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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Tokio Marine updates electric vehicle insurance policy in Thailand
Tokio Marine Insurance (Thailand) Public Company Limited recently announced changes in its electric vehicle (EV) insurance policy, which came into effect yesterday, July 1. The news sparked significant discussion among EV users. Tokio Marine Insurance clarified that it would continue to provide insurance for EVs. The company explained its decision to revise the premium calculation method, influenced by the fluctuating…
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Jet fuel tax relief losing altitude, says deputy finance minister
The Finance Ministry appears unlikely to extend the jet fuel excise tax reduction, which was initially introduced during the Covid-19 pandemic, stated Deputy Finance Minister Julapun Amornvivat. Julapun addressed a recent proposal by a group of budget airlines seeking further reductions in the jet fuel excise tax. He remarked that such requests are not of immediate importance. Julapun highlighted that…
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Deputy Thai PM orders plan to boost tapioca market in Korat
Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai visited tapioca farmers in Korat, where he ordered the development of a comprehensive plan to manage prices and urged the expansion of new export markets in the Middle East. During the recent off-site Cabinet meeting in Nakhon Ratchasima, Phumtham met with the Tapioca Association, farmer representatives, and the President of the…
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Indian PM to headline BIMSTECS summit in Thailand
Sources reveal that Indian Prime Minister Narendra Modi will be among the key figures at the upcoming Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTECS) summit. The summit, themed Towards Resilient Regions, Prosperous Economies, Healthy People, marks the 5th gathering of this crucial bloc. Leaders from Bhutan, Bangladesh, Myanmar, Nepal, and Sri Lanka have already confirmed their…
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Credit agencies highlight Thailand’s EEC as key to industrial growth
Credit rating agencies underscore the significance of Thailand’s Eastern Economic Corridor (EEC) project in advancing the nation’s industrial sector and boosting competitiveness, according to the Public Debt Management Office (PDMO). The public debt advisor for PDMO, Jindarat Viriyataveekul, indicated that credit rating agencies have been closely observing the EEC project’s progress for years due to its pivotal role in shaping…
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Northeast plans NEC to boost economy at mobile Cabinet meeting
Private sector representatives in the northeast are set to present a series of economic stimulation projects, including the establishment of the Northeastern Economic Corridor (NEC), during the mobile Cabinet meeting in Nakhon Ratchasima on July 2. Hatsadin Suwattanapongchet, Secretary of the Northeastern Industrial Federations, announced that the NEC, traversing Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, will emulate…
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Biodiesel betrayal: Big fuel companies snub palm oil producers
The Thai Biodiesel Producers Association plans to lodge a formal complaint against major fuel traders under Section 7 of the Fuel Trade Act. The traders have refused to purchase B100 biodiesel from local palm oil producers. Section 7 traders, including industry giants like PTT Plc and Bangchak Corporation, are those handling over 100,000 tonnes of fuel annually. These powerhouses stand…
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Thailand tourism spending to miss 1.2tn baht target, rising costs
Thailand’s domestic tourism spending is projected to fall short of the government’s ambitious target of 1.2 trillion baht amid economic concerns and rising travel costs, as the Tourism Authority of Thailand (TAT) indicates. TAT Deputy Governor for Domestic Marketing, Somradee Chitchong, expressed confidence that domestic trips would reach 210 million this year, surpassing the initial target of 200 million. Despite…
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Thailand factory closures surge as cheap imports hit local industries
Factory closures in Thailand have surged this year, with local electronics, steel, and plastics manufacturers bearing the brunt as demand declines and cheap imports inundate the domestic market, according to the Industry Ministry. The closures were evaluated based on the investment value of the affected factories. Electronic parts and printed circuit board factories topped the list with an investment value…
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Thailand truckers protest rising diesel prices, demand 30 baht cap
A convoy of trucks will hit the roads next week as truckers in northeast Thailand protest against rising diesel prices which are massively cutting into their profits, demanding the government cap the price at 30 baht per litre. Chairman of the Land Transport Federation of Thailand in the northeast and transport company owner, Somkid Kingkrodklang, highlighted the severe impact of…
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Thailand and Singapore bolster regional stability through civil ties
Singapore and Thailand’s foreign ministers affirmed that enhanced civil service collaboration will deepen bilateral ties and contribute to regional development. Speaking at the 14th Civil Service Exchange Programme (CSEP), co-hosted by the Thai and Singaporean foreign affairs ministries, officials highlighted the importance of sharing knowledge and best practices among civil service officers from both nations. The ministers emphasised that such…
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Bank of Thailand predicts slower third and fourth quarter growth
The Bank of Thailand anticipates slower economic growth in the upcoming third and fourth quarters, attributing this to a high base effect. According to Piti Disyatat, secretary of the central bank’s Monetary Policy Committee (MPC), second-quarter GDP is expected to grow by 1% from the previous quarter, a decline from the 1.5% growth observed in the first quarter. These projections…
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Ministry of Commerce turns local crafts into economic powerhouses
Tasked with transforming traditional crafts into a potent form of soft power, the Ministry of Commerce has charged the Sustainable Arts and Crafts Institute of Thailand (SACIT) with the mission of preserving the nation’s unique artistic heritage while making it appealing to both the younger generation and international audiences. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai laid out…
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Thailand government slashes hotel fees in tourism boost gamble
The Thai Cabinet made a bold move to bolster its tourism sector by extending a waiver on operating fees for hoteliers for another two years. This strategic decision, made yesterday, June 25, aims to support the country’s ongoing economic recovery following the devastating impact of the Covid-19 pandemic. The fee exemption, which spares hoteliers from the annual charge of 40…
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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…
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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,…
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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…
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Thailand’s national parks smash revenue records
Thailand’s national parks achieved a monumental milestone, breaking revenue records by collecting a whopping 1.785 billion baht between October 1 last year, and June 20 this year. This incredible sum surpasses the total amount collected in the whole of 2023, which stood at 1.467 billion baht. Leading the charge is the Nopparat Thara Beach National Park, Phi Phi Islands, raking…
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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.…
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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…
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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…
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Haulage operators in Thailand threaten strike over diesel prices
Road haulage operators have hiked their charges by an average of 9% today and are now gearing up for a nationwide strike unless the government addresses their demands to cap diesel prices at 30 baht per litre. Apichart Prairungruang, Land Transport Association of Thailand President, expressed frustration. “We’ve adjusted charges to cope with rising costs after four petitions to Prime…
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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…
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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.…
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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…
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Malaysia and China join forces on billion-dollar rail project
China’s plans to extend the East Coast Rail Link (ECRL) into Thailand are set to transform Southeast Asian trade. Chinese Premier Li Qiang announced the initiative during his visit to Malaysia yesterday. The US$10 billion (approximately 366 billion baht) ECRL, a key project of China’s Belt and Road Initiative, aims to connect Malaysia’s east and west coasts by 2026. Initially…
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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…
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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…
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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…
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Thailand promotes OTOP products to boost local economies
Thailand’s deputy interior minister recently presided over the opening of an event aimed at developing and supporting marketing channels for One Tambon One Product (OTOP) items, poised to enhance community enterprises. The event, titled Community Enterprises: United in Promoting Thai Products saw the participation of Deputy Interior Minister Kreang Kalltinant, who was accompanied by several members of the ministry, alongside…
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