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 healthcare system is well-regarded across Southeast Asia, with options ranging from public hospitals to world-class private facilities. But when it comes to foreign residents or tourists, healthcare access isn’t as straightforward. So, do foreigners get free healthcare in Thailand?...
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Loan rejections soar for Thai homes under 3 million baht
The Thai housing market is facing a significant challenge as a growing number of loan applications for homes priced below 3 million baht are being rejected. According to the Housing Finance Association, the rejection rate has spiked to 50%, highlighting the vulnerability of this segment despite its substantial market size. The association’s secretary-general and chairman of the executive board, Alangkot…
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Thai economy set for revival amid global uncertainties
The Federation of Thai Capital Market Organizations (FETCO) anticipates a revival of the Thai economy in the latter half of the year, supported by potential interest rate reductions. This optimistic outlook emerges amidst global economic uncertainties, with possible recessions in the UK and Japan, and China grappling with a prolonged property crisis. FETCO chairman Kobsak Pootrakool believes that the global…
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Foreign currency deposits surge in Thailand
The past year has seen a significant upturn in foreign currency deposits (FCDs), spurred by appealing interest rates due to global rate hikes. According to data from the Deposit Protection Agency (DPA), member financial institutions observed a surge in FCDs to a total value of 812 billion baht (US$22 billion) by November 2023, up from an earlier figure of 640…
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BAAC to launch e-commerce platform with Chinese tech firm
The Bank for Agriculture and Agricultural Cooperatives (BAAC) is in discussions with a prominent Chinese technology firm to establish a joint venture. The focus of this venture is to create an e-commerce platform to streamline the sale of agricultural commodities to China, as revealed by Chatchai Sirilai, the bank’s president. In this joint venture, the BAAC will not be considered…
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Thailand gov urges bank to cut interest rate amid economic crisis
The ongoing feud between Prime Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput regarding interest rates remains the focus of media attention. Meetings of the Monetary Policy Committee (MPC) have been closely watched as elements of the government and business sector believe the central bank needs to reduce the policy rate. The MPC is set to meet six…
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ThaiBev intensifies commitment to sustainable growth
Thai Beverage Plc (ThaiBev) is stepping up its commitment to sustainable development, implementing strategies that encompass all facets of its business operations. The company’s Executive Vice President and Chief of Sustainability and Strategy, Tongjai Thanachanan, outlined the firm’s commitment to achieving sustainability through a comprehensive approach, known as Enabling Sustainable Growth (ESG). This approach encompasses environmental, social, and governance goals.…
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PM Srettha’s billion-baht plan to transform Suvarnabhumi Airport
Prime Minister Srettha Thavisin announced plans to boost the annual capacity of Suvarnabhumi International Airport in Samut Prakan. “We’re gearing up to more than double our capacity to a staggering 150 million passengers annually.” Currently handling a substantial 60 million passengers, Suvarnabhumi Airport is set for a dramatic makeover, including the addition of a third runway. This makeover will catapult…
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Surging Pattaya hotel occupancy shows post-pandemic recovery
Pattaya is experiencing a remarkable resurgence, with hotels bursting at the seams, boasting over 90% room occupancy. Sanphet Supabawornsathien, Eastern Thai Hotel Association President, reveals that Pattaya’s hotel industry is booming, with room occupancy rates soaring above 90% as tourists from China, Russia, and India flood the city alongside a surge in domestic travel. This remarkable trend is fuelled by…
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China-Laos high-speed rail to transform northeast Thailand
Krungthai COMPASS Research Centre unveiled a groundbreaking vision, identifying the China-Laos high-speed railway as the cornerstone for transforming the northeast of Thailand into an economic juggernaut within the Greater Mekong Subregion. The centre disclosed that the China-Laos high-speed railway, now operational for both passenger and freight services along the Kunming-Vientiane route, will directly turbocharge trade and investment in Thailand’s northeastern region,…
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AWC plans 36 billion baht investment in high-end tourism
Asset World Corp (AWC), a Stock Exchange of Thailand (SET)-listed company, maintains a positive outlook on high-spending tourists and outlined plans to invest in projects estimated at 36 billion baht (US$1 billion) this year. Wallapa Traisorat, AWC’s chief executive and president, highlighted Thailand’s potential to attract high-spending tourists from regional competitors through quality property development, specifically hotels in partnership with…
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TikTok shopping: The new trend in Thai e-commerce
TikTok has usurped traditional e-commerce giants to claim the throne as Thailand’s premier shopping platform for millennials, a survey by the Trade Policy and Strategy Office (TPSO) discloses. With 4,699 respondents nationwide, the survey unveiled TikTok’s meteoric rise as an online shopping hub, particularly among the youth demographic. Renowned for its fusion of joyous content and retail therapy, TikTok pioneers…
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Weakening Thai baht forecast due to economic cost factors
Analysts predict a decline in the value of the Thai baht, the nation’s currency, attributed to various factors such as sluggish economic growth, elevated freight expenses, and discord regarding reductions in interest rates. It is anticipated that the baht will fluctuate within the range of 36 to 36.50 against the US dollar throughout this month. On Wednesday, the baht recorded…
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Consumer confidence hits 47-month high amid economic recovery
January saw a significant rise in consumer confidence, reaching the highest level in 47 months due to the ongoing economic recovery, according to a statement by Fiscal Policy Office (FPO) Director-General Pornchai Thiraveja. The consumer confidence index marked its sixth consecutive month of growth, reaching 62.9, a slight increase from 62.0 in December. This growth is indicative of improved domestic…
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Chinese city gives out lottery tickets to boost birth rates
Authorities in Xi’an, China, are rolling the dice on love with a jaw-dropping scheme aimed at tackling the nation’s plummeting birth rates. In a bold move to combat China’s declining birth rates, the city of Xi’an is set to splash a whopping 700,000 yuan (equivalent to 3.6 million baht) on lottery tickets, all in the name of encouraging newlyweds to…
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10 regions of Thailand to use new minimum wage calculation
The tripartite Wage Committee has given the green light, by a close vote of 7 to 5, to a new method for setting minimum wages. Ten key regions, including the bustling metropolis of Bangkok, are set to pioneer this transformative change from April onwards. The freshly endorsed formula marks a paradigm shift, incorporating elements such as labour productivity, contribution to…
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Over 147,000 sign up for debt relief programme worth billions
Some 147,714 individuals have registered for the Interior Ministry’s debt relief programme within the past three months, an initiative aimed at combating a staggering debt value of 10.74 billion baht, confirmed Permanent Secretary Suttipong Juljarern on Monday. With the registration window, which started on December 1, set to close tomorrow, Suttipong urged those grappling with debt woes to expedite their…
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Thailand gold prices stable at 35,050 baht with steady market
Gold prices in Thailand remained stable, with no increase or decrease compared to the previous closing figures yesterday The Gold Traders Association (GTA) listed the selling price for gold ornaments surpassing the 35,000 baht mark today in the Western calendar. The latest figures from the association’s website, recorded at 9.02am, indicated that the selling price for gold ornaments was 35,050…
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Thailand’s border trade faces slowdown amid regional politics
The Federation of Thai Industries (FTI) predicts a slowdown in Thailand’s border trade for the current year due to political turmoil in Myanmar and economic issues in other neighbouring nations. Myanmar, Laos, Malaysia, and Cambodia, nations that share borders with Thailand, are facing obstacles to their economic growth, says Montri Mahaplerkpong, the FTI Vice-Chairman. Among the challenges, he highlights the…
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Franchise frenzy: Commerce Ministry ramps up business game
Aiming to bolster its capabilities, the Commerce Ministry is set to upgrade franchise businesses, hasten the creation of franchise business standards, and foster relationships with domestic and international investors. The strategy is designed to expand the market and stimulate economic value. The Director-General of the Business Development Department under the Commerce Ministry, Auramon Supthaweethum, highlighted the appeal of the franchise…
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Thai life assurance set for 2-4% growth in premiums this year
The Thai Life Assurance Association (TLAA) has set its sights on a projected growth of 2-4% in industry premiums this year, amounting to 640-650 billion baht (US$17.8 billion-18 billion). Health insurance premiums are expected to see a significant rise, likely due to an increased public focus on health and wellbeing. TLAA President, Sara Lamsam, who also holds the position of…
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Thai government’s revenue collection could fall short in 2024
Deputy Finance Minister Krisada Chinavicharana expressed concerns that the government’s revenue collection for fiscal 2024 might not surpass the target, unlike the 174 billion baht (US$4.8 billion) surplus witnessed the previous year. This was announced at the Outstanding Revolving Fund Award event held yesterday. The government has projected an expenditure budget of 3.48 trillion baht (US$96 billion) for fiscal 2024,…
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Thaksin Shinawatra’s return stirs interest in Thailand’s economic policy
Former Prime Minister of Thailand Thaksin Shinawatra is back in the political limelight following his release on parole. His return to his Ban Chan Song La residence in Bangkok, which previously served as his command centre during his time in office, has sparked interest from the business sector. They are keen to understand the potential implications this could have on…
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Beauty pageant stock’s overvaluation concerns
The once-dazzling rally of Miss Grand International Plc (MGI), a beauty pageant organiser, appears to be losing its shimmer as concerns loom large over its increasingly stretched valuation. Since its inception in mid-December at 4.95 baht apiece, the stock catapulted by over 900%, ranking as the second-best performer among new listings in the Asia Pacific region over the past three…
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Pizza company projects 15% sales growth despite food delivery downturn
Despite a challenging economic environment and a downturn in the food delivery sector, The Pizza Company remains optimistic about its growth prospects, projecting a 15% increase in sales this year. This confidence stems from its 20-minute delivery guarantee and strategic initiatives aimed at attracting younger customers. The company, a subsidiary of Minor Food, continues to focus on providing a value-for-money…
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Thailand’s potash push: Prosperity or peril?
As Thailand eyes a leap into the lucrative potash market, concerns loom large over the potential environmental havoc it may unleash. Residents in the vicinity of Thailand’s solitary commercial potash mine have raised a chorus of apprehension, cautioning against Prime Minister Srettha Thavisin’s grand vision to catapult the nation into a leading potash producer. Their concerns centred around the likely…
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Vietnam’s rice exports soar towards 178 billion baht milestone
Vietnam’s rice sector is projected for a remarkable milestone of US$5 billion (approximately 178 billion baht) in turnover. Anticipating a rollercoaster ride in the global rice market, experts emphasise the pivotal role of innovation and adaptable export strategies in propelling Vietnam towards its ambitious growth targets. The Ministry of Agriculture and Rural Development underscores the industry’s resilience despite a shrinking…
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Thailand’s future electric vehicles industry workforce
Thailand’s Ministry of Higher Education, Science, Research and Innovation (MHESI) is gearing up to sculpt a formidable workforce of over 150,000 individuals poised to dominate the electric vehicle (EV) industry within the next five years. This electrifying initiative forms the nucleus of the ministry’s holistic strategy aimed at supercharging Thailand’s EV ecosystem. The ministry’s blueprint, announced with much fanfare, is…
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Thai govt to review ASEAN-China FTA amid business concerns
The Trade Negotiations Department and Team Thailand, a government body focused on bolstering economic growth, have been directed by the Commerce Ministry to undertake a comprehensive study of products under the ASEAN–China Free Trade Agreement (ACFTA). This comes in response to concerns over the surge of low-cost Chinese goods in the domestic market. Commerce Minister Phumtham Wechayachai announced the ministry’s…
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Thai authorities tackle surge in cheap Chinese imports
A surge in cheap Chinese products flooding Thai markets, particularly through e-commerce platforms, has prompted Thai authorities and organisations to seek measures to protect local producers. The influx has negatively impacted local small manufacturers of household goods and has boosted calls for the Revenue and Customs departments to expedite their efforts in controlling this wave of low-cost goods. Prime Minister…
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New EV incentives boost investment in Thai automotive sector
The Federation of Thai Industries (FTI) expressed confidence in the transformative potential of the new electric vehicle (EV) incentive packages, anticipating a significant boost to investment in the automotive sector and related businesses. As Thailand strives for sustainable economic growth and enhanced competitiveness, surges in investment are vital, particularly in the targeted S-curve industries encompassing next-generation vehicles. Surapong Paisitpatanapong, the…
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