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’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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Bank of Thailand increases interest rates, again!
The Monetary Policy Committee (MPC) of the Bank of Thailand insists that it had to hike its policy interest rate by 0.25% to 1.50% yesterday for the fourth consecutive time to curb high inflation. MPC Committee Secretary Piti Disyatat reported that the committee was unanimous in its decision. “Under a gradual policy normalisation, rate hikes could take place for a…
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Thai Cabinet approves electricity bill discounts over next four months
The Thai Cabinet has approved electricity bill discounts over the next four months for more than 19 million households. According to the Bangkok Post, the discounts will span from the remainder of this month (January) to April, 2023. Deputy Secretary-General to the prime minister, Anucha Burapahaisri, says the discounts have been approved to help with the high power tariff. Households…
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Google announces 12,000 layoffs amid new “economic reality”
Google is cutting 12,000 jobs globally its parent company, Alphabet, announced yesterday. Like other tech titans in recent weeks, Google is laying off workers as it embarks on some large-scale restructuring. The announcement follows similar layoffs by other tech giants such as Microsoft, Meta (parent company of Facebook, Instagram, and WhatsApp), Amazon and Twitter, as the previously stable tech sector…
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Thailand still needs thousands more tourism workers
Thailand still needs thousands more tourism workers than it already has. The kingdom’s Labour Ministry recently surveyed the labour demands of 32,359 tourism operators in 60 provinces. The ministry found that out of all the operators, 1,817 businesses needed a total of 9,763 more workers. Employers need receptionists, porters, waiters, cleaners and housemaids, chefs, kitchen workers, cashiers, and accountants. The…
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Not much expected from Thailand’s gold sales this Chinese New Year
Thailand’s Gold Traders Association (GTA) doesn’t expect much from this year’s gold sale during Chinese New Year. The new year usually draws a swarm of customers looking to buy gifts for their loved ones. But this year, Chinese-Thai buyers will prefer to buy smaller pieces weighing one or two salung, rather than one-baht pieces, according to GTA vice-president Pichaya Phisuthikul.…
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China top source of Thailand investment in 2022
Thailand’s main source of investment in 2022 was China, for the first time in three years. The world’s second-largest economy poured US$2.3 billion (75 billion baht) into electronics, automotive and data centres. The figures, of course, do not include the tide of Chinese investment in grey areas such as drugs and gambling. China last held the No.1 position in 2019,…
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Groups push for 3,000-baht pension for all seniors
Activists and academics are calling for the government to provide a universal pension of 3,000 baht per month for senior citizens. Four Regions Slum Network said that the current allowance often less than one-third of that amount per month is simply not enough for seniors to live on, even with supplementary income. At present, the elderly in Thailand receive a…
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Community craft centre exploiting indigenous Karen weavers
Members of the Bang Kloi Karen community employed as weavers in a community craft centre have accused the centre of exploiting indigenous workers. The Karen workers claim they suffer poor working conditions and are paid less than the minimum wage. Activist Anchalee Ismanyee said weavers are paid much less than the official minimum wage in Phetchaburi province of 335 baht…
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Thailand’s real estate sector did not fully recover in 2022
Thailand’s real estate sector did not fully recover in 2022 due mainly to the economic downturn along with higher inflation and interest rates. The war in Ukraine has not helped. But while the recovery was not all it could have been, the outlook for 2023 is more hopeful. Thailand’s Consumer Confidence Index stands at 47.9, the highest in 20 years,…
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The rise of Thailand’s biggest company – Delta Electronics
Delta Electronics is officially Thailand’s biggest company, its rise sailing ahead of the likes of Airports of Thailand and PTT, with shares at all-time highs. Delta Electronics Plc (DELTA) is one of Thailand’s leading electronics component makers, but few have heard of the new grey rhino in the room. DELTA has gone from strength to strength since its founding in…
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Tourists pump 6 billion baht into Phuket’s economy during new year
Tourists pumped over 6 billion baht into the economy of Phuket in southern Thailand over the four-day new year holiday, according to the Director of the Tourism Authority of Thailand (TAT) Nantasiri Ronasiri. Today, TAT director Nantasiri revealed that between December 30 to January 2, accommodation in Phuket was booked up at 77% of capacity. During these four days and…
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Electric vehicles to hit the accelerator this year, says FTI
The Federation of Thai Industries (FTI) predicts a bold future for Thailand’s electric vehicle (EV) industry, unlike the International Monetary Fund which believes the kingdom is heading for a recession. The FTI reckons the EV industry will hit the accelerator this year and sell between 25,000, to 35,000 cars, reports Bangkok Post. But, to achieve that target the EV industry…
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Thai Airways rehab plan soars ahead of schedule
The embattled Thai flag carrier has sold at least eight aircraft and other non-core assets since October, as part of Thai Airways‘ rehab plan. Thai Airways International updated its ongoing bankruptcy rehabilitation to the Stock Exchange of Thailand (SET). THAI, whose subsidiary – Thai Smile, made global headlines yesterday after a mid-air brawl captured on video went viral– said in…
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Thailand encourages coffee farming to meet growing demand in Asia
Palm and rubber farmers in Krabi are being encouraged to grow coffee, as demand rises faster in Asia than in other parts of the world. On a visit to a community coffee enterprise in Krabi’s Khlong Thom Nua, Deputy Commerce Minister Sinit Lertkrai said on Tuesday…. “Krabi’s coffee is gaining international attention thanks to its certification as a GI product.”…
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Pandemic winners and losers – them and us
The pandemic has not been all bad. It’s wrong to look only at the downside of widespread death, fear and grief. There have been pandemic winners and losers. Some people have made a lot of money, and that’s no bad thing, is it? According to Bloomberg, and Al Jazeera, as of yesterday, 131 billionaires had more than doubled their net…
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China opening up a boost for Thailand tourism
China yesterday announced it will reopen its borders and abandon its strict Covid-19 quarantine for travellers and mainland citizens on January 8. The announcement signals great news for Thailand as the kingdom continues to prosper from the worldwide relaxation of Covid restrictions. Chinese visitors topped the nation’s No.1 tourist charts before the pandemic outbreak in 2020. From 2014 there had…
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Thai baht depreciates against US dollar
After a recent surge of strength by the Thai baht earlier this month, it has now depreciated against the US dollar. As of today, December 16, the baht now stands at about 35 per USD, according to an executive at Kasikorn Research Center, Kanchana Chokpaisarnsilp. Yesterday, the baht was at 34.92 per USD, Daily News reported. Market strategist Poon Panichphiboon…
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FTI threatens to raise prices if govt hikes energy costs
It appears tourism won’t be the only thing on the rise in Thailand next year. Thai industries appear to be holding the government to account, threatening they will hike prices if the price of electricity is raised in the new year. Entrepreneurs under the Federation of Thai Industries (FTI) warned it will increase product prices by 5-12% if the government…
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Japanese government wants to offer additional 80,000 yen to new parents
Japan’s government is wanting to boost the amount given to new parents by 80,000 yen (US$585) to motivate citizens to have more babies. As the country’s birthrate has been declining for some time, the government has tried to find ways to boost family planning. According to the Japan Times, the Ministry of Health, Labour and Welfare currently offer a Childbirth…
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Financially embarrassed elderly Thai man found hanged one day after birthday
Just one day after his 69th birthday, an elderly Thai man allegedly took his own life after reportedly being in a bad financial situation. The man, Nopparat, was discovered by his neighbour hanging on the second-floor balcony outside a rented room above shops in Thalang, Phuket. Police say he was found with package tape around his neck tied to an…
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Thai baht soars to six-month high against US dollar
The Thai baht opened at 34.78 against the US dollar today, strengthening from yesterday’s close of 35 to a six-month high. The baht’s sudden rise is down to the Bank of Thailand’s (BOT) hiking the policy rate by a quarter point earlier this week. The BOT remains committed to a gradual monetary tightening policy, raising the policy rate from 1%…
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Thailand’s Board of Investment unveils transformation plans
Thailand’s Board of Investment (BOI) has come up with new ways to attract more investment into Thailand. The board’s target is an easy-to-swallow group of companies dubbed “smart and sustainable” according to Bangkok Post. The government’s effort to create a “new” economy in Thailand is focused, like almost every other Asian nation, on buzzwords. The board’s chosen buzzwords are “innovation”…
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Europe wakes up to US profiteering from Russia-Ukraine conflict
It appears Europe has finally woken up to Sleepy Joe’s foreign policy and US profiteering from the Russia-Ukraine conflict. The war in Ukraine has been blamed for higher fuel costs, the rise in inflation, austerity, and an economic meltdown throughout the world. Yet everything in the US garden appears to be rosy, profits are blooming and life goes on as…
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Stock market share trades to be taxed in Thailand after being exempt for past 30 years
After being exempt for the past 30 years, the Thai cabinet has decided to make stock market share trades taxable. According to Thai PBS World, Finance Minister Arkhom Termpittayapaisith says that now all stocks that are traded on the market, whether at a profit or loss, will be subject to a financial transaction tax of .1%. He furthered that the…
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Elon Musk sees net worth plummet by US$100 billion after Tesla shares hit record low
Elon Musk has reportedly seen his fortune cut by over US$100 billion this year, but he is still the richest person in the world. According to Fortune, the CEO of Tesla has a net worth of between US$170 billion to $182 billion, edging him slightly ahead of Bernard Arnault, the founder of luxury goods giant LVMH. Arnault reportedly has a…
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One-third of adult Thai citizens applied for welfare
Applications for welfare have seen a huge jump, with 22 million Thai people requesting a state welfare card in the latest round of registration. That massive figure equates to about one-third of the entire adult population of Thailand. It is a huge jump from the current 13.5 million people now carrying welfare cards in the country. The figures come after…
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Business is booming on Khao San Road thanks to the World Cup
Business is booming on Khao San Road in Bangkok thanks to the FIFIA 2022 World Cup. The President of the Khao San Road Business Association, Sa-nga Rueangwattanakun, revealed that businesses on Khao San Road increased by 50%. Sa-nga said visitors flocked to entertainment venues and restaurants in the area to watch the World Cup matches providing a welcome boost to…
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Fate of Thai baht depends on return of Chinese tourists, economists say
The Thai baht has been flying recently but its upward trend could draw to a standstill unless Chinese tourists return to the Kingdom of Thailand, according to economists. In the past month, the baht appreciated almost 6% against the US dollar as reports indicated the US Federal Reserve (Fed) would slow down its aggressive interest rate hikes. Despite inflation, a reinvigorated…
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Over 3 million people in Thailand living below poverty line, census shows
Over 3 million people in Thailand were living below the poverty line as of January this year, according to a government census agency. The Thai People Map and Analytics Platform (TPMAP) surveyed 36.1 million people across Thailand and found that 3.44 million were living without their basic needs being met. This categorised them as poor. The survey found that 1.02…
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Thai National Parks’ revenue rises 324 million baht from last year
The Ministry of Natural Resources, and Environment of Thailand revealed that the revenue of 133 Thai national parks increased by 324 million baht this year. The Director-General of the Department of National Parks, Wildlife and Plant Conservation, Ratchada Na Ayutthaya, revealed that the revenue increased because of the border reopening on July 1 and the relaxation of travel restrictions after the…
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