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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The Thaiger key takeaways Valid passport, visa documents, health certificate, and vaccination records are essential for immigration and medical care in Thailand. Health insurance that meets visa requirements, like Cigna, provides protection, direct billing, and access to a wide hospital...
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Digital wallet delay: No green light before year-end
The highly anticipated second phase of Thailand’s digital wallet initiative is on ice, with Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealing that it’s unlikely to roll out before the end of the year. In a brief meeting with the press today, Pichai highlighted the need for a cautious approach, stressing that factors like timing and continuity must be…
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Thailand’s new tourism campaign to generate 800 million baht
The Tourism Authority of Thailand (TAT) unveiled a new initiative to invigorate the country’s tourism sector with the Charming Thailand: 5 Regions event series. Announced by TAT Governor Thapanee Kiatphaibool, this campaign aims to highlight Thailand’s cultural heritage and modern attractions through a series of large-scale events, expected to draw over 147,000 visitors and generate more than 800 million baht…
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Thai rice prices fall in a grainy twist as Indonesian bids drop
Thai rice prices plunged to their lowest levels in over a year as Indonesian bidders were compelled to lower their high prices in a recent auction. Meanwhile, Indian rice export prices continued their downward trend, reaching an eight-month low. Indian 5% broken parboiled rice was priced at US$534 (around 17,000 baht) per tonne this week, marking the lowest level since…
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Pattaya pushes for CCTV at National Sports Centre
To tighten security at one of Pattaya’s key venues, Deputy Mayor Kritsana Boonsawad proposed to install CCTV cameras at the National Sports Centre on Soi Chaiyaphruek 2, East Pattaya. The initiative, revealed during the Pattaya City Council meeting yesterday, September 11, aims to boost public safety by monitoring the area more effectively. Deputy Mayor Kritsana presented the plan, seeking funds…
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New law to regulate Thailand oil and gas prices nears approval
A draft law aimed at empowering energy officials to regulate domestic oil and cooking gas prices is advancing towards parliamentary approval. This legislation could become a significant energy policy under the emerging Paetongtarn Shinawatra government. Energy Minister Pirapan Salirathavibhaga highlighted yesterday, September 11, that the bill should be reviewed by legislators before the year’s end. Pirapan championed this policy since…
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Royal push for sustainable farming in East Pattaya
The Phueng Luang Asawin Foundation has unveiled an ambitious plan to turn hundreds of rai in Huay Yai, East Pattaya, into a sustainable agricultural powerhouse. Locals packed a community forum on Sunday, September 8 to hear the exciting details of a project that promises to revolutionise their livelihoods. The foundation, established by Mom Chao Pansawali Kitiyakara, mother of Her Royal…
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Red Lobster Thailand’s endless shrimp deal led to bankruptcy woes
Red Lobster’s Ultimate Endless Shrimp promotion, offering unlimited shrimp for US$20 (around 670 baht), became a permanent menu item last year, leading to a surge in customer traffic at the chain’s nearly 700 restaurants. Diners flocked to Red Lobster, indulging in various shrimp dishes like Parrot Isle Jumbo Coconut Shrimp, Walt’s Favorite, Garlic Shrimp Scampi, Shrimp Linguini Alfredo, and Grilled…
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Thailand’s 400-baht wage hike alarms small hotel owners
Hoteliers in Thailand express concern that raising the daily minimum wage to 400 baht exclusively for large employers could disrupt the job market in the hotel sector. This pay disparity may attract workers to larger hotels, leaving smaller establishments struggling to retain staff. With Thailand’s tourism industry yet to fully rebound, industry leaders urge the government to focus on reducing…
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China approves three more Thai poultry plants for export
Thailand’s Department of Livestock Development announced that the General Administration of Customs of China (GACC) recently approved and registered three additional Thai poultry processing and production facilities for export. This approval brings the total number of certified Thai poultry plants exporting to China to 26. The continuous approval of Thai poultry export facilities by China reflects confidence in Thailand’s stringent…
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Thailand to speed up 145 billion baht digital wallet handout
Thailand will advance the distribution of 145 billion baht from its digital wallet handout programme to support vulnerable groups, announced by the deputy finance minister yesterday. The decision aims to provide immediate economic stimulus in the short term. During a budget debate in the senate, Julapun Amornvivat revealed that the government has allocated 450 billion baht for this flagship handout…
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Thailand rice is on the rise with global GI glamour
The Thailand Rice Department is on a mission to put Thai rice in the global spotlight by promoting its distinctive strains with certified Geographical Indication (GI) labels to a wider audience. Farming communities in Phatthalung and Trang in the south, along with Phayao in the north, have crafted premium rice products that command top prices. These farmers are betting on…
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Nationwide daily minimum wage to be raised to 400 baht tomorrow
Labour Minister Phiphat Ratchakitprakarn confirmed plans to raise the daily minimum wage to 400 baht nationwide starting tomorrow, September 10, despite echoing concerns that the increase could negatively impact businesses. Phiphat announced that after discussions with business operators and a thorough study by a subcommittee from the Ministry of Labour, the decision to implement the minimum wage hike will proceed…
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Thai trade talks push for expanded ASEAN market access
Thai representatives, led by Thatchayanpol Apimontechabutr, Deputy Director-General of the Department of Trade Negotiations, recently participated in the 11th ATIGA Upgrade Negotiation Trade Negotiating Committee (ATIGA-TNC) meeting in Malaysia. The meeting, held over four days, aimed to accelerate negotiations for a comprehensive conclusion by the middle of next year. The Thai Department of Trade Negotiations prioritises Free Trade Agreement (FTA)…
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Thailand mandates foreign e-commerce offices under new law
Thailand will soon require foreign e-commerce operators to establish registered offices within the country, as stipulated by the new digital platform service law. The Electronic Transactions Development Agency (ETDA) announced this move following consultations with the Department of Trade Negotiations to ensure compliance with international trade agreements, according to executive director Chaichana Mitrpant. The initiative is part of broader efforts…
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Thailand minimum wage hike to 400 baht confirmed for October 1
Pheu Thai Party’s labour policy, particularly the plan to increase the daily minimum wage to 400 baht nationwide, remains firm, confirmed caretaker Labour Minister Phiphat Ratchakitprakarn. Phiphat assured that the wage hike, targeting specific professions and regions, is set to take effect on October 1, with further details to be announced shortly. The national wage committee, led by the permanent…
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Thailand promotes quality products at Times Square
Thailand’s Ministry of Commerce launched a campaign to elevate the image of Thai products at Times Square. The Ignite Thailand Festival: Think Thailand, Next Level took place at 46-47 Broadway Plaza & Duffy Square yesterday, September 4, aiming to showcase the quality and innovation of Thai goods to over 20 million consumers in the United States. Wuttikrai Leeweeraphan, Permanent Secretary…
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Thailand government includes cash options in 10,000-baht handout
The Thailand government’s 10,000-baht handout programme is set for adjustments, with Deputy Finance Minister Julapun Amornvivat acknowledging the need to include cash distributions for some recipients instead of digital money. Numerous petitions against the government’s flagship policy contributed to this decision, Julapun said yesterday. Additionally, feedback from various sectors has prompted changes to improve the programme’s effectiveness. Initially, the policy…
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Economic challenge: Business tycoon Pichai to the rescue
Pichai Naripthaphan, a businessman-turned-politician, is stepping into the hot seat as Thailand’s new Commerce Minister at a time when the nation’s economy teeters on the edge of disaster. With sky-high expectations from every corner, Pichai faces the daunting task of steering the country out of economic turbulence. Pichai takes over from Phumtham Wechayachai, who has moved to Defence Minister and…
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SCB predicts Bank of Thailand to lower rates by 0.25%
Siam Commercial Bank (SCB) anticipates the Bank of Thailand (BoT) will initiate a series of policy rate cuts starting later this year, potentially continuing into early next year. This move is expected to trigger a reduction in interest rates across the banking sector. SCB’s Chief Executive Kris Chantanotoke predicts the central bank’s Monetary Policy Committee will reduce the policy rate…
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Prawn stars: China approves import of live Thai giant shrimps
China has approved the import of live Thai giant freshwater prawns, a significant boost for Thai farmers and the local economy. Thailand aims to enhance production and export efficiency to meet the increasing demand from international markets. The Department of Fisheries, led by Director-General Bancha Sukkaew, announced efforts to promote and improve the farming of giant freshwater prawns, a crucial…
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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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Tourism triumph: Can Thailand hit the 2.3 trillion baht jackpot?
Despite a whirlwind of global economic challenges and shrinking wallets worldwide, Thailand’s tourism sector is making a remarkable comeback. The nation is on the brink of welcoming nearly as many visitors as it did in the golden year of 2019, when almost 40 million foreign tourists poured in, generating a staggering 2 trillion baht in international revenue. However, while the…
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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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Digital wallet scheme may be delayed to next fiscal year
The 10,000-baht digital wallet scheme faces potential postponement until the next fiscal year starting October 1 if not implemented by next month, according to the Budget Bureau. Bureau Director Chalermphol Pensoot stated that the details of the cash handout policy would need to be revisited once the new Cabinet is formed. The initiative, promising 10,000 baht to up to 50…
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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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