November 1 re-opening will accelerate economic growth and increase business confidence. According to a Bangkok Post report, Supant predicts the return of foreign tourism could see GDP growth achieve its target of 0% –…
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Government considers tax cut for highly-skilled foreign workers
The Thai government is considering cutting the rate of personal income tax for highly-skilled foreign workers, in order to attract more talent to the kingdom. Ekniti Nitithanprapas from the Revenue Department says officials are mulling the possibility of reducing the rate to 17%. The Bangkok Post reports that the rate of personal income tax in Thailand is based on salary…
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Thai baht to continue dropping against the USD
The Thai baht is forecast to droop to a 4-year low over the next trading week, and its largest monthly currency drop for over 20 years. The Baht’s challenges shadow US dollar gains over concerns about the US Fed’s (US Federal Reserve) ‘tapering’ plans as it reins in enthusiastic stimulus of the US economy. Thailand’s baht has been the region’s…
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CCSA to review curfew hours and allowing more businesses and venues to reopen
The nighttime curfew might be reduced by an hour and 11 types of business and venues might be able to resume service as the Centre for Covid-19 Situation Administration will review a proposal for such requests, today. If all goes well with the CCSA, the curfew would shrink back 1 hour to 10pm to 4am, compared to the now 9pm…
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Thailand welcomes its first AI influencer, “AI Ailynn”
Thailand is jumping into the influencer marketing game SkyNet style, with the introduction of AI Ailynn, a metaverse human designed by SIA Bangkok, which styles itself a “virtual influencer agency”. AI Ailynn, their first artificial intelligence influencer will chat with users, pose for pictures, and influence people to buy things. The company’s website describes AI Ailynn as a 21 year…
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PM Prayut announces a 5-point plan for the future economy
In an online meeting hosted by the National Economic and Social Development Council, Prime Minister Prayut Chan-o-cha announced his intention to revise Thailand’s economic and production outlook and methods. The plan looks towards future trends and the increasingly ubiquitous digital economy and aims to get Thailand in line for growing the economy now and in new sectors. The goals would…
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Tesla stock dive costs Elon Musk $7 billion, World’s Richest Man title
While it may have been a rough week for many in the stock market, sell-offs hit Tesla founder and CEO Elon Musk particularly hard. The often provocative tech innovator, crypto agitator, and founder of Tesla lost more than US $7 billion in 24 hours, knocking him from his perch as the world’s richest man. Before anyone starts a GoFundMe, it…
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Cabinet approves measure to entice “high potential” foreigners to Thailand
The cabinet has approved a measure to entice “high potential” foreigners, such as wealthy retirees and specialists, to spend a prolonged period in Thailand. The measure is a bid to promote foreign investment and to improve the struggling economy. The 4 groups that the government hopes to attract to Thailand are high income earners, foreign retirees, experts in different fields,…
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Thai PM calls on state agencies to disburse allocated funds quickly to revive economy
The Thai PM is calling on state agencies to inject funds into the economy for the new fiscal year in October, in order to help its recovery. According to a Bangkok Post report, deputy government spokesperson Traisuree Taisaranakul says budget spending is vital to the revival of an economy decimated by Covid-19. “In light of the pandemic, the state budget…
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El Salvador: first country worldwide to make bitcoin legal tender
Cryptocurrency has been making inroads at gaining more and more mainstream acceptance, but this week marked a new major milestone. El Salvador just became the first country worldwide to accept bitcoin as legal tender, on Monday purchasing 400 bitcoins at a price of US $21 million. The announcement caused such a swell of interest, the country’s cyber wallet system was…
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80% of condos in Thailand sold to foreigners, 50% China
A real estate firm is predicting that the market for condos in Thailand hot spots like Bangkok, Phuket, and Pattaya will be rebounding soon with the continued trend of foreign investment, a majority of which are Chinese. China has long been a driving force in purchasing condos in Thailand. The business development manager of Saensiri is predicting the uptick once…
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SEC fears cryptocurrency trading by inexperienced traders
The Securities and Exchange Commission in Thailand is worried about crypto investor ignorance as cryptocurrency trading volume in Thailand surged to 700 to 800 billion baht over the past 10 months. The chief executive of Zipmex Thailand predicted trading will hit 1 trillion baht by the end of 2021. At the PostToday Cryptocurrency Forum 2021 yesterday the Zipmex executive said…
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CP boss outlines 4 ways government could speed up pandemic recovery
One of Thailand’s wealthiest businessmen has outlined 4 ways in which the government could accelerate the country’s Covid-19 recovery. The Bangkok Post reports that Dhanin Chearavanont, senior chairman of the Charoen Pokphand Group, was responding to questions from journalist Suthichai Yoon during a Facebook Live interview yesterday. According to Dhanin, the government must increase relief measures for those affected by…
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