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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Sponsored Why long-term expats in Thailand say insurance is worth every baht
Thailand’s warm weather, low cost of living, and good healthcare attract many long-term expats, including retirees and remote workers. Life here feels easy and affordable, but medical costs can be high if something goes wrong. Private hospitals are popular because...
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Thailand offers 11 billion baht subsidy for low-income electricity bills
The Thai government announced plans to allocate over 11 billion baht to support low-income earners with their electricity bills over the next four months, with the subsidy set to begin in May. However, the proposal needs to be reviewed and approved by the Election Commission (EC) before it becomes official. Following yesterday’s Cabinet meeting, Prime Minister General Prayut Chan-o-cha addressed the…
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Ft set to decrease next month, says Thailand’s ERC
The Energy Regulatory Commission (ERC) is set to reduce the fuel tariff (Ft) next month, following a recommendation by the subcommittee responsible for its calculation. The decision comes in response to concerns regarding the rising cost of living, with water rates also marked for an increase after 23 years of stagnation. As reported by Khomgrich Tantravanich, the ERC’s secretary-general, the…
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Experts unite to oppose govt’s cannabis legalisation
A collective of medical professionals, academics, and civil organisations have released yet another open letter to express their opposition to the government’s decision to legalise cannabis. This marks their seventh open letter on the matter, urging the public to vote for political parties that do not support the removal of cannabis from the list of narcotics, as well as its…
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Chinese ambassador expresses confidence in Belt and Road Initiative benefiting Thailand and China
Chinese Ambassador Han Zhiqiang expressed his confidence yesterday that China’s Belt and Road Initiative (BRI) would foster mutual growth and provide numerous benefits to both Thailand and China. Speaking at a seminar titled “Contemporary China with the World: An Exchange of a New Generation between Thailand and China,” the ambassador highlighted the BRI’s role in guiding and advancing bilateral relations…
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Norway surpasses Russia in energy exports
Norway is now surpassing Russia in energy exports. In a remarkable turn of events, a humble office building overlooking a fjord in Stavanger, Norway, now holds the key to European energy security. Here, the company Petoro oversees several of the continent’s largest oil and natural gas fields on Norway’s petroleum-rich continental shelf. This unassuming location has become central to Europe’s…
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Thai activists say new electricity rates won’t solve root causes of high prices
A decision by an Energy Regulatory Commission (ERC) subcommittee to reduce electricity rates from May to August has been met with reservations from Thai energy activists and politicians, who argue that the move does not address the root cause of expensive power bills. Yesterday, the subcommittee approved the fuel tariff (Ft) rate adjustment, which considers changes in fuel costs and…
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Thailand’s alcoholic beverage sales jump by 30% during Songkran
Thailand certainly seems to have enjoyed itself after celebrating Songkran for the first time since the Covid-19 pandemic broke out. Thailand’s alcoholic beverage sales jumped by 30% during the Songkran holiday, according to Thanakorn Kuptachit, an advisor to the Thai Alcohol Business Association. Related businesses such as restaurants, entertainment venues, hotels, and event organisers, also got a boost from Songkran.…
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ERC’s tariff cut to benefit households
The Energy Regulatory Commission (ERC) is anticipated to reveal a decrease in fuel tariffs (Ft) from May to August today, resulting in a drop in power tariff rates for households to 4.70 baht per kilowatt-hour unit from the current 4.77 baht per unit. This decision comes in response to public outcry over surges in electricity bills during the summer months,…
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Thai govt postpones tourism tax due to airlines’ complaints
The Thai government has announced the postponement of the planned 300-baht (US$9) tourism tax from June to September due to complaints from airlines. The fee was proposed to help the Thai tourism sector recover from the Covid-19 pandemic, with a 150 baht sum for overland visitors and a 300-baht fee for airline passengers. However, airlines raised concerns about the implementation…
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PM Prayut vows to unearth new sources of alternative energy, lower summer bills
Prime Minister Prayut Chan-o-cha has announced that the government is intensifying its efforts to discover new sources of alternative energy in response to complaints about rising electricity bills during the summer months. His statement comes in reaction to social media outrage and calls for the government to take further steps to reduce people’s energy expenses. He said… “It is crucial…
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PPRP pledges to boost economy with soft power promotion in upcoming General Election
The Palang Pracharath Party (PPRP) has pledged to enhance the promotion of soft power as a key driver of the economy if the party is victorious in the upcoming General Election. Charnkrit Dejwithak, a spokesperson for the party’s election strategy committee, highlighted the significance of a soft power development policy through the example of the Songkran Festival, which draws numerous…
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Early morning raid captures illegal foreign workers at a Pattaya market
An early morning raid at Amon Nakhon fresh market in Pattaya by Chon Buri Immigration officials and Bang Lamung Police Station led to the capture of seven illegal foreign workers. Police reported the surprise raid was conducted at 6am on Wednesday and seven illegal migrants were arrested. Officers searched the market and nearby shops which saw workers from Myanmar, Cambodia, Vietnam,…
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Thai-lizing industries with AI: The future is machine-made
Thailand is looking toward artificial intelligence (AI) to boost economic growth and the kingdom’s vision to become the globe’s fifth-largest economy by 2027. The government underlines AI as a major tool to boost its economy to automate processes, reduce costs, and increase productivity, all of which can help to increase economic growth. AI can be used to provide more accurate…
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Power struggle: JSCCIB takes on govt to lower electricity prices
Tensions are running high in Thailand as the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has declared war on the government in a bid to bring down the nation’s soaring electricity prices. The committee, comprised of representatives from major business groups, is asking Prime Minister Prayut Chan o cha to reconsider the electricity bill calculation and reduce the…
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Thailand’s billionaire trio makes Forbes’ 2023 list of world’s richest
Forbes yesterday released its annual list of the world’s billionaires, and Thailand has its hands in the till with 28 billionaires, three of whom are ranked in the top 150. The list includes Dhanin Chearavanont, Charoen Sirivadhanabhakdi, and Sarath Ratanavadi, whose net worths range from US$12.3 billion to US$14.9 billion. Despite this achievement, the year 2023 proved challenging for the…
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Big Oil Majors take precautionary step to stabilize oil market by cutting production
The globe’s major oil companies, commonly known as “Big Oil Majors,” made a somewhat surprising move to cut production by over one million barrels per day as a “precautionary” move to stabilise the oil market. Russia, a leading member of the OPEC+ cartel, also decided to extend their existing cut of 500,000 barrels per day until the end of the…
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Outrage as energy bills rise for households, drop for industry
The government has come under fire for its latest revision of electricity pricing, with accusations that it will reduce energy bills for various industries but raise those of households. The Energy Regulatory Commission (ERC) has decided to increase power bills for households from 4.72 baht per kilowatt-hour (unit) to 4.77 baht. Industry will also be charged 4.77 baht, but that’s…
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Thai businesses expect minimal effect from US Bank collapse
Thai businesses are optimistic that they will experience only minimal impact from the collapse of US banks. A recent survey by the University of the Thai Chamber of Commerce (UTCC) interviewed 600 business owners to gauge the economic damage of the US banking turmoil. The survey found that 73.5% believe the effects of the US banking crisis will have only…
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SRT on right track to lead Thailand’s green recovery
The State Railway of Thailand (SRT) is on the right track after announcing plans to build a hospital and develop land around Thon Buri Railway Station into an environmentally friendly zone, to lead the way in Thailand’s green recovery. The transit-oriented development (TOD) project is the first of its kind in the country, designed to bring people, human activities, residential…
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Thai tourism officials to monitor impact of SVB collapse
The Tourism Authority of Thailand (TAT) will monitor the long-term impact of the collapse of Silicon Valley Bank (SVB) on Thailand’s tourism. However, TAT believes that the situation is unlikely to cause an immediate slowdown in long-haul markets. The bank’s closure last Friday raised concerns about possible economic turbulence, especially given the number of startups and tech companies it served.…
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US govt reassure finanical world there’ll be no banking crisis after SVB collapse
The US government moved to reassure the financial world there is no new banking crisis on the horizon after telling customers of the failed Silicon Valley Bank (SVB) that their deposits will be guaranteed. The US government did insist, however, that there will be no taxpayer-funded bailout for the lender. The announcement was made jointly by the US Treasury Department,…
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89% of bank accounts in Thailand hold less than 50,000 baht
The Bank of Thailand (BOT) reports that 88.88% of bank accounts in Thailand hold less than 50,000 baht (US$1,423) in deposits, according to Komchadluek. In total, there were 121.4 million bank accounts in Thailand at the end of 2022. Of those, 98.5 million (88.88%) held less than 50,000 baht and 1,023 bank accounts (0.0008%) held more than 500 million baht.…
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Foreigners invest 5 billion baht in Thailand in January 2023
In the first month of 2023, foreign investment in Thailand amounted to 5.129 billion baht, the biggest investors being the Japanese, investing 3.588 billion baht. Foreign investment is expected to reach 100 billion baht by the end of the year. Today, Deputy Minister of Commerce Sinit Lertkrai revealed 52 cases of foreign investment in January under the Foreign Business Act…
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‘Eat more rice!’ Thai officials tell youth
“Eat more rice!” Thai officials are telling the country’s youth. The Thai Commerce Ministry wants young people to eat more rice. The ministry launched a campaign after a study showed that Thailand’s consumption of rice had fallen. The department launched the “Thai Kids Enjoy Thai Rice” roadshow, visiting 10 schools and weekend markets, Nation Thailand reported yesterday. The Thai Rice…
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Thailand’s diesel price set to drop
Thailand’s diesel price was set to drop yesterday. The country’s domestic price of diesel was expected to drop by 0.5 baht per litre, according to the Oil Fuel Fund Office (Offo). This is the second reduction in diesel prices this month, with another 0.5 baht per litre drop scheduled for February 22. Officials determined last week that the price would…
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Consumer borrowing in Thailand in the red zone
The effects of consumer borrowing in Thailand during the pandemic is a serious campaign issue, with populist politicians pushing for a multi-year debt holiday. According to Nikkei, Thais owe more than any other people in the region, reflecting a huge jump in borrowing forced on an economy that relies heavily on tourism. Thai consumer debt last September stood at 15…
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Thailand to give nation’s SMEs a digital leg up
Thailand plans to give the nation’s small and medium enterprises (SMEs) a digital leg up to help improve their businesses and boost the kingdom’s economy at the same time. Digital Economy and Society (DES) Minister Chaiwut Thanakamanusorn announced the department will include another 25 provinces in its plan to improve SME businesses, reported Bangkok Post. The “New-normal Market Transformation” initiative,…
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Thailand’s Valentine’s Day spending expected to jump for first time in 5 years
Thailand’s Valentine’s Day spending is expected to jump for the first time in five years this year, according to a survey by the University of the Thai Chamber of Commerce (UTCC). Spending is expected to hit over 2.4 billion baht this year, the survey said. The survey shows a 57.1% increase in spending compared to last year, with the majority…
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Koh Samui booms as over 200,000 tourists visit the popular island in January
The picturesque island of Koh Samui in Surat Thani province, Thailand, has seen a remarkable turnaround to its economy in the first month of 2023 with over 200,000 tourists visiting in January alone. After a year of uncertainty due to the Covid-19 pandemic, the arrival of over 200,000 tourists has been a welcome sight for the island’s local economy. The…
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Something fishy about Thailand’s rising prices?
The Internal Trade Department stopped greedy manufacturers from increasing the prices of baby milk formula and canned fish products, amid fears that Thailand’s rising prices are more about reduced profits for shareholders than increased production costs. Government Spokesperson Rachada Dhnadirek said yesterday that the department told manufacturers that both are controlled products – though they must have already known this…
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