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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Phuket hotels see steady service charges and rising room rates
Phuket’s hotel industry will see stable service charge income and rising room rates during the upcoming peak season, according to the Phuket Hotels Association (PHA). PHA President Bjorn Courage noted that employment levels in Phuket’s 95-member hotels have fully rebounded post-pandemic. Typically, service charges account for 10% of paid room nights and are distributed monthly among all staff members. With…
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Flooding disrupts Thai agriculture, vegetable prices surge
Flooding in several provinces across Thailand has led to significant disruptions in the supply of agricultural products, prompting the Commerce Ministry to closely monitor price movements. According to Wattanasak Sur-iam, Director-General of the Internal Trade Department, the floods have reduced supply, causing a noticeable increase in vegetable prices compared to last week. Hom mali paddy rice is currently priced at…
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Labour minister to investigate measures to save social security fund
Labour Minister Phiphat Ratchakitprakarn vowed to investigate measures to avert a potential collapse of the Social Security Fund (SSF) within the next decade due to funding shortfalls. The SSF, currently holding 2.6 trillion baht, is projected to grow to at least 4 trillion baht by 2034, according to the Thailand Development Research Institute and the International Labour Organisation (ILO). Despite…
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Hungary and Thailand to sign MoU for stronger economic ties
Hungary and Thailand are set to strengthen their economic ties with the signing of a Memorandum of Understanding (MoU) between the Hungarian-Thai Chamber of Commerce and the Budapest Chamber of Commerce next month. The Hungarian embassy facilitated a luncheon in Bangkok, where the Hungarian ambassador and local Thai media discussed Hungary’s role as president of the Council of the European…
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Thai farmers set to grow demand for chemical fertilisers next year
The demand for chemical fertilisers and agricultural chemicals among Thai farmers is expected to rise between October and December next year. This increased need is crucial for crops such as oil palm, rubber, fruit trees, and ornamental plants, which require year-round agricultural inputs. Udom Srisomrong, Deputy Director-General of the Department of Internal Trade, highlighted that the current fertiliser prices in…
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Harley-Davidson shifts gears to Thailand: A new twist in the tale
Legendary American motorcycle maker Harley-Davidson has stunned its fans and workers with a bombshell announcement: the production of three popular models will be shifted to Thailand starting in 2025. The decision has sparked a wave of outrage and concern among Harley’s loyal US customer base and workers, who feel betrayed by the move. The Pan America, Sportster S, and Nightster…
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Nine provinces miss reel deal, forcing Thai movie buffs to hit the road
Nine provinces in Thailand lack cinemas, forcing residents to travel to neighbouring regions to watch movies. The issue came to light recently when a netizen from Mae Hong Son expressed frustration about the lack of local cinemas, which sparked a broader discussion about social inequality and the economic viability of the cinema industry in these areas. The comment was made…
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Thai central bank may cut rates if digital wallet delayed
The Bank of Thailand might be compelled to reduce the policy rate earlier than anticipated if the new government opts to postpone the digital wallet policy slated for the fourth quarter. Analysts warn this delay could significantly impact the Thai economy. Despite the central bank’s Monetary Policy Committee (MPC) maintaining the rate at 2.5% last week, BofA Securities highlighted that…
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Thailand’s female CEOs soar but the gender equality gap remains
Thailand’s female business leaders are smashing glass ceilings at an impressive rate, but the country’s gender equality struggle is far from over. With 32% of senior leadership positions in Thai businesses held by women, compared to a global average of 27%, Thailand boasts one of the highest ratios of women CEOs in the world. Nearly 90% of businesses in Thailand…
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Job jolt: Thailand’s unemployment hits two-year high at 1.07%
Thailand’s unemployment rate surged to a two-year high, with 1.07% of the workforce out of a job, the National Economic and Social Development Council (NESDC) revealed. The rise marks the highest level of unemployment since the Covid-19 pandemic waned, showing a worrying trend in the nation’s job market. Danucha Pichayanan, NESDC Secretary-General, reported that the rate had climbed slightly from…
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Most Thai listed companies report Q2 this year profits
Thailand’s stock exchange disclosed that 819 out of 856 listed companies have submitted their second-quarter financial results for this year, with 631 reporting net profits. This represents a significant 77.05% of the companies that submitted financial statements. The Stock Exchange of Thailand (SET) has seen continuous growth in the second quarter of this year. Sales for listed companies in the…
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Thailand boosts HDD production with 23.5 billion baht investment
Thailand’s Board of Investment (BOI) approved a significant investment project by Western Digital Storage Technologies (Thailand) Co., Ltd., to expand its hard disk drive (HDD) and related equipment production. The project, valued at 23.516 billion baht, will take place in Bang Pa-in Industrial Estate, Phra Nakhon Si Ayutthaya province and 304 Industrial Park, Prachin Buri province. The Secretary-General of the…
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Thailand’s BRICS ambition: Gateway to economic power?
As Thailand contemplates joining the BRICS economic bloc, the nation’s public and private sectors are buzzing with anticipation over the potential opportunities and benefits. The growing excitement was evident at the International Media Club of Thailand (IMCT)’s inaugural seminar in Bangkok last Thursday, August 22, where two panels dissected the pros and cons of the Brazil, Russia, India, China, and…
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Going bananas: Songkhla’s top fritter vendor in a slippery situation
A well-known banana fritter vendor in Songkhla is facing difficulties due to a sharp increase in the price of bananas and a shortage of supply. Sales have dropped, and profits have dwindled, forcing some vendors to raise their prices. However, one vendor decided to keep her prices the same out of concern for her customers. At the entrance to the…
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Bangkok could be submerged in seven years warns economist
A Thai economist warned that Bangkok could be submerged by the sea within the next seven to eight years. The government has been urged to take immediate action to prevent significant economic and social damage. Anusorn Thammajai, Dean of the Faculty of Economics at the University of the Thai Chamber of Commerce and former member of the National Research Council…
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Gold prices steady in Thailand, gold ornaments at 40,950 baht
The Gold Traders Association (GTA) reported that gold prices remained stable today, with no increase or decrease from the previous day’s closing prices. Gold ornaments are selling at 40,950 baht per baht-weight. According to the latest data from the GTA released at 9.04 am today, August 26, the price of gold ornaments remains unchanged at 40,950 baht per baht weight…
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Thai bus firms under siege as Chinese rivals drive them up the wall
The Thai bus industry is under siege with Chinese bus operators flooding the market with cut-rate prices and dodgy tactics, leaving Thai companies struggling to keep up. The Thai Transportation Operators Association has sounded the alarm on this cut-throat competition. Wasuchet Sophonsathien, the association’s president, laid bare the ongoing crisis. Illegal foreign bus operators are muscling in on the market,…
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Thailand drafts new law to restructure oil prices
Thailand’s Deputy Prime Minister and Minister of Energy announced the completion of a draft law aimed at restructuring oil prices. This law is currently under review by a team of legal and energy experts before being presented to the Cabinet and later to the House of Representatives for consideration. Minister Pirapan Salirathavibhaga emphasised his commitment to ongoing projects despite the…
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Thai SMEs eye US e-commerce payday after major Amazon deal
Thailand’s small and medium-sized enterprises (SMEs) are set to cash in on the lucrative US e-commerce market following a groundbreaking deal inked between the Department of International Trade Promotion (DITP) and Amazon Global Selling (AGS). The partnership, formalised during the TOPTHAI Cross-Border e-Commerce Day 2024, aims to turbocharge the e-commerce export capabilities of Thai businesses, opening doors to the US$1.1…
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Thailand’s Nam Wa bananas go ‘bananas’ as prices soar
The price of Nam Wa bananas, also known as sugar bananas, has surged to a staggering 60 baht per bunch. Once a staple in Thai households, this beloved fruit is inching closer to becoming a luxury item, with experts predicting a further rise to 80 baht per bunch. For nearly a month, vendors and consumers alike have been grappling with…
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Thaksin denies political deal on return from exile
Thaksin Shinawatra firmly stated yesterday that no political arrangement was crafted with his conservative adversaries to facilitate his return from a 15-year exile last year. The former Thai premier made the statement during an on-stage interview at a forum organised by a local media group. “There is no deal, no one dare do a deal with me.” The 75 year…
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Thailand’s tourism boom tainted by zero-dollar tours
Thailand’s booming tourism sector is thriving under a new visa-free policy, attracting millions of foreign tourists. Yet, while Chinese visitors top the list, concerns are mounting over the resurgence of Chinese zero-dollar tours, which could be draining potential revenue from the Thai economy. From January 1 to August 18, Thailand welcomed a staggering 22,474,172 international tourists, who pumped 1.05 trillion…
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Bangkok jewellery fair set to sparkle with 3.5 billion baht in revenue
The upcoming 70th Bangkok Gems and Jewellery Fair is gearing up to dazzle with an expected revenue haul of at least 3.5 billion baht, according to the Department of International Trade Promotion (DITP) and the Gem and Jewellery Institute of Thailand (GIT). This glittering event, scheduled from September 9 to 13 at the Queen Sirikit National Convention Centre (QSNCC), is…
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Canada-ASEAN free trade agreement expected by next year
A free trade agreement (FTA) between Canada and the Association of Southeast Asian Nations (ASEAN) is anticipated to be finalised by next year, according to officials from Canada and Thailand involved in the discussions. Surin Thanalertkul, the Canadian embassy trade commissioner, along with Martin Sullivan, senior market development officer of the Canada Indo-Pacific Agriculture and Agri-Food Office (IPAAO), discussed the…
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Thailand minimum wage hike to 400 baht awaits govt decision
The Thai Labour Ministry and employer representatives are eagerly awaiting the new government’s decision on whether to increase the daily minimum wage to 400 baht nationwide, a move that could significantly impact the country’s labour market. Permanent Secretary for Labour Pairoj Chotikasathien stated yesterday, August 20, that while the policy was approved by the Srettha Thavisin administration in May, further…
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Digital wallet scheme may switch to cash to boost economy
The Budget Bureau chief confirmed that funds from the digital wallet scheme could be distributed as cash, provided the original goal to stimulate the economy is maintained. Chalermphol Pensoot stated that the distribution of 10,000 baht through the digital wallet scheme could continue, depending on the new government’s policies. “Distributing cash instead of digital money is not an issue, as…
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Economic journalist programme highlights digital finance skills
The closing ceremony for the 18th annual Advanced Economic Journalist Development Programme (AEJDP) highlighted the theme Unlocking Financial Potential for Wealth in the Digital Age. The event was organised by the Economic Reporters Association in collaboration with Bangkok Bank and the University of the Thai Chamber of Commerce. Bangkok Bank’s Deputy Manager, Chaiyarit Anuchitworrawong, presided over the ceremony and awarded…
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B.Grimm Power play: Profits surge with plans to expand in future
Multinational conglomerate B.Grimm Power Plc (BGRIM) reported a robust performance with a significant increase in normalised net profit for the first half of this year, alongside ambitious plans to enhance investment partnerships and expand its renewable energy portfolio. BGRIM President Harald Link highlighted that the normalised net profit attributable to the parent company rose by 2.3% year-on-year, reaching 1.09 billion…
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Thailand’s economy grows 2.3% in Q2, surpassing forecasts
Thailand’s economy roared back to life in the second quarter, fuelled by a surge in consumption, tourism, and exports, according to today’s eye-popping official data. This economic boost has prompted the government to up its growth forecast for the year. The National Economic and Social Development Council (NESDC) revealed that Southeast Asia’s second-largest economy expanded by 2.3% from the same…
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Thai baht rally faces threats amid political drama and bank policy
Thailand’s recent baht rally faces a rocky road as the country dives into political chaos just before the central bank’s policy meeting this week. Since July, the baht has been a star performer, climbing up the ranks as tourism bounced back from a near two-year low against the US dollar in May. But this impressive upswing could be at risk…
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