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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December 16 lottery results announced: 6 million baht first prize
Yesterday’s lottery draw results have been announced, with many eagerly checking their tickets. The winning number for the first prize, worth 6 million baht, is 097863. Additional prize categories include the three-digit front and back numbers, the two-digit numbers, and various other prizes. The first prize was awarded to the ticket with the number 097863, granting the winner a substantial…
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Grain gains: Thai farmers to receive 1,000 baht per rai support
The Bank of Agriculture and Agricultural Cooperatives (BAAC) has initiated a comprehensive financial support programme, transferring 1,000 baht per rai to Thai rice farmers across the country. Deputy Finance Minister Jullapan Amornvivat presided over the first day of payments, aimed at providing relief and encouraging agricultural productivity. The support programme targets 4.61 million farming households, with total funding reaching 37.4…
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Thai entertainment shines at Singapore’s Asia TV Forum 2024
Thailand’s entertainment industry has made a dazzling splash at the Asia TV Forum & Market 2024 (ATF) in Singapore, proving its growing appeal on the global stage. With a vibrant showcase of films, dramas, and BL series, Thai producers left international buyers and collaborators eager for more. Held from December 3 to 6 at Marina Bay Sands, the event saw…
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Grain of truth: Thailand trails Asia in rice yield race
Thailand’s rice yields are significantly lower than other major Asian rice producers, according to Anon Nonsee, Deputy Director General of the Department of Rice. The average rice yield in Thailand is about 400 to 500 kilogrammes per rai (0.16 hectares), far below Vietnam’s 1,000 kilogrammes per rai and China’s 1,000 to 1,200 kilogrammes per rai. While some Thai rice varieties…
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Thailand proposes VAT hike, cuts income tax to boost economy
Finance Minister Pichai Chunhavajira has proposed a shift in Thailand’s tax strategy to bolster state revenue and enhance the nation’s economic standing. The plan includes raising the value-added tax (VAT) while reducing corporate and personal income tax rates. This approach aims to drive national development, increase competitiveness, and address domestic disparities. The Organisation for Economic Co-operation and Development recently set…
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Airbus partnership aims to turn Thailand into aviation powerhouse
Thailand is gearing up to soar as the region’s top aviation hub, thanks to a high-flying partnership with European aerospace giant Airbus. In a bid to revolutionise the nation’s aviation infrastructure and safety standards, Transport Minister Suriya Jungrungreangkit met Airbus Asia-Pacific president Anand Stanley in Bangkok yesterday, December 3, to map out ambitious plans. The partnership focuses on transforming Thailand…
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Thai social security wage ceiling set to increase by 2026
The Thai Social Security Office (SSO) is set to revise its wage ceiling, planning an increase to between 17,500 and 23,000 baht. This change aims to enhance pensions and compensation benefits for insured individuals under Section 33, with implementation expected by January 2026. The SSO of the Ministry of Labour opened a public consultation recently to gather opinions on a…
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Phuket cabaret boosts economy with 200 million baht annually
Phuket’s vibrant cabaret scene is being hailed as a significant contributor to the province’s economy, with the potential to generate over 200 million baht annually. Phuket Governor Sophon Suwanrat highlighted the substantial impact of the Simon Cabaret Phuket Show during its reopening in the Kathu district yesterday. This year has marked a resurgence for tourism in Phuket, and the numbers…
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Rice and shine: Parboiled prices soar as global markets heat up
Global rice markets are heating up as prices for parboiled rice surged this week, driven by robust demand in major export hubs India and Thailand. After three weeks of stability, Indian and Thai exporters are now cashing in on renewed interest, while Vietnamese traders grapple with stagnant sales. India, the world’s largest rice exporter, saw its 5% broken parboiled rice…
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Thailand’s economy shifts into gear but auto industry hits a bump
Thailand’s economy is on a cautious upswing, buoyed by a surge in exports, a bustling tourism sector, and healthier private consumption. Yet, the road ahead isn’t entirely smooth, with the automotive industry hitting a bump. The Fiscal Policy Office (FPO) has laid bare the mixed fortunes in its recent October economic report, painting a picture of resilience tinged with challenges.…
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Thai coffee lovers ditch pricey cups amid economic squeeze
Thai coffee drinkers are cutting back on their caffeine budgets as the economic crunch hits hard, with pricey cups over 100 baht losing their flavour. Korn Sanguankeaw, Vice President of the Specialty Coffee Association of Thailand, revealed yesterday, November 26, that cafés offering cheaper brews have seen explosive growth of 60 to 100%. “Consumers prefer coffee priced at 60 to…
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Thai graduates face high unemployment despite stable job market
Thailand’s unemployment rates reveal a concerning trend among university graduates, with 65% unable to secure employment. Long-term unemployment has risen by 16%, and a significant 71.3% of the unemployed have never worked before. Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), announced the findings from the third quarter of 2024, highlighting a relatively stable employment scene.…
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Thai PM yet to unveil new stimulus to boost economic growth
After nearly three months in office, Prime Minister Paetongtarn Shinawatra is poised to influence Thailand’s economic growth through a series of new stimulus proposals. These measures aim to address various economic challenges and are anticipated to be unveiled shortly. The National Economic and Social Development Council (NESDC) recently projected Thailand’s GDP growth to be between 2.3% and 3.3% for 2025,…
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Thailand to expand child support to all under six years old
Thailand’s Ministry of Social Development and Human Security is poised to propose an expansion of the early childhood development scheme, with plans to present the child support proposal to the Cabinet shortly. The scheme aims to broaden its reach by extending financial support to all children under six years of age, enhancing the current system that aids children from impoverished…
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Nissan Thailand denies complete shutdown, only partially
Nissan Motors is slashing jobs and scaling down operations in Thailand as it grapples with declining market share and increased competition from Chinese automakers. In a dramatic twist to its global restructuring plan, unconfirmed local reports suggest the Japanese car giant is planning to cut around 1,000 jobs in Thailand—part of a worldwide layoff affecting 9,000 employees announced earlier this…
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Thailand’s 10,000 baht handout: Cashing in to support elderly
The Government of Thailand is moving forward with its plans to distribute financial aid worth 10,000 baht, both in cash and digital form, to specific groups in need. This initiative, led by the Ministry of Finance in collaboration with the Comptroller General’s Department, aims to support elderly citizens aged 60 and above as well as those who have registered through…
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Sky’s the limit: RTAF aims to reach new heights with space plans
The Royal Thai Air Force (RTAF) is looking to take Thailand’s defences to new heights. Plans are underway for a bold rebranding as the Royal Thai Air Force and Space alongside the creation of a new unit aimed at safeguarding Thailand’s air and space interests. This strategic move, announced by RTAF spokesperson Air Marshal Prapas Sornjaidee yesterday, November 19, highlights Thailand’s…
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Finance Ministry cashes in with economic stimulus package
The Finance Ministry is preparing to unveil an extensive economic stimulus package for review by a committee led by Prime Minister Paetongtarn Shinawatra. The announcement was made by Deputy Finance Minister Julapun Amornvivat, who indicated that the proposal includes a 10,000-baht (US$290) cash handout distributed via a digital wallet. This initiative is aimed at stimulating economic activity to bolster growth…
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Thailand backs free trade and green economy at APEC summit
Thailand is set to champion the establishment of a Free Trade Area of the Asia-Pacific (FTAAP) and is committed to supporting green economy initiatives and sustainable development. Prime Minister Paetongtarn Shinawatra underscored these priorities during her participation in the APEC Economic Leaders’ Retreat, chaired by Peru President Dina Ercilia Boluarte Zegarra, before the conclusion of the 31st Asia-Pacific Economic Cooperation…
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Thailand set to ‘stir up’ the economy with juicy stimulus carrot
Thailand is gearing up to dangle a glittering economic carrot with a new stimulus package set to roll out by year’s end, stretching well into 2025. This ambitious plan aims to supercharge the country’s economy, injecting life into key sectors and rallying national growth. In the corridors of power, Deputy Finance Minister Julapun Amornvivat revealed that the top-tier economic stimulus…
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Thailand’s debt drive: Putting the brakes on cars and homes
The financial woes of Thailand have taken centre stage as crippling debt levels put the brakes on car sales and curb the housing market, particularly among low-income households. With banks wary of non-performing loans (NPLs), many hopeful borrowers are seeing their applications for mortgages and car loans hit the skids. In response, the government is steering new initiatives to tackle…
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Thailand launches QR system to track tobacco products
Thailand’s Finance Ministry has unveiled a new technology aimed at transforming the monitoring of tobacco products. The “QR Cigarette” system, announced by Deputy Finance Minister Paophum Rojanasakul, is a Track & Trace innovation designed to follow tobacco products throughout their lifecycle, from production to purchase. This move is part of a broader effort to enhance tax collection efficiency, boost transparency,…
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Thai elderly to soon receive 10,000 baht cash aid: Finance Ministry
The Ministry of Finance is poised to introduce a one-time cash payment initiative targeting the elderly, as confirmed by Deputy Finance Minister Paopoom Rojanasakul. This proposal, amounting to 10,000 baht, will be presented during the upcoming economic stimulus policy committee meeting scheduled for Tuesday, November 19. This new measure specifically excludes state welfare cardholders and disabled individuals who previously received…
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Thailand consumer confidence rises for first time in eight months
Consumer confidence in Thailand saw its first improvement in eight months this October, driven by reduced concerns over recent floods and improved economic conditions influenced by government policies. The University of the Thai Chamber of Commerce (UTCC) reported a rise in the consumer confidence index to 56, up from 55.3 in September. The consumer confidence index, which measures consumers’ outlook…
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Thailand approves 55 billion baht low-interest home loans
The Thai Cabinet has approved the Government Housing Bank (GHB) to roll out a low-interest loan package worth 55 billion baht. This initiative aims to enhance housing accessibility for Thai citizens and includes two major schemes: a fixed-rate mortgage for the first five years at 3% per annum for purchasing or constructing homes, and a low-interest loan for home renovations…
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Thailand’s Huai Mun Pineapple gains GI status in Japan
Thailand’s Deputy Minister of Commerce, Naphinthorn Srisampan, recently engaged in discussions with Japan’s Deputy Minister of Agriculture, Forestry, and Fisheries, Yoichi Watanabe. They focused on the registration of Huai Mun Pineapple as a Geographical Indication (GI) product, marking the first Thai fruit to achieve this recognition in Japan. The meeting also included a visit to Japan’s largest wholesale market for…
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Thai Cabinet approves 15 billion baht loan for small businesses
The Thai Cabinet approved a substantial loan initiative aimed at boosting employment and entrepreneurship with a budget of 15 billion baht, targeting street vendors and small businesses to alleviate high-interest debt. The scheme is expected to benefit around 300,000 individuals across the country. Finance Deputy Minister Paophum Rojanasakul announced that the Cabinet agreed to allow the Government Savings Bank (GSB)…
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Pawsitive growth: Thailand’s pet food exports skyrocket 31%
Thailand’s pet food exports have surged by around 31% in the first nine months of the year, raking approximately 80 billion baht, according to the Commerce Ministry’s Trade Policy and Strategy Office (TPSO). The demand for high-quality dog and cat food led the charge, accounting for around 71 billion baht—an impressive 39% increase compared to the previous year. “The pet…
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Big pay day: Thailand minimum wage to hike to 400 baht in 2025
Thai workers could be ringing in the new year with a pay boost, as the Labour Ministry announces plans to raise the minimum wage to 400 baht per day in 2025. Labour Minister Phiphat Ratchakitprakarn confirmed the increase, calling it “a new year present” for the nation’s workforce. Initially slated for October, the raise faced delays as the national wage…
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ERC mulls 31% electricity tariff hike despite lower fuel costs
Businesses and households are facing a significant decision regarding the future of their electricity costs as the Energy Regulatory Commission (ERC) considers changes to the power tariff. Despite a projected decrease in fuel costs, the ERC is evaluating whether to maintain the current rate or implement an increase of 26 to 31% early next year. The existing tariff, set at…
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