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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Thailand to increase minimum wage to 400 baht by year-end
Thailand’s Labour Ministry has assured the public that a minimum wage increase to 400 baht will be implemented nationwide by the end of the year, as stated by Phiphat Ratchakitprakarn, the Labour Minister. The tripartite wage committee is currently awaiting the official appointment of two new members: the Permanent Secretary of the Ministry of Labour and the Director-General of the…
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Thai baht surge hits exporters and tourism revenues
Thailand’s exporters and tourism sector are feeling the squeeze as a rapid appreciation of the Thai baht continues to impact revenue. The central bank attributed this surge to a weak US dollar and stronger regional currencies, such as the Chinese Yuan and Japanese Yen. Yesterday, September 30, the baht reached a 31-month peak at 32.235 against the US dollar, marking…
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PTT station to lower petrol prices, diesel remains unchanged
PTT Station will lower petrol prices today, while diesel prices remain unchanged. PTT Station announced a reduction in retail petrol prices by 30 satang per litre across all types of gasoline yesterday, September 30. This change will take effect from 5am today, October 1. Petrol prices will be adjusted as follows: gasoline will be 43.14 baht per litre, Gasohol 95…
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Finance ministry sees record revenue of 14.4 billion baht
The Ministry of Finance announced that the Treasury Department has achieved record-breaking revenue collection for the fiscal year 2024, amounting to 14.4 billion baht. This represents a 57.9% increase from the previous year and exceeds projections by 25.4%, marking the highest revenue since the department’s establishment on September 30, 1924. The Deputy Minister of Finance, Paophum Rojanasakul attributed this remarkable…
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Reel deal: Thai man is squids in with government digital wallet
Among the many recipients of the government’s digital wallet handout is a 66 year old Thai man who transformed his share into a thriving small business selling grilled squid. State welfare cardholder Suwit Inrat, also known as Uncle Ood, received the handout money via his Krungthai Bank account around 2am today, September 27, prompting Suwit to spring into action. With…
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Thailand 7-Eleven stores now accept QR code payment
Shoppers, rejoice! Thailand’s 7-Eleven stores just made paying for your snacks and drinks easier with the introduction of PromptPay QR code payments. But while customers love the convenience, smaller grocery stores may be facing a fresh nightmare. 7-Eleven’s official Facebook page announced today the rollout of PromptPay, a move that left fans buzzing. “Tears are flowing #Consumers, what do you…
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Gen Z goes wild for Thailand’s ‘Mutelu’ faith economy
A new survey by Zanroo, a social media data expert, revealed that young Thais are leading the charge in an occult frenzy, racking up billions of engagements online. Zanroo’s study found that Gen Z, those aged 12 to 27, show the highest interest in Mutelu – a term derived from the Indonesian horror film Mutelu: Occult War. The word now…
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Gypsy cash dash: Phuket locals swarm ATMs for 10k baht handout
Hundreds of sea gypsies in Phuket flocked to ATMs at Laem Tukkae, Koh Sirey, Ratsada subdistrict on Wednesday, September 25, as part of the Thai government’s 10,000 baht handout scheme for vulnerable citizens. The scheme, aimed at state welfare cardholders and disabled individuals, is part of a broader economic stimulus programme. A national report noted that the sea gypsies, still…
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NHRC urges Thailand to rethink Southern Land Bridge project
The National Human Rights Commission (NHRC) is urging Prime Minister Paetongtarn Shinawatra to reconsider the Southern Land Bridge megaproject, highlighting concerns about its environmental impact and implications for local communities. The NHRC supports its call with findings from various studies conducted by state agencies. Council member Sayamol Kaiyoorawongs stated that the prime minister should direct the Office of Transport and…
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Recipients can use 10,000-baht handout to clear debts: Deputy PM
Recipients of the 10,000-baht handout are free to use the money as they see fit, including paying off debts, according to Deputy Prime Minister Phumtham Wechayachai. Phumtham addressed reports that many eligible individuals in the first phase of the scheme, which began yesterday, September 26, plan to use the funds to clear their debts. “They can use the money [to…
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Thailand aims to eradicate poverty in two years
Thailand aims to eradicate poverty and build a prosperous economy within the remainder of its term, an adviser to PM Paetongtarn Shinawatra revealed. With just over two years left in office, the 38 year old prime minister is determined to ensure that Thais can rise above poverty, stated Surapong Suebwonglee, deputy chairman of the five-member advisory panel appointed by PM Paetongtarn.…
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Bangkok delists more than 10,000 inactive companies
The Department of Business Development (DBD), under the Ministry of Commerce, announced the removal of 11,515 companies from the Bangkok business registry. The announcement, dated September 2 and 16, cited two primary reasons for this action. The first reason involves 8,420 companies that have not submitted their financial statements for three consecutive years, leading to the assumption that these companies…
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Hong Kong back in top 3 global financial powerhouses
Hong Kong is back with a bang, reclaiming its position as the world’s third-leading financial centre, overtaking Singapore for the first time in over two years. According to a report published yesterday, September 24, by the Global Financial Centres Index (GFCI), Hong Kong’s strategic moves have paid off as it storms ahead in the latest rankings. In the 36th edition…
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Thailand starts 10,000-baht handout to 3 million needy individuals
Three million needy and disabled individuals in Thailand will receive the 10,000-baht handout under the government’s digital wallet programme today, announced Deputy Finance Minister Julapun Amornvivat. This initial rollout is part of a larger initiative aimed at aiding 14.5 million recipients in total. Due to limitations with the PromptPay payment system, only 3 million recipients can be processed initially. These funds…
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Thailand’s universal healthcare won’t ‘break the bank’ says minister
Thailand’s Ministry of Public Health remains confident that the universal healthcare programme will not face financial difficulties, according to Health Minister Somsak Thepsutin. The government has allocated a central budget of 5.9 billion baht for the scheme for the fiscal year ending September 30. Somsak provided this update following a National Health Security Board meeting, where participants discussed plans for…
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I’m hiring it: McDonald’s Thailand adds Texas Chicken crew to menu
McDonald’s Thailand is welcoming employees from Texas Chicken, which is set to close at the end of this month. Yesterday, September 23, McDonald’s Thailand’s Recruitment Facebook page posted a message specifically inviting Texas Chicken employees to apply for positions at McDonald’s, which operates over 230 branches across the country. “To our friends at Texas Chicken, we are saddened to hear…
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Thailand promotes products with Piccadilly Circus campaign
Thailand’s Ministry of Commerce has launched the Think Thailand Next Level branding campaign to promote Thai products and services. The event, led by Pichai Naripthaphan, took place at Piccadilly Circus in London, aiming to elevate Thailand’s image globally. The campaign’s launch featured a gigantic digital billboard at Piccadilly Circus, a prominent public space and a central hub in London. This…
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Freelancers in the frame: Thailand mulls welfare for all, even in the sex trade
The government is contemplating extending welfare protections to freelance workers, including those in the sex industry, akin to those available to employees registered with the Social Security Fund (SSF), contingent on their payment of income taxes. Tourism and Sports Minister Sorawong Thienthong revealed that discussions are underway with multiple agencies to establish a welfare system to safeguard freelance workers, including…
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Baht-boom: Thailand’s currency surge leaves tourism, exports short
Thailand’s baht is rocketing towards its biggest quarterly rise since the Asian financial crisis, a development that has key tourism and export industries clutching their pearls. Since the end of June, the baht has surged 10% against the dollar, its most significant gain since early 1998. This sudden leap has prompted frantic appeals from the tourism, hotel sectors, and business…
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Shoppers rush post-flood markets in Chiang Rai for bargains
Shoppers flocked to the Sai Lom Joi Market and Doi Wao Market in Chiang Rai‘s Mae Sai district to purchase discounted goods following the recent floodwaters receding. The bustling atmosphere saw a surge of visitors eager to take advantage of the low prices on offer. This annual post-flood shopping event has become a tradition for these border trade markets. Floodwaters…
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Thai household debt hits 13.6 trillion baht as bad loans rise
Thai household debt has surged to alarming levels, reaching 13.6 trillion baht, with non-performing loans (NPLs) climbing to 1.2 trillion baht. The National Credit Bureau reports a consistent rise in bad debts across housing, automotive, and credit card sectors. Data from the end of July indicates that household debt in Thailand reached a staggering 13.6 trillion baht. This figure is…
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Malaysia and Cambodia launch cross-border QR payment system
Malaysia and Cambodia have collaboratively launched a cross-border quick response (QR) payment linkage, enabling consumers and merchants to conduct instant retail payments via mobile applications. This initiative, announced by Bank Negara Malaysia and the National Bank of Cambodia (NBC), aims to enhance the payment experience and expand market reach for over 5 million merchants in both countries, primarily small businesses.…
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Bangkok street vendors must be poor enough to operate: BMA
In a move that’s bound to shake up Bangkok’s bustling street food scene, new City Hall regulations will allow only “poor Thais” to operate as street vendors. The bold rules, signed by Bangkok Governor Chadchart Sittipunt, have sparked controversy with their stringent requirements, including a ban on migrant workers. Once published in the Royal Gazette, the new rules will go…
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UK signs pivotal trade and investment deal with Thailand
The United Kingdom government has finalised a significant trade and investment agreement with Thailand, marking the first such deal since the Labour government assumed office in July. Commerce Minister Pichai Naripthaphan and UK Trade Minister Douglas Alexander signed the enhanced trade partnership agreement in Bangkok yesterday, September 18. The deal seeks to eliminate specific trade barriers, focusing on sectors such as…
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Thailand to give digital money to vulnerable groups via PromptPay
Thailand announced a significant economic stimulus package targeting vulnerable groups, including those with disabilities and state welfare cardholders. Starting Wednesday, September 25, the government will distribute 10,000 baht per person through the PromptPay system. The initiative, approved by the Cabinet for the 2024 economic stimulus plan, aims to support 14.55 million recipients. The distribution will be managed by the Comptroller…
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Thailand Cabinet keeps VAT at 7% for another year
The Thailand Cabinet has decided to maintain the current value-added tax (VAT) rate at 7% for another year. This decision was announced by Jirayu Huangsub, an advisor to the Prime Minister of Thailand, at 12.40pm yesterday, September 17. The announcement follows a Cabinet meeting where the economic situation was discussed, especially concerning the VAT rate set to expire at the…
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National wage committee to finalise 400-baht minimum wage
Labour Minister Phiphat Ratchakitprakarn announced that the national wage committee will reconvene on Friday to discuss the implementation of a 400-baht minimum wage for large employers nationwide starting October 1. The tripartite committee, which includes representatives from employees, employers, and the government, met on Monday. However, all five employer representatives were absent, leaving only the 10 members from the employee…
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Ruling party loyalist set to chair Bank of Thailand amid rate dispute
A ruling party loyalist and critic of the central bank governor is set to be nominated as the chair of the Bank of Thailand (BoT), as the government seeks to assert influence over the institution amid ongoing disputes over interest rates. The Pheu Thai Party-led government plans to back 66 year old former deputy premier and Finance Minister Kittiratt Na…
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Commerce minister plea: Time to cut the baht and boost the rates
Commerce Minister Pichai Naripthaphan called on the Bank of Thailand (BoT) to slash interest rates and stabilise the baht in a bid to boost exports and prop up GDP. In a policy statement issued today, Pichai slammed the current strength of the baht, which he claims is hitting exports hard. With export growth expected to be sluggish this year, he’s…
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Golden harmony: Gold strikes a steady chord at 41,100 baht
Gold prices hit a steady chord today, with the Gold Traders Association (GTA) revealing that ornamental gold is holding firm at 41,100 baht per baht-weight. This comes as no shock to avid market watchers, as the rates remain unchanged from yesterday’s final figures. The GTA delivered their first update of the day at precisely 9.03am, today, September 16, setting the…
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