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 Thailand vs. the West: What expats save on healthcare each year
Healthcare in Thailand is much cheaper than in Western countries, making it a great choice for expatriates looking for affordable medical care. Both public and private healthcare options offer high-quality services, with savings of up to 80% on procedures like...
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Fishing boat nets 4 tonnes of shrimp off Phang Nga coast
A fishing boat’s single catch netted an astonishing 4 tonnes of shrimp, worth nearly 1 million baht, off the coast of Phang Nga. The catch highlights the rich marine life in the area, following a recent conservation period. Officers from the Krabi Provincial Fisheries Office inspected the commercial fishing vessel, S. Phet Samut 11, upon its return to the Sai…
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Udon Thani hotel calls for delay in electricity rate hike
A prominent hotel in Udon Thani urged the government to delay the planned electricity rate hike, citing concerns about the current purchasing power of consumers. They argue that customers are only spending on necessities, and an increase in electricity costs could further impact the number of patrons using their services. Apicha Veerachatiyanukul, the managing director of Udon Plaza Co., Ltd.,…
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Thai PM announces 10,000 baht digital wallet registration date
Registration for the 10,000-baht digital wallet handout starts on August 1, as announced by Prime Minister Srettha Thavisin. This initiative aims to stimulate the economy through significant government spending. The Bangkok-born PM shared the date on X (Twitter) yesterday, July 15, coinciding with the Digital Wallet Policy Committee’s meeting to finalise preparations for registering eligible recipients and vendors. He emphasised…
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Thailand excludes groups from digital wallet project
The Government of Thailand decided to exclude two specific groups from participating in the 10,000-baht digital wallet project. This announcement comes as they prepare to release the registration timeline for the project tomorrow. The Deputy Minister of Finance, Chulaphan Amornvivat, disclosed the decision following a meeting at the Government House. The meeting also addressed the sources of funding for the…
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Thailand disburses 3.48 trillion baht budget to boost economy
An injection of 3.48 trillion baht from the 2024 fiscal budget has finally been disbursed in the second quarter of this year, following delays that began on October 1 last year due to political setbacks after the General Election in May 2023. With economic growth stagnating, public expenditure is seen as a crucial factor to revive subdued private spending and…
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Thailand energy, finance, tourism to boost revenue in fiscal 2024
Energy businesses, financial institutions, and tourism are expected to be the primary revenue contributors for the Revenue Department this year, according to its chief. These sectors have shown strong performance and are anticipated to generate significant tax revenues during the first nine months of fiscal 2024 (October 2023 to June 2024). Revenue Department Director-General Kulaya Tantitemit highlighted that while these…
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King Vajiralongkorn supports sustainable farming and welfare
King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua has consistently demonstrated his commitment to the agricultural sector, recognising its vital role in the national economy since his days as Crown Prince. His Majesty has undertaken numerous initiatives aimed at improving the livelihoods of farmers throughout the country. These initiatives have not only strengthened the bond between farmers and the monarch but also frequently…
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South Australia governor seeks Thai partnership in food, agriculture
South Australia State Governor Frances Adamson has committed to fostering collaboration with Thailand in the food and agriculture sectors, highlighting shared economic objectives between the two regions. Adamson’s visit to Thailand spanned from July 8 to 11, where she engaged with government officials and leaders in various sectors including arts and culture, agriculture, energy, and the wine industry, aiming to…
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Thai investors flee Myanmar chaos, pulling out 253 billion baht
Thai companies are fleeing Myanmar amid escalating conflict and economic instability. The ongoing clash between Myanmar’s military government and opposition forces shows no signs of easing, prompting Thai firms to withdraw a staggering US$7 billion (around 253 billion baht) in investments. Once the third-largest investors in Myanmar, Thai companies are now ranked 5th, with investments plummeting from US$11.6 billion in…
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Chinese foreign minister calls for ASEAN regional cooperation
During a meeting between the Thai and Chinese foreign ministers to discuss the consultation mechanisms between the two nations, Chinese Foreign Minister Wang Yi emphasised the importance of upholding the ASEAN-centered East Asian regional cooperation framework and rejecting exclusive small circles. Wang and Thai Foreign Minister Maris Sangiampongsa co-chaired the second meeting between the foreign ministers. This two-day visit marked…
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Thailand’s EV 3.0 policy faces major oversupply challenges
The Thai Electric Vehicle Association (EVAT) issued a cautionary note to electric vehicle (EV) manufacturers in Thailand, alerting them to the potential for a significant oversupply of EVs in the coming years. This warning arises from the production requirements stipulated under the EV 3.0 policy. This policy, which has been previously lauded for encouraging domestic EV production, offers import tax…
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Nation Group announces partial salary suspension
Nation Group announced a partial salary suspension for some employees due to a significant decline in advertising revenue across the media industry, driven by current economic conditions. Chairperson Chai Bunnag also opted to forego his salary. Nation Group released an announcement, numbered 015/2567, detailing the decision to partially suspend salaries. This measure comes in response to a sharp decrease in…
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Thai investor confidence remains neutral for 5th month
The Federation of Thai Capital Market Organisations’ (FETCO) Investor Confidence Index (ICI) maintained its position in the neutral zone for the 5th consecutive month, registering 82.89 in June. The index, which forecasts market conditions over the next three months, highlights that stimulus measures and companies’ earnings reports could potentially boost investor sentiment in the latter half of the year. FETCO…
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Thai-Philippine MoUs for rice exports worth 2.8 billion baht signed
The Commerce Ministry recently facilitated a significant trade development, leading a team of rice exporters to the Philippines and securing memorandums of understanding (MoUs) valued at 2.8 billion baht (US$77 million). Ronnarong Phoolpipat, Director-General of the Foreign Trade Department, headed the delegation, which included Charoen Laothamatas, president of the Thai Rice Exporters Association, during a visit from July 3 to…
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Thailand’s BOI opens first Saudi branch amid growing ties
Thailand’s Board of Investment (BOI) will inaugurate its first branch in Saudi Arabia this week, signalling a new chapter in economic relations between the two nations. The new office in Riyadh, opening this Sunday, July 14, marks a significant step in fostering investment and business growth. This strategic expansion has drawn high-profile attendees, including Foreign Minister Maris Sangiampongsa and over…
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Thailand’s oldest oilfield to get 300 million baht redevelopment
Thailand’s oldest oilfield is set for redevelopment with a budget of 300 million baht, as announced by the Defence Energy Department’s Northern Petroleum Development Centre (NPDC). The redevelopment plan of Fang Oilfield in Chiang Mai includes upgrading the oil refinery to Euro5 standards, enabling it to produce lower-sulphur diesel that is safe for car engines, according to Montri Jeennakorn, director…
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Amata City factory in Rayong to close by January 2025
A long-standing company in Amata City Industrial Estate, Rayong, is set to close its doors after 20 years, gradually laying off employees to complete the process by the end of this year or at the latest by January 2025. This news, posted by the News Chon Buri-Rayong Online page, has sent shockwaves through the local workforce, as the company is…
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Thai king’s sustainable model boosts Thai agriculture
King Maha Vajiralongkorn Phra Vajiraklaochaoyuhua’s Khok Nong Na Model is revitalising Thai agriculture with its sustainable approach designed for the people’s happiness. The model advises farmers to divide their land into equal parts for plant cultivation, pond construction, and housing. To commemorate the king’s 71st birthday last year, reporters interviewed Wiwat Salyakamthorn, former agriculture and cooperatives minister, who now chairs…
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Thailand delays legal advice on digital wallet funding
The Thailand government has not yet sought legal advice from the Council of State regarding the use of funds from the Bank for Agriculture and Agricultural Cooperatives (BAAC) to partially finance the digital wallet scheme, confirmed Pakorn Nilprapunt, Secretary-General of the Council. Pakorn clarified that the government does not need to consult the council if it plans to use money…
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Pol-ishing Thais: Thailand, Poland to boost medical technology ties
Thailand and Poland, despite their close trade ties, are urged to enhance their business cooperation, particularly in the medical technology sector, according to Polish Ambassador Artur Dmochowski. During a seminar in Bangkok yesterday, July 9, Dmochowski highlighted Poland‘s desire to strengthen economic, commercial, and technological exchanges with Thailand. The event aimed to showcase advancements in Polish medical technology. The Polish…
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Cash in the cloud: Thailand gears up for digital wallet launch
Thailand’s deputy finance minister recently disclosed that the prime minister will announce details about the digital wallet project, including registration and identity verification steps, on Wednesday, July 24. The project aims to distribute 10,000 baht through digital wallets, pending approval from various authorities. Deputy Finance Minister Paopum Rojanasakul addressed concerns raised by Deputy Leader of the Move Forward Party, Sirikanya…
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Reforming Thailand’s creative sector to boost economy globally
Thailand’s creative industry requires a comprehensive reform to foster growth both domestically and internationally, as emphasised by the soft power development subcommittee. The government has identified the creative sector as a crucial driver for economic enhancement and international recognition, leveraging Thailand’s soft power. The 5F approach, encompassing Thai food, films and videos, fabric and fashion design, martial arts, and traditional…
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Thailand aims for 8 million Chinese tourists if airlines boost capacity
The Tourism Authority of Thailand (TAT) has stated that the goal of attracting 8 million Chinese tourists this year is attainable, provided airlines can increase seat capacity to over 80% of pre-pandemic levels. Chinese tourists had surpassed visitors from other countries by June 30, with 3.5 million arrivals out of a total of 17.5 million foreign visitors to Thailand. The…
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Thailand faces ‘invisible time bomb’ population crisis
Thailand’s population crisis, described as an “invisible time bomb,” requires urgent government intervention, according to Varawut Silpa-archa, the Minister of Social Development and Human Security (MSDHS). Varawut stated the following during a forum on national strategies hosted by the National Press Council of Thailand on Thursday, July 4. “Environmental issues are visible, but this [population crisis] is an invisible time…
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Berry far away: Thai farmers chase sweeter loans in Scandinavia
The BAAC is offering loans for Thai farmers to harvest berries in Sweden and Finland this summer. The state-owned Bank of Agriculture and Agricultural Cooperatives (BAAC) earmarked 375 million baht to help 5,000 Thai farmers embark on an adventurous journey to pick wild berries in Sweden or Finland during this year’s harvest season, starting this month. BAAC President Chatchai Sirilai…
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Durian vendors reduce sizes to segments amid price surge
Durian prices have surged in Nakhon Ratchasima, prompting vendors to adapt by selling the fruit in segments instead of whole, as local purchasing power dwindles and sales plummet more than 50%. At the fruit sale zone within a local market in Mueang Nakhon Ratchasima, durian sellers have shifted from selling the fruit by kilogrammes to selling it in segments, measured…
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Thailand and Malaysia aim for 1 trillion baht trade by 2027
Thailand and Malaysia have set an ambitious goal to boost bilateral trade to 1 trillion baht by 2027, with a focus on enhancing border economic connections through the Twin Cities initiative. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai outlined the plans following the third Thailand-Malaysia Joint Trade Committee (JTC) meeting in Kuala Lumpur. Phumtham highlighted the strong relationship…
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Thailand’s airports hit new highs as passenger numbers increase
Thailand’s six international airports, operated by Airports of Thailand (AOT), witnessed a record-breaking influx of passengers in the first five months of 2024. Transport Minister Suriya Juangroongruangkit announced a whopping 52.16 million travellers, marking a 20.28% rise compared to the same period last year. AOT manages six key airports: Suvarnabhumi, Don Mueang, Chiang Mai, Mae Fah Luang, Phuket, and Hat…
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Revised debt management plan pushes borrowing to 1.03t baht
The Thai Cabinet approved a revised public debt management plan for the 2024 fiscal year, incorporating an additional 275.87 billion baht in borrowing. Of this, 269 billion baht is designated for direct government use and lending to state enterprises for debt restructuring. According to Deputy government spokesperson Rudklao Suwankiri, this revision increases the total new borrowing for the current fiscal…
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Political turmoil and economic strife rock Thailand’s elite
The fate of Thailand’s business-friendly Prime Minister Srettha Thavisin, a former real estate mogul, hangs by a thread less than a year after taking office. Political turmoil has shaken investor confidence in Southeast Asia’s second-largest economy, resulting in a 15% drop in the benchmark stock index since last year. Compounded by a weaker baht, the combined wealth of the nation’s…
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