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’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 boosts HDD production with 23.5 billion baht investment
Thailand’s Board of Investment (BOI) approved a significant investment project by Western Digital Storage Technologies (Thailand) Co., Ltd., to expand its hard disk drive (HDD) and related equipment production. The project, valued at 23.516 billion baht, will take place in Bang Pa-in Industrial Estate, Phra Nakhon Si Ayutthaya province and 304 Industrial Park, Prachin Buri province. The Secretary-General of the…
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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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Gold prices steady in Thailand, gold ornaments at 40,950 baht
The Gold Traders Association (GTA) reported that gold prices remained stable today, with no increase or decrease from the previous day’s closing prices. Gold ornaments are selling at 40,950 baht per baht-weight. According to the latest data from the GTA released at 9.04 am today, August 26, the price of gold ornaments remains unchanged at 40,950 baht per baht weight…
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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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Thailand’s Nam Wa bananas go ‘bananas’ as prices soar
The price of Nam Wa bananas, also known as sugar bananas, has surged to a staggering 60 baht per bunch. Once a staple in Thai households, this beloved fruit is inching closer to becoming a luxury item, with experts predicting a further rise to 80 baht per bunch. For nearly a month, vendors and consumers alike have been grappling with…
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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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Canada-ASEAN free trade agreement expected by next year
A free trade agreement (FTA) between Canada and the Association of Southeast Asian Nations (ASEAN) is anticipated to be finalised by next year, according to officials from Canada and Thailand involved in the discussions. Surin Thanalertkul, the Canadian embassy trade commissioner, along with Martin Sullivan, senior market development officer of the Canada Indo-Pacific Agriculture and Agri-Food Office (IPAAO), discussed the…
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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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B.Grimm Power play: Profits surge with plans to expand in future
Multinational conglomerate B.Grimm Power Plc (BGRIM) reported a robust performance with a significant increase in normalised net profit for the first half of this year, alongside ambitious plans to enhance investment partnerships and expand its renewable energy portfolio. BGRIM President Harald Link highlighted that the normalised net profit attributable to the parent company rose by 2.3% year-on-year, reaching 1.09 billion…
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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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PEA launches first sustainability bond worth 1 billion baht
The Provincial Electricity Authority (PEA) announced the successful launch of its first sustainability bond, marking a significant step towards its green finance goals and that of Thailand. PEA Governor Supachai Ek-Un, along with representatives from the Public Debt Management Office (PDMO), Asian Development Bank (ADB), Bangkok Bank, DNV (Thailand), and Thai Bond Market Association, held a press conference yesterday, August…
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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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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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Thailand poised to profit amid US-China trade war
Thailand might be about to cash in on the US-China trade war. According to the Office of Industrial Economics (OIE), the ongoing clash between Washington and Beijing could see a major boost in Thai exports as American buyers look to replace Chinese shipments that are in jeopardy. OIE Director-General Warawan Chitaroon stated that Thailand is a key manufacturing nation in…
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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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