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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Thai tourism officials to monitor impact of SVB collapse
The Tourism Authority of Thailand (TAT) will monitor the long-term impact of the collapse of Silicon Valley Bank (SVB) on Thailand’s tourism. However, TAT believes that the situation is unlikely to cause an immediate slowdown in long-haul markets. The bank’s closure last Friday raised concerns about possible economic turbulence, especially given the number of startups and tech companies it served.…
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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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‘Eat more rice!’ Thai officials tell youth
“Eat more rice!” Thai officials are telling the country’s youth. The Thai Commerce Ministry wants young people to eat more rice. The ministry launched a campaign after a study showed that Thailand’s consumption of rice had fallen. The department launched the “Thai Kids Enjoy Thai Rice” roadshow, visiting 10 schools and weekend markets, Nation Thailand reported yesterday. The Thai Rice…
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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’s Valentine’s Day spending expected to jump for first time in 5 years
Thailand’s Valentine’s Day spending is expected to jump for the first time in five years this year, according to a survey by the University of the Thai Chamber of Commerce (UTCC). Spending is expected to hit over 2.4 billion baht this year, the survey said. The survey shows a 57.1% increase in spending compared to last year, with the majority…
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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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Thai Cabinet approves electricity bill discounts over next four months
The Thai Cabinet has approved electricity bill discounts over the next four months for more than 19 million households. According to the Bangkok Post, the discounts will span from the remainder of this month (January) to April, 2023. Deputy Secretary-General to the prime minister, Anucha Burapahaisri, says the discounts have been approved to help with the high power tariff. Households…
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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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USD Coin, Shiba Inu, Big Eyes Coin: What you must consider before investing in Crypto in 2023
After reaching a record high in late 2021, cryptocurrency markets had a significant decline in 2022. Amid the FTX collapse, continued bankruptcies, and regulatory worries, Bitcoin fell from a record high of $69,044.77 in November 2021 to $16,400 in November 2022, representing a fall of nearly 76%. Is the present rise expected to continue in light of these persistent worries,…
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China top source of Thailand investment in 2022
Thailand’s main source of investment in 2022 was China, for the first time in three years. The world’s second-largest economy poured US$2.3 billion (75 billion baht) into electronics, automotive and data centres. The figures, of course, do not include the tide of Chinese investment in grey areas such as drugs and gambling. China last held the No.1 position in 2019,…
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Groups push for 3,000-baht pension for all seniors
Activists and academics are calling for the government to provide a universal pension of 3,000 baht per month for senior citizens. Four Regions Slum Network said that the current allowance often less than one-third of that amount per month is simply not enough for seniors to live on, even with supplementary income. At present, the elderly in Thailand receive a…
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Community craft centre exploiting indigenous Karen weavers
Members of the Bang Kloi Karen community employed as weavers in a community craft centre have accused the centre of exploiting indigenous workers. The Karen workers claim they suffer poor working conditions and are paid less than the minimum wage. Activist Anchalee Ismanyee said weavers are paid much less than the official minimum wage in Phetchaburi province of 335 baht…
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Makro expects big investment funds to move in
Thailand’s leading wholesale and hypermarket operator Siam Makro Plc, is waiting for big investment funds to move in as company stock heads for a one-year high. Shares are now mature enough to attract the attention of global fund managers. Makro wants to be the biggest operation of its kind in Asia. In many parts of Thailand, Makro cash and carry…
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The rise of Thailand’s biggest company – Delta Electronics
Delta Electronics is officially Thailand’s biggest company, its rise sailing ahead of the likes of Airports of Thailand and PTT, with shares at all-time highs. Delta Electronics Plc (DELTA) is one of Thailand’s leading electronics component makers, but few have heard of the new grey rhino in the room. DELTA has gone from strength to strength since its founding in…
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Tourists pump 6 billion baht into Phuket’s economy during new year
Tourists pumped over 6 billion baht into the economy of Phuket in southern Thailand over the four-day new year holiday, according to the Director of the Tourism Authority of Thailand (TAT) Nantasiri Ronasiri. Today, TAT director Nantasiri revealed that between December 30 to January 2, accommodation in Phuket was booked up at 77% of capacity. During these four days and…
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Electric vehicles to hit the accelerator this year, says FTI
The Federation of Thai Industries (FTI) predicts a bold future for Thailand’s electric vehicle (EV) industry, unlike the International Monetary Fund which believes the kingdom is heading for a recession. The FTI reckons the EV industry will hit the accelerator this year and sell between 25,000, to 35,000 cars, reports Bangkok Post. But, to achieve that target the EV industry…
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Tesco slavery case – police interview 100s of Mae Sot workers
Police and labour officials in Mae Sot are interviewing more than 100 workers from the former supermarket supplier in the Tesco slavery case. Authorities are gathering information as they follow up on last week’s raid led by deputy national police chief Gen Surachate “Big Joke” Hakparn at the VK Garment (VKG) factory in the border town of Tak province. The…
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Thailand encourages coffee farming to meet growing demand in Asia
Palm and rubber farmers in Krabi are being encouraged to grow coffee, as demand rises faster in Asia than in other parts of the world. On a visit to a community coffee enterprise in Krabi’s Khlong Thom Nua, Deputy Commerce Minister Sinit Lertkrai said on Tuesday…. “Krabi’s coffee is gaining international attention thanks to its certification as a GI product.”…
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Pandemic winners and losers – them and us
The pandemic has not been all bad. It’s wrong to look only at the downside of widespread death, fear and grief. There have been pandemic winners and losers. Some people have made a lot of money, and that’s no bad thing, is it? According to Bloomberg, and Al Jazeera, as of yesterday, 131 billionaires had more than doubled their net…
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China opening up a boost for Thailand tourism
China yesterday announced it will reopen its borders and abandon its strict Covid-19 quarantine for travellers and mainland citizens on January 8. The announcement signals great news for Thailand as the kingdom continues to prosper from the worldwide relaxation of Covid restrictions. Chinese visitors topped the nation’s No.1 tourist charts before the pandemic outbreak in 2020. From 2014 there had…
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Commerce experts predict Thailand’s consumer spending will hit 17 year high during New Year
Commerce experts predict that Thailand’s consumer spending will hit a 17 year high during the New Year period coming soon. The president of the University of the Thai Chamber of Commerce (UTCC) discussed the UTCC’s predictions at a conference on “Consumer behaviour and spending during the 2023 New Year Festival.” The president, Thanavath Phonvichai, said the period is expected to…
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FTI threatens to raise prices if govt hikes energy costs
It appears tourism won’t be the only thing on the rise in Thailand next year. Thai industries appear to be holding the government to account, threatening they will hike prices if the price of electricity is raised in the new year. Entrepreneurs under the Federation of Thai Industries (FTI) warned it will increase product prices by 5-12% if the government…
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Japanese government wants to offer additional 80,000 yen to new parents
Japan’s government is wanting to boost the amount given to new parents by 80,000 yen (US$585) to motivate citizens to have more babies. As the country’s birthrate has been declining for some time, the government has tried to find ways to boost family planning. According to the Japan Times, the Ministry of Health, Labour and Welfare currently offer a Childbirth…
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