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.
Stay ahead in Thailand’s dynamic and constantly evolving economy by subscribing to our newsletter and following us on social media.
-
Sponsored A World Kindness Day: Spread kindness, prevent illness - Get your 10% discount
With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
-
Finance Ministry to launch 500 billion baht fund to boost shares
Stock analysts are backing the Finance Ministry’s initiative to establish a new fund aimed at boosting investment in Thai shares, predicting a surge in trading activity in the fourth quarter. To revitalise the sluggish stock market, Finance Minister Pichai Chunhavajira announced that the ministry is exploring the creation of a new fund similar to the Vayupak Fund, a former state-managed…
-
Thailand imports shrimp from Ecuador amid local production crisis
Thailand, once the world’s leading shrimp exporter, now finds itself importing shrimp from Ecuador. Prime Minister Srettha Thavisin directed the Department of Fisheries to investigate and report back in the next Cabinet meeting. The nation, which used to produce and export 600,000 tonnes of shrimp annually, now produces only 200,000 tonnes. This significant decline has necessitated the importation of shrimp,…
-
Thailand’s tourism revenue goal in jeopardy: Tourism minister
Thailand faces an uphill battle in reaching its ambitious 3.5 trillion-baht tourism revenue target for 2024, as admitted by Tourism and Sports Minister Sermsak Pongpanich. Speaking at the Thai Hotels Association’s annual conference, Sermsak highlighted the current progress and challenges ahead. “In the first five months of this year, Thailand has welcomed 15 million foreign tourists, generating 1.1 trillion baht.…
-
BoT urges usage of older banknotes for special occasions
The Bank of Thailand (BoT) urged consumers to use existing banknotes for special occasions instead of requesting newly printed ones. This request comes as the circulation period of banknotes has extended due to the rise in digital payments and improved banknote quality. Currently, the first-in, first-out cycle for banknotes means they stay in circulation about 10% longer than before. The…
-
Thai handicrafts to drive economic growth, says Deputy PM
The Deputy Prime Minister and Minister of Commerce has tasked the Institute for the Promotion of Thai Arts and Crafts (SACIT) with enhancing Thai handicrafts to boost the economy. This initiative aims to honour the legacy of Her Majesty Queen Sirikit, The Queen Mother. Deputy PM Phumtham announced policies to advance the SACIT at Bang Sai, Phra Nakhon Si Ayutthaya.…
-
Harman hits the gas with Thailand factory for electronic auto boost
Harman, a subsidiary of Samsung Electronics based in the United States, has announced the establishment of its first factory in Southeast Asia, selecting Thailand as the location for its production hub aimed at exporting electronic automotive products. Harman’s head of operations, Sami Krimi, stated his excitement at the project. “Thailand’s extensive experience in the automotive and related industries has encouraged…
-
Thailand’s exports surge in May with agricultural products
Thailand’s exports reached their highest level in 14 months, achieving a 7.2% year-on-year growth in May, largely due to a surge in agricultural products. Director-General of the Trade Policy and Strategy Office Poonpong Naiyanapakorn announced that the value of exports in May expanded to US$26.2 billion (approximately 960 billion baht), marking a significant gain of 7.2%. Thai shipments, excluding gold,…
-
Government may raise foreign condo ownership limit to 75%
The government considers increasing the foreign ownership limit in condominiums from 49% to 75% of a building’s usable space, as disclosed by Deputy Prime Minister Phumtham Wechayachai. The Interior Ministry is evaluating the feasibility of extending the maximum leasehold period for foreigners from 50 years to 99 years. Phumtham stated that this proposal was first discussed at a Cabinet meeting…
-
Food delivery market grows as economy threatens restaurants
The online food delivery market in Thailand is experiencing growth but the challenging economy might force closures of between 50,000 and 100,000 small restaurants. Thailand has approximately 700,000 restaurants, including mobile street vendors, with the total business valued at 800 billion baht. Online food delivery services contribute 15% to this total. Chief Executive of Line Man Wongnai, Yod Chinsupakul, reports…
-
MFP urges budget reform, reassures public with its scrutiny efforts
In a heated budget debate, the Move Forward Party (MFP) claims a significant victory in its relentless scrutiny of the 2025 budget. Party leaders assure the public that their meticulous examination has met expectations, confident that their efforts won’t disappoint. Natthapong Rueangpanyawut, a party-list MP from MFP, highlighted a pressing issue during the debate: the need for fundamental budgetary reform.…
-
Thailand’s durian diplomacy: Cracking the chinese market wide open
Thailand is going all out to secure its crown in the lucrative Chinese durian market. The government has rolled out a series of innovative strategies, including high-tech farming enhancements and stringent quality controls, to ensure Thailand remains the top durian supplier to China. Prime Minister’s Office spokesman Chai Wacharonke announced at a press conference that Thailand has significantly bolstered its…
-
PM Srettha in talks with BoT chief over handout scheme
Thailand Prime Minister Srettha Thavisin has yet to address Bank of Thailand (BoT) Governor Sethaput Suthiwartnarueput’s staunch opposition to the government’s colossal 500-billion-baht handout scheme. Acknowledging the brewing conflict, PM Srettha admitted he and the central bank governor held divergent views, necessitating urgent discussions. Governor Sethaput, in a candid Bloomberg interview, criticised the sweeping economic stimulus, suggesting it was excessive…
-
Thailand eyes cleaner energy with new power plan for 2024 to 2037
Thailand’s revised power development plan (PDP) is set to be submitted for approval after a week-long public hearing concluded yesterday, the implementation of the plan by year’s end, will steer the country towards cleaner energy. Central to Thailand’s commitment to reducing carbon dioxide emissions, the PDP is expected to provide a clearer path for the nation. Thailand announced its commitment…
-
Lamps out: Lampang horse-drawn carriage rides face unbridled end
The famed horse-drawn carriage rides in Lampang may soon become a relic of the past, as dwindling tourism revenue fails to attract new generations to sustain the business, according to the Tourism Council of Lampang. Lampang registered 559,892 visitors in the first four months of this year, a 0.52% decline year-on-year, with only 35,131 foreign travellers. Despite the drop in…
-
Deputy PM defends mammoth borrowing to jump start growth
In a heated parliamentary session yesterday, Deputy Prime Minister and Finance Minister Pichai Chunhavajira staunchly defended the government’s proposal to borrow a staggering 865 billion baht to mitigate the fiscal 2025 budget deficit. Pichai argued that this bold move is essential to rejuvenate Thailand’s languishing economy and achieve targeted GDP growth. He assured lawmakers that the loan would adhere strictly…
-
Thailand unveils 3.75 trillion baht budget bill to boost economy
As the House of Representatives kicked off a three-day debate, Prime Minister Srettha Thavisin introduced a 3.75 trillion baht budget bill for the 2025 fiscal year, aimed at revitalising Thailand’s sluggish economy. Simultaneously, he remains focused on advancing the digital wallet scheme. The budget intends to stimulate economic growth, with forecasts suggesting an increase of 2.5% to 3.5% in 2025…
-
BoT opposes cash handout scheme, urges help for those in need
The Bank of Thailand (BoT) firmly opposes the digital wallet cash handout initiative proposing a 500 billion baht cash distribution to nearly all adult citizens to boost consumption, emphasising that it would be more beneficial to directly assist those in need. Private consumption is expected to grow by about 4% this year following a record 7% increase last year. However,…
-
PM Srettha unveils 3 trillion baht economic boost plan
Prime Minister Srettha Thavisin rolled out a mammoth 3.753-trillion-baht economic revival blueprint aimed at turbocharging Thailand’s financial fortunes. As lawmakers embarked on a heated three-day debate, the Bangkok-born Thai PM pitched his vision to rejuvenate the sluggish economy, promising a surge in growth. In a bid to unleash Thailand’s economic potential, Prime Minister Srettha Thavisin proposed a hefty 3.753 trillion baht…
-
Thailand shoots to the top, leaves Malaysia trailing in ASEAN rankings
Thailand has rocketed up the global competitiveness rankings, leaving Malaysia in the dust and securing the second spot in ASEAN. The IMD World Competitiveness Centre’s 2024 report catapulted Thailand from 30th to 25th place worldwide, highlighting a significant leap in economic performance. Danucha Pichayanan, the Secretary-General of the National Economic and Social Development Council, briefed the Cabinet yesterday regarding this…
-
Inflate debate: BoT warns against raising inflation target
Bank of Thailand (BoT) cautioned against raising the inflation target to match the range established by the monetary authority, citing concerns that such a move may destabilise expectations and accelerate price increases. BoT Governor Sethaput Suthiwartnarueput stated that the current range is appropriate. “The current inflation target range is appropriate for the circumstances and it has worked well in terms…
-
Ambassadors from Islamic Cooperation visits South Thailand
A delegation of ambassadors from eight Organisation of Islamic Cooperation (OIC) countries recently visited Thailand’s southern border provinces, aiming to understand the region’s multicultural society and assess potential areas for trade, investment, tourism, and education. The delegation included ambassadors from Brunei, Egypt, and Iran, along with chargés d’affaires from Malaysia, Nigeria, and the Maldives. Deputy chiefs of mission from Indonesia…
-
Thailand to explore AANZFTA ties and new economic partnerships
Prime Minister Srettha Thavisin has committed to strengthening collaboration under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), maintaining current markets, and forging new economic partnerships, government spokesman Chai Wacharonke announced yesterday. Delegates from the Commerce Ministry and the Department of Trade Negotiations (DTN) participated in the 21st AANZFTA Joint Committee Meeting held in Auckland, New Zealand, from May 26 to…
-
Pride Month to boost Thai economy by 4.5 billion baht
June’s Pride Month is anticipated to stimulate over 4.5 billion baht in economic activity, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai. Phumtham announced yesterday that the government, led by Prime Minister Srettha Thavisin, is actively endorsing sexual diversity and collaborating with the private sector to organise additional Pride Month festivities. These events aim to attract LGBTQ+ tourists…
-
Macau casino company eyes Thailand for major investment
In a move that could revolutionise Thailand’s entertainment landscape, MGM China Holdings is exploring new investment opportunities, including a potential entertainment complex in Thailand. This was revealed after a high-level meeting between TAT governor Thapanee Kiatphaibool and Pansy Ho, chairperson of MGM China Holdings, on Thursday. TAT governor Thapanee highlighted that MGM China is keen to promote Macau tourism to…
-
Revved up: Thai used car market set to accelerate
The used car market in Thailand is poised for growth in the latter half of this year as financial service providers may ease lending criteria for prospective buyers. According to the President of the Association of Used Cars, Vichai Suwanasilar, this development follows discussions about stringent loan conditions. “We talked about lending with banks and finance companies, which affects the…
-
Digital wallet scheme to include smartphones purchases
The Ministry of Finance confirmed that the distribution of a 10,000 baht digital wallet can be used to purchase smartphones, which are seen as essential livelihood tools by the minister. Deputy Minister of Finance Chulpan Amornwiwat provided an update on the progress of the 10,000 baht top-up project through digital wallets. He announced that an operational subcommittee meeting is scheduled…
-
Thailand boosts farmer income with new training initiatives
The Thai Ministry of Agriculture and Cooperative, led by Thammanat Prompao, announced new professional development and marketing initiatives to boost farmer income and increase agriculture technology knowledge. The recently held first meeting of the Subcommittee on Career Development and Marketing focused on improving agricultural livelihoods through training in production, marketing, and career development. The project aims to address land use…
-
Consumer confidence lowest this year amid political instability
Thai consumer confidence has plummeted for the third consecutive month, reaching its lowest point since October of last year, amid worries over a sluggish economic recovery and political instability, according to a survey released yesterday. The University of the Thai Chamber of Commerce (UTCC) reported that its consumer index dropped to 60.5 in May from 62.1 in April. This decline…
-
Interior Minister promotes sustainable income project in Lamphun
The Deputy Interior Minister visited Lamphun to inaugurate the Sustainable Community Income Development Project and encourage provincial development officers. The event took place today, June 13, at the Ministry of Interior Market Organisation’s Lamphun branch (Central Tunnel Market). Minister Kriang Kalptinan emphasised the significance of the project, stating its primary objective is to develop, promote, and support marketing channels. This…
-
Thailand investment budget hits nearly 40% in third quarter
Government investment budget disbursement in the third quarter of this fiscal year surged to almost 40%, nearly doubling the set target due to accelerated disbursement measures, according to Finance Minister Pichai Chunhavajira. After chairing a meeting of the Budget Disbursement and Public Spending Acceleration Committee, Pichai stated that the swift allocation of the government investment budget has facilitated a quicker…
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.