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 finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
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Bank of Ayudhya predicts pivotal role of politics in Thailand’s economy
In light of the current political climate, a division of the renowned Bank of Ayudhya suggests that the upcoming political decisions could significantly steer Thailand’s economy this year. This report highlights the pivotal role of swift administrative formation in stabilising the economy and buoying investor confidence. However, the prospect of an emerging minority government raises considerable concerns over its potential…
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Thai rice exports poised to hit 9 million tonnes amid climate anxieties
Thailand stands on the cusp of a hugely promising year in terms of rice exportation, which, forecasts suggest, could reach up to 9 million tonnes. Making the most of a climate-induced market fervour, the Thai industry gleefully anticipates shipping masses of what is an integral commodity to many. The increase in demand is believed to be rooted in anxieties about…
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Thailand aims to boost economy with health tourism campaign
The Thai government has launched an ambitious campaign, “Discover the New You” to entice international visitors to spend upwards of 18 million baht (US$510,000) by September of this year. This initiative is a concerted effort by the government, the Tourism Authority of Thailand (TAT), and over 130 healthcare, wellness businesses and service providers including hotels, spas, health resorts, hospitals, and clinics.…
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Migrant amnesty programme extended for half a million foreign labourers in Thailand
In a bid to alleviate Thailand’s labour shortage and lay the groundwork for post-pandemic economic recovery, the country’s Cabinet has decided to lengthen its foreign migrants’ amnesty programme until the close of the month. This initiative allows close to half a million workers from neighbouring nations, namely Cambodia, Laos, Myanmar, and Vietnam, to effectively organise the permits necessary for legal…
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Bank of Thailand considers interest rate cuts to address household debt
A senior executive at the Bank of Thailand hinted at the possibility of interest rate slashes, which could provide a lifeline to struggling debtors, desperate to escape from their worsening debt cycles. In talks with the Thai Bankers’ Association (TBA) and other related groups, the central bank is exploring various methods to curb the nation’s escalating household debt. According to the…
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Minor Food Group launches new Chinese restaurant in Bangkok
Spurred by the recent rise in popularity of Chinese cuisine, Minor Food Group Plc debuted its first Riverside Grilled Fish & Mala restaurant in the heart of Bangkok today. Thunyachate Ekvetchavit, occupying the role of the top-ranking executive in the company, announced a 10-12 million baht budget allocation for the inauguration of the first branch of the renowned dining venue.…
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Thai tourism unaffected by political unrest unless airports shut, says ex-minister
In times of political upheaval, Thailand’s foreign tourists would not be significantly impacted, unless there was an incident akin to 2008’s airport disruption, according to former tourism and sports minister, Weerasak Kowsurat. Back in 2008, protesters had shut down Bangkok’s airports leading to a drop in tourist visits, impacting Thai tourism. Weerasak, now serving as a senator, insists that tourists…
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Thai tourism surge: 25 million visitors forecasted, boosting economy
In a recent announcement, the Thailand is on track to welcome a staggering 25 million tourists by the year end, offering a much-needed booster to the economy. This follows a significant surge in Thai tourism, exceeding 12 million arrivals recorded late last month, as relayed by deputy government spokesperson Traisuree Taisaranakul. Between January and June 25 of this year, the…
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Banpu eyes free power trade system amidst rising Thai electricity costs
In the face of rising electricity bills, a new opportunity is emerging for a free power trade system in Thailand, as spotted by Banpu Power Plc, the power generation arm of energy conglomerate Banpu Plc. Expecting a worldwide shift in electricity markets, the company, under Kirana Limpaphayom, its CEO, is poised to take advantage of this imminent change. The combined…
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Thailand’s tourism confidence slides amidst global economy concerns
The second quarter of this year saw the Tourism Confidence Index remaining subdued, sliding from the previous quarter. The contributor to this drop was a blend of Thailand‘s low season and decreased earnings from tourism. The president of the Tourism Council of Thailand (TCT), Chamnan Srisawat, announced that the second quarter’s score was two points lower than the prior quarter…
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Thai tourism targets wealthy Asian expatriates for industry boost
The Tourism Authority of Thailand (TAT) set their sights on the growing wealth of Asian expatriates as a potential boon for the Thai tourism industry. Chinese nationals residing in Cambodia and Laos have been particularly targeted due to their propensity for choosing Thailand as a location to send their children for education. According to Oranooch Pakapan-Rutten, TAT’s marketing representative for Cambodia…
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Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation
Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears. Stock markets in the region largely painted a bleak picture, with…
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Thai exports set for surge amid favourable market conditions and expansion plans
With predictions of a rebounding global economy, Thai exports are expected to witness a surge in the second half of the year, according to the nation’s Commerce Ministry. Keerati Rushchano, the permanent commerce secretary, revealed that the current competitive baht exchange rate coupled with planned market expansion initiatives could significantly boost trade. The regions targeted for market expansion include Yunnan…
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Fitch ratings reveal Thailand’s economic recovery to boost corporate earnings in 2023
Recovery of the domestic economy and alleviation of inflationary pressures are set to bolster the performance of corporations in Thailand this year, suggest analysts from Fitch Ratings during the 2023 Thailand Corporate Credit Outlook & Asean ESG conference, held recently in Bangkok. Corporates at Fitch Ratings (Thailand)’s Lertchai Kochareonrattanakul, a senior director, indicated in his talk that a boost in…
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Thai economy booms as government’s fiscal income beats projections with 122bn baht surplus
The Thai economy demonstrates strong recovery and active imports as the Thai government’s net income during the first two-thirds of fiscal 2023 has surpassed projections by 122 billion baht, revealed Fiscal Policy Office Director-General, Pornchai Thiraveja, 42 years old. Between October 2022 and May 2023, the Thai government raked in a total of 1.64 trillion baht, which is an 8%…
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Thai tourism-linked businesses experience booming growth amid economic recovery
Amid escalating tourist arrivals and robust economic recovery, Thai tourism-associated enterprises have been reaping lucrative rewards, particularly in the fields of foreign exchange, travel agencies, tour guides, dining establishments, and the accommodation industry. Such industries have experienced impressive growth within the initial five months of this year, as revealed by data garnered through the Business Development Department of the Commerce…
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Thailand tourism thrives as it ranks second in global travel, Bangkok tops city list
Thailand tourism continues to thrive, as online travel platform Agoda recently revealed that the country holds the title of the second most popular destination for travellers worldwide, with Bangkok topping the list of favourite cities for global travellers. The ranking came from an analysis of booking data collected from January to May of the current year, shared by government spokesman…
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Smart moves by KTO set to boost Korean tourists in Thailand by one million
The Korea Tourism Organization (KTO) is on a mission to lure travellers with cutting-edge smart tourism offerings, boosting the number of Korean visitors to Thailand to an impressive one million during the upcoming third quarter. As this thriving alliance between the two countries takes shape, Korean tourism is set to soar to new heights. Tanes Petsuwan, the Tourism Authority of…
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Thai economy stimulus: Government plans 1.9 trillion baht boost during government transition
Thailand’s National Economic and Social Development Council (NESDC) unveiled plans to inject 1.9 trillion baht into the Thai economy to bridge the gap before the new government can budget for the year 2024, emphasising fiscal reforms and monitoring household debt. Secretary-General Danucha Pichayanan highlighted the need for industry restructuring and government action in response to shrinking exports, which is affecting…
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Rice export surge: Thailand fast-tracks new varieties to boost global market share
Thailand is making significant strides in boosting its export competitiveness by fast-tracking the development of new rice varieties to meet global market demand, with plans to introduce 30 new varieties in the coming year. Following the “new rice variety contest for Commerce” event, Commerce Minister Jurin Laksanawisit discussed Thailand’s efforts to combat the lack of diversity in its product offerings…
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Economic slowdown, drought risk to hinder Thai economy in H2
The prospect of a domestic economic slowdown in the latter half of the year has been raised due to multiple factors, including potential drought, political uncertainties, and a slow global economy, according to the Employers’ Confederation of Thai Trade and Industry (EconThai). EconThai’s vice-chairman, Tanit Sorat, highlighted that the global economy is predicted to experience growth of less than 2.1%…
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Chinese tourism boost: TAT aims for 5 million visitors despite real estate woes
Despite concerns surrounding China’s current real estate market downturn, the Tourism Authority of Thailand (TAT) remains optimistic about its prospects of attracting 5 million tourists from the Asian country in 2021. As travellers continue to save for overseas trips during the ongoing pandemic, TAT governor Yuthasak Supasorn anticipates Chinese tourism will see a surge, with Chinese tourists will be eager…
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Household debt tackled by Bank of Thailand with new guidelines
The Bank of Thailand (BoT) is set to introduce new lending guidelines to counter the rising household debt crisis, particularly among Gen X and Gen Y age groups, according to Assistant Governor Siritida Panomwon Na Ayudhya. The central bank is also working on a draft royal decree to supervise leasing and hire-purchase businesses to resolve informal debt issues. From 2010…
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Thai recycled clothing fashion to reach 1.3 billion baht by 2032
As environmental concerns rise globally, consumer demand for clothing made from recycled materials continues to grow. Poonpong Naiyanapakorn, the Trade Policy and Strategy Office (TPSO) director-general, highlighted the environmental impacts of the textile industry, which consumes 93 billion cubic metres of water annually, releases 1.7 billion tonnes of carbon dioxide, and accounts for 20% of worldwide wastewater discharge. Major fashion…
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Chiang Mai tourism: Haze issue risks long-stay senior tourist numbers
Tourism operators in Chiang Mai are urging the new government to address the persistent haze issue to attract the return of long-stay senior tourists, whose absence has dealt a significant blow to the province’s economy. The leader of the Move Forward Party, Pita Limjaroenrat, visited Chiang Mai last week and discussed environmental and tourism policies with local industry representatives. According…
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Household debt in Thailand soars to 86.9% of GDP, dampening consumer spending
Thailand’s mounting household debt is raising concerns, as it continues to hinder consumer spending, affecting various industries and impeding economic growth. The latest data from the National Economic and Social Development Council shows debt in the nation reached 15.1 trillion baht in the fourth quarter of 2022, a 3.5% increase year on year, and accounting for 86.9% of GDP. Debt…
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Trading troubles: Thai stock market feels pinch of political uncertainties amid global rate rumbles
The Thai stock market remains under pressure from domestic political uncertainties, despite a halt in US interest rate hikes and a recent rate cut in China. The Stock Exchange of Thailand (SET) index continued its downward trend, closing at 1,557.71 points, a 0.22% decrease from the previous day. In contrast, several Asian stock markets experienced gains, with Hong Kong’s Hang…
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Thai economy boost: Bank forecasts GDP growth, increased tourism
Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…
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Thailand tourism eyed by Agoda CEO as business hotspot rivaling Japan, Vietnam
Agoda, the online travel agency, foresees a bright future for Thailand tourism as the country emerges as a preferred destination for business travellers, potentially rivalling top hotspots like Japan and Vietnam. Ranked second in Agoda’s largest inbound markets between January and May, Thailand’s tourism trails behind Japan in terms of overall popularity. Agoda’s Chief Executive, Omri Morgenshtern, believes Thailand’s potential…
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