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 food delivery apps dish out tasty profits
Thailand’s food delivery and on-demand super apps have demonstrated moderate growth despite economic hurdles, with major players generating significant revenue increases in 2023. Business data provider creden.co reports that total revenue for these apps reached 31.7 billion baht last year, rising from 27 billion baht in 2022. Grab Taxi (Thailand) achieved a profit for the second year running, with revenue…
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Thailand’s manufacturing sector hit by surge in factory closures
A surge in factory closures has heightened concerns over the weakening of Thailand’s manufacturing sector, as indicated by Kiatnakin Phatra Financial Group (KKP). KKP Research revealed that Thailand’s manufacturing production index experienced a decline over a 15-month span from December 2022 to March 2024, despite a global trade recovery commencing late last year. Thailand has seen an increase in factory…
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Thailand is fast becoming a global LGBTQIA+ hub
Thailand is on the brink of becoming the ultimate destination for the LGBTQIA+ community, thanks to its welcoming environment, progressive policies, and the recent launch of the Pink Plus Economy initiative. This revolutionary move, announced on Sunday by Borderless.lgbt, aims to create a supportive ecosystem for LGBTQIA+ individuals in Thailand, encompassing living, family planning, and retirement. The initiative is backed…
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Nearly 30% of Thailand’s beggars are foreigners
Thailand’s bustling streets are teeming with beggars, and the latest statistics reveal a startling trend: nearly 30% of them are foreigners. Social Development and Human Security Minister Varawut Silpa-archa made the revelation today, June 11, addressing a surge of complaints on social media about the growing presence of beggars, especially outside Bangkok’s major shopping malls. According to Varawut, approximately 8,000…
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Thai cannabis advocates ‘weed’ out opposition in Bangkok
Cannabis advocates are rallying to protect the future of the plant in Thailand. Led by Prasitchai Nunual, the Secretary-General of the Network for Shaping the Future of Thai Cannabis, over 300 people are set to gather in front of the UN Office on Ratchadamnoen Avenue, aiming to march to the Government House. Their protest, scheduled for yesterday at 1pm, coincides…
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Koh Phayam fears Land Bridge project will disrupt island’s harmony
Koh Phayam, located 17 kilometres off the Andaman Sea coast, is known for its unspoiled forests and pristine beaches, making it a popular destination for tourists seeking peaceful recreation and the charming lifestyle of local fishers. Covering a 35km² area, it stands as the second largest island in Ranong Province. In recent years, Koh Phayam has garnered attention as a…
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Gold prices expected to rise amid Federal Reserve rate cuts
YLG Bullion International advises investors to accumulate gold as prices consolidate, with expectations of a rise in the medium to long term, particularly after anticipated interest rate cuts by the Federal Reserve later this year. Global gold prices have increased by 13.2% this year as of today, driven by high demand from central banks and institutional investors amidst tightening supply,…
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Thai condo market faces turbulence with Myanmar buyers blocked
The Thai condominium market is bracing for a storm as Myanmar’s crackdown on property purchases by its citizens threatens to halt a major influx of foreign investment. According to the Thai Condominium Association, the clampdown could significantly impact condo transfers during the second and third quarters of this year. Prasert Taedullayasatit, president of the association, revealed that Thai condo units…
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Thailand eyes MICE supremacy in Southeast Asia
Thailand is pulling out all the stops to become the epicentre of MICE tourism in Southeast Asia, with Vietnam emerging as a potential powerhouse partner. This ambitious vision, spearheaded by Puripan Bunnag, Senior Vice President of the Thailand Convention and Exhibition Bureau (TCEB), aims to harness the post-pandemic resurgence in the MICE sector to bolster Thailand’s economy. “The MICE segment…
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Thailand’s steel sales slump 11 to 12% due to weak car market
Thailand’s sluggish car sales prompted an 11 to 12% decline in premium-grade steel sales during the first four months of 2024, raising concerns about reduced steel consumption this year, according to the Federation of Thai Industries (FTI). FTI Iron and Steel Industry Club Vice-Chairman Nava Chantanasurakon stated that local steel manufacturers are bracing for a tough period, with expectations of…
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Khon Kaen Zoo opens for wild mushroom harvesting, aids economy
Khon Kaen Zoo opened its Khao Suan Kwang area to villagers for wild mushroom harvesting, aiming to boost the local economy through sales to tourists and family consumption. The early arrival of the rainy season this year has led to a noticeable increase in rainfall across the Khao Suan Kwang mountain area, resulting in lush greenery and a significant growth…
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Baht hits two-week high but faces long-term depreciation risks
The Thai baht surged to a two-week high yesterday, surpassing 36.5 to the dollar, marking a strong short-term gain. However, Kiatnakin Phatra Financial Group (KKP) has issued a cautionary note about the potential depreciation of the currency, attributing it to persistent structural issues in Thailand’s economy. Yesterday, the baht led gains among Asian currencies, appreciating by 0.3% to its highest…
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Bonding issues: Political turmoil shakes Thai investor confidence
Thailand’s escalating political risks are making foreign investors hesitant about the nation’s bond market, despite a cautious return in May after a six-month break. In May, global funds bought US$511 million worth of Thai bonds, a notable difference compared to larger acquisitions in Indonesia, India, and South Korea. Comparative indicators of foreign investment show Thailand lagging behind its regional counterparts.…
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Peso power play: CIMB targets record 75 billion in loans for 2024
CIMB Bank Philippines, a subsidiary of Malaysia’s CIMB Group Holdings Bhd, announced an ambitious lending target of over 75 billion pesos (US$1.28 billion) to Filipino customers this year. This represents a 23% increase compared to 2023, according to the bank’s chief executive officer. Chief Executive Officer Vijay Manoharan disclosed the bank’s plans during a press conference, stating that CIMB Bank…
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SET unveils plan to boost foreign and family business investments
The Stock Exchange of Thailand (SET) unveiled a strategic business plan targeting foreign industries operating in Thailand and family businesses, aiming to boost market capitalisation. SET executives highlighted the shift in investment trends, particularly post-pandemic, with technology stocks rising as traditional businesses adapt to the digital age. SET officials noted that the Thai market has faced trust and confidence issues…
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Thai export growth set to miss target amid global challenges
The anticipated growth in Thai exports this year is poised to fall short of expectations due to a mix of external and internal hurdles, as outlined by a recent assessment from a private sector panel. During its recent meeting, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) upheld its projection for export growth in 2024, estimating it to…
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Thai tourism revenue to hit 3 trillion baht, misses target
Thai tourism revenue is projected to reach 3 trillion baht this year, falling short of the government’s target of 3.5 trillion baht due to economic challenges in key markets, the Tourism Authority of Thailand (TAT) reported. As of today, Thailand has seen 14.9 million foreign arrivals, generating 709 billion baht (US$19.4 billion). This figure represents roughly 30% of the international…
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Thailand predicts 2.7% growth amid slow export recovery, high debt
Thailand’s economy is experiencing a gradual recovery, with projected growth of between 2.2% and 2.7% this year, according to a recent announcement by a prominent joint business consortium. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), which includes key stakeholders from these sectors, has maintained its previous growth forecast. Exports, a crucial component of Thailand’s economic engine, are…
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Thailand aims to be global hub for skilled foreign workers
Thailand is aiming to enhance its global competitiveness by becoming a hub for skilled foreign workers, as part of a long-term strategy to drive and sustain economic growth. Prime Minister Srettha Thavisin is spearheading this initiative by introducing a range of new visa types designed to attract international talent, according to government spokesman Chai Wacharonke. This announcement was made yesterday,…
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Thailand to tax residents’ foreign income irrespective of remittance
The Revenue Department of Thailand will amend a law to tax individuals with foreign income, even if that income is not brought into Thailand. Director-General of the Revenue Department, Kulaya Tantitemit stated that the current tax law mandates individuals residing in Thailand for over 180 days per year to pay taxes on foreign income if it is brought into the…
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Cathay Pacific delays new routes for full capacity takeoff
Cathay Pacific Airways, Hong Kong’s flag carrier, will refrain from expanding into new routes until it achieves full capacity by early next year. Despite reaching 80% of its pre-pandemic capacity, Chairman Patrick Healy stated that speeding up the timeline “is not the right thing to do.” Healy revealed to the South China Morning Post that the airline has no immediate…
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Lack of digital literacy in Thai workforce likely to effect economy
The National Economic and Social Development Council (NESDC) raised concerns over the state of literacy and digital skills among the youth and workforce, citing potential detrimental effects on the economy in the coming years. According to NESDC Secretary-General Danucha Pichayanan, recent surveys indicate alarming figures with 64.7% of individuals possessing literacy skills below international standards, while 74.1% exhibit substandard digital…
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La Niña weather phenomenon likely to further fuel food inflation
The Commerce Ministry is closely observing the transition from the El Niño to La Niña weather phenomenon, which could impact Thailand’s inflation, especially concerning food items like fresh vegetables and fruit due to their water sensitivity. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn stated that data from the Thai Meteorological Department (TMD) shows that El Niño…
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Thai trade event forecasts 60 billion baht in deals
Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai praised the THAIFEX–ANUGA ASIA 2024 event, predicting trade deals worth 60 billion baht over five days. The event, held from May 28 to June 1 at the Impact Exhibition Centre in Mueang Thong Thani, was organised by the Ministry of Commerce’s Department of International Trade Promotion, in collaboration with the Thai…
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Thai film industry to exceed 3.8 billion baht at Cannes festival
The 77th Cannes Film Festival has presented significant opportunities for the Thai government, local filmmakers, and production companies to secure lucrative business deals. The festival, which ran from May 14 to 25, is expected to generate more than the 3.8 billion baht grossed from last year’s event. Companies participating in the Thai booth, which showcased local films and promoted tourism,…
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Thailand’s Pride Month to attract 860,000 visitors
The Thai government is preparing to champion gender equality, anticipating that Pride Month activities will provide a significant economic boost. Deputy government spokeswoman Kenika Ounjit highlighted that Prime Minister Srettha Thavisin’s administration had announced this initiative as he assumed office. “The government aims to foster a society that embraces diversity and equality across age, gender, religion, and social status, positioning…
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Thailand doubles visa-free stay for 93 nations to boost tourism
Thailand has extended the visa-free exemption period for visitors from 30 to 60 days .This is great news for tourists and business travelers alike, as it will allow them to stay in Thailand for longer periods of time. The visa exemption applies to nationals of 93 countries, including the United States, Canada, the United Kingdom, Australia, and Japan. Visitors from…
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Thailand leads in fresh durian exports to China, 121 tonnes by April
Thailand firmly established itself as the top exporter of fresh durians to China, with over 121,398 tonnes shipped in 2024, according to Global Trade Atlas (GTA) data. Additionally, mango exports to South Korea have surged, influenced by favourable trade agreements. Government spokesperson Chai Wacharong announced that Thailand’s Ministry of Commerce revealed new data showing the country exported fresh durians to…
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Thai private sector seals 40 million baht meal deal with Dubai
Thai private sector, led by Phumtham Wechayachai, signed a significant food export agreement with Dubai, kicking off with an immediate order worth 40 million baht and aiming to exceed 100 million baht by year-end. Efforts to expand into the Middle Eastern market are now underway. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai revealed that he witnessed the signing…
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Srettha unveils plans for Thailand’s economy at UBS conference
At the UBS Asian Investment Conference 2024 in Hong Kong, Prime Minister Srettha Thavisin showcased a visionary blueprint for Thailand’s economic revolution. Addressing over 2,000 participants and 300 companies from the Asia-Pacific region, he laid out a series of strategic initiatives designed to attract global investment and drive innovation and sustainability. The 62 year old PM emphasised the nation’s readiness…
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