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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Japan urges ASEAN to prioritise hybrids over EVs for sustainability
Japan advocates for hybrid vehicles as an effective path for the Association of Southeast Asian Nations (ASEAN) to reach sustainable development goals. During the Economic Security and Supply Chains seminar, Yasuyuki Todo from the Faculty of Political Science and Economics at Waseda University cautioned ASEAN about over-relying on the electric vehicle (EV) industry. He pointed out that since Asean mainly…
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Pheu Thai confident digital wallet bill will pass final House readings
Pheu Thai Party expresses confidence that its supplementary bill, designed to fund the flagship digital wallet handout scheme, will pass the House’s second and third readings tomorrow. A Pheu Thai MP-list and chief government whip, Wisut Chainaroon, asserted that the bill will pass due to the digital wallet scheme igniting new hope among the public. The final deliberation of the…
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Energy Ministry’s new bill targets stable oil and LPG prices
The Energy Ministry’s new bill aiming to control domestic oil and cooking gas prices requires a public hearing to assess its impact on oil traders and government revenue, according to an energy expert. Currently under review by the Council of State, the bill proposes the establishment of a new commission, akin to the Energy Regulatory Commission, to regulate retail prices…
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Thailand to ASEAN: Let’s get digital for ‘byte-sized’ unity
Thailand urged the Association of Southeast Asian Nations (ASEAN) to enhance integration by adopting a unified digital economy system, supporting sustainable development, and ensuring regional security through existing mechanisms. Speaking at the 57th ASEAN Ministerial Meeting in Vientiane yesterday, July 28, Foreign Affairs Minister Maris Sangiampongsa emphasised the growing interest of many countries and international organisations in engaging with ASEAN.…
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Thailand’s economy to grow 2.7% this year
Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance. Deputy Finance Minister Paopoom Rojanasakul highlighted the positive outlook, attributing it to improving economic conditions among trading partners. He noted that growth could potentially reach 3% this year,…
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Invasive fish in Thailand causes 100 million baht annual damage
Thammasat University research reveals that the blackchin tilapia has caused economic damage to the Praek Nam Daeng community, amounting to at least 100 million baht per year. The SROI TU Centre for Social Return on Investment Research and Development recently posted a study detailing these impacts. The research, conducted between 2018 and 2019 by SROI TU, part of the Puey…
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Thailand launches 10,000 baht digital wallet registration tomorrow
The Thai government will launch a new digital wallet initiative, allowing citizens to receive 10,000 baht through a simple registration process starting tomorrow, July 25. This initiative, managed by the Ministry of Finance, aims to stimulate the economy in the fourth quarter of the year. Between tomorrow and mid-September, citizens can register for the digital wallet via the Tang Rat…
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Cabinet caps power bills and diesel prices to aid businesses, public
The Cabinet implemented measures to cap power bills at 4.18 baht per unit until the end of the year and set a diesel price ceiling at 33 baht per litre until October 31. Energy Minister Pirapan Salirathavibhaga announced that the Cabinet approved the Energy Ministry’s proposal to maintain the electricity rate at 4.18 baht per kilowatt-hour for September through December…
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Thailand Cabinet caps electricity at 4.18 baht, diesel at 33 baht
The Thai Cabinet approved measures to cap electricity prices at 4.18 baht per unit until the end of the year and diesel prices at 33 baht per litre until October 31. A new energy structure law is set to be introduced today, July 23. Following a Cabinet meeting, Deputy Prime Minister and Energy Minister Pirapan Salirathavibhaga announced that the government…
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Thailand’s national holidays set to generate 18.3 billion baht
National holidays in Thailand this month are expected to boost tourism revenue significantly, with projections indicating 18.3 billion baht from five million domestic trips, as reported by the Tourism Authority of Thailand (TAT). The momentum in domestic tourism showed strong performance during the recent Buddhist holidays, Asarnha Bucha Day and Khao Phansa (Buddhist Lent), and is anticipated to continue through…
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Farm to table: Thailand firms urged to unite for stable farm prices
The Commerce Ministry urged Thai conglomerates to collaborate in purchasing agricultural products to provide farmers with a more stable income. Commerce Minister Phumtham Wechayachai revealed plans to manage agricultural products and secondary crops for the latter half of the year. He instructed Vuttikrai Leewiraphan, commerce permanent secretary, and Wattanasak Sur-iam, Director-Deneral of the Internal Trade Department (ITD), to engage department…
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Cabinet to approve Thai ESG fund boosting SET by 50 billion baht
The Thai Cabinet is set to approve the new Thai ESG Fund tomorrow, with analysts anticipating that the revamped conditions of this environmental, social, and governance (ESG) centric fund will enhance trading on the Stock Exchange of Thailand (SET) by 40-50 billion baht annually. The fund’s revised structure includes a reduced holding period of five years, down from the original…
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MICE industry must prioritise people management to sustain growth
Game-changing People Management was the focus of a recent presentation at the TMX conference, one of the largest fairs dedicated to the meeting, incentive, convention and exhibition (MICE) industry. The discussion highlighted significant opportunities for growth and transformation within this expanding sector. The MICE industry is on a remarkable growth trajectory, with a projected compound annual growth rate (CAGR) of…
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Thailand rubber farmers oppose fund use for fish purchase
Rubber farmers in Prachuap Khiri Khan raised concerns over the Ministry of Agriculture’s decision to use funds from the Rubber Authority of Thailand (RAOT) to buy black-banded trevally fish at 15 baht per kilogramme. The farmers question the fairness and appropriateness of this policy. Rungroj Ratanakaw, a resident of Thong Mongkol subdistrict in Bang Saphan district, voiced his disagreement with…
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Tenzing Pacific Services predicts market’s ‘positive momentum’ to continue
Tenzing Pacific Services is anticipating positive stock market momentum to carry through to the end of 2024 despite volatility and share performance dispersion. Tenzing Pacific Services, a health, life, and business insurance and investment company, saw June as a mixed bag when it came to growth. This is in large part due to the market’s performance not necessarily correlating with…
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House approves 122 billion baht digital wallet scheme budget
The House of Representatives approved a supplementary bill to increase the budget for the current fiscal year by 122 billion baht, in a vote held late yesterday. This additional funding aims to partially finance the government’s digital wallet handout scheme. A total of 297 MPs voted in favour of the bill, while 164 opposed it, with no abstentions recorded. Among…
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Thailand restaurant market to hit 400 billion baht in 2024
Central Restaurants Group (CRG) anticipates a 5% sales growth in 2024, driven by the digital wallet handout scheme, while Thailand’s restaurant market value is projected to reach 400 billion baht this year. Nath Vongphanich, CRG President, addressed the ruling Pheu Thai Party’s upcoming 10,000-baht digital wallet handout scheme, expected to launch in the fourth quarter. He mentioned that the company…
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Shocking hike: Thai industries spark concern over electricity rates
Thailand’s plan to hike electricity rates later this year could deter foreign direct investment, warned the Federation of Thai Industries (FTI). The alert followed the Energy Regulatory Commission’s (ERC) announcement on Friday, indicating an imminent rise in power bills for both businesses and households. The ERC has proposed three new power tariff options, featuring increases from 11% to 44% above…
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Thailand considers petroleum reserve amid oil price volatility
Thailand is considering various strategies to mitigate the impact of global crude oil price fluctuations, beyond merely subsidising domestic oil prices through the dwindling Oil Fuel Fund. One proposed solution is the development of a strategic petroleum reserve (SPR) to enhance national oil security and safeguard against potential supply disruptions caused by geopolitical conflicts. Energy Minister Pirapan Salirathavibhaga suggested the…
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Transport Ministry execs visit Phuket to boost economic development
Senior executives from the Ministry of Transport gathered at Phuket Provincial Hall yesterday, engaging in a two-day study tour aimed at boosting economic development in the region through transportation initiatives. This initiative, part of a broader training programme organised by the Ministry of Transport, targets government officials and employees from state enterprises. Running from May 27 to August 16, the…
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Thailand’s digital wallet disaster: MFP oppose budget
Opposition parties have taken a firm stand against the supplementary budget bill, targeting the controversial digital wallet scheme. Estimated at a staggering 450 billion baht, the scheme is criticised for its alleged inefficacy in boosting the GDP and potential legal issues, which could set a detrimental precedent for future national budgeting and fiscal policies. Sirikanya Tansakul, Deputy Leader of the…
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Byte-sized shopping: TikTok dances into ASEAN e-commerce scene
TikTok, the social media phenomenon owned by ByteDance, is now a formidable force in e-commerce. According to a recent report by Momentum Works, published in Nikkei Asia, TikTok Shop’s gross merchandise volume (GMV) soared from US$4.4 billion (around 158 billion baht) in 2022 to a staggering US$16.3 billion in 2023. This explosive growth has catapulted TikTok to second place in…
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PM Srettha’s 122 billion baht budget boost to stimulate economy
Prime Minister Srettha Thavisin launched the first reading of an additional budget for fiscal 2024, earmarking a whopping 122 billion baht for economic stimulus through the digital wallet scheme. Addressing the House, the Thai Premier outlined the government’s plan to disburse a 10,000-baht digital handout, aimed at enhancing the quality of life and generating job opportunities. “We cannot afford to…
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Thailand to boost exports with soft power in China and Hong Kong
In a move to boost exports, Thailand’s Department of International Trade Promotion (DITP) is targeting China and Hong Kong markets with a potent mix of soft power. From tantalising Thai food to fashion and films, the DITP is pulling out all the stops. DITP Director-General Phusit Ratanakul Seriroengrit announced Monday that eight offices in China and Hong Kong are spearheading…
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Thai Finance Ministry pledges market confidence amid scandal
Thailand’s Finance Ministry vows to restore confidence in the Thai capital market following allegations of fraud involving former executives of Energy Absolute (EA), a company listed on the Stock Exchange of Thailand (SET). Finance Permanent Secretary Lavaron Sangsnit expressed optimism that actions by the Securities and Exchange Commission (SEC), in collaboration with the Department of Special Investigation (DSI) and the…
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Fertiliser fiasco: Thailand halts farmers’ subsidy scheme
Trouble is brewing for Thailand’s farmers as the much-anticipated fertiliser subsidy faces suspension until next year, according to Agriculture Minister Thamanat Prompow. Thamanat announced plans to discuss the troubled fertiliser subsidy policy with economic ministers, following revelations that the scheme could be on hold until 2024. Initially, the government had approved subsidies of 500 baht per rai, capped at 10,000…
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CIMB promotion offers increased interest rates for saving accounts
CIMB Thai is offering a new range of savings accounts with increased interest rates until the end of July. Beginning on June 1, CIMB Thai customers who open a ‘Speed Savings Account’ will receive an increased bonus interest rate to help grow their savings. Each savings account will receive a base interest rate adjusted based on the total amount of…
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Thailand approves genome editing to boost agricultural yields
Thailand officially sanctioned Genome Editing (GEd) technology for advanced plant breeding, aiming to boost yields while reducing chemical use in agriculture, according to the Department of Agriculture (DoA). DoA Chief Rapeepat Chansriwong announced the approval of the GEd technique under a ministerial regulation. This decision was endorsed by the agriculture minister and subsequently published in the Royal Gazette. Typically, new…
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Udon Thani hotel calls for delay in electricity rate hike
A prominent hotel in Udon Thani urged the government to delay the planned electricity rate hike, citing concerns about the current purchasing power of consumers. They argue that customers are only spending on necessities, and an increase in electricity costs could further impact the number of patrons using their services. Apicha Veerachatiyanukul, the managing director of Udon Plaza Co., Ltd.,…
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Thai PM announces 10,000 baht digital wallet registration date
Registration for the 10,000-baht digital wallet handout starts on August 1, as announced by Prime Minister Srettha Thavisin. This initiative aims to stimulate the economy through significant government spending. The Bangkok-born PM shared the date on X (Twitter) yesterday, July 15, coinciding with the Digital Wallet Policy Committee’s meeting to finalise preparations for registering eligible recipients and vendors. He emphasised…
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