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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FTI rattled by PM Srettha’s ousting: Investors on edge
The Federation of Thai Industries (FTI) voiced alarm following the Thai Constitutional Court‘s shock decision to remove Prime Minister Srettha Thavisin from office yesterday. Kriengkrai Thiennukul, Chairman of the FTI, warned that the ruling could put a brake on both local and foreign investment as investors rethink their strategies amid the political turmoil. Thailand is already wrestling with major economic hurdles,…
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Bridge Alliance and Deutsche Telekom spark a new IoT connection
Bridge Alliance, the heavyweight coalition of telecom giants, has just struck a blockbuster deal with Deutsche Telekom AG, Europe’s telecom titan. This game-changing partnership aims to turbocharge growth in the booming Internet of Things (IoT) sector. With Deutsche Telekom on board, Bridge Alliance’s roster balloons to 35 operators, now covering over 100 markets and reaching more than a billion customers…
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Thailand bank loan growth forecast cut to 1.5% for 2024
Kasikorn Research Centre (K-Research) reduced its overall loan growth projection for the banking industry in 2024 to 1.5%, down from the earlier forecast of 2.5-3.5%. This adjustment reflects borrowers’ diminished ability to access credit amid slower economic growth. K-Research’s updated assessment, released yesterday, August 13, indicates that banks’ lending expansion this year will be primarily driven by business loans, with…
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Wallet watch: Thai restaurants hungry for details on digital handout
Restaurant owners are on tenterhooks, waiting for vital details on the government’s digital wallet handout scheme. The Thai Restaurant Association reveals that operators are eagerly anticipating specifics on how they can use and convert digital cash. President Thaniwan Kulmongkol says restaurateurs are frustrated by the delay, as the Commerce Ministry has scrapped the August 5 press conference meant to explain…
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Thai rice faces sticky situation as Vietnamese rice steals the show
Rice exporters are sounding the alarm over the possible disappearance of local Thai rice varieties, as farmers increasingly switch to a Vietnamese strain celebrated for its soft texture. Charoen Laothamatas, President of the Thai Rice Exporters Association, raised concerns about the dire state of the industry. Production of beloved Thai varieties like Pathum Thani fragrant rice and KB 79 has…
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Thai central bank to cut rates as US economy slows
The US economy is anticipated to face a cyclical slowdown from late next year into 2025, prompting the Bank of Thailand to reduce its policy rate by up to 1.5 percentage points, according to KGI Securities (Thailand). KGI analysts, Rakpong Chaisuparakul and Pragrom Pathomboorn highlight in their report that this slowdown will normalise the labour market and make US consumers…
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Mc Group forecasts 4 billion baht revenue, targets Gen Y and Z
The well-known creator and distributor of Mc Jeans, Mc Group Plc, anticipates its revenue to hit 4 billion baht this year, with a strategic focus on engaging Generation Y and Z to fuel its growth. The Chief Executive James Richard Amatawiwat acknowledged the competitive nature of the market this year but expressed confidence in the company’s ability to stay ahead…
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Gold prices drop as Thai market sees 50 baht reduction
Gold prices saw a drop today as the Gold Traders Association (GTA) opened the market with a reduction. Compared to the last recorded prices on August 9, gold ornaments are selling at 41,000 baht per baht weight. Today, August 12, reporters highlighted that the GTA announced gold prices, showing a reduction of 50 baht from the last prices on August…
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Thailand’s cross-border trade hits 912 billion baht, up 3.6%
Thailand’s cross-border and transit trade reached a significant milestone, totalling over 912 billion baht in the first half of the year, marking a 3.6% increase compared to the same period last year. The government attributed this growth to enhanced promotion of cross-border trade in recent months. Government spokesperson Chai Wacharonke referencing data from the Department of Foreign Trade, noted that…
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Thailand launches price cuts to boost economy before digital wallet
The Ministry of Commerce, in collaboration with 150 manufacturers, retailers, and government agencies, is launching a nationwide price reduction event to alleviate living costs and stimulate the economy before the digital wallet launch. Deputy Prime Minister Phumtham Wechayachai announced that the Ministry of Commerce invited government agencies, consumer goods manufacturers, wholesale and retail chains, the Thai Retailers Association, and other…
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Gold prices rise sharply following recent declines
Gold prices surged today following a significant drop, according to the latest data from the Gold Traders Association (GTA). As of 9am, today, August 9, the price of gold jewellery was being sold at 40,950 baht per baht-weight, reflecting an increase of 250 baht compared to the final price yesterday. Today’s gold prices saw gold bullion in the domestic market…
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PTT Station cuts petrol and gasohol prices by 30 satang per litre
PTT Station announced a reduction in retail fuel prices, effective from 5am tomorrow. Petrol and all types of gasohol will drop by 30 satang per litre, with diesel prices remaining unchanged. The cut means petrol will now be priced at 44.94 baht per litre. Gasohol 95 will be 37.05 baht per litre, Gasohol 91 at 36.68 baht per litre, E20…
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Thailand new generation drive sales surge despite economic woes
Luxury retail has skyrocketed, with sales in the first half of this year soaring to four times the levels seen in 2019, before the Covid-19 pandemic hit, according to a market survey by The 1 Insight. This staggering growth comes despite a sluggish economy, thanks largely to the spending habits of new-generation shoppers. The 1 Insight report highlights the resurgence…
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Truckers in northeast Thailand call for diesel price cuts
Truckers in northeast Thailand are urging the government to either lower diesel prices or increase cargo transport fees to offset rising energy costs, ensuring their trucks remain operational. Wichai Sawangkhachon, President of the Northern Transport Association (NTA), reported that nearly half of the over 10,000 trucks owned by approximately 700 cargo transport businesses under the NTA are currently out of…
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Phumtham inspects U-Tapao Airport project set for 2029 completion
Deputy Prime Minister and Minister of Commerce, Phumtham Wechayachai visited U-Tapao Airport to monitor the progress of its development project, aiming for completion by 2029. The deputy PM inspected the U-Tapao Airport and Eastern Aviation City development project in Ban Chang district, Rayong province. Accompanied by Tharit Issarayangyuen, Deputy Secretary-General of the Eastern Economic Corridor (EEC) Office, naval representatives, and private…
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Thai consumer confidence hits 11-month low
Thai consumers’ confidence in July continued to decline, marking the fifth consecutive month and reaching the lowest point in 11 months. The consumer confidence index fell from 58.9 to 57.7, driven by concerns over political stability in Thailand. Thanavath Phonvichai, President of the University of the Thai Chamber of Commerce and Chairman of the Advisory Centre for Economic and Business…
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Thailand construction contract mismanagement leads to big loss
Inefficient management of construction contracts in Thailand during the 2023 fiscal year led to financial losses exceeding 30 billion baht, according to a spokesperson from the State Audit Office (SAO). SAO spokesperson Sutthipong Boonnithi revealed that these figures emerged from the SAO’s annual audit, which examined over 14,148 projects and contracts across 9,426 public agencies nationwide. The audit identified budget…
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Homeowner in Chon Buri shocked by massive water bill
A homeowner in Chon Buri has been left baffled after receiving an astronomical water bill of over 163,000 baht for just one month. The staggering amount has sparked widespread attention on social media, particularly on the News Chon Buri-Rayong Online Facebook page, which shared the homeowner’s plight. The bill, dated for July, amounted to a total of 163,767.51 baht, an…
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Temu enters Thai market, intensifies e-commerce competition
Temu, China’s e-commerce giant, recently entered the Thai market, stirring up competition across both online and offline sectors in Thailand. The move, according to industry experts, is set to intensify cross-border competition, challenging existing players and local businesses alike. Thailand’s e-marketplace has long been dominated by foreign giants like Lazada (owned by Alibaba), Shopee (under Singapore’s SEA), and China’s TikTok…
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10.5 million sign up for Thailand’s digital wallet scheme in six hours
More than 10.5 million people signed up for the eagerly anticipated digital wallet scheme within the first six hours of its registration opening yesterday. This number surpassed initial expectations, according to Deputy Finance Minister Julapun Amornvivat. However, he also clarified that not all who registered will qualify for the benefits, as eligibility will be determined after a review period, with…
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Thailand’s bike boom hits a brake with debt drag
Thailand’s motorcycle manufacturing output is expected to continue its decline in the second half of the year due to high household debt and a weak economy, according to the Federation of Thai Industries (FTI). The FTI Vice-Chairman and spokesperson for the federation’s Automotive Industry Club, Surapong Paisitpatanapong, commented on the challenging economic conditions. He noted that while the motorcycle industry…
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Phatthalung named agricultural product development hub
Phatthalung has been designated as the southern hub for an agricultural product development initiative by the Thailand Chamber of Commerce, the Board of Trade of Thailand, and the Provincial Chamber of Commerce. This decision aims to bolster the agricultural sector by showcasing and distributing quality local products nationwide. At least eight agricultural products from Phatthalung have received the government’s Product…
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Thailand outbound travel takes a dive amid economic woes
Thailand’s outbound travel market is facing a sharp decline, with consumer spending power plummeting and overseas holiday plans on hold. Charoen Wangananont, President of the Thai Travel Agents Association (TTAA), revealed in an exclusive interview with Krungthep Turakij that economic uncertainties have led many Thais to postpone international trips to avoid extra costs during these tough times. “We had initially…
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Temu’s takeover: Thai e-commerce expert warns of price war
The Thai e-commerce landscape is about to face a major upheaval, warns Pawoot Pongvitayapanu, CEO of Creden.co and PaySolutions. Speaking on Krungthep Turakij’s Deep Talk programme, Pawoot cautioned that the arrival of the Chinese online retail giant Temu on Monday could spell trouble for local retailers already battling fierce competition. Pawoot highlighted that while Thai consumers are already familiar with…
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Tang Rat app crashes amid rush for 10,000 baht digital wallet
The Tang Rat application crashed as numerous people rushed to download and verify their identities ahead of the registration for the 10,000 baht digital wallet set to begin tomorrow, August 1. It was reported today that the government, through the Ministry of Digital Economy and Society (MDES) and the Ministry of Finance, will open the registration for the 10,000 baht…
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BTSC demands 40 billion baht Green Line overdue debt payment
The Bangkok Mass Transit System (BTSC) declared itself ready to negotiate with the Bangkok Metropolitan Administration (BMA) and Krungthep Thanakom (KT) over the staggering debt tied to the BTS Green Line extensions. This comes hot on the heels of a Supreme Administrative Court ruling on July 26, giving both parties a 180-day deadline to cough up nearly 12 billion baht…
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Duty-free shutdown drama: Thai airports set to lose big bucks
Airports of Thailand (AOT) is bracing for a colossal monthly loss of 143 million baht after announcing the closure of all duty-free shops in the arrivals areas of five major airports. This shocking move, aimed at boosting domestic spending, was approved by the Cabinet on July 2 and will come into effect on August 1. The closure affects duty-free shops…
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Thailand, China boost trade alliance amid investment opportunities
Thailand and China have engaged in discussions to enhance trade cooperation, focusing on expanding the market for Thai livestock products and fruits in China, while also welcoming Chinese investment in emerging industries within Thailand’s Eastern Economic Corridor (EEC). Deputy Commerce Minister Suchart Chomklin, appointed by Commerce Minister Phumtham Wechayachai, participated in the third meeting of the Sub-Committee on Trade and…
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Thailand businesses urged to adopt same-day delivery strategies
Commerce Minister Phumtham Wechayachai urged Thai business operators to enhance their operating strategies to maintain a competitive edge. He emphasised the necessity for continuous upgrades, pointing to the success of Chinese e-commerce giants like JD.com, TikTok (Douyin), TaoBao, and Meituan, which have thrived by offering same-day delivery services in certain regions. Phumtham’s remarks came following a report from Oranuch Wannapinyo,…
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Pickup truck loan defaults surge 39% in May, NCB reports
The National Credit Bureau (NCB) reported a significant 39% increase in bad debt for pickup truck loans in May, highlighting an alarming trend in the auto finance sector. Banks have also seen a contraction in car loans during the first half of this year, corresponding with a nationwide decline in car sales. By May 2024, non-performing loans (NPLs) for pickup…
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