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 Hot Phuket property deal: Arise Vibe launches limited offer on only four units, now from 2.5m baht
Phuket's property market is full of big names and high prices, but some of the most exciting opportunities are happening just outside the spotlight. That’s where you’ll find Arise Vibe. Set in Si Sunthon, one of Phuket’s fastest-growing areas, this...
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Thailand officials say diesel will be 32 baht per litre from May 1
Get ready to say goodbye to Thailand’s 30 baht per litre price cap on diesel on May 1. Starting on Sunday, the price will be 32 baht per litre, according to the Oil Fuel Fund Office. Thailand’s permanent secretary for energy said the current 11 baht subsidy per litre is falling to 9.6 baht per litre. Officials from Thailand’s energy…
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Thailand’s postal rates to go up after nearly 2 decades
For the first time in 18 years, Thailand’s postal rates are going up. The country’s Digital Economy and Society Ministry said that according to data from 2011-2020, Thailand Post has a social service burden of up to 18.4 billion baht, and it’s likely to keep rising. Yesterday, the Cabinet approved a proposal by the ministry to raise rates. Thailand’s profit…
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Truck drivers rally in Bangkok against spiking diesel price
Now that Thailand has announced the upcoming end of its diesel price cap, Bangkok truckers have rallied today to demand that the price cap continues. Currently, the price for diesel is capped is 30 baht per litre. But On Tuesday, Thailand’s Energy Minister said the retail price is now at 40 baht per litre, so the government have had to…
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Thailand’s Prayut calls for sympathy on end of diesel price cap
As Thailand’s price cap on diesel comes to a screeching halt next month, PM Prayut Chan-o-cha is asking the public to try to understand the government’s limits in controlling prices. On May 1, the government is set to lower the subsidy on diesel. Up until now, the price cap has kept it at 30 baht per litre. On Tuesday, Thailand’s…
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Price of Thai consumer goods might increase due to diesel price hike
The price of diesel in Thailand is set to increase next month, beyond the 30 baht per litre cap, but the Commerce Ministry has promised to do everything it can to keep consumer goods costs under control. The public is now worried about the products being more expensive due to the increase in diesel price. The diesel prices, connected to…
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Thailand to host ‘economic roadshows’ to attract foreign investors
Thai PM Prayut Chan-o-cha has ordered the relevant authorities to host “economic roadshows” to draw foreign investors back to Thailand. The first event was held in Japan earlier this month, from April 13 – 23, with similar events planned for European countries, as well as the US, South Korea and Taiwan. During a press conference this morning, deputy spokesperson Trisulee Trisaranakul…
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Thailand’s labour ministry hopes to export 50,000 workers
Now that the Covid-19 situation across the world has calmed down a bit, Thailand’s Labour Ministry expects to send about 50,000 workers abroad this year. The Department of Employment’s PR office said now that restrictions have largely eased, Thailand’s labour exports are set to resume in large numbers. So far, labour export agreements have been signed with two countries, Saudi…
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Thailand’s March exports spike nearly 20% year on year
Last month, Thailand’s exports surged at an unexpectedly high rate, jumping by 19.5% when compared to the same time last year. A Reuters poll conducted in March had predicted the country’s exports would only rise by 2.4%. According to the Thai customs department data, 2 major products contributing to the export jump were gold, and electronics. Gold exports in March were…
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Former Phuket prison to transform into spooky tourist attraction
An old Phuket prison no longer housing inmates is now set to become a spooky tourist attraction, providing visitors with a “Twilight Zone” experience. Phuket Prison was built in Phuket Town about 120 years ago, and Phuket officials now plan to turn it into a ‘live museum’ to teach both tourists and locals about its history. In addition to the…
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Southern Thailand province gets a wave of income from Full Moon Party, Songkran
Thailand’s southern province of Surat Thani saw a wave of tourism income generated during the Songkran holiday. Many tourists came to the province for the famous Full Moon Party on Kho Pha Ngan, among other tourist attractions. Tourism officials said the province gathered up a total of 895.7 million baht from 83,000 visitors between April 13-17. The income is up…
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Thailand’s diesel price expected to spike starting May 1
Even though Thailand’s energy minister vowed last month to keep the 30 baht per litre cap on diesel prices until the end of May, officials now expect the diesel price to start pushing 35-36 baht per litre by the start of May. The director of the Energy Policy and Planning Office says all agencies have been instructed to plan how…
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Thailand’s Prayut to hold public forum on economy
Thailand’s PM Prayut Chan-o-cha announced yesterday at a cabinet meeting that the government will hold a public forum on the economy. The date for the forum has not yet been announced. PM Prayut said the government is trying to ensure better welfare for elderly citizens and vulnerable groups in Thailand. He said it wants to introduce measures to help medium-sized…
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Thai durian shipment to China detected with Covid 19 on packaging
After signs of the coronavirus were detected on the surfaces of boxes of Thai durian, the delivery to China was blocked from entering for 3 days. Companies in Thailand’s fruit export industry have been advised to follow strict Covid-19 guidelines. A shipment of the famous King of Fruits, aka. Durian, from Thailand was reported to be infected at China’s Mohan…
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Thai government to control inflation prices for consumer products
As the Thai government attempts to control inflation, the PM Prayut Chan-o-cha says that there must be no shortages of consumer products or outages, and the prices must not be too expensive. The world wide inflation problems have been created by government’s artificially over-heating economies with quantitative easing rising energy and commodity prices and exacerbated by the ongoing Russia-Ukraine war.…
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South Korea is the most expensive country to raise kids
South Korea is the most expensive country in the world to raise children from birth to age 18, according to research from Jefferies Financial Group. On the list of 14 countries Jefferies researched, South Korea is followed by China, then Italy. Jefferies’s analysts reported some differences between Asian and Western cultures that might be a factor in South Korea and…
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Pakistan’s Imran Khan ousted from PM position
Following a parliamentary vote of no confidence last week, Pakistan’s PM Imran Khan has been ousted. The vote came after Pakistan’s opposition parties accused Khan of economic mismanagement, as well as poor governance. The country’s Supreme Court ruled on Thursday that a decision to block the no confidence vote was unconstitutional. Now, Khan claims that opposition to him is backed…
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Thailand inflation jumps 5.7 percent in March, hits consumers’ wallets hard
In March, Thailand’s inflation saw its highest monthly jump in 13 years, rising to 5.73% year on year. That’s according to the Commerce Ministry’s Office of Trade Policy and Strategy, which pins the blame on the war in Ukraine, which has pushed up fuel, food and electricity prices. This unexpected turn of events has caused the office to adjust its…
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Phuket introduces new seafood and gastronomy “Tastival” festival
Following Phuket’s Roi Rim Lay seafood festival last weekend, the island’s officials have come up with another seafood and gastronomy festival for the first time yesterday. The festival is called “Phuket Tastival Seafood and Gastronomy: Roi-Yok-Lo”. It will run until Monday, April 4. Phuket Deputy Governor Anupap and several other officials attended the opening at Saphan Hin, the huge public…
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Thailand’s finance ministry closes 2 insurance firms due to Covid-19 claims
After an overwhelming number of Covid-19 claims caused 2 of Thailand’s insurance providers to owe billions of baht in compensation, Thailand’s finance minister has revoked the providers’ business licenses. The decision was made effective yesterday. One provider, Southeast Insurance, owes 13 billion baht in compensation, while the other, Thai Insurance, owes 4.6 billion baht. The Secretary-General of the Office of…
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Angry protestors try to storm Sri Lanka president’s house following blackout
Following Sri Lanka’s longest power blackout ever recorded, enraged protestors tried to storm the president’s house in Colombo yesterday. Unidentified activists had called for a rally against the president and his family on social media. One resident who lives nearby told AFP he cannot return home because his area is barricaded. The resident said the protestors are “shouting for the…
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Diesel no longer for sale across Sri Lanka, massive blackout
Diesel was unavailable for sale at stations across Sri Lanka today. Petrol is on sale but in short supply, forcing drivers to abandon their cars in long queues. Private business owners say they have already run out of fuel, and even skeleton services may not be possible after Friday. Now, the country is grappling with a 13-hour power blackout, its…
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Finance Ministry expected to adjust 2022 economic forecast from next month
The Finance Ministry will adjust the 2022 forecast for Thailand’s economic growth to focus on the rise in both inflation and energy prices, from next month. According to an unnamed Bangkok Post source, the ministry is concerned about the impact Russia’s invasion of Ukraine will have on overseas arrivals this year. At the start of the year, the ministry had…
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Upcoming seafood festival at Nai Yang Beach this Friday and Saturday, Phuket
Phuket’s Roi Rim Lay seafood festival will be hosted at Nai Yang Beach this coming weekend on Friday and Saturday. The festival will start at 4pm on Friday, and end at 11pm on Saturday, March 25-26. The festival will host over 100 food stands, live ‘Luk Thung’ Thai folk music, and cooking competitions with chili paste and grilled seafood. The…
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Phuket governor presents campaign to create 10,000 new minimum-wage jobs
As Phuket struggles to pick up its disheveled tourism economy, provincial Governor Narong has a plan for recovery. In a meeting with local government agencies yesterday, Narong presented his plans on a whiteboard. He said the provincial government will work with local government organisations to create 10,000 vacancies. The vacancies, he said, would pay the minimum wage of 336 baht…
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Thailand’s electricity tariff expected to surge higher than ever
After Thailand’s Energy Regulation Commission announced yesterday that the electricity price could rise to four baht per kilowatt hour, the ERC now says it will rise to a record high above that. The ERC says this will be the first time the price has surged this high. The fuel tariff is expected to be 0.24 baht per unit between May…
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Thailand’s power will be more expensive in May
From May until August, Thailand’s electricity price will rise to four baht per kilowatt hour, going up by 0.23-1.3 baht per unit. The country’s Energy Regulatory Commission is raising fuel tariffs following Russia’s invasion of the Ukraine. An ERC spokesman said another reason for the price surge is the declining supply of natural gas from the Gulf of Thailand. Russia’s…
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1,000 Thais register to apply for jobs in Saudi Arabia
Thai and Saudi officials say labour relations between their countries are strengthening following renewed relations. Thailand’s labour minister said over 1,000 people have registered online with the Department of Employment to apply for jobs in Saudi Arabia. He claimed the final remaining step is signing a bilateral labour agreement, which is expected to occur soon. The agreement will allow Thailand…
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Province in Western Thailand works to revive tourism in new scheme
The governor of one Western Thai province whose tourism income plummeted this year announced yesterday the need for a “comprehensive strategy” to revive tourism. The province of Prachuap Khiri Khan made 1.85 billion baht in tourism in 2020, but that dropped to 36 million baht in 2021. “We expect travel activities to pick up once Covid-19 is classified as an…
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Federation of Thai Industries wants gov to scrap Test & Go, stop fuel price crisis
The Federation of Thai Industries has called on Thailand’s government to scrap the Test & Go scheme, and stop the ongoing fuel price crisis. On Thursday, the president of the federation suggested easing Test & Go to support tourism and a recovery for the Thai economy. The FTI suggested that Thailand only require fully vaccinated travellers to show proof of…
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As Thailand’s fuel prices spike, stockpile raised
As Thailand’s fuel prices continue to spike, officials have announced that the government will extend fuel stockpiling. Thailand’s Deputy PM and Energy Minister said in a meeting yesterday that the government has instructed oil companies to extend stockpiling of oil reserves from 60 to 70 days to help defuse a pending crisis. He said Thailand will keep its policy of…
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