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 is a popular place for people who want to enjoy a good life at a lower cost or even on a budget. Many expats, retirees, and digital nomads choose to live here because daily expenses are cheaper than in...
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Grab Thailand to offer million baht loans to tap into digital lending
Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy…
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Thai government and Google partnership to boost digital economy
The Thai government announced a strategic partnership with Google to bolster the country’s digital economy and accelerate the development of artificial intelligence (AI). The agreement, unveiled at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting, seeks to enhance Thailand’s digital infrastructure, encourage the secure and responsible adoption of AI, anchor cloud-first policies, and make digital skills more accessible to Thai citizens.…
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Tourists travelling less but spending more in luxury Thai tourism
The luxury travel sector is witnessing a peculiar trend: tourists are travelling less but spending more, according to the observations from Pimalai Resort and Spa, a hospitality establishment located on Koh Lanta. The resort has also noted that Krabi tourism is grappling with the dearth of international flights, especially from China. The resort’s owner, Charintip Tiyaphorn, revealed that despite the…
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Thai government seeks urgent economic stimulus amid rising household debt
The Thai economy is in a dire state and in urgent need of a stimulus package to prevent further deterioration, according to the government. This stance arises amid ongoing discussions about the true state of the economy, with some expressing doubts about the actual need for the government’s proposed US$313 million handout scheme, which would necessitate a loan of US$15.6…
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Pattaya businesses backs discarded proposal for Chinese police patrols in Thailand
Pattaya Nightlife Business Association chairwoman Lamphueng Hamilton expressed her support for a now-discarded proposal for Chinese police officers to patrol popular tourist areas in Thailand. The proposal, originally mooted by the Thai government, has since been unequivocally dismissed. However, several Pattaya-based private tourism operators continue to champion the idea. Their support stems from a notable decrease in Chinese visitors, which…
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Thailand PM invites Tesla, HP, and Analog Devices to invest
Thailand Prime Minister Srettha Thavisin extended an invitation to three significant American corporations to consider investing in Thailand, asserting the nation’s capability to act as their productive bases. The 61 year old prime minister recently visited the manufacturing plant of Tesla’s electric vehicles (EVs), where he participated in a trial run of the company’s cyber truck, which is set for unveiling…
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Global sugar shortage anticipated despite increased production in Brazil, Russia, China
A report by CovrigAnalytics released yesterday revealed an anticipated global sugar shortage. The deficit is estimated to be 2.4 million metric tonnes in the 2023/24 crop year, marking an increase of 200,000 tonnes from previous expectations. Despite increased sugar production in Brazil, Russia, and China, the shortfall in output from India and Thailand, due to inadequate humidity, will not be…
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Star Petroleum predicts global oil price drop despite high energy demand
Star Petroleum Refining Plc predicts a decrease in global oil prices for the remainder of the year despite robust energy demand. The reduction in prices is anticipated due to a potential surplus among key oil producers, according to Sakchai Thamsuruk, the manager for supply and planning at the petroleum company. The global oil industry is closely observing Saudi Arabia and…
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Thai Government Savings Bank promises low interest rates for home loans
The Government Savings Bank (GSB), an institution committed to enabling Thai citizens to own their homes, is prepping a credit line of 45,000 million baht to offer three home loan products with fixed interest rates for the first three years, marking the end of this year. The initiative is expected to inject liquidity into the economy. According to Karm Phonprakong,…
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Thai government to finance digital wallet scheme with 500 billion baht loan
The Thai government has plans to secure a loan of 500 billion baht to finance a digital wallet scheme, revealed Prime Minister Srettha Thavisin. This digital wallet scheme is targeted towards Thai citizens who are 16 years and older, earning less than 70,000 baht per month with less than 500,000 baht in bank deposits. The 61 year old Thai prime…
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Thai deputy PM defends government’s initial performance amidst economic criticism
Thailand Deputy Prime Minister Phumtham Wechayachai defended the government‘s performance during its initial two months in office, amidst criticism that the economy has seen little to no improvement and the cost of living remains high. The deputy PM stated that the fruits of the government’s labour would not be noticeable until at least 100 days have passed, as many departments,…
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Digital wallet boost: Thai government to inject 600,000 million baht into economy
The government is set to inject 600,000 million baht into the economy through the well-documented digital wallet initiative. This programme will provide 10,000 baht to Thai citizens aged 16 and above, with an income not exceeding 70,000 baht and savings of no more than 500,000 baht. The initiative, set to run for six months, will be applicable within the citizen’s…
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Budget travel: Thai travelers choose affordability amid economic instability
In the wake of an unpredictable global economy, travellers are becoming increasingly cost-conscious. A recent survey by online travel agency Booking.com revealed that the majority of Thai citizens are apprehensive about the escalating cost of living and are thus curtailing their expenditure on travel, opting for budget travel instead. Michelle Gao, the regional manager for the Mekong region at Booking.com,…
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Sweet setback: Thailand’s sugar exports face sticky situation with government controls
Thailand’s sugar exports, which sit second globally behind Brazil, are threatened with potential delays in the coming year. This comes after the Thai government implemented new controls to guard the domestic supply and curb smuggling. The newly instated regulations require official approval for the export of any quantity exceeding one tonne, a move that some traders have voiced concerns could…
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The Energy Ministry crackdown on petrol retailers stockpiling fuel after price cut
The Energy Ministry has pledged to take stringent action against oil retailers found to be illegitimately stockpiling fuel. This decision comes in response to complaints about a sudden shortage of oil at petrol stations, following the government’s decision to lower the prices of gasohol 91 and gasohol 95. On the morning of November 7, petrol stations across the nation began…
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Economic hurdles hamper Thailand’s tourist market recovery despite visa exemptions
Tourism operators have indicated that economic challenges are hindering the recovery of tourist markets from China, Taiwan, and India, despite Thailand’s recent introduction of visa exemptions. These exemptions, implemented for Chinese visitors since September 25, have had limited effect due to perceptions of Thailand as unsafe and China’s sluggish economic growth, according to Thanet Supornsahasrungsi, ex-president of the Chon Buri…
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Thailand’s inflation drop fuels economic slowdown fears
Concerns are heightening among analysts over Thailand’s first year-on-year inflation decline in 25 months. The drop in the Consumer Price Index (CPI) is viewed as an indication of increasing risks of economic deceleration and deflation. BofA Securities, previously known as Bank of America Merrill Lynch, highlighted that the inflation figure for October signified the first year-on-year decline since August 2021.…
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ICONSIAM’s billion baht renovation: M and first floors set for stunning transformation
ICONSIAM Mall is preparing a substantial investment of 1 billion baht for a significant renovation of the complex, set to start in July 2024. The refurbishment is specifically targeted at the M and first floors of ICONSIAM, with the project expected to run until mid-2025. The company’s managing director, Supoj Chaiwatsirikul, explained that the ICONSIAM billion baht renovation will adjust…
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Thai govt reduces foreign worker visa fees to 500 baht to boost economy
Foreign worker visa fees for four nationalities have been reduced to 500 baht, with the fee changes expected to be enforced from November 11 for a duration of four years. This reduction aims to stimulate the Thai economy’s recovery by promoting the legal employment of migrant workers from Cambodia, Laos, Myanmar, and Vietnam. Somchai Morakotsriwan, currently acting as the Director-General…
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Inflation rate in Thailand dips for first time in over two years
The Commerce Ministry of Thailand announced today that the country’s inflation rate has dipped for the first time in 25 months, primarily due to a drop in energy and food prices. This development is attributed to the government’s support measures. The consumer price index (CPI) noted a 0.31% reduction in October, compared to the same period last year. This contrasted…
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Thailand economy: Fiscal position to suffer due to government policies like digital wallet scheme
Thailand’s fiscal position is predicted to face a downturn in the medium term, according to analysts, as the government advances populist policies such as the digital wallet scheme. BMI, a division of Fitch Solutions, forecasts that the nation’s budget deficit will escalate from 2.9% in the current fiscal year to 3.6% in the following fiscal year. This is due to…
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Thailand sees 2.3% rise in fuel consumption amid economic growth
Thailand has witnessed a 2.3% surge in fuel consumption in the initial nine months of this year, averaging at 154 million litres daily, in harmony with the country’s economic expansion, according to the Department of Energy Business. There was an upswing in the demand for most fuel types, except for diesel, which saw a minor decline of 4.5% to 69.2…
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Thailand to cut retail gas price following energy conservation fund resolution
A significant resolution was announced by the director-general of Alternative Energy Development and Efficiency, Prasert Sinsukprasert, on November 2. The pronouncement concerned a resolution on the Fund of Energy Conservation, which is set to bring about a substantial reduction in the retail gas price of Gasohol 91 by 2.50 baht per litre. This change is slated to take effect from…
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Economic resilience in question: Thailand’s situation amid Middle East conflicts
Sethaput Suthiwartnarueput, the governor of the Bank of Thailand, addressed a business seminar today, emphasising the need for Thailand to bolster its economic resilience to secure sustainable growth. He warned that economic stability should not be taken for granted, particularly considering the potential high-risk side effects that conflict in the Middle East could pose. Thailand, the second-largest economy in Southeast…
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Thailand tourism aims for 2.38 trillion baht target with late-year surge
Aiming to achieve its revenue target of 2.38 trillion baht, Thailand’s tourism sector is pushing ahead in the last two months of the year. The Tourism Authority of Thailand (TAT) announced that the total takings for the first ten months stood at 1.67 trillion. TAT’s governor, Thapanee Kiatphaibool, outlined plans to stimulate the sector further, with a focus on intensifying…
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Thailand’s proposed land bridge project could boost various sectors
The potential implementation of the proposed land bridge project in Thailand could significantly benefit sectors such as contractors, industrial estates, transport, and finance, according to industry analysts. The project, which has been under discussion by various governments for four decades, aims to connect the Andaman Sea to the Gulf of Thailand, specifically via the provinces of Ranong and Chumphon. The…
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Potential slump for Thai stock market due to digital wallet scheme delay
The Thai stock market is facing a potential slump this month, following a 6.1% drop in October and a 17.2% decline year-to-date, due to potential delays to a significant digital wallet scheme and a slower-than-anticipated recovery in the tourism sector. Such concerns are sparking significant investor anxiety, according to industry analysts. Sompong Benjathepanan, the assistant managing director at AIRA Securities,…
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Thai exports set for boost from cars, electronics and agriculture
With a forecasted lethargic overall performance in 2023, Thai exports are set to be propelled by automobiles, auto parts, electronics, and agricultural products in the concluding quarter of this year, according to the Federation of Thai Industries (FTI). The FTI anticipates a rising global demand for these products, which should invigorate Thai exports that have been sluggish for several months.…
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Phuket’s nightlife venues to stay open till 4am boosting tourism and economy
Phuket Governor Sophon Suwannarat called upon local authorities to prepare themselves for the island’s nightlife venues, which remain open until 4am. This directive was issued during a meeting at Phuket Provincial Hall, where officials were instructed to identify the precise areas or zones where the late-night operations would be applicable. The urgency for Phuket’s officials is palpable. Deputy Prime Minister…
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Thai MPI faces contraction amid global conflicts and tourism slump
The Office of Industrial Economics (OIE) anticipates a contraction between 4% to 4.5% in the Thai Manufacturing Production Index (MPI) this year due to less-than-projected tourism growth and geopolitical conflicts impacting the global economy. In contrast, the MPI was projected to shrink by 2.8% to 3.8% in July. The OIE further predicts a contraction of 2.5% to 3% in the…
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