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 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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Thai businesses fear cost surge due to minimum wage hike
Businesses in Thailand are bracing for a potential increase in operating costs, following the government’s proposition to raise the daily minimum wage to 400 baht (US$11) within the year. The Federation of Thai Industries (FTI) has expressed its concern over the implications of this wage hike, particularly on small and medium-sized enterprises (SMEs), which are currently grappling with elevated interest…
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Thailand DIP organises online cartoon script competition
In a collaboration between the Department of Intellectual Property (DIP), KP Comics Studios, and Kakao Webtoon Thailand, an online cartoon competition promises to be a game-changer for aspiring writers. Director-General of the DIP, Wuttikrai Leewiraphan, champions the cause. “We’re putting the spotlight on intellectual property, blending Thai cultural influence with cutting-edge digital trends like webtoons.” With over 3 million monthly…
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Thailand incentivises companies to go green with EV conversion
The Thailand government confirmed yesterday that measures have been approved to encourage companies to convert their commercial fleets of large trucks and buses to battery electric vehicles (EVs). This move aims to increase the adoption of EVs and support companies in achieving their net-zero targets. In addition, cash grants will be provided for EV battery cell manufacturers. These policies are…
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Bank of Thailand faces political pressure to cut interest rates
The Bank of Thailand (BoT) is under increased political tension to reduce interest rates, with the majority of analysts predicting that the monetary authority will withstand requests for unexpected easing to bolster the economy. This escalating discord between Prime Minister Srettha Thavisin and the central bank concerning monetary policy direction is predicted to damage investor confidence, though the likelihood of…
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EEC ID system set to transform foreign investment landscape
The Eastern Economic Corridor Office (EECO) unveiled plans for the introduction of the EEC ID system by September’s end. This innovative system, aimed at streamlining administrative processes for foreign investors and workers across the 35 promoted zones in Chachoengsao, Chon Buri, and Rayong provinces, promises to be a game-changer. Korkij Danchaivichit, EECO Deputy Secretary-General, projects a substantial uptake, with an…
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UK and Thailand unveil 15.3 billion baht science fund
In a historic move announced in Bangkok, the British Embassy and Thailand Science Research and Innovation (TSRI) have joined forces to roll out the International Science Partnerships Fund (ISPF). This jaw-dropping 337-million-British-pound (15.3 billion baht) venture, set to be fully operational by the year’s end, is poised to revolutionise the realms of science and innovation on a global scale. Prompted…
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Thai baht’s future forecast: Dollar domination looms on the horizon
Predictions by Kasikorn Research Center (K-Research) indicate a potential decline in the baht to 37 against the US dollar in the coming year. This anticipated depreciation is linked to a combination of a faltering Thai economy and a delay in American interest rate reductions, thereby placing the Thai currency under considerable strain. Kanjana Chockpisansin, K-Research’s head of banking and financial…
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Thai export growth projected at 2-3% amid global economic recovery
The UTCC (University of the Thai Chamber of Commerce) predicted a revival in exports, projecting a growth of 2-3% for the year, which equates to a value between US$290-293 billion. This shows a significant improvement from the 1% contraction experienced in the previous year. The UTCC’s president, Thanavath Phonvichai, attributed this predicted resurgence largely to the global economic recovery and…
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Prime Minister Srettha hands over 10,000 rai of land to farmers
In a significant move to uplift the farming community, Prime Minister Srettha Thavisin, on a visit to the northeastern region of Udon Thani, officially handed over lease contracts to farmers for over 10,000 rai of land owned by the 3rd Field Artillery Regiment. This marked a significant day in the Nong Wua So development scheme, designed to safeguard the interests…
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NESDC adjusts Thailand’s GDP growth projections
An adjustment to the anticipated GDP growth for 2023 and 2024 has been made by the National Economic and Social Development Council (NESDC), dropping to 1.9% and 2.7% respectively. The secretary-general of NESDC, Danucha Pichayanan, has called upon the Bank of Thailand to utilise financial measures to support the economy. The NESDC unveiled the figures for the economic growth in…
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Thailand aims for top ASEAN agricultural exporter with new FTAs
A Government of Thailand spokesperson revealed plans to enhance economic cooperation and attract foreign trade and investment, which could propel the Thai nation to the top of the agricultural export rankings in ASEAN through the implementation of Free Trade Agreements (FTA). The spokesperson for the Thai Prime Minister’s Office, Chai Watcharong, disclosed Prime Minister and Finance Minister Srettha Thavisin’s determination…
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Thailand’s GDP sees modest growth amid calls for interest rate cut
Thailand’s economic growth in 2023, as measured by the gross domestic product (GDP), registered a 1.9% increase, according to the National Social and Economic Development Council (NESDC). This growth, however, was tempered by a decline in manufacturing and public spending, despite an upswing in private consumption and visitor numbers. This growth bolsters the argument for an interest rate slash during…
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Thai processed sugar exports to China surge due to ACFTA
Thai exports to China, particularly those of processed sugar items including syrup, artificial honey, and various sweeteners, have seen a significant surge, courtesy of the ASEAN-China Free Trade Agreement (ACFTA). Over the past decade, Thailand has witnessed a yearly growth of 145% in processed sugar exports to China, as reported by the Foreign Trade Department. Ronnarong Phoolpipat, the director-general of…
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Thai farmers advised against off-season rice due to climate change
Climate change and the moderate effects of the El Niño phenomenon have led to a reduction in Thailand’s water supply, prompting authorities to advise second-crop farmers against the cultivation of off-season rice. The lower water levels have necessitated a revised water distribution plan to support existing plantations where crops are yet to be harvested. Krongsak Songraksa, Deputy Director-General of the…
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Thai poultry exports soar, feathering their cap as world’s third-largest
With over 100,000 tonnes of chicken valued at a staggering 100 billion baht shipped abroad last year alone, Thailand has secured its spot as the world’s third-largest exporter, trailing only behind Brazil and the US. Thailand’s poultry industry has been on an upward trajectory, with Chaweewan Kampa, President of the Poultry Promotion Association of Thailand, hailing the nation’s climb to…
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Phuket’s property pandemonium: Foreign buyers drive real estate prices sky high
Phuket’s property market has been catapulted to unprecedented heights, with foreign interest igniting a buying spree sending prices soaring. Phattarachai Taweewong, director of Research and Communications at Colliers International (Thailand), revealed that the allure of owning a slice of paradise in Phuket has pushed land prices to astronomical levels, hitting as high as 25 to 100 million baht per rai.…
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Steel dreams: Thai infrastructure boost sparks sector revival hopes
Hopes of a revival in the stagnant steel consumption sector in the country are being pinned on the government’s impending infrastructure development projects. The fiscal 2024 state budget, yet to be approved, is anticipated to propel these initiatives, according to Chaichalerm Bunyanuwat, the president of the EAF Long Product Steel Producers Association. He noted that the steel and iron industry…
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Anticipated US interest rate cut to boost gold prices in May
Gold prices in the domestic market, which had earlier witnessed a surge to 34,550 baht (US$956) per baht-weight during the Lunar New Year, are anticipated to rise again in May. This forecast comes as traders expect the Federal Reserve to begin a cut in US interest rates, thereby potentially driving global prices to US$2,100 per ounce. Gold Traders Association (GTA)…
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Thailand govt cuts informal debts by 670 million baht in two months
The Government of Thailand has slashed the nation’s informal debts by 670 million baht (US$18.69 million) in a span of two months, successfully resolving 102,000 out of the 140,000 reported cases. This significant reduction is part of an initiative to alleviate the household debt burden. Prime Minister Srettha Thavisin, who also holds the position of Finance Minister, attributed this progress…
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Digital love: 80% of Thais to swipe right on online Valentine’s gifts
According to a recent study conducted by the YouGov analysis institute, sponsored by Visa, the go-to name in digital payments, 80% of Thais will be ordering their Valentine’s Day treats from the comfort of their screens. The research delved deep into the hearts and wallets of Thai consumers, uncovering fascinating insights into how lovebirds navigate the digital aisles in search…
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