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 Do foreigners get free healthcare in Thailand?
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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Thailand is the biggest exporter of condoms in the world
Condoms are among five products that Thailand exports more than any other country in the world, according to data from the global trade insights website kidka.com, reports Prachachat. Today, the Ministry of Commerce’s Director of the Trade Policy and Strategy Office, Poonping Naiyanapakorn, revealed that Thailand was the champion exporter of five outstanding Thai products in 2022… Fresh Durian Thailand…
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Norway surpasses Russia in energy exports
Norway is now surpassing Russia in energy exports. In a remarkable turn of events, a humble office building overlooking a fjord in Stavanger, Norway, now holds the key to European energy security. Here, the company Petoro oversees several of the continent’s largest oil and natural gas fields on Norway’s petroleum-rich continental shelf. This unassuming location has become central to Europe’s…
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Thai activists say new electricity rates won’t solve root causes of high prices
A decision by an Energy Regulatory Commission (ERC) subcommittee to reduce electricity rates from May to August has been met with reservations from Thai energy activists and politicians, who argue that the move does not address the root cause of expensive power bills. Yesterday, the subcommittee approved the fuel tariff (Ft) rate adjustment, which considers changes in fuel costs and…
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Thailand’s alcoholic beverage sales jump by 30% during Songkran
Thailand certainly seems to have enjoyed itself after celebrating Songkran for the first time since the Covid-19 pandemic broke out. Thailand’s alcoholic beverage sales jumped by 30% during the Songkran holiday, according to Thanakorn Kuptachit, an advisor to the Thai Alcohol Business Association. Related businesses such as restaurants, entertainment venues, hotels, and event organisers, also got a boost from Songkran.…
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Migrant workers fill gap in Thailand’s tourism and service sectors due to labour shortage
Migrant workers are increasingly filling roles in Thailand‘s tourism and service sectors, due to a chronic manpower shortage, according to Tanit Sorat, deputy chairman of the Employers’ Confederation of Thailand (ECOT). The labour shortage is the result of new Thai graduates choosing freelance jobs and the country’s ageing population. Sorat explained that with many graduates preferring a slower lifestyle over…
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Thai govt postpones tourism tax due to airlines’ complaints
The Thai government has announced the postponement of the planned 300-baht (US$9) tourism tax from June to September due to complaints from airlines. The fee was proposed to help the Thai tourism sector recover from the Covid-19 pandemic, with a 150 baht sum for overland visitors and a 300-baht fee for airline passengers. However, airlines raised concerns about the implementation…
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PM Prayut vows to unearth new sources of alternative energy, lower summer bills
Prime Minister Prayut Chan-o-cha has announced that the government is intensifying its efforts to discover new sources of alternative energy in response to complaints about rising electricity bills during the summer months. His statement comes in reaction to social media outrage and calls for the government to take further steps to reduce people’s energy expenses. He said… “It is crucial…
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PPRP pledges to boost economy with soft power promotion in upcoming General Election
The Palang Pracharath Party (PPRP) has pledged to enhance the promotion of soft power as a key driver of the economy if the party is victorious in the upcoming General Election. Charnkrit Dejwithak, a spokesperson for the party’s election strategy committee, highlighted the significance of a soft power development policy through the example of the Songkran Festival, which draws numerous…
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Big Oil Majors production cuts, what this means to airfares
The recent move by the Big Oil Majors to cut production by over one million barrels a day as a “precautionary” measure to stabilize the oil market will have a domino effect on airfares, according to industry experts. The Organization of the Petroleum Exporting Countries (OPEC) yesterday announced plans to lower oil production by 1.16 million barrels per day, starting…
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Thai-lizing industries with AI: The future is machine-made
Thailand is looking toward artificial intelligence (AI) to boost economic growth and the kingdom’s vision to become the globe’s fifth-largest economy by 2027. The government underlines AI as a major tool to boost its economy to automate processes, reduce costs, and increase productivity, all of which can help to increase economic growth. AI can be used to provide more accurate…
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Power struggle: JSCCIB takes on govt to lower electricity prices
Tensions are running high in Thailand as the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has declared war on the government in a bid to bring down the nation’s soaring electricity prices. The committee, comprised of representatives from major business groups, is asking Prime Minister Prayut Chan o cha to reconsider the electricity bill calculation and reduce the…
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Thailand’s billionaire trio makes Forbes’ 2023 list of world’s richest
Forbes yesterday released its annual list of the world’s billionaires, and Thailand has its hands in the till with 28 billionaires, three of whom are ranked in the top 150. The list includes Dhanin Chearavanont, Charoen Sirivadhanabhakdi, and Sarath Ratanavadi, whose net worths range from US$12.3 billion to US$14.9 billion. Despite this achievement, the year 2023 proved challenging for the…
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Russian, Chinese investors drive Phuket property market
The Phuket property market is on fire now, with the help of Chinese and Russian investors. Chinese buyers are reportedly increasing their investments, buying up villas, shophouses, and even orchards, to cater to Chinese tourists. Russian property investors are also contributing to the surge in demand for villas and homes in Phuket. While Russians are interested in buying pool villas,…
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Outrage as energy bills rise for households, drop for industry
The government has come under fire for its latest revision of electricity pricing, with accusations that it will reduce energy bills for various industries but raise those of households. The Energy Regulatory Commission (ERC) has decided to increase power bills for households from 4.72 baht per kilowatt-hour (unit) to 4.77 baht. Industry will also be charged 4.77 baht, but that’s…
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Thai businesses expect minimal effect from US Bank collapse
Thai businesses are optimistic that they will experience only minimal impact from the collapse of US banks. A recent survey by the University of the Thai Chamber of Commerce (UTCC) interviewed 600 business owners to gauge the economic damage of the US banking turmoil. The survey found that 73.5% believe the effects of the US banking crisis will have only…
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SRT on right track to lead Thailand’s green recovery
The State Railway of Thailand (SRT) is on the right track after announcing plans to build a hospital and develop land around Thon Buri Railway Station into an environmentally friendly zone, to lead the way in Thailand’s green recovery. The transit-oriented development (TOD) project is the first of its kind in the country, designed to bring people, human activities, residential…
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US banking collapse has Thailand customers asking, is my money safe?
The recent collapse of Silicon Valley Bank (SVB) in the United States has triggered concerns about the safety of money in banks, with customers in Thailand wondering whether their cash is safe and whether they should withdraw it. While Thailand’s Finance Minister Arkhom Termpittayapaisith insists that the troubles faced by some major US banks have had no impact on Thailand,…
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US govt reassure finanical world there’ll be no banking crisis after SVB collapse
The US government moved to reassure the financial world there is no new banking crisis on the horizon after telling customers of the failed Silicon Valley Bank (SVB) that their deposits will be guaranteed. The US government did insist, however, that there will be no taxpayer-funded bailout for the lender. The announcement was made jointly by the US Treasury Department,…
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89% of bank accounts in Thailand hold less than 50,000 baht
The Bank of Thailand (BOT) reports that 88.88% of bank accounts in Thailand hold less than 50,000 baht (US$1,423) in deposits, according to Komchadluek. In total, there were 121.4 million bank accounts in Thailand at the end of 2022. Of those, 98.5 million (88.88%) held less than 50,000 baht and 1,023 bank accounts (0.0008%) held more than 500 million baht.…
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Foreigners invest 5 billion baht in Thailand in January 2023
In the first month of 2023, foreign investment in Thailand amounted to 5.129 billion baht, the biggest investors being the Japanese, investing 3.588 billion baht. Foreign investment is expected to reach 100 billion baht by the end of the year. Today, Deputy Minister of Commerce Sinit Lertkrai revealed 52 cases of foreign investment in January under the Foreign Business Act…
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Thailand’s Q4 economy slows as exports decline
Thailand’s Q4 economy grew by 1.4% in the final quarter of 2022 with hopes high for a tourism-led recovery. Southeast Asia’s second-largest economy grew slower than expected in the fourth quarter of 2022 as exports and manufacturing declined. The much-anticipated rebound in tourism will continue to boost the recovery this year as global demand for manufactured goods declines. On a…
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Thailand’s diesel price set to drop
Thailand’s diesel price was set to drop yesterday. The country’s domestic price of diesel was expected to drop by 0.5 baht per litre, according to the Oil Fuel Fund Office (Offo). This is the second reduction in diesel prices this month, with another 0.5 baht per litre drop scheduled for February 22. Officials determined last week that the price would…
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Consumer borrowing in Thailand in the red zone
The effects of consumer borrowing in Thailand during the pandemic is a serious campaign issue, with populist politicians pushing for a multi-year debt holiday. According to Nikkei, Thais owe more than any other people in the region, reflecting a huge jump in borrowing forced on an economy that relies heavily on tourism. Thai consumer debt last September stood at 15…
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Thailand to give nation’s SMEs a digital leg up
Thailand plans to give the nation’s small and medium enterprises (SMEs) a digital leg up to help improve their businesses and boost the kingdom’s economy at the same time. Digital Economy and Society (DES) Minister Chaiwut Thanakamanusorn announced the department will include another 25 provinces in its plan to improve SME businesses, reported Bangkok Post. The “New-normal Market Transformation” initiative,…
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Thailand’s skilled workers to get minimum wage hike
Thailand’s Cabinet approved a wage hike for skilled workers in the country. The hike will range from 465 to 700 baht a day for 17 occupations spanning three sectors. According to the Bangkok Post, the Labour Ministry made the proposal which is intended to suit the capabilities of workers in fields that are in high demand. The hope is to end…
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Koh Samui booms as over 200,000 tourists visit the popular island in January
The picturesque island of Koh Samui in Surat Thani province, Thailand, has seen a remarkable turnaround to its economy in the first month of 2023 with over 200,000 tourists visiting in January alone. After a year of uncertainty due to the Covid-19 pandemic, the arrival of over 200,000 tourists has been a welcome sight for the island’s local economy. The…
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Something fishy about Thailand’s rising prices?
The Internal Trade Department stopped greedy manufacturers from increasing the prices of baby milk formula and canned fish products, amid fears that Thailand’s rising prices are more about reduced profits for shareholders than increased production costs. Government Spokesperson Rachada Dhnadirek said yesterday that the department told manufacturers that both are controlled products – though they must have already known this…
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Bank of Thailand increases interest rates, again!
The Monetary Policy Committee (MPC) of the Bank of Thailand insists that it had to hike its policy interest rate by 0.25% to 1.50% yesterday for the fourth consecutive time to curb high inflation. MPC Committee Secretary Piti Disyatat reported that the committee was unanimous in its decision. “Under a gradual policy normalisation, rate hikes could take place for a…
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Google announces 12,000 layoffs amid new “economic reality”
Google is cutting 12,000 jobs globally its parent company, Alphabet, announced yesterday. Like other tech titans in recent weeks, Google is laying off workers as it embarks on some large-scale restructuring. The announcement follows similar layoffs by other tech giants such as Microsoft, Meta (parent company of Facebook, Instagram, and WhatsApp), Amazon and Twitter, as the previously stable tech sector…
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Thailand still needs thousands more tourism workers
Thailand still needs thousands more tourism workers than it already has. The kingdom’s Labour Ministry recently surveyed the labour demands of 32,359 tourism operators in 60 provinces. The ministry found that out of all the operators, 1,817 businesses needed a total of 9,763 more workers. Employers need receptionists, porters, waiters, cleaners and housemaids, chefs, kitchen workers, cashiers, and accountants. The…
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