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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Labour Day celebrations amidst scepticism over political promises
As Labour Day is celebrated in the country today, activists have voiced scepticism over political parties’ campaign promises to increase minimum daily wages to seemingly unrealistic levels. For example, the Pheu Thai Party has vowed to raise the minimum wage to a flat rate of 600 baht, while the Move Forward Party has pledged to increase it to 450 baht…
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Thai government to resubmit subsidy proposal to Election Commission
Thailand‘s issues around electricity costs are continuing. Thailand’s Prime Minister Prayut Chan-o-cha remains determined that the government will resubmit a proposed 11 million baht (US$330 million) subsidy for household electricity bills to the Election Commission (EC) for approval. The proposal, which was approved by the Cabinet last week, was previously rejected by the polling regulator, according to an unnamed source.…
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Pheu Thai party rally focuses on agriculture, digital wallet policy, and appealing for votes in Nakhon Si Thammarat
The Pheu Thai Party held an enthusiastic rally in Nakhon Si Thammarat, featuring prominent members such as Paetongtarn Shinawatra, candidate for prime minister, and her husband Pik Sukhsawat, as well as party strategist Chaturon Chaisang and director Natthawut Saikua. The candidates for MP seats in their respective districts also echoed the party’s policies and called for local support. During the…
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Bank of Thailand predicts 28 million foreign tourists this year
The Bank of Thailand (BoT) predicts that the Land of Smiles will see 28 million tourists this year. The BoT’s governor, Sethaput Suthiwartnarueput, said the BoT expects a 3.6% expansion in the gross domestic product (GDP) for this year. The BoT predicts a GDP growth of 2.9% in the first half of this year from the same period last year,…
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Deputy interior minister criticizes tap water fee hike plan amid rising energy prices
Deputy Interior Minister Naris Khamnurak spoke out against the Metropolitan Waterworks Administration’s (MWA) and Provincial Waterworks Administration’s (PWA) plan to hike tap water fees yesterday. Naris was responding to media reports suggesting both agencies intend to raise bills to counterbalance the higher expenses brought about by rising energy prices. The Deputy Interior Minister emphasised that neither the MWA nor the…
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Thai politician foresees Phuket and Phang Nga as new global business centres
Thailand’s Phuket and Phang Nga provinces, according to an imaginative proposal by Thai politician, Settha Taweesin, could become the new global business destinations and potentially draw in talented individuals from around the world to work in these areas while simultaneously enjoying the natural beauty and tourist attractions on offer. Settha Taweesin, a candidate for prime minister representing the Pheu Thai…
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Democrat Party plan to transform Hat Yai into major economic hub
The Democrat Party in Thailand recently revealed its intentions to rejuvenate its previous plan to turn the commercial district of Hat Yai, located in Songkhla province, into a significant economic centre. This attempt aims to attract more investors to the area. Democrat Party officials mentioned that they are considering the enactment of a special law that would promote the growth…
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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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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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Thailand is the biggest exporter of condoms in the world
Condoms are among five products that Thailand exports more than any other country in the world, according to data from the global trade insights website kidka.com, reports Prachachat. Today, the Ministry of Commerce’s Director of the Trade Policy and Strategy Office, Poonping Naiyanapakorn, revealed that Thailand was the champion exporter of five outstanding Thai products in 2022… Fresh Durian Thailand…
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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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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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Migrant workers fill gap in Thailand’s tourism and service sectors due to labour shortage
Migrant workers are increasingly filling roles in Thailand‘s tourism and service sectors, due to a chronic manpower shortage, according to Tanit Sorat, deputy chairman of the Employers’ Confederation of Thailand (ECOT). The labour shortage is the result of new Thai graduates choosing freelance jobs and the country’s ageing population. Sorat explained that with many graduates preferring a slower lifestyle over…
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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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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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Big Oil Majors production cuts, what this means to airfares
The recent move by the Big Oil Majors to cut production by over one million barrels a day as a “precautionary” measure to stabilize the oil market will have a domino effect on airfares, according to industry experts. The Organization of the Petroleum Exporting Countries (OPEC) yesterday announced plans to lower oil production by 1.16 million barrels per day, starting…
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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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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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Russian, Chinese investors drive Phuket property market
The Phuket property market is on fire now, with the help of Chinese and Russian investors. Chinese buyers are reportedly increasing their investments, buying up villas, shophouses, and even orchards, to cater to Chinese tourists. Russian property investors are also contributing to the surge in demand for villas and homes in Phuket. While Russians are interested in buying pool villas,…
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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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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 banking collapse has Thailand customers asking, is my money safe?
The recent collapse of Silicon Valley Bank (SVB) in the United States has triggered concerns about the safety of money in banks, with customers in Thailand wondering whether their cash is safe and whether they should withdraw it. While Thailand’s Finance Minister Arkhom Termpittayapaisith insists that the troubles faced by some major US banks have had no impact on Thailand,…
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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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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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