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.
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Thailand capitalises on halal market amid renewed Saudi ties
Thailand and Saudi Arabia’s reestablishment of diplomatic ties in 2022, after a three-decade hiatus, has presented the Land of Smiles with fresh avenues to capitalise on its halal products’ demand in the Middle Eastern markets. The global Muslim population, approximately 2 billion, is projected to constitute 25% of the total populace by 2030. Thaweelap Rittapirom, the President of the Islamic…
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Thai workers invited to apply for high-paying oil rig jobs in Brunei
A Thailand government spokesperson announced a significant recruitment drive by the Department of Employment for 40 positions on oil rigs in Brunei, offering high annual salaries, free accommodation, and excellent benefits. The application window for these coveted roles opened on February 9 and will close on February 23, inviting experienced professionals with a minimum of eight years in the industry,…
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Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
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Thailand-Cambodia border gate to boost trade despite landmine challenges
The Ban Nong Ian-Stung Bot border gate between Thailand and Cambodia is soon to be operational, aiming to stimulate trade and logistics between the two nations. This announcement was made by Parinya Potisat, the governor of Sa Kaeo province yesterday. The new frontier passage will ease the pressure on the Ban Khlong Luek-Poipet border by providing an additional route for…
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Thai tourism index for Q4 2023 signals risk of deflation
The Tourism Council of Thailand’s (TCT) quarterly index has reported a lower-than-normal confidence level for the fourth quarter of 2023, signalling concerns among operators about the risk of deflation and delayed fiscal budget disbursement. The Thai tourism index for the last quarter of the year scored 77, with 100 being the average; this is an increase from the third quarter’s…
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Pheu Thai Party dismisses corruption concerns on 10,000-baht digital wallet scheme
The Pheu Thai Party dismissed a warning by the National Anti-Corruption Commission (NACC) concerning the government’s proposed 10,000-baht digital wallet scheme. Anusorn Iamsa-ard, a Pheu Thai list-MP, maintained that the government is open to feedback from all quarters and that the NACC’s concerns are premature as the scheme has not been implemented yet. “If the digital wallet scheme is delayed…
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Chamber of Thailand calls for cut in interest rates to boost recovery
The Thai Chamber of Commerce (TCC) expressed its expectations for the Bank of Thailand to consider a reduction in interest rates in its forthcoming meeting. The TCC argues that although the economy is on a recovery trajectory, it remains susceptible to various challenges. Sanan Angubolkul, the chairman of the chamber, acknowledged the decisions made by the Monetary Policy Committee (MPC)…
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Thai Honda forecast mild ‘declinecycle’ in domestic sales this year
Thai Honda Co, a leading motorcycle manufacturer and distributor, predicts a mild decline in domestic sales to around 1.7-1.75 million units this year. This anticipated dip is attributed to the newly implemented regulations aimed at managing high levels of household debt. In the previous year, Thailand recorded total motorcycle sales of 1.88 million units. For the coming year, sales of…
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Making waves: Phuket water projects dive deep into billion-baht territory
The Phuket Provincial Water Resources Subcommittee delved into water projects exceeding 1 billion baht yesterday and made quite a splash. The meeting, held at Phuket Provincial Hall and chaired by Phuket Vice Governor Norasak Suksombun, saw a flood of attendees from various government agencies. The discussion navigated through the island’s rainfall patterns, water levels in its three main reservoirs, water…
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Thailand’s economy set for 3.3% growth amid global uncertainties
Thailand’s economy is projected to grow by 3.3% this year, despite vulnerabilities from international politics, foreign wars, and unrest in neighbouring countries. These factors pose risks to the nation’s export sector. Tawee Piyapatana, the Senior Vice President of the Federation of Thai Industries, expressed concerns after representing the chair at a Joint Standing Committee on Commerce, Industry and Banking (JSCCIB)…
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Thai rice exporters stir in choppy waters as challenges loom ahead
Rice exporters in Thailand are bracing for a challenging year ahead due to a host of risk factors, including fluctuating exchange rates, waning competitiveness of Thai rice, fierce price competition, the potential impact of the El Niño weather phenomenon, and India’s restrictive export policies, as reported by the Thai Rice Exporters Association. The association’s honorary president, Chookiat Ophaswongse, referred to…
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Thailand urged to speed up joint gas project with Cambodia
Energy experts urged Thailand to accelerate discussions on a joint gas production endeavour with Cambodia in the overlapping claim area (OCA). The call comes in light of the global shift towards clean energy, which could pose challenges to new petroleum projects due to their contribution to carbon emissions. Despite its initiation in 2001, the OCA negotiations have yet to progress…
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Thailand taps Chinese influencers to boost exports
The Thai government launched an initiative to boost the country’s exports to China, the world’s second-largest economy. The plan involves inviting 30 to 50 of China’s leading social media influencers to visit Thailand in May. During their stay, these influencers will livestream their Thai experiences, promoting local products from traditional elephant pants to native sweet treats to their followers back…
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Corruption potential in the 10,000-baht digital wallet scheme
Despite potential warnings from the National Anti-Corruption Commission (NACC), the government has confirmed plans to proceed with the 10,000-baht digital wallet scheme. Prime Minister Srettha Thavisin and Deputy Finance Minister Julapun Amornvivat agreed to let the digital wallet policy committee begin work next week. The focus of the forthcoming meeting will be on the potential for corruption during the handout…
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Trunk trouble: Illegal elephant pants imports surge sparks probe
A surge of illegal imports of Thai elephant pants from China and neighbouring countries led to an official investigation on February 5. Phumtham Wechayachai, the Deputy Prime Minister and Minister of Commerce, directed the Department of Intellectual Property (DIP) to look into this matter. These infringing items were spotted at various tourist hotspots, being sold at prices significantly lower than…
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Chinese New Year spending in Thailand set to hit decade high
The upcoming Chinese New Year festival, set to start on Thursday, February 8, is predicted to witness the largest financial outlay by Thai locals in over a decade, thanks to the nation’s economic resurgence following the pandemic’s impact. The annual survey conducted by the University of the Thai Chamber of Commerce (UTCC), monitoring consumer expenditure during the festival, foresees a…
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Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
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Labour costs outpace revenue growth in Thai tourism sector
Rising labour costs in the tourism sector are outpacing revenue growth, resulting in increased hotel expenses, as revealed by hospitality market analyst STR. Jesper Palmqvist, senior director for Asia-Pacific at STR, warned that the only risk for hotels this year is maintaining cost controls in light of the extraordinary growth of labour costs and room rates. Over the past one…
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Samsung’s Galaxy S24 series boasts strong pre-orders in Thailand
Thai Samsung Electronics’ Vice-President of Mobile Experience, Sitthichoke Nopchinabutr, expressed confidence in the company’s position in Thailand’s competitive smartphone segment. This follows the recent launch of Samsung’s Galaxy S24 series, equipped with advanced artificial intelligence (AI) capabilities. Sitthichoke revealed that the volume of pre-orders for the S24 series places Thailand among the top five markets globally. Moreover, it leads to…
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Thailand’s Land Bridge project eyed as foreign investment magnet
The Land Bridge project in southern Thailand, a proposal yet to be approved, is being highlighted as a potential boon for foreign investments, akin to the successful Eastern Economic Corridor (EEC). This comparison is drawn by the current government. The EEC, unlike the proposed Land Bridge, is operational and continues to develop, acting as a high-tech industrial hub drawing investments.…
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Thai Hong Kong Trade Association signs MoU with Industries Federation
The Federation of Hong Kong Industries (FHKI) and the Thai Hong Kong Trade Association (THKTA) have joined forces, signing a Memorandum of Understanding (MoU) that promises to revolutionise bilateral trade. FHKI Chair Steve Chuang made the announcement on January 24, declaring that the Association is strategically eyeing ASEAN and Thailand as prime territories for Hong Kong manufacturers looking to navigate…
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Thai hotels hit hard as property tax breaks end
Thai hotels are facing an uphill battle this year as the government pulls the plug on property tax reductions and energy prices soar, sending operating costs skyrocketing by 10%. Marisa Sukosol Nunbhakdi, the President of the Thai Hotels Association (THA), reveals the dire consequences for hotel owners who enjoyed a 90% tax discount in 2020-21, only to see it evaporate…
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Thailand to launch roadshow in China promoting 1 trillion baht Land Bridge project
Thailand’s Transport Ministry, headed by Minister Suriya Jungrungreangkit, announced yesterday that it would be launching a roadshow in China next month to promote the Land Bridge project. This announcement followed a recent visit by Chinese Foreign Affairs Minister Wang Yi, who expressed China’s interest in the project. As a response, the Thai government is preparing to submit a project report…
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Thailand set to sign free trade agreement with Sri Lanka
Prime Minister Srettha Thavisin is set to sign a free trade agreement (FTA) with Sri Lanka during his upcoming visit to the island nation this week, according to spokesperson Chai Watcharonke. This marks the 15th FTA for Thailand and the first since PM Srettha assumed office the previous year. PM Srettha’s visit comes at the invitation of Sri Lanka’s Premier,…
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Thai government aims to boost cross-border trade despite 2023 contraction
The Thai government is aiming to reinvigorate its cross-border trade, including transit trade, this year following a 2.6% contraction in 2023, which saw the value fall to 1.7 trillion baht (US$48 billion). The Foreign Trade Department’s director-general, Ronnarong Phoolpipat, stated that the Commerce Ministry would expedite cross-border and transit trade according to the government’s investment promotion strategy for 2024-27. To…
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Central Group grabs Ploenchit Road for record-breaking 16 million baht per square metre
The land price per square wah in the heart of Bangkok is set to smash records, with Central Group snatching up a plot on Ploenchit Road from the Sukosol family at 4 million baht per square wa (16 million baht per square metre). This coveted three-rai plot, formerly the Morakot parking lot nestled between Central Chidlom and Soi Somkid, has…
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Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
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Thailand’s steel industry suffers as cheap imports from China flood market
Steel industry capacity utilisation in Thailand is on a downward spiral, with Tata Steel Thailand Plc (TSTH), a subsidiary of India’s largest steelmaker, attributing this trend to the sluggish economic recovery and the influx of inexpensive steel from China. The postponement of the fiscal 2024 state budget planning as a consequence of the 2023 general elections and the protracted process…
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Thailand’s manufacturing production sees steep fall due to car output drop
The Industry Ministry reported a year-on-year fall of 6.27% in Thailand’s manufacturing production index for December, attributed to a downturn in car production. This figure was notably steeper than the anticipated 3.2% decrease, according to a Reuters poll. This followed the 4.71% drop in November, rounding out a year in which overall output shrank by 5.11%. In addition to the…
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Google reigns supreme: Thailand’s top talent magnet for sixth year running
WorkVenture revealed the most coveted companies in Thailand, and surprise, surprise: Google claims the top spot for the sixth consecutive year. Unveiling the Top 50 Companies in Thailand 2024, the survey, conducted among over 11,452 young professionals, offers a snapshot of the Thai job market’s evolving landscape. As the professional arena adapts to the changing tides, the new generation of…
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