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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Increase agreed for Thailand’s minimum wage
PHOTO: Chiang Mai Citylife Thailand’s minimum daily wage is going up. But not by much. The National Wage Committee has singled out nine provinces for a 6 baht increase in the minimum daily wage, while the rest of the country gets an increase of 5 baht. The Permanent Secretary of Labour, Suthi Sukosol, confirms the nine provinces are Chonburi in eastern…
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Thai central bank calms businesses concerns over strong baht
The Bank of Thailand is attempting to quell business concerns over the strong baht, saying the currency will eventually reverse its upward trend and that more two-way movement in relation to the US dollar is expected in 2020. The central bank’s deputy governor Mathee Supapongse says that investors now see the baht as overvalued, given the kingdoms sluggish economic forecast…
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No tax on Chim Shop Chai stimulus package perks
The government will waive personal income tax on the financial privileges given to consumers under the Chim Shop Chai (Eat Shop Spend) economic stimulus programs that have been run over the past two months. This means the 1000 baht handout and the ‘cash-back’ rebate amounts won’t be subject to tax. The government spent 19 billion baht on the three phases…
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PM says Thailand must spend in dollars to weaken the baht
PHOTO: Bloomberg “We have to think how we will spend in dollars in many ways to help weaken the baht.” Thai PM Prayut Chan-o-cha says the nation should think about ways to spend in US dollars to help weaken Thailand’s booming currency. Speaking in Bangkok the PM said that the private sector also needs to help with the process. “A current-accounts…
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Thai government introduces property stimulus package
PHOTO: homeservicerayong.com “Buyers must earn no more than 100,000 baht a month and be registered on the Revenue Department’s tax database.” Thailand’s Finance Ministry spokesman Lavaron Sangsnit says that the three major housing associations are ready to support the government’s latest stimulus measures to support home purchases. There was a meeting between Ministry officials and the Housing Business Association, Thai Real…
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Thai household debt hits all-time high of 340K baht per house
Household debt in Thailand is at a record high. A survey carried out by the University of the Thai Chamber of Commerce shows that household debt has increased by 7.4% since this time last year and now sits at a record high of 340,000 baht. The survey was carried out between November 11-23, canvassing 1,201 people around the country. The…
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Thailand to export additional 1 million tonnes of rice to China
PHOTO: asia.nikkei.com The Agriculture and Cooperatives Minister says he aims to increase exports of Thai rice to China by another 1 million tonnes. The Nation reports that Chalermchai Sri-on says a second list of approved Thai rice manufacturers has been provided to China, with officials there pledging to finalise the country’s import scheme registration as soon as possible. Minister Chalermchai…
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Thailand signs 3 MoUs with South Korea during PM’s visit
PHOTO: Thai PBS World Thailand has signed three MoUs (Memorandum of Understanding) with South Korea during PM Prayut Chan-o-cha’s official visit, taking place from November 24-27 for the 2019 ASEAN – Republic of Korea Commemorative Summit. Thai PBS World reports that the three agreements were signed yesterday, the first being between Thailand’s Ministry of Higher Education Science, Research and Innovation…
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Thai exports down 4.5% in October, 2.35% for the year
PHOTO: Commerce Ministry Thai exports have crashed 4.5% for October 2019, compared with the same month last year. The total contraction in first 10 months of this year has now averaged 2.35%, and things don’t look like improving any time soon, according to the Commerce Ministry, as reported in the Bangkok Post. The director-general of the ministry’s Trade Policy and…
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No Chim-Shop-Chai deadline for over 60s
The third phase of the government’s “Chim-Shop-Chai” (Eat-Shop-Spend) program has a special quota of 500,000 reserved for the Thai elderly, in addition to the already fully subscribed 1.5 million. A spokesman says the Finance Ministry has not set a time frame for elderly people to subscribe so they won’t feel pressured to meet a deadline. More than 90,000 seniors subscribed…
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Deputy Thai PM: “Don’t mention the economy”
“If we keep talking about it, it’ll make good things look bad, and this will have wide repercussions.” Thailand’s Deputy PM Somkid Jatusripitak is urging the public not to discuss Thai economic problems too much, saying it could affect investor confidence. Somkid says he’ll explain the economic slowdown if the opposition raises it at the censure debate against the government, which…
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Eat, Shop, Spend campaign – Phase 3 full, unless you’re over 60
A Thai government spokesperson says Phase 3 of the hugely popular economic stimulus program “Eat, Shop, Spend” (Chim Shop Chai), is now fully subscribed, although spaces still remain open to allow those Thais over 60 to sign up. The Nation reports that 1.5 million people registered for the scheme between November 14 and 16. A special quota was made available…
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Thailand ranks in top five economies for salary increases
PHOTO: iglu A report in Thailand Business News says Thailand is among the top five countries in the world for salary increases. The Annual Salary Trends Report, carried out by ECA (Employment Conditions Abroad) International, looked at salary trends for 60 countries and forecasts a 2020 salary increase of 4.1% for Thailand, up from 3.9% this year. In general, Asian nations…
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Sugar industry expert says banning of 3 agri-chemicals will severely damage business
The president of the Thailand Society of Sugarcane Technologists has criticised the recently- implemented ban on three agri-chemicals that were commonly used in the industry. The Nation reports that Dr Kitti Chunhawong insists the ban on Paraquat, Chlorpyrifos and Glyphosate will cripple business. “Currently Thailand is the world’s fifth sugar producer and second biggest exporter with more than 11 million…
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Government wants to extend ‘Eat, Spend, Shop’ economic stimulus plan
The government is seeking to extend the deadline for its economic stimulus package, “Eat, Spend, Shop” (Chim Shop Chai) to January 31. The Nation reports that the Finance Ministry is planning to ask Cabinet today to agree to an extension from the original deadline of December 31, in order to provide a further boost to spending and the economy over…
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A restart for resumption of Thai-EU trade talks scheduled
MONTAGE: The Thaiger Free trade talks between the EU and Thailand are about to start again after years in the wilderness following the 2014 military coup, and years of protracted negotiations before stretching back to 2005. The Thai Commerce Ministry is now preparing to resume free-trade talks with the European Union. The director-general of the Department of Trade Negotiations, Auramon…
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Government’s economic stimulus package generates over 10 billion baht so far
PHOTO: Fodors Travel Guide The Thai government’s campaign to stimulate domestic tourism – the Chim Shop Chai campaign – has generated over 10 billion baht so far. The Nation reports that transactions carried out through the g-Wallet app have generated 225 million baht in the Yala province alone. The southern province now ranks 10th highest for spending during the campaign.…
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Thai baht dips after rate cut
The baht continued losses yesterday after the Thai central bank cut interest rates. Other Asian currencies dipped as markets assess the latest details of the US-China tariff talks. The Bank of Thailand cut rates for the second time this year, with the benchmark one day repurchase rate now at a record low, as the bank tries to manage inflation and…
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Ease on foreign investments and cut on official interest rate
The Bank of Thailand will now allow Thai residents to send money overseas to invest directly and the domestic trading in gold in foreign currencies. The Central bank governor Veerathai Santiprabhob says the move should help slow the baht’s worryingly rapid appreciation. The new measures will come into effect tomorrow. Exporters will be allowed to invest their earnings abroad, up to…
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Chonburi manufacturers suspend operations, workers laid off
PHOTO: Nippon Steel Steel Processing Company storage yard and port facilities Thailand’s division of the Nippon Steel Steel Processing Company, in Rayong province, says they will suspend operations, temporarily, starting November 9, citing a steady drop in steel sales. Japan’s local affiliate Nippon Steel, says that, if all its employees work full-time, the company’s output of steel will far exceed…
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Sit down, shut up and hang on – The Asian century is here
GRAPHIC: paragkhanna.com In the nineteenth century, the world was ‘Europeanised’. In the twentieth century, it was ‘Americanised’. This century it is all about being ‘Asianised’. With more than half of the world’s population, Asia has gone swiftly from low to middle-income status in a single generation. Today, its global share of trade grows quickly, along with capital, people, knowledge, transport,…
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Thailand’s internet economy to hit 50 billion dollars by 2025
Google and Singaporean investment firm Temasek launched a research program into the internet economies of Southeast Asia In 2016 and continue tracking economies in the region. Their “E-Conomy SEA 2019” report shows that Southeast Asia’s internet economy reached 100 billion dollars for the first time this year, with 360 million people now linked to cyberspace – 100 million more than…
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Ministry considering third round of the Chim Shop Chai stimulus packages
Deputy PM Somkid Jatusripitak is praising the Chim Shop Chai (Eat Shop Spend) scheme and has told the Finance Ministry to consider launching a third round before the end of the year. In a policy speech, he defended the scheme, saying it’s neither wasteful nor a populist policy, fending off accusations by critics. He insists the program has been successful in…
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Thailand has 6 months to discuss GSP with US
PHOTO: TNA Thai authorities still have six months to discuss the US decision to suspend tariff exemptions for Thai exports under its Generalised System of Preferences, according to PM Prayut Chan-o-cha. The PM says the US has suspended GSP privileges not only for Thailand but other countries too. Thailand has enjoyed GSP privileges for nine years and Washington might think…
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Commerce Ministry will appeal US GSP decision
Thailand will ask the United States to reconsider removal of trade preferences for Thai exports under the Generalized System of Preferences (GSP), according to the Ministry of Commerce. In the past, whenever trade benefits for Thai products exported to the US were suspended, Thailand has appealed to the US, according to the commerce minister, who added that it is ultimately…
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Thai exports will suffer from Trump labour rights decision
The Thai export sector will suffer another blow after the US President Donald Trump announced on Friday the suspension of 1.3 billion dollars worth of duty-free trade for certain Thai goods, claiming Thailand has not taken steps to protect the labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said…
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Thai banks report strong mortgage growth despite April’s new loan regulations
Ever since the Thai government enforced the higher loan-to-value ratios on property lenders last April, borrowers and developers have been generally unhappy with the result – a sluggish new home-buyer market. But some commercial lenders, particularly some of the larger ones, have still reported strong lending growth for the first nine months of 2019. Kasikorn Bank says its housing loans surged…
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Thai government to slap CO2 tax on ‘big bikes’
PHOTO: bigbiketours.com The Thai Excise Department is poised to boost the tax on “big bikes” by 100,000 baht starting at the beginning of next year. The new tax will reflect motorcycle CO2 emissions. The director of the department’s Bureau of Tax Planning, Nutthakorn Utensute, says the Cabinet will adjust the tax increase for high-powered motorcycles based on their CO2 emissions,…
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Thai Airways not at risk of shutting down: president
Thai Airways is not at risk of shutting down and recent news reports about the airline’s situation were “misinterpreted”, the beleaguered carrier’s president insisted on Wednesday. The statement appeared to directly contradict remarks he made to high-ranking THAI staff in a speech on Tuesday. He said the remarks were to encourage staff to make an earnest effort to ensure the…
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Airline on brink of collapse, TG president warns
The president of Thai Airways has announced that the national flag carrier is in deep financial trouble and may have to fold unless staff members unite to work harder. He also said that there may still be time, though not much, to save the company. “Otherwise speculation that THAI is going bankrupt will materialize and there is a chance that…
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