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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Mongolia opens honorary consulate in Phuket, boosting ties
Phuket marked a significant milestone as Mongolia inaugurated its honorary consulate on the island, coinciding with the 49th anniversary of its diplomatic ties with Thailand last week. The consulate’s office is located at the Gig Hotel on Soi Bangla in the Patong district. The opening ceremony saw the attendance of key figures including Tumur Amarsanaa, Mongolia’s ambassador to Thailand, Nutthaphong…
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Thai government to give 10,000-baht digital wallet to citizens despite criticism
Despite facing staunch criticism from experts, Prime Minister Srettha Thavisin confirmed on Friday that the Thai government will proceed with its plan to distribute a 10,000-baht digital wallet to every Thai citizen over the age of 16. This announcement comes in response to comments from Bank of Thailand (BoT) governor Sethaput Suthiwartnarueput, who criticised the economic stimulus policy. PM Srettha…
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Ford Thailand revs up for turbocharged pickup comeback as year-end season approaches
Ford Thailand, the driving force behind Ford Motor’s presence in the country, is gearing up for a turbocharged comeback in pickup sales as we cruise into the final quarter of the year – a season traditionally revved up for car enthusiasts. This resurgence is expected to shift into high gear thanks to the bumper crop of income flowing in from…
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Electrical appliance industry sparks up: El Niño predicted to surge sales by 4-5%
The El Niño weather phenomenon could potentially stimulate a 4 to 5% rise in sales within the electrical appliance and electronics industry this year, with sales projected to elevate from 230 billion baht last year. Major electrical appliance distributors and leading retail chains noted growth in the market within the first nine months of the year. Despite the purchasing power…
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JSCCIB for water: Thai committee floats idea to dip into digital wallet funds for H2O solutions
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) proposed that the Thai government allocate a portion of its 560 billion baht digital wallet scheme budget towards supporting water management plans. The committee argues that Thailand needs immediate and long-term solutions to deal with flooding and drought, which is forecasted to affect the agricultural sector due to El Niño-induced…
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Thai baht hits new low against US dollar amid gold price drop
The 2023 financial year has seen the Thai baht rank as one of the region’s poorest performing currencies, depreciating to a low of 37.14 to the US dollar on Tuesday – a level not seen since November of the previous year. The recent plummet in gold prices, with a decline of around 5% or US$7.45 (274.65 baht) per ounce, has…
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Thailand’s digital wallet project: Green light to make cash splash
The government of Thailand has given the green light for the formation of a committee for its ambitious digital money handout scheme, otherwise known as the digital wallet project. Slated for launch in February, the initiative aims to stimulate the economy by providing each Thai citizen above the age of 16 with 10,000 baht (US$269) in digital money. The project, requiring…
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Weakening baht boosts Thailand’s exports and tourism
Thailand Prime Minister Srettha Thavisin pointed out yesterday that the weakening baht, despite its potential negative impact on energy import costs, is actually proving to be a boon for the country’s exports and tourism. The baht had earlier plummeted to an 11-month low against the US dollar, trading at 37.095. According to the 61 year old prime minister, who also…
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World Bank revises Thailand’s economic growth forecast due to export contraction
The World Bank revised Thailand’s economic growth forecast downwards for 2023 and 2024, attributing the adjustment to a predicted contraction in the country’s exports due to reduced global demand. The primary engines of economic growth will be tourism and private consumption. A decrease from 3.6% to 3.4% is predicted for Thailand’s economic growth this year, as reported by the World…
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Banking on change: Thai banks raise policy rates to woo depositors with digital deals
Following the Bank of Thailand‘s decision to hike its policy rate by 0.25 percentage points, banks are now increasing both their loan and deposit rates. In a bid to attract depositors, special rates are being offered on digital savings products. Siam Commercial Bank (SCB), the country’s fourth-largest lender by total assets, has acted promptly to the central bank’s policy rate…
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Stock slide stalls: Thai stock market slump set to stabilise as analysts predict limited decreases
The Stock Exchange of Thailand (SET) index has been subjected to a downward revision this year, dipping to a three-month low of roughly 1,470 points. This has led market analysts to believe that further decreases are now limited. Kasikorn Securities (KSEC) consequently altered its SET index target to 1,544 points by the close of 2023, a significant drop from the…
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Price plunge extravaganza: Nationwide cuts on products and services to boost Thailand economy
A nationwide price reduction on over 150,000 products and services, ranging up to an 87% discount, has been declared with immediate effect in Thailand until the end of December. This is part of the government’s Quick Win policy initiative, aimed at reducing costs, boosting the economy, and expanding business opportunities, stated Commerce Minister Phumtham Wechayachai. The agreement, reached yesterday, involves…
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Thailand hikes interest rate amid economic uncertainty, shifts focus to soft power
The Bank of Thailand unexpectedly hiked its interest rate to a decade-high of 2.5% in an effort to combat inflation and prepare for global economic fluctuations. This move has cast uncertainty over the nation’s economic outlook. The government has set an ambitious GDP target of 4.4% for the following year, a significant increase from this year’s projection of 2.5-3.0%. Despite…
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World Bank’s growth forecast dips in East Asia: A downward spiral
The World Bank‘s most recent semi-annual report reveals a downward revision in growth predictions for developing economies across East Asia and the Pacific for the years 2023 and 2024. This downward adjustment can be attributed to various factors, including the constraints imposed by tighter financial conditions and the ongoing challenges within the global economic environment. According to the report, the…
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Gold holds its ground: Steady prices shine in market update
Gold prices remained steady today according to the Gold Traders Association‘s opening market update, with the price of gold ornaments set at 32,650 baht per baht-weight. The price of gold bars in the country was also unchanged, with the buying and selling rates at 32,050 baht and 32,150 baht per baht-weight respectively. Meanwhile, 96.5% pure gold ornaments were bought for…
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Economic unit predicts ‘bond-ing’ boom amidst 2024 global recession
Tisco Economic Strategy Unit (ESU) warns the impending global recession in 2024 could likely lead to a surge in the return on bond investments to over 10%. This potential economic shift prompts Komsorn Prakobphol, the head of the economist strategy unit at Tisco ESU, to advise investors to lessen their stock investments and instead channel more into debt instruments, particularly…
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Thai economy loses steam: UTCC’s growth forecast trims to 3%
With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of…
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Thailand and Cambodia to boost bilateral trade
Thailand’s commitment to deepen ties with Cambodia has been firmly established, with both nations aiming to boost bilateral trade volume to US$15 billion (551 billion baht) by 2025. This was confirmed by government spokesman, Chai Wacharonke, following a significant meeting between Thailand’s Prime Minister, Srettha Thavisin, and his Cambodian counterpart, Hun Manet. The meeting, which took place in Phnom Penh,…
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Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
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Bank of Thailand raises policy rate to 2.5%, highest since 2013
The Monetary Policy Committee (MPC) of the Bank of Thailand unanimously approved a quarter-percentage point increase in the policy rate, raising it from 2.25% to 2.50%. This change, which took effect yesterday, marks the highest rate since October 2013. According to Piti Disyatat, the MPC secretary, the Thai economy is on a slow recovery path this year, primarily due to…
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WHA anticipates US tech giants’ investment surge due to Thailand’s renewable potential
Thailand’s biggest built-to-suit logistics facilities developer, WHA Corporation, anticipates an increase in investment from US tech giants in the coming year, as they eye business expansion in the ASEAN region. Major players such as Google, Microsoft, and Tesla have shown interest in the country’s potential during an investment talk. The event was a part of Prime Minister Srettha Thavisin’s participation…
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Thai govt dives into action: Plans to flood fields with innovation and debt suspension
Plans are underway by the Thai government to accelerate the expansion of water sources and enhance the varieties of rice and other key crops in Thailand. Recommendations have also been made for the proposed debt suspension scheme to operate with conditions. These suggestions were made by Nipon Puapongsakorn, a distinguished fellow at the Thailand Development Research Institute (TDRI), who highlighted…
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Srettha Thavisin to bolster ASEAN ties, attract Saudi investment
Prime Minister Srettha Thavisin is preparing to bolster Thailand and Cambodia’s relationship with his upcoming visit tomorrow, as announced by Panpree Bahiddha-Nukara, the Deputy Prime Minister and Foreign Affairs Minister. This visit marks PM Srettha’s first trip to an ASEAN country since his initiation as prime minister, with Cambodia being one of Thailand’s nearest neighbours to strengthen ASEAN ties. Panpree…
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Thai govt greenlights 500 billion baht boost for state-owned enterprises in 2024 budget bonanza
The Thai government yesterday approved a massive investment budget of 500 billion baht dedicated to 46 state-owned enterprises for the fiscal year 2024, commencing this October. The substantial budget aims to stimulate the national economy and bolster fiscal growth. Government spokesperson Chai Wacharonke detailed the budget allocation, stating that the funding includes 209 billion baht earmarked for ongoing and routine…
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UOB report uncovers economic concerns and investment trends in ASEAN nations
The United Overseas Bank (UOB) released a significant report revealing the current economic sentiments of citizens and businesses across five ASEAN nations – Singapore, Malaysia, Indonesia, Vietnam, and Thailand. Two days ago, Yuthchai Tayaratchakul, the Executive Vice President of UOB, provided a statement regarding the ASEAN Consumer Sentiment Study (ACSS). The UOB report aimed to shed light on the top…
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Thai steel market stagnation expected in 2023 amid economic concerns
The Thai steel market faces a period of stagnation in 2023, with consumption levels predicted to match those of last year at 16 million tonnes. This prediction comes from Chaichalerm Bunyanuwat, president of the EAF Long Product Steel Producers Association, who cites the slow resumption of government infrastructure projects, weak consumer spending power, and high household debt as contributing factors.…
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Thailand’s commerce minister to stimulate exports, tackle Q4 slump
Thai Commerce Minister Phumtham Wechayachai is set to engage in dialogue with the private sector this week with the aim of stimulating exports and reviving the nation’s Q4 performance. The meeting is scheduled for September 27, as stated by Phusit Ratanakul Sereroengrit, the head of the International Trade Promotion Department, with the intent to evaluate the export scenario and devise…
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Evergrande’s uphill battle: China’s property giant grapples with dwindling option
China Evergrande Group, the beleaguered real estate titan, is rapidly exhausting its options to salvage one of the most substantial restructuring efforts in the country’s history. A series of unforeseen circumstances, including the cancellation of crucial creditor meetings, the necessity to revise its restructuring plan, the detainment of staff from its money management division, and a failure to meet the…
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Thailand’s fisheries law amendment to ease fishermen’s concerns
A proposed amendment to the fisheries law by the Ministry of Agriculture and Cooperatives is underway, designed to alleviate the economic issues plaguing fishermen who assert that their livelihoods are compromised by stringent regulations. Thammanat Prompow, the Minister, acknowledges the concerns raised by fishing communities, who claim to be adversely impacted by the Fisheries Act. This fisheries law, originally instituted…
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Tesla, Google, Microsoft eye US$5 billion investment in Thailand
Thailand anticipates a minimum of US$5 billion (160 billion baht) investment from tech giants Tesla, Google, and Microsoft, as shared by Prime Minister Srettha Thavisin. Tesla is considering establishing an electrical vehicle (EV) manufacturing facility, while Microsoft and Google are exploring data centres, PM Srettha today stated, without specifying whether this projected US$5 billion was an aggregate investment or an…
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