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.
-
Sponsored 9 most common health issues covered by insurance for expats in Thailand
Thailand is a popular destination for expats due to its affordable lifestyle and excellent healthcare system. However, settling in a new country often brings health concerns. To ensure you’re covered for the most common medical needs, understanding what expat health...
-
National wage committee to finalise 400-baht minimum wage
Labour Minister Phiphat Ratchakitprakarn announced that the national wage committee will reconvene on Friday to discuss the implementation of a 400-baht minimum wage for large employers nationwide starting October 1. The tripartite committee, which includes representatives from employees, employers, and the government, met on Monday. However, all five employer representatives were absent, leaving only the 10 members from the employee…
-
Ruling party loyalist set to chair Bank of Thailand amid rate dispute
A ruling party loyalist and critic of the central bank governor is set to be nominated as the chair of the Bank of Thailand (BoT), as the government seeks to assert influence over the institution amid ongoing disputes over interest rates. The Pheu Thai Party-led government plans to back 66 year old former deputy premier and Finance Minister Kittiratt Na…
-
Less than 40 million Thais expected to join digital wallet scheme
The Government of Thailand anticipates fewer than 40 million participants in its flagship digital wallet handout scheme, with the initial phase set to benefit 14.5 million vulnerable individuals starting yesterday, according to a Finance Ministry official. Under this stimulus programme, the government plans to distribute 450 billion baht to 45 million people, with each registered participant receiving 10,000 baht to…
-
Commerce minister plea: Time to cut the baht and boost the rates
Commerce Minister Pichai Naripthaphan called on the Bank of Thailand (BoT) to slash interest rates and stabilise the baht in a bid to boost exports and prop up GDP. In a policy statement issued today, Pichai slammed the current strength of the baht, which he claims is hitting exports hard. With export growth expected to be sluggish this year, he’s…
-
Thai business leaders grill PM Paetongtarn on economic rescue
Thai business leaders and economic gurus are turning up the heat on Prime Minister Paetongtarn Shinawatra, urging immediate and long-term strategies to avert an economic catastrophe. Top of their list? Comprehensive debt restructuring, help for the low-income earners, and bolstering small and medium-sized enterprises (SMEs) against the foreign online trading juggernauts. In a dramatic parliamentary session yesterday, September 15, the…
-
Asia-Pacific to tackle Thailand’s ageing population crisis
Governments across the Asia-Pacific region are being urged to formulate strategies to address their ageing populations, with older people expected to make up nearly 20% of the region’s population by 2050. Around 500 delegates from 38 countries have gathered on the Indonesian island of Bali for the 2024 Asia-Pacific Regional Conference (APRC) on Population Ageing. These delegates include experts, policymakers,…
-
Central Pattana invests 4.5 billion baht in Krabi development project
Central Pattana Public Company Limited (CPN) is gearing up to shake up Krabi with a dazzling new mixed-use development, part of a massive 15 billion baht investment to turbocharge Thailand’s economy and tourism sector. The Central Krabi project, valued at a staggering 4.5 billion baht, will cover a sprawling 114 rai of land and promises to be a game changer.…
-
Digital wallet delay: No green light before year-end
The highly anticipated second phase of Thailand’s digital wallet initiative is on ice, with Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealing that it’s unlikely to roll out before the end of the year. In a brief meeting with the press today, Pichai highlighted the need for a cautious approach, stressing that factors like timing and continuity must be…
-
Thai rice prices fall in a grainy twist as Indonesian bids drop
Thai rice prices plunged to their lowest levels in over a year as Indonesian bidders were compelled to lower their high prices in a recent auction. Meanwhile, Indian rice export prices continued their downward trend, reaching an eight-month low. Indian 5% broken parboiled rice was priced at US$534 (around 17,000 baht) per tonne this week, marking the lowest level since…
-
Pattaya pushes for CCTV at National Sports Centre
To tighten security at one of Pattaya’s key venues, Deputy Mayor Kritsana Boonsawad proposed to install CCTV cameras at the National Sports Centre on Soi Chaiyaphruek 2, East Pattaya. The initiative, revealed during the Pattaya City Council meeting yesterday, September 11, aims to boost public safety by monitoring the area more effectively. Deputy Mayor Kritsana presented the plan, seeking funds…
-
New commerce minister vows to tackle high living costs, Chinese imports
New Commerce Minister Pichai Naripthaphan pledged immediate action to tackle high living costs, hasten free trade agreement (FTA) negotiations, and tighten control over the influx of Chinese imports. Pichai, after his first day in office, expressed readiness to collaborate with deputy commerce ministers Napintorn Srisanphang and Suchat Chomklin to address the pressing need to drive Thailand’s economy during a crisis.…
-
New law to regulate Thailand oil and gas prices nears approval
A draft law aimed at empowering energy officials to regulate domestic oil and cooking gas prices is advancing towards parliamentary approval. This legislation could become a significant energy policy under the emerging Paetongtarn Shinawatra government. Energy Minister Pirapan Salirathavibhaga highlighted yesterday, September 11, that the bill should be reviewed by legislators before the year’s end. Pirapan championed this policy since…
-
Red Lobster Thailand’s endless shrimp deal led to bankruptcy woes
Red Lobster’s Ultimate Endless Shrimp promotion, offering unlimited shrimp for US$20 (around 670 baht), became a permanent menu item last year, leading to a surge in customer traffic at the chain’s nearly 700 restaurants. Diners flocked to Red Lobster, indulging in various shrimp dishes like Parrot Isle Jumbo Coconut Shrimp, Walt’s Favorite, Garlic Shrimp Scampi, Shrimp Linguini Alfredo, and Grilled…
-
Thailand’s 400-baht wage hike alarms small hotel owners
Hoteliers in Thailand express concern that raising the daily minimum wage to 400 baht exclusively for large employers could disrupt the job market in the hotel sector. This pay disparity may attract workers to larger hotels, leaving smaller establishments struggling to retain staff. With Thailand’s tourism industry yet to fully rebound, industry leaders urge the government to focus on reducing…
-
Century-old parkia speciosa tree generates 40,000 baht annually
A century-old parkia speciosa tree in Trang province has captivated the market due to its large, long pods and superior taste, generating up to 40,000 baht annually from a single tree. At Suan Ta Chan Tonmai Panpi in Trang’s Na Yong district, 53 year old Satit Ramna hired locals to climb and harvest the pods from his four 100-year-old parkia…
-
China approves three more Thai poultry plants for export
Thailand’s Department of Livestock Development announced that the General Administration of Customs of China (GACC) recently approved and registered three additional Thai poultry processing and production facilities for export. This approval brings the total number of certified Thai poultry plants exporting to China to 26. The continuous approval of Thai poultry export facilities by China reflects confidence in Thailand’s stringent…
-
Thailand rice is on the rise with global GI glamour
The Thailand Rice Department is on a mission to put Thai rice in the global spotlight by promoting its distinctive strains with certified Geographical Indication (GI) labels to a wider audience. Farming communities in Phatthalung and Trang in the south, along with Phayao in the north, have crafted premium rice products that command top prices. These farmers are betting on…
-
Nationwide daily minimum wage to be raised to 400 baht tomorrow
Labour Minister Phiphat Ratchakitprakarn confirmed plans to raise the daily minimum wage to 400 baht nationwide starting tomorrow, September 10, despite echoing concerns that the increase could negatively impact businesses. Phiphat announced that after discussions with business operators and a thorough study by a subcommittee from the Ministry of Labour, the decision to implement the minimum wage hike will proceed…
-
Floods drive August inflation up 0.35% due to rising food prices
Rising prices of fresh vegetables and fruit, influenced by flood-damaged production areas, have driven up inflation by 0.35% in August. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn, reported that headline inflation in August saw a 0.35% year-on-year increase. The surge in food prices, particularly fresh vegetables and fruit, was primarily due to flooding in agricultural regions,…
-
Thai trade talks push for expanded ASEAN market access
Thai representatives, led by Thatchayanpol Apimontechabutr, Deputy Director-General of the Department of Trade Negotiations, recently participated in the 11th ATIGA Upgrade Negotiation Trade Negotiating Committee (ATIGA-TNC) meeting in Malaysia. The meeting, held over four days, aimed to accelerate negotiations for a comprehensive conclusion by the middle of next year. The Thai Department of Trade Negotiations prioritises Free Trade Agreement (FTA)…
-
Thailand minimum wage hike to 400 baht confirmed for October 1
Pheu Thai Party’s labour policy, particularly the plan to increase the daily minimum wage to 400 baht nationwide, remains firm, confirmed caretaker Labour Minister Phiphat Ratchakitprakarn. Phiphat assured that the wage hike, targeting specific professions and regions, is set to take effect on October 1, with further details to be announced shortly. The national wage committee, led by the permanent…
-
Thailand promotes quality products at Times Square
Thailand’s Ministry of Commerce launched a campaign to elevate the image of Thai products at Times Square. The Ignite Thailand Festival: Think Thailand, Next Level took place at 46-47 Broadway Plaza & Duffy Square yesterday, September 4, aiming to showcase the quality and innovation of Thai goods to over 20 million consumers in the United States. Wuttikrai Leeweeraphan, Permanent Secretary…
-
US Navy’s MV Ocean Valor visit to boost economy in Pattaya
The US Navy is set to make a significant visit to Pattaya with the MV Ocean Valor scheduled to dock at Pattaya Port from September 16 to 19. Chon Buri Provincial Officials received a notification from the Ministry of the Interior, based on an announcement from the Ministry of Foreign Affairs, that the request for docking permission has been approved.…
-
Thailand government includes cash options in 10,000-baht handout
The Thailand government’s 10,000-baht handout programme is set for adjustments, with Deputy Finance Minister Julapun Amornvivat acknowledging the need to include cash distributions for some recipients instead of digital money. Numerous petitions against the government’s flagship policy contributed to this decision, Julapun said yesterday. Additionally, feedback from various sectors has prompted changes to improve the programme’s effectiveness. Initially, the policy…
-
SCB predicts Bank of Thailand to lower rates by 0.25%
Siam Commercial Bank (SCB) anticipates the Bank of Thailand (BoT) will initiate a series of policy rate cuts starting later this year, potentially continuing into early next year. This move is expected to trigger a reduction in interest rates across the banking sector. SCB’s Chief Executive Kris Chantanotoke predicts the central bank’s Monetary Policy Committee will reduce the policy rate…
-
Prawn stars: China approves import of live Thai giant shrimps
China has approved the import of live Thai giant freshwater prawns, a significant boost for Thai farmers and the local economy. Thailand aims to enhance production and export efficiency to meet the increasing demand from international markets. The Department of Fisheries, led by Director-General Bancha Sukkaew, announced efforts to promote and improve the farming of giant freshwater prawns, a crucial…
-
Phuket hotels see steady service charges and rising room rates
Phuket’s hotel industry will see stable service charge income and rising room rates during the upcoming peak season, according to the Phuket Hotels Association (PHA). PHA President Bjorn Courage noted that employment levels in Phuket’s 95-member hotels have fully rebounded post-pandemic. Typically, service charges account for 10% of paid room nights and are distributed monthly among all staff members. With…
-
Flooding disrupts Thai agriculture, vegetable prices surge
Flooding in several provinces across Thailand has led to significant disruptions in the supply of agricultural products, prompting the Commerce Ministry to closely monitor price movements. According to Wattanasak Sur-iam, Director-General of the Internal Trade Department, the floods have reduced supply, causing a noticeable increase in vegetable prices compared to last week. Hom mali paddy rice is currently priced at…
-
Hungary and Thailand to sign MoU for stronger economic ties
Hungary and Thailand are set to strengthen their economic ties with the signing of a Memorandum of Understanding (MoU) between the Hungarian-Thai Chamber of Commerce and the Budapest Chamber of Commerce next month. The Hungarian embassy facilitated a luncheon in Bangkok, where the Hungarian ambassador and local Thai media discussed Hungary’s role as president of the Council of the European…
-
Tourism triumph: Can Thailand hit the 2.3 trillion baht jackpot?
Despite a whirlwind of global economic challenges and shrinking wallets worldwide, Thailand’s tourism sector is making a remarkable comeback. The nation is on the brink of welcoming nearly as many visitors as it did in the golden year of 2019, when almost 40 million foreign tourists poured in, generating a staggering 2 trillion baht in international revenue. However, while the…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.