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 rice exports expected to drop 14.4% amid global competition
A projected drop of 14.4% in Thailand’s rice exports is anticipated for this year, due to a combination of reduced production and increased global competition, as reported by the Foreign Trade Department. The department’s director-general, Ronnarong Phoolpipat, revealed that the estimate of 7.5 million tonnes of rice exports this year was jointly made with the Thai Rice Exporters Association. This…
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Thai government aims to boost cross-border trade despite 2023 contraction
The Thai government is aiming to reinvigorate its cross-border trade, including transit trade, this year following a 2.6% contraction in 2023, which saw the value fall to 1.7 trillion baht (US$48 billion). The Foreign Trade Department’s director-general, Ronnarong Phoolpipat, stated that the Commerce Ministry would expedite cross-border and transit trade according to the government’s investment promotion strategy for 2024-27. To…
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Central Group grabs Ploenchit Road for record-breaking 16 million baht per square metre
The land price per square wah in the heart of Bangkok is set to smash records, with Central Group snatching up a plot on Ploenchit Road from the Sukosol family at 4 million baht per square wa (16 million baht per square metre). This coveted three-rai plot, formerly the Morakot parking lot nestled between Central Chidlom and Soi Somkid, has…
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Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
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South African-Thai Chamber of Commerce host networking event in Pattaya
The South African-Thai Chamber of Commerce (SATCC) hosted the SATCC ESB Multi-Chamber Networking Evening at Pullman Pattaya Hotel G on January 19. The event, generously supported by Bumrungrad Hospital as the main sponsor, transformed the venue into a vibrant hub of collaboration. A constellation of sponsors, including Macallan Insurance Broker, Q Cars, Red Wolf Global, and CSP Construction, illuminated the…
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Thailand’s manufacturing production sees steep fall due to car output drop
The Industry Ministry reported a year-on-year fall of 6.27% in Thailand’s manufacturing production index for December, attributed to a downturn in car production. This figure was notably steeper than the anticipated 3.2% decrease, according to a Reuters poll. This followed the 4.71% drop in November, rounding out a year in which overall output shrank by 5.11%. In addition to the…
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Google reigns supreme: Thailand’s top talent magnet for sixth year running
WorkVenture revealed the most coveted companies in Thailand, and surprise, surprise: Google claims the top spot for the sixth consecutive year. Unveiling the Top 50 Companies in Thailand 2024, the survey, conducted among over 11,452 young professionals, offers a snapshot of the Thai job market’s evolving landscape. As the professional arena adapts to the changing tides, the new generation of…
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Thai government and central bank clash over interest rates
The ongoing discord between government officials and central bankers regarding interest rate adjustments is creating uncertainty for local banks and could potentially trigger further foreign investor withdrawals. Thailand Prime Minister Srettha Thavisin, along with key advisors, is advocating for a reduction in rates by the Bank of Thailand (BoT) to stimulate an economy the Thai PM describes as being in…
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Bangkok leverages Boys Love series for global Thai product boost
Bangkok’s commerce scene is set to undergo a transformative boost as the Deputy Prime Minister and Commerce Minister, Phumtham Wechayachai, revealed a groundbreaking initiative to elevate Thai products and services to the global stage through the popular and increasingly recognised medium of television and films. Slated to reach an audience of three million across 100 countries, the scheme aims for…
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SET index may drop below 1,300 due to digital wallet handout
The Stock Exchange of Thailand (SET) index could potentially plummet below the 1,300-point mark this year, warns the CEO of One Asset Management (ONEAM), Pote Harinasuta. This alarming projection is associated with the government’s proposed digital wallet handout which could result in Thailand’s credit rating being downgraded and a subsequent hike in corporate borrowing costs. Key factors that could influence…
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Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
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Thai government seeks interest rate cut as household debt fuels recession
Thailand’s economy is currently grappling with a recession triggered by soaring household debt, as reported by the Deputy Finance Minister, Julapun Amornvivat, today. This intensified the call for the central bank to reduce interest rates. Julapun also expressed the government’s commitment to the 500 billion baht distribution plan, which aims to allocate 10,000 baht per person to 50 million Thai…
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Thai baht heads for poorest January since 2020
The Thai baht, after experiencing a nearly 4% loss compared to the US dollar, is on track for its poorest January performance since 2020. The currency’s downfall signals further challenges ahead, given the significant outflows. Emerging Asia’s top-performing currency in the fourth quarter turned into this year’s biggest loser as global funds avoid Thai assets. This comes amid a dispute…
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Thailand’s Land Bridge project eyed for boosting economy amid local concerns
Thailand’s Land Bridge project, a major infrastructure initiative resembling a proposed shortcut through Southeast Asia, dominated the recent mobile Cabinet meeting in Ranong. Residents expressed apprehensions to Prime Minister Srettha Thavisin, highlighting potential environmental damage and disruptions to their lifestyle. In the face of forecasted stagnant GDP growth, the government views the Land Bridge project as a promising solution for…
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Red sea conflicts could disrupt global trade, Thai economy at risk
The business world is on high alert as the ongoing conflicts in the Red Sea and the Israel-Hamas war pose potential risks to the global economy. The strategic planning unit of the Commerce Ministry is urging stakeholders to keep a close watch on the situation and its potential implications. The conflicts could bring both direct and indirect negative impacts on…
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Italian scientist receives Thai honour, boosting Thailand-Italy relations
The Prince Mahidol Award 2023, a distinguished Thai honour in the medical field, has been conferred upon Prof Dr Napoleone Ferrara, an Italian medical scientist. The award’s presentation underscores the over 156 year old bond between Thailand and Italy. The Italian Embassy in Thailand celebrated this honour, hosting a ceremony for Professor Dr Ferrara. Distinguished Thai figures with notable Italian…
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Rising Red Sea tensions to spike freight rates warns EconThai
Global supply chains are bracing for further potential disruptions, as rising tensions in the Red Sea are projected to escalate freight rates in February, according to the Employers’ Confederation of Thai Trade and Industry (EconThai). The organisation has already noted an increase in freight rates by 1.89 to 2.42 times, a trend expected to persist should the tensions continue. Tanit…
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Thailand’s new green utility tariff boosts renewable energy use
The unveiling of a Green Utility Tariff (GUT) next month is set to bring about a significant progression in renewable energy use within Thailand, bolstering local businesses and attracting foreign investment. This move has been eagerly awaited by numerous companies considering expansion into Thailand, as they seek not only the necessary infrastructure but also a source of clean energy to…
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Experts warn of looming crisis for Thai economy
Dr Pipat Leungnamritchai, the chief economist at Kiatnakin Phatra Bank warned that the Thai economy is treading on thin ice, relying on unsustainable factors for growth. According to a recent exposé by Krungthep Thurakij on January 20, the nation’s financial stability is hanging by a thread. Dr Pipat highlighted the precarious reliance on low-interest rates, fiscal stimuli, and the booming tourism…
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Thai PM announces stimulus measures amidst economic crisis
Acknowledging Thailand’s struggling economy, Prime Minister Srettha Thavisin, who also serves as the Finance Minister, said today the government is set to introduce a series of stimulus measures to bolster growth. This revelation comes amidst criticism from Bank of Thailand‘s (BoT) Governor Sethaput Suthiwartnarueput, who argued that the government’s efforts will not rectify the underlying structural problems at the root…
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Thailand’s economic growth falls short of projections amid potential crisis
The pace of Thailand’s economic recovery slackened last year, falling short of the official predictions, as disclosed by government spokesperson Chai Wacharonke. This could increase the likelihood of the central bank considering an early easing strategy. Chai revealed today, January 23, that the Thai economy only expanded by 1.8% last year, a drop from the 2.6% growth experienced in 2022.…
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Thai economy experts predict 3% growth despite digital wallet scheme delay
Leading economist Somchai Phakapaswiwat foresees a 3% economic growth despite the government’s 500-billion baht handout scheme‘s potential delay. Renowned economist Somchai Phakapaswiwat set tongues wagging yesterday, January 22, when he confidently declared that Thailand’s economic trajectory remains unscathed, poised for an impressive 3% growth, despite uncertainties surrounding the government’s 500-billion baht handout scheme. According to Somchai, the delay in the…
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Thai SMEs threatened by proposed minimum wage hike and high loan rates
The Federation of Thai Industries (FTI) warned that small and medium-sized enterprises (SMEs) could be significantly affected by the proposed daily minimum wage hike and high loan interest rates. This comes as the government persists in its efforts to increase wages. Towards the end of 2023, a resolution was reached by the tripartite wage committee, composed of representatives from the…
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Global economy to grow in 2024, Thai leaders face new challenges
The global economy is projected to grow in 2024, according to forecasts by leading business groups and the World Bank. However, Thai leaders are expected to navigate new challenges such as bridging generational gaps in conversations and encouraging younger workers to mentor older employees on new technologies. Meanwhile, the stress levels among all employees are at an all-time high, triggering…
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Thai PM pushes for minimum wage raise
Prime Minister Srettha Thavisin declared yesterday that Thailand must abandon its reliance on low labour costs to entice foreign investments, pushing for a raise in the country’s minimum wage. Addressing a panel discussion titled Learning from ASEAN at the World Economic Forum in Davos, PM Srettha emphasised a paradigm shift in priorities. “Low labour cost should not be the attracting…
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Thai commerce minister targets US for premium rice exports boost
Thai Commerce Minister Phumtham Wechayachai, during his visit to the US, affirmed his determination to boost exports of premium rice and other food products from Thailand. His ambition is to amplify exports of rice and food items from the Land of Smiles by 1.75 billion baht. The US, Thailand’s second largest trading partner and the principal importer of Thai hom…
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PTTEP boosts gas production at Erawan to avoid hefty fine
PTT Exploration and Production Plc (PTTEP) is stepping up gas production at the Erawan gas block in the Gulf of Thailand to avoid a hefty fine. The penalty would be due to a failure to supply the volume of gas stipulated in a contract signed with PTT Plc, Thailand’s sole gas dealer. The chief executive of PTTEP, Montri Rawanchaikul, expressed…
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Thailand’s central bank bans prepayment charges in new lending regulation
The Bank of Thailand (BoT) has introduced a new responsible lending (RL) regulation that bans charges for debt prepayment and restructuring across all consumer loan products. The regulation, which comes into effect on January 1, impacts various financial institutions such as banks, non-banks, asset management companies, and specialised financial institutions. However, the ban does not apply to fees for mortgage…
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Thai Cabinet ratifies 3.6 trillion baht budget for fiscal year 2025
The Thai Cabinet ratified a 3.6 trillion baht budget for the fiscal year 2025. This sees an expansion of the budget deficit to 713 billion baht, a 2.89% increase from the previous year. The new budget was approved by the Cabinet on Tuesday, following its presentation by the Budget Bureau. It was announced by the Deputy Government Spokesperson, Rudklao Suwankiri.…
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Cabbages cash in: Korat farmers cultivate green gold for speedy harvest and sweet profits
Farmers in Korat are turning to the cultivation of cabbages due to their short life cycle, quick harvest, and attractive returns. This shift has been motivated by a departure from traditional crops like potatoes and sugarcane. Farmers are attracted to cabbage farming because it guarantees quick cash flow compared to other crops that take longer to mature and sell. In…
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