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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CRC projects 9-11% revenue growth driven by tourism boost
Central Retail Corporation (CRC) is expecting revenue growth of 9-11% in 2024, with the primary drivers being a resurgence in tourism and increased consumption. However, concerns have been raised about a potential influx of inexpensive imported goods. Yol Phokasub, CRC’s chief executive, articulated that despite the sluggish economic growth, the overall spending confidence in Thailand remains above average for the…
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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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Thai PM defends 10,000-baht digital wallet scheme amid criticism
The implementation of the controversial 10,000-baht digital wallet scheme was defended yesterday by Prime Minister Srettha Thavisin. This came following a statement by Move Forward Party Deputy Leader Sirikanya Tansakul, suggesting the government develop a backup plan due to the scheme’s uncertain future. Tansakul pointed out that the scheme’s success hinges on the decision of the government’s digital wallet policy…
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Thai economy needs more stimulus amidst global challenges
Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…
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Indonesia reassures no rice shortage despite retail restrictions
The Indonesian government affirmed today that there is no shortage in the country’s rice stocks, despite increasing restrictions on sales in mini markets and supermarkets that have been in place since the close of 2023. Arief Prasetyo Adi, the Head of the National Food Agency (NFA), made this assurance following a coordination meeting with the president. He also highlighted the…
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Japanese to invest 10 billion baht in Thailand’s S-curve industries
Two Japanese corporations are set to inject a total of 10 billion baht into Thailand’s S-curve industries, according to the Thai Industry Ministry. This initiative encompasses 12 industries earmarked for development by the Thai government, including smart electronics. Air and compressor manufacturing are the sectors that have particularly piqued the interest of the two firms, said Industry Minister Pimphattra Wichaikul.…
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Thai govt to set up asset management firm to tackle household debt
Thailand Prime Minister Srettha Thavisin today announced that an asset management firm is to be established by the Thai government in the first quarter of the year to address the persistent issue of high household debt. The initiative confronts numerous challenges, including the reluctance of some creditors to participate in the process. With 90.9% of its GDP equalling household debt…
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Thai workers invited to apply for high-paying oil rig jobs in Brunei
A Thailand government spokesperson announced a significant recruitment drive by the Department of Employment for 40 positions on oil rigs in Brunei, offering high annual salaries, free accommodation, and excellent benefits. The application window for these coveted roles opened on February 9 and will close on February 23, inviting experienced professionals with a minimum of eight years in the industry,…
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Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
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Thailand-Cambodia border gate to boost trade despite landmine challenges
The Ban Nong Ian-Stung Bot border gate between Thailand and Cambodia is soon to be operational, aiming to stimulate trade and logistics between the two nations. This announcement was made by Parinya Potisat, the governor of Sa Kaeo province yesterday. The new frontier passage will ease the pressure on the Ban Khlong Luek-Poipet border by providing an additional route for…
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Less than 5% pay rise for Thai employees this year
According to Aon Plc’s latest survey, Thai employees are set to experience a modest 4.9% pay rise this year, trailing behind their regional counterparts. The forecast anticipates a slight uptick from 4.7% last year but still falls short of the salary growth expected in Indonesia (6.5%), the Philippines (5.5%), and Malaysia (5%). Meanwhile, Singapore is projected to witness a 4%…
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Pheu Thai Party dismisses corruption concerns on 10,000-baht digital wallet scheme
The Pheu Thai Party dismissed a warning by the National Anti-Corruption Commission (NACC) concerning the government’s proposed 10,000-baht digital wallet scheme. Anusorn Iamsa-ard, a Pheu Thai list-MP, maintained that the government is open to feedback from all quarters and that the NACC’s concerns are premature as the scheme has not been implemented yet. “If the digital wallet scheme is delayed…
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Chamber of Thailand calls for cut in interest rates to boost recovery
The Thai Chamber of Commerce (TCC) expressed its expectations for the Bank of Thailand to consider a reduction in interest rates in its forthcoming meeting. The TCC argues that although the economy is on a recovery trajectory, it remains susceptible to various challenges. Sanan Angubolkul, the chairman of the chamber, acknowledged the decisions made by the Monetary Policy Committee (MPC)…
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Thai Honda forecast mild ‘declinecycle’ in domestic sales this year
Thai Honda Co, a leading motorcycle manufacturer and distributor, predicts a mild decline in domestic sales to around 1.7-1.75 million units this year. This anticipated dip is attributed to the newly implemented regulations aimed at managing high levels of household debt. In the previous year, Thailand recorded total motorcycle sales of 1.88 million units. For the coming year, sales of…
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Sea-change agenda: Phuket sets sail for luxury ship entry
Senate Tourism Committee Chairman General Thanasak Patimaprakon and his delegation visited Phuket yesterday to discuss transforming the popular holiday resort island into a point of entry for small luxury ships. The visit was in response to plans to develop Phuket Deep Sea Port at Ao Makham to serve as a home port for small cruise ships. This move aims to…
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Thailand’s economy set for 3.3% growth amid global uncertainties
Thailand’s economy is projected to grow by 3.3% this year, despite vulnerabilities from international politics, foreign wars, and unrest in neighbouring countries. These factors pose risks to the nation’s export sector. Tawee Piyapatana, the Senior Vice President of the Federation of Thai Industries, expressed concerns after representing the chair at a Joint Standing Committee on Commerce, Industry and Banking (JSCCIB)…
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Thai rice exporters stir in choppy waters as challenges loom ahead
Rice exporters in Thailand are bracing for a challenging year ahead due to a host of risk factors, including fluctuating exchange rates, waning competitiveness of Thai rice, fierce price competition, the potential impact of the El Niño weather phenomenon, and India’s restrictive export policies, as reported by the Thai Rice Exporters Association. The association’s honorary president, Chookiat Ophaswongse, referred to…
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Thailand urged to speed up joint gas project with Cambodia
Energy experts urged Thailand to accelerate discussions on a joint gas production endeavour with Cambodia in the overlapping claim area (OCA). The call comes in light of the global shift towards clean energy, which could pose challenges to new petroleum projects due to their contribution to carbon emissions. Despite its initiation in 2001, the OCA negotiations have yet to progress…
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Promising future for Thai SET in healthcare, tourism, food sectors
Despite the slow recovery of the Stock Exchange of Thailand (SET) from last year’s significant slump, executives see a promising future in healthcare, tourism, and food stocks. They believe these sectors can offer attractive opportunities for investors and encourage more companies to enlist on the bourse. Manpong Senanarong, SET Senior Executive Vice-President and head of the Issuer and Listing Division,…
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Corruption potential in the 10,000-baht digital wallet scheme
Despite potential warnings from the National Anti-Corruption Commission (NACC), the government has confirmed plans to proceed with the 10,000-baht digital wallet scheme. Prime Minister Srettha Thavisin and Deputy Finance Minister Julapun Amornvivat agreed to let the digital wallet policy committee begin work next week. The focus of the forthcoming meeting will be on the potential for corruption during the handout…
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Trunk trouble: Illegal elephant pants imports surge sparks probe
A surge of illegal imports of Thai elephant pants from China and neighbouring countries led to an official investigation on February 5. Phumtham Wechayachai, the Deputy Prime Minister and Minister of Commerce, directed the Department of Intellectual Property (DIP) to look into this matter. These infringing items were spotted at various tourist hotspots, being sold at prices significantly lower than…
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Chinese New Year spending in Thailand set to hit decade high
The upcoming Chinese New Year festival, set to start on Thursday, February 8, is predicted to witness the largest financial outlay by Thai locals in over a decade, thanks to the nation’s economic resurgence following the pandemic’s impact. The annual survey conducted by the University of the Thai Chamber of Commerce (UTCC), monitoring consumer expenditure during the festival, foresees a…
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Thai condo market surge fuelled by visa-free policy and Chinese
The Thai condominium market is experiencing a surge in activity, largely due to a permanent visa-free policy for Chinese nationals, which has led to a significant increase in property purchases by foreigners. In the first three quarters of the year 2023, foreign buyers transferred ownership of 10,703 units valued at 52,259 million baht (US$1.46 million). This momentum is expected to…
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Labour costs outpace revenue growth in Thai tourism sector
Rising labour costs in the tourism sector are outpacing revenue growth, resulting in increased hotel expenses, as revealed by hospitality market analyst STR. Jesper Palmqvist, senior director for Asia-Pacific at STR, warned that the only risk for hotels this year is maintaining cost controls in light of the extraordinary growth of labour costs and room rates. Over the past one…
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Samsung’s Galaxy S24 series boasts strong pre-orders in Thailand
Thai Samsung Electronics’ Vice-President of Mobile Experience, Sitthichoke Nopchinabutr, expressed confidence in the company’s position in Thailand’s competitive smartphone segment. This follows the recent launch of Samsung’s Galaxy S24 series, equipped with advanced artificial intelligence (AI) capabilities. Sitthichoke revealed that the volume of pre-orders for the S24 series places Thailand among the top five markets globally. Moreover, it leads to…
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Thailand’s Land Bridge project eyed as foreign investment magnet
The Land Bridge project in southern Thailand, a proposal yet to be approved, is being highlighted as a potential boon for foreign investments, akin to the successful Eastern Economic Corridor (EEC). This comparison is drawn by the current government. The EEC, unlike the proposed Land Bridge, is operational and continues to develop, acting as a high-tech industrial hub drawing investments.…
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Thailand’s 10,000-baht digital wallet scheme delayed due to legal complications
The anticipated 10,000-baht digital wallet scheme, initially scheduled for a May launch, has encountered delays due to a study by the National Anti-Corruption Commission (NACC) warning of potential legal complications. Prime Minister Srettha Thavisin, who is also the finance minister, emphasised on Saturday the need for expedited discussions with Deputy Finance Minister Julapun Amornvivat to determine the next steps for…
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Thai hotels hit hard as property tax breaks end
Thai hotels are facing an uphill battle this year as the government pulls the plug on property tax reductions and energy prices soar, sending operating costs skyrocketing by 10%. Marisa Sukosol Nunbhakdi, the President of the Thai Hotels Association (THA), reveals the dire consequences for hotel owners who enjoyed a 90% tax discount in 2020-21, only to see it evaporate…
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Thailand to launch roadshow in China promoting 1 trillion baht Land Bridge project
Thailand’s Transport Ministry, headed by Minister Suriya Jungrungreangkit, announced yesterday that it would be launching a roadshow in China next month to promote the Land Bridge project. This announcement followed a recent visit by Chinese Foreign Affairs Minister Wang Yi, who expressed China’s interest in the project. As a response, the Thai government is preparing to submit a project report…
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