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 Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
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Thailand’s economic growth forecast revised down
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has revised Thailand’s economic growth forecast downward from a range of 2.8 to 3.3% to 2.2 to 2.7% for the year. The revised outlook is due to a slowdown in exports, which is negatively affecting the manufacturing sector. The panel also flagged a decrease in export expansion from 2% to…
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Thai govt’s minimum wage hike to 400 baht faces opposition
The government’s recent announcement of an impending nationwide minimum wage hike to 400 baht per day in October has provoked strong opposition from a member of the tripartite wage committee. The committee member in question, Atthayuth Leeyavanich, who represents employers, criticised the premature disclosure of the wage increase, asserting that it had not yet been discussed or approved by the…
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Thai shippers forecast modest growth amid wage increase concern
The Thai National Shippers’ Council (TNSC) projects a 1% to 2% growth in exports for the current year and urges a thoughtful approach to the proposed increase in the daily minimum wage, supplemented by government support via the wage committee mechanism. TNSC chairman Chaichan Chareonsuk anticipates a 1 to 2% increase in the nation’s exports by March this year. Chaichan…
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Bank of Thailand’s independence crucial for economic stability
Economists emphasise the importance of the Bank of Thailand’s independence in its mission to maintain economic stability. They note that while interest rates have a negligible effect on bolstering economic growth, they could influence the stability of the baht and trigger an increase in household debt. Despite persistent appeals from Prime Minister Srettha Thavisin for a collaborative effort between monetary…
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Thai government greenlights energy subsidies and price caps
Subsidies on electricity bills for vulnerable groups and caps on cooking gas and diesel prices have received the green light from the Thai government. The move aimed to alleviate the burden of burgeoning energy costs on the population. Deputy government spokesperson Rudklao Intawong Suwankiri disclosed that diesel prices will now be fixed at 33 baht per litre, from April 20…
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SC Asset introduces morning coin for real estate rewards
SC Asset Corporation Public Company Limited, under the stewardship of Natthaphong Kunakornwong, is embarking on a transformative journey as it enters its third decade, a period poised to redefine the company’s legacy. In a significant move, SC Asset unveiled an innovative utility token, Morning Coin, which promises to deliver extensive benefits to its clients. Homebuyers of SC Asset properties will…
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Fashioning diplomacy: Thailand’s soft power exchange with France
Thailand is set to partner with France, known for its soft power prowess in areas such as fashion and tourism, in a knowledge exchange initiative spearheaded by the Department of Trade Negotiations (DTN). The deal was set in motion following inter-agency discussions between the two nations. The most recent, being the fifth high-level economic dialogue (HLED), saw the DTN Director-General…
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Thai chamber opposes proposed minimum wage increase
The Thai Chamber of Commerce (TCC) is in dispute with the government over its proposal to increase the minimum daily wage to 400 baht for workers all over the country. The proposed wage increment is expected to take effect in October. Speaking on the issue, Poj Aramwattananont, Vice-President of the TCC and the Board of Trade of Thailand, painted the…
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Predicted surge in global gold prices to US$2,500 per ounce
Global gold prices are set to touch US$2,500 per ounce in the latter half of this year, as per predictions by local gold traders, despite a recent slump below US$2,300. The market has scaled down its expectations for US interest rate cuts this year to a maximum of two times, a reduction from the previously anticipated three to four times.…
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Thailand implements blueprint for responsible tourism management
Concerns about overtourism are intensifying globally as popular destinations like Venice start imposing daily entry fees and Japan attempts to divert tourists to less-visited provinces. Thailand, expecting 40 million foreign arrivals this year, faces similar challenges. The Deputy Governor for Domestic Marketing at the Tourism Authority of Thailand (TAT), Somradee Chitchong, emphasised the lack of a tourism-carrying capacity blueprint in…
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Syntec construction prioritises data centre projects
Public traded contractor Syntec Construction formed a dedicated team to manage the growing demand for data centre construction projects, particularly from industry heavyweights. This initiative is part of Syntec’s business strategy for this year, which prioritises bids for data centre construction owing to their heightened demand across the industry, according to Chief Executive, Somchai Sirilertpanich. The company has expanded its…
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Thailand unites for eco-friendly transformation of rice farming
A cohesive effort to revolutionise Thailand’s rice farming industry has been forged, with a collective aim to modernise traditional farming methods towards environmentally friendly practices. This initiative is targeted at preserving biodiversity and enhancing the overall ecosystem across the varied landscapes of the nation. This recent synergy saw the collaboration of governmental bodies, the public, private sector participants, and non-governmental…
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Thailand’s daily online fraud falls to 110 million baht in April
Online fraud damage in April was reported at 110 million baht daily, indicating a 26% decrease from the 149 million baht experienced daily in March. This significant reduction is a result of the intensified crackdown on online fraud by authorities. On the first of April, Prime Minister Srettha Thavisin delegated several organisations to yield tangible results from their efforts to…
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Bitcoin price falls due to Fed’s interest rate decision
The price of Bitcoin plummeted to a two-month low, coming in at approximately US$57,000. This followed comments by the Federal Reserve chairman, Jerome Powell, suggesting that interest rates would remain high for an extended period to combat persistent inflation. This popular cryptocurrency has seen a decrease of more than 4% over the past two days. This comes after a near…
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Thai dividend stocks outperform bank deposits
The quest for investments with steady returns in an era of global volatility and high interest rates has led many investors to gravitate towards dividend stocks. With the potential for yields exceeding 5% and a payout that can reach up to 20% yearly, these stocks offer a lucrative alternative to conventional bank deposits. A study conducted by the Stock Exchange of…
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BGRIM to invest US$3.39m in Middle East’s energy market
A dominant player in the power industry, BGRIM disclosed its plans to infiltrate the Middle Eastern clean energy market, with an investment approaching US$3.39 million for a 40% stake in the independent power producer, ThreeEightSix Holdings Ltd. The company’s president, Harald Link, confirmed this strategic investment that focuses on commercial and industrial solar assets within the Gulf Cooperation Council region,…
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Bitcoin ETFs close with largest discounts due to crypto plunge
The largest spot-Bitcoin exchange-traded funds (ETFs) closed today with significant discounts to their underlying asset values, the biggest since their inception. This disparity emerged when the cryptocurrency plunged to its lowest in two months, consequently affecting the ETFs’ Bitcoin value tracking. The iShares Bitcoin Trust, a US$16 billion fund, closed approximately 1.7% below its net asset value. Other funds like…
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Thai govt cancels VAT exemption for low-priced imported goods
The digital economy’s growth in Thailand led to a surge in trade on foreign online platforms, which has caused considerable disruption for local businesses. The local market has been flooded with cheap Chinese products, putting domestic entrepreneurs at a disadvantage and unable to compete on price. This situation has prompted many to fade away, compelling the government to take action.…
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Thai banks reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
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Thai renewable energy industry urges govt to revise trade system
The Federation of Thai Industries’ Renewable Energy Industry Club urged the government to revise the country’s electricity trade system from the longstanding enhanced single buyer (ESB) model, arguing it hampers the growth of renewable energy. The ESB structure, which designates the Electricity Generating Authority of Thailand (EGAT) as the sole entity that sells electricity to the public, is seen as…
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Jorakay to invest 300 million baht in Vietnam factory
Jorakay Corporation, a renowned producer of tile adhesive, grouting products, and various construction chemicals under the Crocodile brand, announced intentions to invest 300 million baht in a Vietnam factory in 2028. The investment is earmarked for the establishment of a factory in Vietnam, driven by robust demand and the company’s aspiration to expand its export reach to the Philippines and…
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Thailand shuts down illegal Bitcoin mine worth 70 million baht
A major illegal Bitcoin mining operation was dismantled yesterday when police and the Provincial Electricity Authority raided an abandoned ice factory in Samut Sakhon, Thailand, seizing equipment worth over 70 million baht. A Myanmar national was found guarding the facility, which is believed to have caused the state a loss of 10 million baht per month in electricity. At 11am…
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AoT tee up 3 billion baht compensation swing for RTAF
Thailand’s Defense Ministry spokesperson, Jirayu Houngsub, revealed yesterday that the Airports of Thailand (AoT) could be liable for a compensation payment of at least 3 billion baht to the Royal Thai Air Force (RTAF). This potential payment is in relation to the Kantarat Golf Course, a property currently owned by the RTAF, which the AoT is considering repurposing. Previously, the…
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Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
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Heatwave havoc: DIT keeps close thermometer on Thai farming
The sweltering weather conditions currently sweeping across Thailand have prompted the Department of Internal Trade (DIT) to closely monitor their impact on the country’s agricultural and livestock production. Despite the challenging weather and drought, DIT Director-General, Wattanasak Sur-iam, assured that the price of agricultural goods remains stable. To alleviate the cost of living for consumers and restaurant owners, the DIT…
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SEC warns digital asset exchanges on special privileges
The Deputy Secretary-General of the Securities and Exchange Commission (SEC) issued a stern warning to digital asset exchange operators. The caution comes in light of recent findings by the SEC, which reveal that these exchanges often entice the public to invest by offering special privileges, thereby encouraging trades on their platforms. Anek Yooyuen emphasised that the operations of digital asset…
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Thai PM’s frozen durian order: A fruitful venture worth millions
Thailand Prime Minister Srettha Thavisin yesterday publicised the country’s recent acquisition of a 300-million-baht (US$8.1 million) frozen durian order on social media. The announcement came in the aftermath of his trip to Chanthaburi, which further emphasised the global appetite for Thai durians. “Post my visit, an order was placed. Business tycoons have expressed interest in placing an annual order worth 300…
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Thai commerce minister to boost fruit exports to China via Laos
An evaluation of the Boten and Mohan checkpoints’ capacity to facilitate Thai fruit exports to China is on the agenda for Commerce Minister Phumtham Wechayachai. This is part of a strategy to ease the exportation process of Thai fruit during the 2024 harvest season, with shipments expected to commence at the end of April. The ministry’s spokesperson, Wittayakorn Maneenetr, reported that…
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Fintech friends: Thai-Australian pact seals future prosperity
A landmark Memorandum of Understanding (MoU) has been inked between the Thai Fintech Association and FinTech Australia, setting the stage for increased collaboration in the burgeoning financial technology sector. The agreement was signed this week, reflecting both nations’ commitment to enhancing their fintech industries. The Deputy Chair of FinTech Australia, Brian Collins, acknowledged the vast potential for growth in Thailand…
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Thai government delays wage hike: Minimum muddle continues
The Thai government has postponed the anticipated increase in minimum daily wage to 400 baht. The rise was initially set to take effect on Labour Day but the government will now await the outcome of a tripartite committee meeting on May 14. Karom Polpornklang, the deputy government spokesperson, confirmed yesterday that the wage increase would not start on May 1.…
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