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 Why health insurance costs more each year and how expats in Thailand can save more money
Each year, many expats living in Thailand see their health insurance premiums go up and often without a clear reason. This can be frustrating, especially when you're trying to plan your budget. But by understanding why prices rise and learning...
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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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Huai Khwang’s food scene hit by strict regulations, eateries close
Recent developments in Huai Khwang district have seen a wave of closures across restaurant businesses including hotpot and shabu eateries. According to the Huai Khwang District Office, scrutiny has led to the discovery that many Chinese restaurants were operating without the necessary permits. The district office mandated that all eateries obtain proper licensing but this proved challenging for some. Compliance…
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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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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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Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
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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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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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Krungsri Research predicts growth for Thai construction
Krungsri Research unveiled the dynamic trajectory of Thailand’s construction sector for the next two years. According to the report, the construction industry is poised for a meteoric rise, with an anticipated annual growth rate of 3% to 4%. This surge aligns seamlessly with the overall investment value in construction, heralding a golden era of development on the horizon. The state…
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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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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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Driving economic growth: Thailand’s quest for clean energy
The call to action resonates through Thailand’s corridors of power as demands surge for the nation to lead the clean energy revolution across the region, igniting economic growth. Burin Adulwattana, the managing director and chief economist at Kasikorn Research Centre (K-Research), underscores the urgency of this endeavour, stressing its pivotal role in ensuring competitive pricing for clean energy within Thailand.…
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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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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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Thai government approves tax benefits for investment tokens
The Thai government has authorised tax measures aimed at fostering capital raising through investment tokens, as confirmed by Kulaya Tantitemit, the director of the Revenue Department. The decree, which was approved during yesterday’s Cabinet gathering, states that individuals who have received income, profit shares, or other benefits from holding digital investment tokens and have had a 15% withholding tax deducted,…
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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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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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Desperate Thai fruit seller offers eye for sale to clear debt
A poignant image of a 57 year old Thai fruit seller in Bangkok has stirred waves across the Internet after he pledged to donate one of his eyes to resolve his financial woes. The heartrending scene, initially shared by the Facebook Page Panda Lab Doctor, depicts the man selling fruits with a placard bearing the urgent message: “Eye for Sale.”…
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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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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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Grab Thailand empowers female drivers with campaign
To champion gender equality, Grab Thailand is rolling out its #WomenWelcome campaign on International Women’s Day 2024, promising equal earning opportunities and empowerment for women across the country. Amidst the celebrations of International Women’s Day 2024, Grab Thailand takes a bold step forward with the launch of its #WomenWelcome campaign. This initiative not only underscores the company’s commitment to fostering…
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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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Thailand’s revamped tax system promises economic boost
In a bid to shield the public from economic turmoil, Thailand’s Finance and Interior Ministries have unleashed a slew of reforms, spearheaded by Paopoom Rojanasakul, secretary to the finance minister. Addressing a high-profile property seminar, Paopoom asserted that the proposed alterations to the land and building tax are geared towards bolstering collection efficiency and ensuring a fair tax rate. “We…
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Thailand to build local pharmaceutical facilities to reduce import reliance
The National Committee on Drug System Development has greenlit the construction of local pharmaceutical production facilities, a notable stride towards decreasing the nation’s dependence on foreign-made medicines. This ambitious initiative comes with a budget exceeding 10 billion baht (US$280 million), as revealed by Deputy Prime Minister Somsak Thepsuthin, who presided over the recent committee meeting. Beyond the borders, another significant…
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