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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  • Thais are tightening their belts and spending less – survey

    Thais are tightening their belts and spending less – survey

    “Nearly 70% said they’ve reduced spending on things like travel, shopping, parties and luxury goods.” Thais are tightening their belts and reducing their spending to weather the country’s growing stumbling economy, according to a Dusit Poll survey. The poll was conducted November 19-23 and surveyed 1,174 people from across Thailand. When asked how they’ve cut back, nearly 70% said they’ve…

  • Thai exports down 4.5% in October, 2.35% for the year

    Thai exports down 4.5% in October, 2.35% for the year

    PHOTO: Commerce Ministry Thai exports have crashed 4.5% for October 2019, compared with the same month last year. The total contraction in first 10 months of this year has now averaged 2.35%, and things don’t look like improving any time soon, according to the Commerce Ministry, as reported in the Bangkok Post. The director-general of the ministry’s Trade Policy and…

  • No Chim-Shop-Chai deadline for over 60s

    No Chim-Shop-Chai deadline for over 60s

    The third phase of the government’s “Chim-Shop-Chai” (Eat-Shop-Spend) program has a special quota of 500,000 reserved for the Thai elderly, in addition to the already fully subscribed 1.5 million. A spokesman says the Finance Ministry has not set a time frame for elderly people to subscribe so they won’t feel pressured to meet a deadline. More than 90,000 seniors subscribed…

  • Deputy Thai PM: “Don’t mention the economy”

    Deputy Thai PM: “Don’t mention the economy”

    “If we keep talking about it, it’ll make good things look bad, and this will have wide repercussions.” Thailand’s Deputy PM Somkid Jatusripitak is urging the public not to discuss Thai economic problems too much, saying it could affect investor confidence. Somkid says he’ll explain the economic slowdown if the opposition raises it at the censure debate against the government, which…

  • Deputy PM claims US tech giants eager to invest in Thailand

    Deputy PM claims US tech giants eager to invest in Thailand

    The Deputy Thai PM and government ‘Finance Tzar’ Somkid Jatusripitak claims that Amazon and an unnamed American digital company are both keen to invest in the Kingdom. Somkid says both organisations have enquired about meeting the relevant ministers and have been advised to hold talks with the Finance Ministry and the Ministry of Digital Economy and Society. The Deputy PM…

  • Thailand ranks in top five economies for salary increases

    Thailand ranks in top five economies for salary increases

    PHOTO: iglu A report in Thailand Business News says Thailand is among the top five countries in the world for salary increases. The Annual Salary Trends Report, carried out by ECA (Employment Conditions Abroad) International, looked at salary trends for 60 countries and forecasts a 2020 salary increase of 4.1% for Thailand, up from 3.9% this year. In general, Asian nations…

  • Sugar industry expert says banning of 3 agri-chemicals will severely damage business

    Sugar industry expert says banning of 3 agri-chemicals will severely damage business

    The president of the Thailand Society of Sugarcane Technologists has criticised the recently- implemented ban on three agri-chemicals that were commonly used in the industry. The Nation reports that Dr Kitti Chunhawong insists the ban on Paraquat, Chlorpyrifos and Glyphosate will cripple business. “Currently Thailand is the world’s fifth sugar producer and second biggest exporter with more than 11 million…

  • Government wants to extend ‘Eat, Spend, Shop’ economic stimulus plan

    Government wants to extend ‘Eat, Spend, Shop’ economic stimulus plan

    The government is seeking to extend the deadline for its economic stimulus package, “Eat, Spend, Shop” (Chim Shop Chai) to January 31. The Nation reports that the Finance Ministry is planning to ask Cabinet today to agree to an extension from the original deadline of December 31, in order to provide a further boost to spending and the economy over…

  • Thailand’s ‘economic condition index’ expected to decline in Q3

    Thailand’s ‘economic condition index’ expected to decline in Q3

    PHOTO: Culture Trip Thailand’s household economic condition index is likely to drop further due to the ongoing global economic slowdown. Another drop would make it the third this year, measured in quarters. The slowdown is impacting the domestic economy and employment, according to the Kasikorn Thai research centre. Thai PBS reports that the latest ECI report indicates that a survey…

  • Government’s economic stimulus package generates over 10 billion baht so far

    Government’s economic stimulus package generates over 10 billion baht so far

    PHOTO: Fodors Travel Guide The Thai government’s campaign to stimulate domestic tourism – the Chim Shop Chai campaign – has generated over 10 billion baht so far. The Nation reports that transactions carried out through the g-Wallet app have generated 225 million baht in the Yala province alone. The southern province now ranks 10th highest for spending during the campaign.…

  • Thai baht dips after rate cut

    Thai baht dips after rate cut

    The baht continued losses yesterday after the Thai central bank cut interest rates. Other Asian currencies dipped as markets assess the latest details of the US-China tariff talks. The Bank of Thailand cut rates for the second time this year, with the benchmark one day repurchase rate now at a record low, as the bank tries to manage inflation and…

  • Ease on foreign investments and cut on official interest rate

    Ease on foreign investments and cut on official interest rate

    The Bank of Thailand will now allow Thai residents to send money overseas to invest directly and the domestic trading in gold in foreign currencies. The Central bank governor Veerathai Santiprabhob says the move should help slow the baht’s worryingly rapid appreciation. The new measures will come into effect tomorrow. Exporters will be allowed to invest their earnings abroad, up to…

  • PM signals more stimulus packages to lift Thai economy

    PM signals more stimulus packages to lift Thai economy

    Thai PM Prayut Chan-o-cha says Thailand needs more measures to boost the local economy. He made the remark during the meeting of the Council of the Economic Ministers on Friday. The PM reassured the meeting that Thailand’s and other ASEAN economies were not in recession, but would have slower growth next year, so Thailand needs to come up with stimulus measures.…

  • Sit down, shut up and hang on – The Asian century is here

    Sit down, shut up and hang on – The Asian century is here

    GRAPHIC: paragkhanna.com In the nineteenth century, the world was ‘Europeanised’. In the twentieth century, it was ‘Americanised’. This century it is all about being ‘Asianised’. With more than half of the world’s population, Asia has gone swiftly from low to middle-income status in a single generation. Today, its global share of trade grows quickly, along with capital, people, knowledge, transport,…

  • Thailand’s internet economy to hit 50 billion dollars by 2025

    Thailand’s internet economy to hit 50 billion dollars by 2025

    Google and Singaporean investment firm Temasek launched a research program into the internet economies of Southeast Asia In 2016 and continue tracking economies in the region. Their “E-Conomy SEA 2019” report shows that Southeast Asia’s internet economy reached 100 billion dollars for the first time this year, with 360 million people now linked to cyberspace – 100 million more than…

  • Ministry considering third round of the Chim Shop Chai stimulus packages

    Ministry considering third round of the Chim Shop Chai stimulus packages

    Deputy PM Somkid Jatusripitak is praising the Chim Shop Chai (Eat Shop Spend) scheme and has told the Finance Ministry to consider launching a third round before the end of the year. In a policy speech, he defended the scheme, saying it’s neither wasteful nor a populist policy, fending off accusations by critics. He insists the program has been successful in…

  • High-speed rail link approved

    High-speed rail link approved

    Plans for a new 7.4 billion dollar high-speed rail link from Bangkok to Pattaya got the thumbs-up Thursday (October 24). The approval comes after months of acrimonious negotiations. The government said it had signed an agreement on Thursday to begin construction with a consortium led by conglomerate Charoen Pokphand Group (CP) and including China Railway Construction Corporation. Japanese banks have…

  • Commerce Ministry will appeal US GSP decision

    Commerce Ministry will appeal US GSP decision

    Thailand will ask the United States to reconsider removal of trade preferences for Thai exports under the Generalized System of Preferences (GSP), according to the Ministry of Commerce. In the past, whenever trade benefits for Thai products exported to the US were suspended, Thailand has appealed to the US, according to the commerce minister, who added that it is ultimately…

  • Thai exports will suffer from Trump labour rights decision

    Thai exports will suffer from Trump labour rights decision

    The Thai export sector will suffer another blow after the US President Donald Trump announced on Friday the suspension of 1.3 billion dollars worth of duty-free trade for certain Thai goods, claiming Thailand has not taken steps to protect the labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said…

  • Thai banks report strong mortgage growth despite April’s new loan regulations

    Thai banks report strong mortgage growth despite April’s new loan regulations

    Ever since the Thai government enforced the higher loan-to-value ratios on property lenders last April, borrowers and developers have been generally unhappy with the result – a sluggish new home-buyer market. But some commercial lenders, particularly some of the larger ones, have still reported strong lending growth for the first nine months of 2019. Kasikorn Bank says its housing loans surged…

  • Thai exports will suffer from Trump decision

    Thai exports will suffer from Trump decision

    US President Donald Trump announced on Friday that the US will suspend 1.3 billion dollars worth of duty-free trade for certain items from Thailand, claiming that Thailand has not taken steps to protect labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said he had suspended duty-free treatment because Thailand…

  • Thai Airways not at risk of shutting down: president

    Thai Airways not at risk of shutting down: president

    Thai Airways is not at risk of shutting down and recent news reports about the airline’s situation were “misinterpreted”, the beleaguered carrier’s president insisted on Wednesday. The statement appeared to directly contradict remarks he made to high-ranking THAI staff in a speech on Tuesday. He said the remarks were to encourage staff to make an earnest effort to ensure the…

  • Airline on brink of collapse, TG president warns

    Airline on brink of collapse, TG president warns

    The president of Thai Airways has announced that the national flag carrier is in deep financial trouble and may have to fold unless staff members unite to work harder. He also said that there may still be time, though not much, to save the company. “Otherwise speculation that THAI is going bankrupt will materialize and there is a chance that…

  • Tax on salt content being considered

    Tax on salt content being considered

    The Excise Department is considering imposing a tax on the salt content of food to encourage food producers to reduce the sodium content of snacks, instant noodles and seasoning cubes. The director of the Office of Tax Planning said that the department is discussing a limit on the amount of sodium food can contain, in line with the standard set…

  • 10 billionaires among Thailand’s 500 MPs

    10 billionaires among Thailand’s 500 MPs

    Thailand has 10 billionaire MPs, while the poorest MP has just 5,064 baht in his bank account, according to reports from the Office of the National Anti-Corruption Commission. Of the 10 billionaire MPs, Mrs. Nathee Ratchakitprakarn, of the Bhumjaithai Party, wife of Tourism and Sports Minister Pipat, is the richest, with declared assets of about 4.675 billion baht. The other…

  • Opposition hits out at government’s military spending in 2020 budget

    Opposition hits out at government’s military spending in 2020 budget

    PHOTO: Reuters | The Business Times The opposition is accusing the government of being more concerned with military arms than the daily struggles of Thai citizens. During a debate in Parliament on the budget bill, the government was accused of caring more about the growth in military spending than citizens’ financial woes. The opposition levied the attack after PM General…

  • Local investor sentiment dampened by Brexit woes and slump in Chinese economy

    Local investor sentiment dampened by Brexit woes and slump in Chinese economy

    The British pound fell today as investors fret over PM Boris Johnson’s chances of pushing his Brexit deal through the British parliament, while Asian markets were mostly down after data showed China’s economy expanded at its slowest pace in nearly three decades. The pound rallied almost to US$1.30 yesterday following news that negotiators had hammered out an agreement that would…

  • Study shows most Thai people live hand to mouth

    Study shows most Thai people live hand to mouth

    PHOTO: eTamping Nearly half of Thailand’s citizens aged 18-65 are spending everything they earn on monthly bills and living expenses, leaving them with nothing to put aside as savings. A study carried out by GoBear, an international financial comparison site, reveals that the highest percentage of people living paycheck to paycheck (53%) are those in the 36-45 age group. 51% of…

  • Thailand resume free trade talks with EU, reducing reliance on China

    Thailand resume free trade talks with EU, reducing reliance on China

    The European Union has restarted talks with Thailand about a potential free trade agreement. The talks started just days after unfreezing a deadlock put in place by the previous military junta. The resumption of talks comes as Thailand seeks to diversify its economy and reduce reliance on China, which accounted for 14% of the its total foreign direct investment in 2018.…

  • TAT says ‘all go’ for tourism discount campaign

    TAT says ‘all go’ for tourism discount campaign

    PHOTO: Thailand Shopping and Dining Paradise The Tourism Authority of Thailand’s governor says that the TAT will introduce two domestic tourism promotional measures – a 100 baht nationwide tourism campaign, and “shocking-price weekday” discounts. The 100 baht campaign will offer some 40,000 products and services at only 100 baht each. Registration is required and will be open on November 11-12…