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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Thailand’s March exports spike nearly 20% year on year
Last month, Thailand’s exports surged at an unexpectedly high rate, jumping by 19.5% when compared to the same time last year. A Reuters poll conducted in March had predicted the country’s exports would only rise by 2.4%. According to the Thai customs department data, 2 major products contributing to the export jump were gold, and electronics. Gold exports in March were…
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Thai commerce chairman welcomes end of PCR test requirement
Following the announcement for major changes to Thailand Pass, a commerce leader is giving the government a great big thank you. Yesterday, the chairman of the Thai Chamber of Commerce, Sanan Angubolkul, thanked the government for getting rid of mandatory RT-PCR tests for visitors on arrival, starting May 1. “The private sector believes the decision will help trade, investment, services…
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Former Phuket prison to transform into spooky tourist attraction
An old Phuket prison no longer housing inmates is now set to become a spooky tourist attraction, providing visitors with a “Twilight Zone” experience. Phuket Prison was built in Phuket Town about 120 years ago, and Phuket officials now plan to turn it into a ‘live museum’ to teach both tourists and locals about its history. In addition to the…
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Southern Thailand province gets a wave of income from Full Moon Party, Songkran
Thailand’s southern province of Surat Thani saw a wave of tourism income generated during the Songkran holiday. Many tourists came to the province for the famous Full Moon Party on Kho Pha Ngan, among other tourist attractions. Tourism officials said the province gathered up a total of 895.7 million baht from 83,000 visitors between April 13-17. The income is up…
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Thailand’s Prayut to hold public forum on economy
Thailand’s PM Prayut Chan-o-cha announced yesterday at a cabinet meeting that the government will hold a public forum on the economy. The date for the forum has not yet been announced. PM Prayut said the government is trying to ensure better welfare for elderly citizens and vulnerable groups in Thailand. He said it wants to introduce measures to help medium-sized…
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Will Milli’s mango stunt help Thailand’s farmers?
After budding Thai rap star “Milli” ate a bowl of sticky rice and mango onstage in front of a crowd of hundreds of thousands at California’s Coachella festival, Thailand’s mango farmers might rake in some dough. Despite being the largest exporter of mangoes in the world, Thailand has had problems with mango shipment due to Covid-19. Sayan Bunying, president of…
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Thai durian shipment to China detected with Covid 19 on packaging
After signs of the coronavirus were detected on the surfaces of boxes of Thai durian, the delivery to China was blocked from entering for 3 days. Companies in Thailand’s fruit export industry have been advised to follow strict Covid-19 guidelines. A shipment of the famous King of Fruits, aka. Durian, from Thailand was reported to be infected at China’s Mohan…
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Thai government to control inflation prices for consumer products
As the Thai government attempts to control inflation, the PM Prayut Chan-o-cha says that there must be no shortages of consumer products or outages, and the prices must not be too expensive. The world wide inflation problems have been created by government’s artificially over-heating economies with quantitative easing rising energy and commodity prices and exacerbated by the ongoing Russia-Ukraine war.…
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Pakistan’s Imran Khan ousted from PM position
Following a parliamentary vote of no confidence last week, Pakistan’s PM Imran Khan has been ousted. The vote came after Pakistan’s opposition parties accused Khan of economic mismanagement, as well as poor governance. The country’s Supreme Court ruled on Thursday that a decision to block the no confidence vote was unconstitutional. Now, Khan claims that opposition to him is backed…
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Songkran: Academics predict 10 year low in festival spending this year
Thailand academics predict the public’s spending during next week’s Songkran holiday will be the lowest in 10 years. An associate professor at the University of the Thai Chamber of Commerce said he expects people to spend around 106 billion baht altogether across Thailand this year. This will be 5.4% less than last year, when public spending was recorded at about…
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Thailand inflation jumps 5.7 percent in March, hits consumers’ wallets hard
In March, Thailand’s inflation saw its highest monthly jump in 13 years, rising to 5.73% year on year. That’s according to the Commerce Ministry’s Office of Trade Policy and Strategy, which pins the blame on the war in Ukraine, which has pushed up fuel, food and electricity prices. This unexpected turn of events has caused the office to adjust its…
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Phuket introduces new seafood and gastronomy “Tastival” festival
Following Phuket’s Roi Rim Lay seafood festival last weekend, the island’s officials have come up with another seafood and gastronomy festival for the first time yesterday. The festival is called “Phuket Tastival Seafood and Gastronomy: Roi-Yok-Lo”. It will run until Monday, April 4. Phuket Deputy Governor Anupap and several other officials attended the opening at Saphan Hin, the huge public…
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Angry protestors try to storm Sri Lanka president’s house following blackout
Following Sri Lanka’s longest power blackout ever recorded, enraged protestors tried to storm the president’s house in Colombo yesterday. Unidentified activists had called for a rally against the president and his family on social media. One resident who lives nearby told AFP he cannot return home because his area is barricaded. The resident said the protestors are “shouting for the…
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Expected computer shortage in Thailand, world
IT workers expect a shortage of computers for sale in Thailand to start between May and June due to Covid-19 impacting producers in China. The chief of sales and marketing at Advice, an IT distributor, told the Bangkok Post that if China’s lockdown continues, as well as the Russia-Ukraine war, computer prices will likely rise. The chief of Advice said…
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Diesel no longer for sale across Sri Lanka, massive blackout
Diesel was unavailable for sale at stations across Sri Lanka today. Petrol is on sale but in short supply, forcing drivers to abandon their cars in long queues. Private business owners say they have already run out of fuel, and even skeleton services may not be possible after Friday. Now, the country is grappling with a 13-hour power blackout, its…
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Finance Ministry expected to adjust 2022 economic forecast from next month
The Finance Ministry will adjust the 2022 forecast for Thailand’s economic growth to focus on the rise in both inflation and energy prices, from next month. According to an unnamed Bangkok Post source, the ministry is concerned about the impact Russia’s invasion of Ukraine will have on overseas arrivals this year. At the start of the year, the ministry had…
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Phuket governor presents campaign to create 10,000 new minimum-wage jobs
As Phuket struggles to pick up its disheveled tourism economy, provincial Governor Narong has a plan for recovery. In a meeting with local government agencies yesterday, Narong presented his plans on a whiteboard. He said the provincial government will work with local government organisations to create 10,000 vacancies. The vacancies, he said, would pay the minimum wage of 336 baht…
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Shenzhen now has more billionaires than New York, China has most in world
Shenzhen in China now has more billionaires than New York City. Meanwhile, China has 1,133 listed “billionaires”, more billionaires (measured in USD) than any other country in the world. These 1,133 Shenzhen billionaires make up 34% of the world’s 3,381 billionaires. This is despite the fact China lost 160 of its billionaires in a government crackdown last year. The crackdown…
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Thailand’s electricity tariff expected to surge higher than ever
After Thailand’s Energy Regulation Commission announced yesterday that the electricity price could rise to four baht per kilowatt hour, the ERC now says it will rise to a record high above that. The ERC says this will be the first time the price has surged this high. The fuel tariff is expected to be 0.24 baht per unit between May…
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Thailand’s power will be more expensive in May
From May until August, Thailand’s electricity price will rise to four baht per kilowatt hour, going up by 0.23-1.3 baht per unit. The country’s Energy Regulatory Commission is raising fuel tariffs following Russia’s invasion of the Ukraine. An ERC spokesman said another reason for the price surge is the declining supply of natural gas from the Gulf of Thailand. Russia’s…
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Province in Western Thailand works to revive tourism in new scheme
The governor of one Western Thai province whose tourism income plummeted this year announced yesterday the need for a “comprehensive strategy” to revive tourism. The province of Prachuap Khiri Khan made 1.85 billion baht in tourism in 2020, but that dropped to 36 million baht in 2021. “We expect travel activities to pick up once Covid-19 is classified as an…
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Thailand’s price cap on diesel will last through May
In the midst of skyrocketing fuel prices around the world, Thailand’s diesel price cap at 30 baht per litre will last until the end of May. After that, a loan of 40 billion baht that supports the subsidy allowing the cap is expected to run out. Thailand’s deputy prime minister, who is also the energy minister, said the country must…
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Federation of Thai Industries wants gov to scrap Test & Go, stop fuel price crisis
The Federation of Thai Industries has called on Thailand’s government to scrap the Test & Go scheme, and stop the ongoing fuel price crisis. On Thursday, the president of the federation suggested easing Test & Go to support tourism and a recovery for the Thai economy. The FTI suggested that Thailand only require fully vaccinated travellers to show proof of…
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As Thailand’s fuel prices spike, stockpile raised
As Thailand’s fuel prices continue to spike, officials have announced that the government will extend fuel stockpiling. Thailand’s Deputy PM and Energy Minister said in a meeting yesterday that the government has instructed oil companies to extend stockpiling of oil reserves from 60 to 70 days to help defuse a pending crisis. He said Thailand will keep its policy of…
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Prices for instant noodles, condensed milk to rise next month
Prices for instant noodles and condensed milk are set to rise next month as the Ukraine-Russia conflict has affected imports and exports in Thailand, according to the Ministry of Thai Commerce. The ministry says that the situation could cause inflation, but says the state would try to control the price of food and necessary products as much as possible. Commerce…
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Phuket’s tuna industry falling behind, Phuket VP calls to train fishermen
In a meeting yesterday, Phuket’s Vice Governor Pichet said the provincial government wants fishermen to develop stronger skills with tuna and tuna fishing practices. He said strict fishing laws have already lowered the number of tuna caught in the province. Another issue is that Thailand doesn’t have proper tuna fishing boats. VP Pichet said amendments to current laws on which…
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Thais can now work in Saudi Arabia
As of yesterday, Thai workers can now work in Saudi Arabia, and will be protected by Saudi laws. Thailand’s cabinet approved two draft agreements about this yesterday, which will last for five years. They will be extended for another five years unless one or both parties decide against it. Both countries will cooperate to make sure recruitment and employment is…
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Thailand’s businesses appeal to government to lower labour import cost
Thai businesses say they need more workers, and have appealed to the Labour Ministry to reduce costs of importing migrant workers from surrounding countries like Myanmar and Cambodia. Labour ministers said business operators are concerned that if not enough workers are brought in on time, their businesses won’t be able to meet orders and will have to pay fines. PM…
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Thailand, post Covid. What needs to change?
OPINION As Thailand starts to peer out from behind the Covid curtain, many expats and potential travellers are wondering if much will change after 2 years of lockdowns, closures re-openings and re-entry ‘plans’. Will we see changes in visas, property ownership, entry requirements and business laws? One of our YouTube commenters wrote in with his current ‘wish list’ (below). As…
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Government cracks down hard on pork hoarders
After Songkhla authorities accused one food company of hoarding 200 tonnes of pork in January, the government is on a mission to crack down on pork hoarding. Authorities have gotten more strict about storage and receiving procedures, and inspected 24.48 million kilograms of pork. They then seized 1.07 million kilograms of it that was hoarded. Pork prices are finally lowering…
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