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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Thai govt earned 2.02 trillion baht in 10 months but still borrowed
The Fiscal Policy Office of Thailand revealed the kingdom filled its coffers with 2.02 trillion baht in the past ten months but still had to borrow about 658 billion baht to overcome its deficit. The Director of the Fiscal Policy Office of Thailand, Pornchai Theerawet, yesterday revealed that Thailand earned 2.02 trillion baht in the first 10 months of the…
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Opening day of 2022 welfare sees 1.86 million people register
Yesterday marked the opening date for registration for state welfare for 2022, and people flooded the registration process both online and in person. By 3pm on the opening day, officials reported that 1.86 million people across Thailand had already registered for the state welfare card project. A spokesperson for the Ministry of Finance, who also serves as the director-general of…
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LTR visa: will the benefits lure expats to drive the economy?
The new 10-year long-term resident visa was launched on Thursday to convert visitors into expats by offering benefits and tax breaks to attract foreigners from around the world. Though, they’ve made clear that they’re looking only for the top-tier wealthy travellers to move to Thailand and take advantage of the LTR visa. The new visa is only offered exclusively to…
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Thailand to host APEC CEO Summit 2022 with a focus on post-Covid economies
Thailand is set to host the APEC CEO Summit 2022 with a key theme of focusing on rehabilitating economies after the Covid-19 epidemic. The Embrace, Engage and Enable theme will see a gathering of the world’s top CEOs, policymakers, and other leaders from 21 member economies. Set to start on November 16-18, 2022, organisers say the summit will be the…
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SCB-Bitkub deal fizzles as young investors lose big on crypto
As the crypto market cools and young, naïve investors lose big, the deal for Siam Commercial Bank Group (SCB) to acquire a majority stake in Thai digital asset exchange Bitkub Online has fallen apart. The deal, announced in November of last year, pushed Bitkub Online’s value over US$1 billion and drove the company’s cryptocurrency to triple in value overnight. SCB’s…
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Household debt hits all-time high, nearly 100% of Thais have debt
A Thai household debt survey this year revealed that almost every person in Thailand has household debt. But that’s not all, the average household debt hit an all-time high in the kingdom. Today, the Centre for Economic and Business Forecasting of the University of the Thai Chamber of Commerce revealed the survey results, saying nearly 100% of Thai people had…
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Save power – government will pay half to clean your aircon
To help people struggling with the rising costs of electricity, the Thai government has offered to cover half the cost of having your aircon cleaned. A dirty air conditioner with a clogged filter can be unhealthy, and can significantly increase your aircon bill, so the Electricity Generating Authority of Thailand (EGAT) is repeating its previous “Clean Your Air for the…
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100 masseuses in Phuket complain of 150 baht massage shop
Local massage shops in Phuket are complaining that another massage shop allegedly owned by a foreigner is offering unfair and possibly illegal half-price services. A coalition of about 100 masseuses banded together to file an official complaint, gathering at Phuket Provincial City Hall to ask for action from authorities on the matter. Karon Traditional Thai Massage Community Enterprise Group led…
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Electricity prices soar 18% to 4.72 baht per unit next month
Electricity prices are already at a record high rate of 4 baht per unit, topping an eight-year old record, and have now been approved to surge another 18%. When global oil prices rocketed up to US$110 per barrel in 2014, Thai energy prices hit 3.96 baht per unit. Coming out of the Covid-19 pandemic, the demand for all forms of…
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After poor South Koreans die in flooded basement home, will there be change?
After a poor South Korean family died after being trapped in a flooded basement apartment this week, authorities are discussing changes to poor areas of Seoul. Across the capital city, 13 people were killed because of the floods. The family of three who died in the basement home included a woman in her 40s with down syndrome, the woman’s sister,…
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Thailand getting high on cannabis boost to tourist economy
Thai Prime Minister Prayuth Chan-o-cha recently reported the government is expecting about 10 million tourists to hit the kingdom before the end of the year and it reports are true, most of them plan on getting high. The Thai government removed cannabis and hemp plants from its banned narcotics list on June 9 leaving people in Thailand free to grow and…
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Robots now serving people at Thai restaurant chain
Robots are now serving people at a Thai restaurant chain. S&P, the bakery and restaurant chain, is using robots as a way to cope with skyrocketing costs while keeping its prices down. Each restaurant usually employs 10 staff. S&P’s operator company, SET-listed S&P Syndicate Plc, currently operates 460 production hubs around the country. Its goal is to operate 480 by…
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Thailand’s hotels are short on workers
The majority of Thai hotels surveyed recently admitted they are short on workers, according to the Thai Hotels Association. About 68% of 118 hotels surveyed said they are short-staffed. The workers needed include maids, receptionists, cleaners, cooks, waiters, and technicians. The survey was conducted from July 17-25. The reason not enough people are seeking hotel jobs may likely have to…
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Thailand to exploit the mini trade war between Taiwan & China
Thailand is looking to exploit the strained relationship between China and Taiwan exacerbated by the visit of Nancy Pelosi to Taipei on Tuesday. Reports circulating in the media say that China is to embark on a mini-trade war with Taiwan to economically punish them because of Pelosi’s visit, and plans to suspend the import of 35 foodstuff categories from the…
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Thailand pitches in to help Sri Lanka in its time of crisis
Thailand is pitching in to help Sri Lanka in its tumultuous economic crisis. Thailand’s Foreign Ministry announced yesterday that the country has donated medicines, medical supplies, food, and financial support to Sri Lanka. Several departments made donations adding up to about 5 million baht, while the Foreign Ministry donated another 1.3 million baht worth of medical supplies to Sri Lanka.…
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Half a million young people seeking jobs prefer admin to tourism
The Employers’ Confederation of Thai Trade and Industry released a new report analysing job applications on JobThai.com this past month revealing some interesting statistics about what jobs people want and where. Young job applicants – and there are around 490,000 to 510,000 of them who recently graduated and now entering the workforce – are eschewing the glitz and glamour of…
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Tenfold tourist increase due after Thailand-Saudi route opens
Thailand is expecting a tenfold increase in visitors from Saudi Arabia after the launch of the Bangkok to Jeddah route on August 19. Deputy government spokesperson Rachada Dhnadirek estimates that the upcoming launch of the direct air route between the holy city of Mecca and the Kingdom of Thailand’s capital city will push up the number of visitors from 30,000…
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Govt wants Thailand to be No.1 in Asian business market by 2027
The Deputy PM and Commerce Minister, Jurin Laksanavisit, has set an ambitious target for Thai brands and businesses to be top of the Asian market by 2027. The Deputy Spokesperson of the PM Office, Ratchada Thanadirek, yesterday reported that Commerce Minister Jurin was working on a project called “Promoting Thai Brands to the World” to develop Thai brands and businesses…
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Thai government agrees to continue subsidising diesel prices past July
The Oil Fuel Fund board has resolved to keep diesel prices around Bangkok and immediate provinces at 34.94 baht per litre until the end of July. The government, via the OFF Board, have been subsiding the country’s diesel prices since they started to rocket due to the current global fuel price crisis. The government, or specifically Thai taxpayers, have been…
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Indian tourists are picking up Phuket’s Old Town economy
Phuket’s recovering tourism economy is picking up again thanks to Indian tourists. Indians have been the biggest tourist group in Phuket, and Thailand overall this year. Since May 1, over 72,000 Indian tourists have visited Phuket, according to the president of Phuket Old Town Tourism Community, Somyot Pathan. Phuket’s ‘Old Town’ in the main city district is a particular hotspot…
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Thailand could generate up to US$65 billion in tourism revenue next year, says TAT
Yesterday, the Tourism Authority of Thailand said the country’s tourism industry could generate up to US$65 billion, or 2.38 trillion baht, next year. The revenue could equate to around 80% of pre-pandemic tourism revenue, said Governor of the TAT Yuthasak Supasorn. Comparatively, the TAT expects Thailand to actualise 1.5 trillion baht in tourism revenue this year. Yuthasak expects Thailand to…
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PTT top revenue-earning company in Thailand in 2021
In news that is likely not surprising but probably very frustrating, amid soaring fuel prices, petrol company PTT has topped the list as the highest revenue corporation in Thailand for 2021. The national oil and gas conglomerate breakdancing 1 trillion baht over the last year no doubt thanks in part to huge inflation in the price of oil that has…
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Thailand’s bottled palm oil price drops slightly
After Thailand’s price of bottled palm oil has kept surging and surging for months, it has now finally come down a bit. Prices in department stores and supermarkets on 1 litre bottles have dropped from 69-70 baht, to 64-65 baht. The director-general of Thailand’s Internal Trade Department, Udom Srisomsong, pointed out that prices may differ between stores, though. Udom stressed…
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Bangkok governor looks for Chinese cash to create smart city
Bangkok Governor Chadchart Sittipunt yesterday revealed he had a working dinner with the Chinese Ambassador to discuss a number of projects beneficial to the capital, including the city’s upcoming outdoor film festival, Chinese teachers, and the development of a smart city. Developing Bangkok as a smart city comes hot on the heels of an announcement by the Eastern Economic Corridor…
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Bangkok plans to give city’s hawkers a roof over their heads
Bangkok Governor Chadchart Sittipunt has turned his attention toward the city’s cluttered street vendors as his never-ending crusade to clean up the capital continues. The 56 year old city chief revealed the Bangkok Metropolitan Administration (BMA) is preparing to set up hawker centres as a permanent solution to the chaotic street vendor stalls strewn throughout the city. Hawker centres are…
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US$37 billion smart city gets green light in Pattaya
Plans to build a US$37 billion smart city in Chon Buri got the go-ahead yesterday by the Eastern Economic Corridor Policy Committee. PM Prayut Chan-o-cha, who chaired the meeting, revealed the smart dream hub can be realised thanks to public and private investment in automotive, robotics, healthcare and logistics companies. The investment will create about 200,000 jobs and accommodate 350,000…
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Thailand will produce 25 billion baht of hemp in 5 years
In the next five years, the Thai government wants to make Thailand a regional hub for producing hemp-related products, and it will earn at least 25 billion baht from the exploits, according to Industry Minister Suriya Jungrungreangkit. “Hemp has become an important plant in many countries now as all parts of it can be turned into various types of products…
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Chatuchak Market revitalisation planned by BMA and SRT
Once a bustling centre of commerce and socialising, Chatuchak Market has been much quieter since reopening after being closed down because of the Covid-19 pandemic. Now the State Railway of Thailand is cooperating with local authorities in Bangkok and City Hall to try to revive the famous market back to its previous thriving glory. As with most of the tourism…
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Poll: 92% don’t earn more than their expenses, oil price main factor
A new poll revealed that over 90% of people are not earning more money than their expenses, and that, of all the expenses people are grappling with in the current economy, oil prices are the main factor they say has the greatest effect on their daily lives. The new poll, conducted by the National Institute of Development Administration, saw the…
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Thailand Post increases rates, pilots 24-hour delivery services
The good news is that Thailand Post will begin 24-hour delivery services, but the bad news is that mail rates have gone up. The new round-the-clock delivery and pick-up service will begin as a pilot project from Thailand Post’s main sorting facility in Chaeng Wattana servicing Laksi, Pak Kret, and Ram Inthra areas. The rate hike is the first in…
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