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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Long-haul tourism to boost Thai tourism revenue in 2024
The Tourism Authority of Thailand (TAT) anticipates that long-haul tourism will significantly bolster Thai tourism revenue in 2024, contributing seven percentage points more than pre-pandemic levels. This was discussed last week as the Minister for Tourism and Sports, Sudawan Wangsuphakijkosol, met with TAT executives to deliberate on next year’s market strategies. The government has set a goal of 3.5 trillion…
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3.48 trillion budget approved by Cabinet for next year
Prime Minister Srettha, in a post-Cabinet meeting press conference declared that the budget bill, meticulously scrutinised by the Office of Council of State, will be delivered for approval. Typically, budget bills are sealed and delivered before the fiscal year kicks off in October. However, this year’s extravaganza faced a dramatic delay, thanks to the intricate dance of forming a coalition…
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Toshiba Corporation gets booted from Tokyo Exchange but Toshiba Thailand stays
After a staggering 74-year run, Toshiba Corporation on the Tokyo Stock Exchange faces delisting and a subsequent takeover. However, Toshiba Thailand Ltd emerges unscathed, asserting its independence and vowing to power on. “Unfazed by the storm in Japan, Toshiba Thailand is business as usual.” Having severed ties with its Japanese parent years ago, the company stands resilient in the face of…
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Thai industries battle tide of cheap imports: Government gears up for tough measures
In a bid to rescue Thailand‘s floundering manufacturing sector, the Thai government is gearing up for a fierce showdown against a deluge of low-priced imports that threaten to drown local industries. The Commerce Ministry’s crackdown, aimed primarily at products flooding in from China, promises to safeguard Thai manufacturers from the relentless assault on their market share. Thailand’s industrial output has…
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Japan revs up Thai automotive industry: Major automakers inject 150 billion baht boost
In a move set to ignite Thailand‘s automotive industry, four major Japanese car giants are gearing up to pump a staggering 150 billion baht into manufacturing electric vehicles (EVs) in the country. This collaboration underscores Thailand’s ascent as a powerhouse in the automotive world and spotlights the government’s triumphant push towards an electrifying future. Four heavyweight Japanese automotive juggernauts are…
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Thai BOI reveals game-changing green plan with 150 billion baht EV investment
The Board of Investment (BOI) of Thailand has declared its strategic vision for the next four years, placing a robust emphasis on the burgeoning sectors of bio, circular, and green (BCG) industries. Speaking passionately at the Go Thailand: Green Economy-Land Bridge forum in Bangkok, BOI secretary-general Narit Therdsteerasukdi highlighted the global trend towards sustainability in business operations. “From BOI’s roadshow…
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Thai listed companies broke records by reeling in 6.21 trillion baht last year
Thai listed companies have orchestrated a financial coup, raking in an astronomical 6.21 trillion baht from their overseas ventures last year, smashing records and defying global economic odds. The Stock Exchange of Thailand (SET) reports an eye-watering surge of 1.83 trillion baht from the previous year, making it a staggering 17-year high. Amidst the chaos of the Russia-Ukraine war and…
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Malaysia’s economic miracle: 2024 boom predicted with a twist
RAM Rating Services Berhad reveals Malaysia‘s economic future, promising significant growth next year. RAM Rating Services Berhad said in its Economic Outlook 2024 report to get ready for an economic renaissance. The tantalising revelations point towards a potential external demand turnaround, setting the stage for a dazzling economic performance. The domestic front is gearing up for a resilience revolution, riding…
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Thai economy set to boom with 106 billion baht splash with new year expenses
The University of the Thai Chamber of Commerce (UTCC) predicts a staggering 106 billion baht surge in consumer spending during the upcoming New Year festivities – a four-year high that could inject new life into the nation’s financial veins. President Thanavath Phonvichai, the maestro behind this optimistic symphony, attributes the spending spree to the government’s strategic new year’s gift measures.…
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Government to shoulder Covid-19 insurance claims as insurers buckle under 60 billion baht payouts
Deputy Finance Minister Julapun Amornvivat has revealed that the Thai government may have to step in to assist with the hefty burden arising from Covid-19 insurance claims. The grim situation has seen total payouts skyrocket to almost 60 billion baht, leaving non-life insurance companies in shambles and prompting the closure of those unable to meet the financial demands. Julapun disclosed…
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Will the 2024 fiscal year save the Thai economy?
Deputy Finance Minister Julapun Amornvivat revealed that Thailand‘s eagerly awaited 3.48 trillion baht budget for the 2024 fiscal year won’t see the light until early May. Originally set to kick off on October 1, the budget got tangled in the web of politics, with May’s election and the lengthy government formation process pushing the official start to September 5. According…
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Thai health charter chairman advocates for cannabis in wellness tourism
Dr Kampon Sriwatanakul, chairman of the Thailand National Charter of Health, has called for the adoption of a holistic wellness technique to leverage the potential of cannabis in bolstering the nation‘s tourism. He delivered these remarks at the 4th CISW MedCann Investment Summit 2023, which took place yesterday, December 20. The chairman advocated for a wellness tourism model revolving around…
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Survey reveals half of Thai workers unprepared for retirement
In a startling revelation, a recent survey conducted by the Faculty of Commerce and Accountancy at Chulalongkorn University has unveiled a concerning truth – a staggering 50% of working-age Thais are not financially equipped for retirement. The implications are dire, as experts warn of the impending challenges faced by the nation’s ageing population. The survey, involving 2,400 participants nationwide, disclosed…
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Thai wage committee upholds 2.37% minimum wage increase
Yesterday, a senior government official announced that the tripartite wage committee has decided to uphold their previously agreed-upon plan to increase the average daily minimum wage by 2.37%. The committee, consisting of representatives from the government, employers, and employees, has agreed to uplift the pay threshold range to 330 to 370 baht, starting in January. This was confirmed by Pairoj…
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Explosive growth in Thai insurance industry predicted for 2024
The Thai General Insurance Association (TGIA) has foreseen an unprecedented surge in the insurance industry, with premiums expected to skyrocket to 303 billion baht in 2024. The TGIA president, Somporn Suebthawilkul, revealed the industry’s trajectory, unveiling that premiums for the initial nine months of this year already hit a whopping 210 billion baht, marking a staggering 5.2% rise from the…
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The hidden struggle of Thailand’s overlooked workforce
Thailand’s National Statistical Office (NSO) Director, Piyanut Wuthison, has exposed the stark reality of the nation’s labour force where 21 million workers in the informal sector constitute a staggering 52.3% of Thailand‘s workforce. “Our annual survey sheds light on the silent warriors of the informal labour sector, a staggering 21 million strong. These workers, often grappling with irregular hours and…
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Stable gold prices in Thailand offers secure investment opportunity
The Gold Traders Association announced today’s gold prices, maintaining the same rates as yesterday. The selling price for gold jewellery is set at 34,050 baht. The price of gold remains unchanged from yesterday, with the Gold Traders Association revealing the selling price for gold jewellery at 34,050 baht per baht, according to the latest information published on their website at…
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Diesel drama: Choice of petrol diminished
In a game-changing move, the Energy Business Department is racing towards Cabinet approval to discontinue the sale of B10 diesel oil, leaving only B7 and B20 options at the pumps. Department Director-General Nanthika Thangsupanich explains this electrifying decision, spurred by the Energy Policy Committee’s bid to streamline diesel oil offerings and clear the fog of confusion for the masses. As…
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Chongqing Sokon Motor plans entry into Thailand’s EV commercial market
Chongqing Sokon Motor, a prominent Chinese vehicle manufacturer, has revealed its plans to enter the electric vehicle (EV) commercial market in Thailand. The company will be collaborating with a local firm on this venture. David Luo, the sales director of Chongqing Sokon Motor, expressed confidence in the potential growth of the commercial EV sector in Thailand and ASEAN, predicting an…
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Thailand’s growing spa industry (video)
President of the Thai Spa Association, Sunai Wachirawarakarn, or Nai, talks about the secrets behind Thailand‘s spa industry meteoric rise and unveils the trends reshaping the wellness landscape. The Thai Spa Association, a non-profit powerhouse dedicated to propelling Thailand’s spa industry, boasts 200 privileged members relishing perks like exclusive newsletters, seminars, and high-profile networking events. Across the Middle East, spa…
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Phuket’s phenomenal rise: From tropical paradise to global hub
In the wake of a robust global economic resurgence, Phuket has emerged as a magnet for inbound migration, shaping a vibrant and eclectic international community in the heart of Asia, reveals C9 Hotelworks’ latest expansive investment dossier on Phuket’s economic landscape. Managing Director of C9 Hotelworks Bill Barnett stated… “With a tourism and property market in full throttle, we’re witnessing…
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SMK facing liquidity crisis as liabilities surpass assets
The Syn Mun Kong Insurance Plc (SMK), overseen by the Office of the Insurance Commission (OIC), is facing significant liquidity issues and has been given 60 days to solve these problems and raise capital. However, the OIC suggests that SMK is unlikely to comply within the given timeframe. SMK’s total liabilities have surpassed its assets, amounting to 30 billion baht, according…
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Thai tourism revolution: Duty-free ditch and booze bonanza
In a bold move set to redefine Thailand‘s tourism landscape, the Finance Ministry is gearing up to propose changes that could reshape the way tourists spend their cash. The Finance Ministry is set to pitch a revolutionary plan to Cabinet today, December 19, aiming to suspend duty-free shops in the arrivals section of all airports. Lavaron Sangsnit, the ministry’s permanent…
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Revolutionary reforms: Government’s 90-day plan to boost economy
In a move to transform the nation‘s fortune, the Public Relations Department has unveiled a game-changing report highlighting the government‘s efforts to boost the economy over the last 90 days. The report, released with much fanfare yesterday, December 18, boasts an array of initiatives aimed at cutting costs, boosting income, and ushering in a new era of prosperity. Chai Watcharong,…
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Thai government considers extending nightlife hours
The Thai government is currently contemplating the extension of operating hours for bars, clubs and other entertainment hubs until 4am, in more provinces as a means to stimulate the economy, as reported by Interior Minister Anutin Charnvirakul. The minister shared this information following a late-night inspection of Khao San Road nightspots on Saturday. This marked the second night clubs and…
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Thanapiriya Plc plans 120 million baht expansion
Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…
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Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
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Thai PM seeks Japanese investment in country’s EV industry
Thailand Prime Minister Srettha Thavisin is set to persuade top Japanese car manufacturers to invest in Thailand’s burgeoning electronic vehicle (EV) industry, boarded a plane to Japan yesterday. The visit, marking his first to Japan since his tenure as prime minister began, coincides with the 50 Years of the Asean-Japan Friendship and Cooperation Commemorative Summit. Accompanying the 61 year old…
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Thailand’s inflation hits 33-month low sparking economic slowdown concerns
Inflation in Thailand experienced a downward trend for the second month in a row, marking a 33-month low in November. This decrease sparked concerns regarding the increased risk of economic deceleration and potential deflation. The Commerce Ministry of Thailand has also predicted a further decline in the inflation rate in December. Deflation is defined as a period where the prices…
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Thailand’s economic growth potentially in decline, SCB EIC warns
The Siam Commercial Bank’s research wing, SCB Economic Intelligence Center (EIC), expressed concern over the potential decline in Thailand’s long-term economic growth. It has attributed this to enduring structural problems, such as low investment, diminished total factor productivity, and the economic impact of the pandemic. Chief Economist at SCB EIC, Somprawin Manprasert, revealed that Thailand’s economic recovery has been more…
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