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 bid to join OECD gains momentum
Thailand’s quest for the Organisation for Economic Co-operation and Development (OECD) membership gains momentum as insiders reveal surprising support from top diplomats. Thailand’s aspiration to kick-start the accession process for OECD membership has garnered significant backing from the organisation’s members, reports a diplomatic insider. The revelation came to light during the inaugural OECD Council meeting held in Paris on Tuesday,…
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Boosting economic growth: Thailand-Hungary relationship
Hungary seeks to cultivate a stronger bilateral relationship with Thailand as part of the Central European country’s objective to achieve 4% economic growth in the current year, according to Péter Szijjártó, the country’s Minister of Foreign Affairs and Trade. Trade between Thailand and Hungary hit a new high last year, exceeding US$730 million (approximately 26 billion baht). Thailand made significant…
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Unveiling Thailand’s cultural heritage through mini-dramas
The Department of Commerce is encouraging business owners to utilise mini-dramas as a means of enhancing the global market’s awareness of the nation’s cultural heritage, traditions, and tourism opportunities. Commerce Minister Phumtham Wechayachai recently introduced actors to Prime Minister Srettha Thavisin, demonstrating the government’s commitment to promoting local products worldwide through the Y-Yuri Series. The department teamed up with well-known…
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MR. D.I.Y. undeterred by Thai wage hike, continues expansion
MR. D.I.Y., a leading home improvement retailer, persists in its expansion plans in Thailand, unperturbed by the recent escalation in the daily minimum wage. The CEO of MR. D.I.Y. Thailand, Andy Chin, acknowledges that while this wage increase may raise the company’s costs slightly, it will be advantageous for the economy. Chin predicts a positive surge in the retail sector…
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Deputy foreign minister backs Mekong region trade
To revitalise cross-border commerce, the Thailand deputy foreign minister made a pivotal visit to Chiang Saen Port on Monday, accentuating its pivotal role in the lower Mekong region. With cross-border trade in Chiang Rai soaring to an estimated 100 billion baht last year, according to the Foreign Ministry, the port’s strategic location where the Kok and Mekong Rivers converge offers…
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Q-Con’s land acquisition set to boost southern Thailand’s economy
The Industrial Estate Authority of Thailand (IEAT) anticipates its recent land sale to Quality Construction Products Plc (Q-Con), a lightweight brick manufacturer, to bolster the increasing demand for bricks and endorse the government’s economic upliftment plan for the southern region. Situated in the Southern Region Industrial Estate, the 35-rai land was acquired by Q-Con, which had committed to a purchase…
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Thai govt’s cash splash: 500 billion baht digital wallet green light
With a budget proposal of 3.48 trillion baht (US$96.5 billion) for the fiscal year under discussion, the Government of Thailand is determined to proceed with a significant 500-billion-baht (US$13.8 billion) digital wallet handout scheme, according to Deputy Finance Minister, Julapun Amornvivat. During the parliamentary debate, Julapun stated the possible necessity of securing a loan via a bill to finance the…
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UK Foreign Secretary Cameron elevates trade links in Thailand
United Kingdom Foreign Secretary David Cameron arrives in Bangkok today in a bid to strengthen trade and economic ties between the politically beleaguered UK and the burgeoning Thailand. The former British prime minister intends to sign a UK-Thai strategic partnership roadmap on his inaugural visit to the Indo-Pacific region. This roadmap is designed to enhance collaboration on defence, healthcare, and…
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Gold prices in Thailand surge with ornaments at 37,350 baht
Gold prices in Thailand saw a significant hike today, with the Gold Traders Association (GTA) reporting an increase that builds on the closing figures from the previous day. Today, March 19, gold ornaments were sold at 37,350 baht per baht-weight, a 150 baht rise from yesterday’s closing price. The latest data released by the association at 9.04am underlines a buoyant…
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Index Living Mall targets low-income success defies mortgage setbacks
Index Living Mall (ILM), a Stock Exchange of Thailand (SET)-listed company, has observed rapid growth in the low-income segment, despite soaring mortgage rejection rates. This trend led to a strategic shift in the company’s approach, expanding its product range to include non-branded furniture and budget-friendly products imported from China. Kridchanok Patamasatayasonthi, ILM Managing Director, highlighted the exceptional 100% growth within…
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Comptroller-General Department tackles budget disbursement delay
The Comptroller-General’s Department is working to resolve the impediment in hastening budget disbursement, with a focus on speeding up budget funding into the economy for the fiscal year 2024. Director-General of the department Patricia Mongkhonvanit revealed that the delay in budget disbursement is majorly due to the high volume of appeals submitted by unsuccessful bidders for government projects. Each appeal,…
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Rising crypto prices invite hackers, Thai Digital Asset Association warns
The Thai Digital Asset Association (TDAA) warned of an increased threat from hackers targeting cryptocurrencies, as soaring prices are attracting both investors and fraudsters to the market. The alarm comes after digital assets in Thailand suffered a staggering US$24.2 billion loss to hackers in the previous year. Suppakrit Boonsat, a founder of Bitcast, a digital asset education firm, and the…
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Thai entrepreneurs make record-breaking sales at Japan food expo
Fifty Thai entrepreneurs showcased their culinary prowess at the Foodex Japan 2024 exhibition held in Tokyo from March 5 to 8. The Department of International Trade Promotion (DITP) revealed that the response from Japanese buyers was so overwhelming that sales soared to nearly 2.5 billion baht. Chanthapat Panjamanond, Thailand’s commercial attaché in Tokyo revealed that orders for Thai food products…
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Thai Drinks targets Gen Z in Asia for est Cola expansion
Keen on broadening its reach in Asia, Thai Drinks, the company managing est Cola, is targeting the Gen Z market for expansion. Forecasting a growth of 25% in the Thai carbonated soft drink market due to warmer weather and intensive marketing campaigns, Suporn Denpaisarn, the non-alcoholic beverages division head at Thai Drinks, reveals their growth plans. According to Nielsen IQ…
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Centara sets on becoming Top 100 global hotel operator by 2027
2024 is set to be a momentous year for Centara Hotels & Resorts, Thailand’s leading hotel operator. The company is rolling out an ambitious plan to open new properties, refresh its brands, and introduce exciting experiences for guests, aiming to become a top destination for travellers and one of the world’s leading hotel operators by 2027. Centara laid solid foundations…
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US pledges boost in semiconductor investment for Thailand
To ramp up global semiconductor production, US Commerce Secretary Gina Raimondo promised investment in Thailand’s manufacturing sector. Raimondo, speaking at an event in Bangkok hosted by the American Chamber of Commerce, asserted that Thailand stood to benefit significantly from increased US investment in semiconductor production, stating that American firms were poised to supercharge their investments in the nation. Highlighting the…
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Thai workers set to transform South Korea’s shipbuilding industry
Labour Minister Phiphat Ratchakitprakarn secured an agreement during his recent visit to Seoul as 3,000 Thai workers are set to revolutionise South Korea’s shipbuilding sector. The minister, in a high-stakes meeting at Lotte Hotel Seoul, clinched a deal with representatives from five top South Korean shipbuilders: HD Hyundai Heavy Industry, Hyundai Mipo Dockyard, Hyundai Samho, Samsung Heavy Industries, and Hanwha…
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Thai envoy unveils plan for Taiwanese investment boom
In an exclusive interview with CNA on Tuesday, the executive director of the Thailand Trade and Economic Office (TTEO), declared the nation’s readiness for an influx of Taiwanese investment, particularly in electronic manufacturing and construction projects. Narong Boonsatheanwong highlighted Thailand’s emergence as a Southeast Asian electronics manufacturing powerhouse, with a burgeoning global reputation for printed circuit board (PCB) production. Drawing…
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Thailand’s industrial ethanol: A game-changer in green economy?
Thailand is on the cusp of an industrial transformation as experts push for a major shift in ethanol production. Isares Rattanadilok na Phuket, Vice President of the Federation of Thai Industries (FTI) called to liberate the country’s ethanol potential, aiming to slash reliance on imports and catapult Thailand into a green economic powerhouse. The FTI has unearthed Thailand’s abundant capacity…
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Household debt surge impacts property and auto sectors
The accumulated domestic debt and non-performing loans (NPLs), coupled with stagnant buying power, have continued to suppress domestic consumption since the previous year, with the property and automotive sectors suffering the most significant blow. This is reflected in the high rate of home loan refusals and car repossessions. The numerous interest rate increases last year exacerbated the financing issues, with…
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Government revenue falls short due to dip in oil taxes
There’s been a shortfall in the government’s revenue collection for the first four months of the 2024 fiscal year, largely due to a sharp drop in oil taxes. This data was disclosed by the Fiscal Policy Office (FPO) director-general, Pornchai Thiraveja, who highlighted that the government’s net revenue for the period of October 2023 to January 2024 was 824 billion…
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Foreign funds return to SET amid Federal Reserve expectations
Foreign funds made a return to the Stock Exchange of Thailand (SET) in February, despite a 3.2% shrinkage of the SET index in the first two months of 2024. The investors’ return was driven by a decrease in expectations of the Federal Reserve’s policy rate cut, which was predicted to happen only thrice this year. Soraphol Tulayasathien, the SET’s senior…
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Thai SEC approves private funds to invest in Bitcoin ETFs
Asset management firms have been granted permission by the Securities and Exchange Commission (SEC) to initiate private funds that invest in Bitcoin Exchange-Traded Funds (ETFs). However, this investment opportunity is only accessible to institutional investors and ultra-high-net-worth investors. The SEC board gave its nod to asset management firms managing private funds that invest in Bitcoin ETFs listed on US exchanges…
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Retirement of baby boomers threatens leadership vacuum
The future of many businesses hangs in the balance as a significant number of top leaders retire, a trend accelerated by the fact that 10,000 Baby Boomers, who predominantly occupy managerial positions, are reaching the retirement age of 65 each day. That’s according to an eye-opening article published last year by Fortune magazine. The publication highlighted the mounting uncertainty for…
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Vietnam’s rice exports projected to decline amid quality shift
A downward shift is projected for Vietnam’s rice exports in the current year, with estimates ranging between 6.5 and 7.0 million metric tonnes. This is a noticeable drop from the previous year’s record high of 8.1 million tonnes, as reported by the Vietnam Food Association. Vietnam, ranking third globally in rice exports after Thailand and India, indicated a strategic shift…
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Thailand central bank anticipates lower rates due to virtual banking
The Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff. The granting of virtual bank licences is expected to bring more competitors into the market, thereby stimulating competition within…
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Tourists increase spending in Thailand despite soaring airfares
Despite higher airfares, foreign tourists are indulging in opulent accommodation choices, sending spending figures soaring, according to a recent Tourism Authority of Thailand (TAT) survey. The TAT’s survey, which engaged 30,054 tourists last year, unveiled a significant uptick in expenditure per trip, hitting an average of 50,900 baht. A substantial portion of this sum, averaging 23,518 baht per trip, was allocated…
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Declining conditions of Bangkok’s Klong Ong Ang raise concerns
A United Thai Nation Party‘s (UTN) Parliament member voiced concerns yesterday about the neglected state of Klong Ong Ang, a once thriving tourist attraction in the heart of Bangkok’s Chinatown. Kriangyot Sudlapha, a UTN list-MP, raised the issue in the House of Representatives, urging the Bangkok Metropolitan Administration (BMA) to step in and rejuvenate the area. Located in the Phra…
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Thai EV sales surge by 603% amid government incentives
Battery electric vehicles (BEVs) sales in Thailand surged by 603% year-on-year to 73,568 units last year, with the upward trend expected to continue throughout this year, as per the Federation of Thai Industries (FTI). This growth is expected to outstrip that of internal combustion engine (ICE) vehicles, which witnessed a 13.7% year-on-year sales decline to 238,570 units in 2023, capturing…
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Thailand’s digital wellness revolution boosts revenue
Thailand’s Industry Ministry is spearheading a digital revolution aimed at boosting revenue for the nation’s wellness and medical business entrepreneurs. With the ambitious target of surpassing 30 million baht in revenue, this initiative promises to reshape the landscape of Thailand’s tourism and economy. Under this visionary scheme, the ministry is equipping businesses with cutting-edge digital equipment and technologies, propelling them…
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