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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Sponsored Working in Thailand: How expat health insurance protects your career and lifestyle
Starting a career in Thailand can be an exciting chapter, but it also brings unique challenges, especially when it comes to health and wellness. For expats, navigating Thailand’s healthcare system and meeting work permit requirements can be difficult. And while...
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Tourism triumph: Can Thailand hit the 2.3 trillion baht jackpot?
Despite a whirlwind of global economic challenges and shrinking wallets worldwide, Thailand’s tourism sector is making a remarkable comeback. The nation is on the brink of welcoming nearly as many visitors as it did in the golden year of 2019, when almost 40 million foreign tourists poured in, generating a staggering 2 trillion baht in international revenue. However, while the…
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Thai farmers set to grow demand for chemical fertilisers next year
The demand for chemical fertilisers and agricultural chemicals among Thai farmers is expected to rise between October and December next year. This increased need is crucial for crops such as oil palm, rubber, fruit trees, and ornamental plants, which require year-round agricultural inputs. Udom Srisomrong, Deputy Director-General of the Department of Internal Trade, highlighted that the current fertiliser prices in…
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Harley-Davidson shifts gears to Thailand: A new twist in the tale
Legendary American motorcycle maker Harley-Davidson has stunned its fans and workers with a bombshell announcement: the production of three popular models will be shifted to Thailand starting in 2025. The decision has sparked a wave of outrage and concern among Harley’s loyal US customer base and workers, who feel betrayed by the move. The Pan America, Sportster S, and Nightster…
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Nine provinces miss reel deal, forcing Thai movie buffs to hit the road
Nine provinces in Thailand lack cinemas, forcing residents to travel to neighbouring regions to watch movies. The issue came to light recently when a netizen from Mae Hong Son expressed frustration about the lack of local cinemas, which sparked a broader discussion about social inequality and the economic viability of the cinema industry in these areas. The comment was made…
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Digital wallet scheme may be delayed to next fiscal year
The 10,000-baht digital wallet scheme faces potential postponement until the next fiscal year starting October 1 if not implemented by next month, according to the Budget Bureau. Bureau Director Chalermphol Pensoot stated that the details of the cash handout policy would need to be revisited once the new Cabinet is formed. The initiative, promising 10,000 baht to up to 50…
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Thailand’s female CEOs soar but the gender equality gap remains
Thailand’s female business leaders are smashing glass ceilings at an impressive rate, but the country’s gender equality struggle is far from over. With 32% of senior leadership positions in Thai businesses held by women, compared to a global average of 27%, Thailand boasts one of the highest ratios of women CEOs in the world. Nearly 90% of businesses in Thailand…
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Job jolt: Thailand’s unemployment hits two-year high at 1.07%
Thailand’s unemployment rate surged to a two-year high, with 1.07% of the workforce out of a job, the National Economic and Social Development Council (NESDC) revealed. The rise marks the highest level of unemployment since the Covid-19 pandemic waned, showing a worrying trend in the nation’s job market. Danucha Pichayanan, NESDC Secretary-General, reported that the rate had climbed slightly from…
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Most Thai listed companies report Q2 this year profits
Thailand’s stock exchange disclosed that 819 out of 856 listed companies have submitted their second-quarter financial results for this year, with 631 reporting net profits. This represents a significant 77.05% of the companies that submitted financial statements. The Stock Exchange of Thailand (SET) has seen continuous growth in the second quarter of this year. Sales for listed companies in the…
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Thailand’s household debt growth slows amid stricter loan criteria
Household debt growth in Thailand decelerated in the first quarter of this year, partly due to stricter loan criteria imposed by financial institutions, the National Economic and Social Development Council (NESDC) announced. The NESDC Secretary-General, Danucha Pichayanan, reported that household debt reached 16.3 trillion baht in the first quarter of 2024, marking a 2.5% increase, which is a slowdown from…
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Thailand’s BRICS ambition: Gateway to economic power?
As Thailand contemplates joining the BRICS economic bloc, the nation’s public and private sectors are buzzing with anticipation over the potential opportunities and benefits. The growing excitement was evident at the International Media Club of Thailand (IMCT)’s inaugural seminar in Bangkok last Thursday, August 22, where two panels dissected the pros and cons of the Brazil, Russia, India, China, and…
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Going bananas: Songkhla’s top fritter vendor in a slippery situation
A well-known banana fritter vendor in Songkhla is facing difficulties due to a sharp increase in the price of bananas and a shortage of supply. Sales have dropped, and profits have dwindled, forcing some vendors to raise their prices. However, one vendor decided to keep her prices the same out of concern for her customers. At the entrance to the…
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Bangkok could be submerged in seven years warns economist
A Thai economist warned that Bangkok could be submerged by the sea within the next seven to eight years. The government has been urged to take immediate action to prevent significant economic and social damage. Anusorn Thammajai, Dean of the Faculty of Economics at the University of the Thai Chamber of Commerce and former member of the National Research Council…
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Calls for action on Chinese investments in Thailand
The new Government of Thailand is facing calls to swiftly address the growing perception that Chinese products and investments pose a threat to Thai interests. This sentiment, if left unchecked, could harm Thailand’s export and tourism sectors. President of the Panyapiwat Institute of Management and an expert on the Chinese and US economies, Sompop Manarungsan, emphasised the need for cooperation…
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Thai bus firms under siege as Chinese rivals drive them up the wall
The Thai bus industry is under siege with Chinese bus operators flooding the market with cut-rate prices and dodgy tactics, leaving Thai companies struggling to keep up. The Thai Transportation Operators Association has sounded the alarm on this cut-throat competition. Wasuchet Sophonsathien, the association’s president, laid bare the ongoing crisis. Illegal foreign bus operators are muscling in on the market,…
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Thailand drafts new law to restructure oil prices
Thailand’s Deputy Prime Minister and Minister of Energy announced the completion of a draft law aimed at restructuring oil prices. This law is currently under review by a team of legal and energy experts before being presented to the Cabinet and later to the House of Representatives for consideration. Minister Pirapan Salirathavibhaga emphasised his commitment to ongoing projects despite the…
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Thai SMEs eye US e-commerce payday after major Amazon deal
Thailand’s small and medium-sized enterprises (SMEs) are set to cash in on the lucrative US e-commerce market following a groundbreaking deal inked between the Department of International Trade Promotion (DITP) and Amazon Global Selling (AGS). The partnership, formalised during the TOPTHAI Cross-Border e-Commerce Day 2024, aims to turbocharge the e-commerce export capabilities of Thai businesses, opening doors to the US$1.1…
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Egg-spect another price hike as duck eggs ‘crack’ up to 5.10 baht
The Egg Duck Association announced a price increase for farm-fresh duck eggs by 10 satang, raising the price to 5.10 baht per egg, effective from yesterday. This marks the fifth price hike this year. The Egg Duck Association yesterday, August 22, informed its members about the new farm gate prices for duck eggs. The price per egg has been increased…
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Thaksin denies political deal on return from exile
Thaksin Shinawatra firmly stated yesterday that no political arrangement was crafted with his conservative adversaries to facilitate his return from a 15-year exile last year. The former Thai premier made the statement during an on-stage interview at a forum organised by a local media group. “There is no deal, no one dare do a deal with me.” The 75 year…
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Thailand’s tourism boom tainted by zero-dollar tours
Thailand’s booming tourism sector is thriving under a new visa-free policy, attracting millions of foreign tourists. Yet, while Chinese visitors top the list, concerns are mounting over the resurgence of Chinese zero-dollar tours, which could be draining potential revenue from the Thai economy. From January 1 to August 18, Thailand welcomed a staggering 22,474,172 international tourists, who pumped 1.05 trillion…
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Bangkok jewellery fair set to sparkle with 3.5 billion baht in revenue
The upcoming 70th Bangkok Gems and Jewellery Fair is gearing up to dazzle with an expected revenue haul of at least 3.5 billion baht, according to the Department of International Trade Promotion (DITP) and the Gem and Jewellery Institute of Thailand (GIT). This glittering event, scheduled from September 9 to 13 at the Queen Sirikit National Convention Centre (QSNCC), is…
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Authentic Thai flavours invade Kazakhstan
Thailand’s Ministry of Commerce turned up the heat in Kazakhstan, recognising three Thai restaurants for delivering an unbeatable authentic taste with the prestigious Thai SELECT certification. At the forefront of this culinary accolade is Bangkok Thai Café in Almaty, a restaurant that leaves no stone unturned in bringing the true essence of Thailand to Central Asia. With skilled Thai chefs…
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Thailand minimum wage hike to 400 baht awaits govt decision
The Thai Labour Ministry and employer representatives are eagerly awaiting the new government’s decision on whether to increase the daily minimum wage to 400 baht nationwide, a move that could significantly impact the country’s labour market. Permanent Secretary for Labour Pairoj Chotikasathien stated yesterday, August 20, that while the policy was approved by the Srettha Thavisin administration in May, further…
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Digital wallet scheme may switch to cash to boost economy
The Budget Bureau chief confirmed that funds from the digital wallet scheme could be distributed as cash, provided the original goal to stimulate the economy is maintained. Chalermphol Pensoot stated that the distribution of 10,000 baht through the digital wallet scheme could continue, depending on the new government’s policies. “Distributing cash instead of digital money is not an issue, as…
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Economic journalist programme highlights digital finance skills
The closing ceremony for the 18th annual Advanced Economic Journalist Development Programme (AEJDP) highlighted the theme Unlocking Financial Potential for Wealth in the Digital Age. The event was organised by the Economic Reporters Association in collaboration with Bangkok Bank and the University of the Thai Chamber of Commerce. Bangkok Bank’s Deputy Manager, Chaiyarit Anuchitworrawong, presided over the ceremony and awarded…
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Berry big deal: over 1,000 Thai pickers to jam in Sweden, Finland
Thai workers are set for Sweden and Finland as the new berry-picking season kicks off. In a major move, the Department of Employment has given the green light to a whopping 1,129 Thai workers to pack their bags and head to the Nordic lands. Labour Minister Pipat Ratchakitprakan broke the news, revealing that the first wave of over 1,000 Thai…
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Thailand’s economy grows 2.3% in Q2, surpassing forecasts
Thailand’s economy roared back to life in the second quarter, fuelled by a surge in consumption, tourism, and exports, according to today’s eye-popping official data. This economic boost has prompted the government to up its growth forecast for the year. The National Economic and Social Development Council (NESDC) revealed that Southeast Asia’s second-largest economy expanded by 2.3% from the same…
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Thai baht rally faces threats amid political drama and bank policy
Thailand’s recent baht rally faces a rocky road as the country dives into political chaos just before the central bank’s policy meeting this week. Since July, the baht has been a star performer, climbing up the ranks as tourism bounced back from a near two-year low against the US dollar in May. But this impressive upswing could be at risk…
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Foundation urges more funds to aid Thai debtors’ repayments
The Supha Wongsena Foundation For Debtors’ Rights Reform has called on the government to allocate more funds to the Land Bank Administration Institute to assist individuals in repaying their debts. This appeal was made during a seminar aimed at finding solutions to household debt, organised by the Department of Special Investigation (DSI) at the DSI Academy in Nong Chok district…
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Soaring high: Thai AirAsia’s stunning turnaround in 2024
Asia Aviation (AAV), the proud sole shareholder of Thai AirAsia, unleashed its operational results for the first half of 2024, boasting an impressive financial recovery. The figures are staggering, with revenue from sales and services soaring to 25,279 million baht, marking a 32% year-on-year increase. AAV’s profit from core operations skyrocketed by a jaw-dropping 1,015%, reaching 1,950 million baht from…
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Buriram residents fear digital wallet could be axed after PM ousted
Buriram residents and local vendors are increasingly anxious following the Thai Constitutional Court’s surprise decision to oust Prime Minister Srettha Thavisin. The major concern is the potential scrapping of the 10,000-baht digital wallet scheme, a key economic boost initiative from the Pheu Thai Party. The Buriram municipal market is buzzing with worry as many dread that the much-anticipated digital wallet…
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