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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Thailand’s healthcare system is well-regarded across Southeast Asia, with options ranging from public hospitals to world-class private facilities. But when it comes to foreign residents or tourists, healthcare access isn’t as straightforward. So, do foreigners get free healthcare in Thailand?...
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Thai PM suggest people only drive for “essential journeys”
Amidst the global surge in fuel prices impacting Thailand, a spokesman for PM Prayut Chan-o-cha is giving drivers some advice. The spokesman, Thanakorn Wangbunkhongchana, said yesterday that Prayut wants to keep prices as low as possible to help people avoid economic hardship. He said Prayut suggests people only use their private vehicles for “essential journeys” since the price of petrol…
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Thailand will not starve, says Commerce Minister
Deputy PM, and Commerce Minister, Jurin Laksanawisit, yesterday moved to ease fears of food shortages in Thailand on the back of recent protectionism measures introduced by neighbouring countries, export bans, and the ongoing Russia-Ukraine conflict threatening to worsen world food supplies. Jurin declared Thailand has an “abundance of food” produce and there will be no shortages despite the recent embargos.…
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Thailand exempts cryptocurrency transfer VAT until 2023
The Royal Thai Government Gazette has formally announced a VAT exemption for transferring cryptocurrency from now until the end of 2023. The cabinet had approved the exemption of the value added tax, or VAT, for transferring cryptocurrency or digital tokens in March. Yesterday, the decision was passed into Thai law and will be in effect from yesterday until December 31,…
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As fuel prices climb, Thailand’s delivery workers struggle
As Thailand’s fuel prices climb, some delivery drivers are saying the country’s attempts at subsidies aren’t helping them much. One motorcycle taxi driver told Thai PBS World that, even though the government offers a 250 baht discount per month on benzene or gasohol, it’s not worth it when he has to travel a long distance for it. The driver added that…
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Unemployment rate dropped with removal of Covid-19 restrictions
Thailand’s unemployment rate dropped significantly since the coronavirus outbreak. The quota fell to 1.53% from 1.64% since the beginning of 2022 meaning just over 600,000 people are currently unemployed. Before the Covid-19 pandemic the unemployment rate was at 1% in Q1 of 2020, according to the National Economic and Social Development Council (NESDC). But the good news is that the…
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Thailand’s bottled palm oil price continues to skyrocket
Efforts by Thailand’s palm oil farmers, extractors, and producers to cap the price of bottled palm oil at 64-66 baht per litre have proved fruitless. The price has now skyrocketed to 70-76 baht in some markets, according to a survey by Thai PBS. The survey says that in department stores, the price is 68 baht per litre or lower. Palm…
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Thailand sets sights on “wealthy foreign tourists” to recover economy
The Tourism Authority of Thailand, or TAT, is again going to target “wealthy group of tourists” as it works out its marketing plan as it contributes to the recovery the Thai economy following a 2 year hiatus due to closed borders and restrictions. The TAT claims that, focussing on the “rich groups”, 1.93 trillion baht will be generated in 2024…
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Thai officials vow to solve household debt problem at Phuket event
Thai officials held a ‘Household Debt Reconciliation Fair’ in Phuket yesterday. At the event, Thailand’s Minister of Justice Somsak Thepsutin said the government has designated 2022 as the “Year of Solving Household Debt”. He said that 2,810 people had registered for the event. Somsak said that several government departments have organised events to “facilitate the mediation process of household debts…
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New wages for Thailand’s skilled workers
Thailand’s cabinet has approved new wages for construction workers, industrial arts workers and service workers. The new wages are expected to come into effect 90 days after the announcement was made on Tuesday. In the construction industry, tilers considered ‘level 1’ will earn 465 baht per day. Those considered level 2 will earn 550 baht a day. Level 3 tilers…
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Thailand’s government will likely keep diesel subsidies
After much drama and anxiety over announcements that Thailand’s diesel price could eventually jump to 40 baht per litre, PM Prayut Chan-o-cha has announced yesterday that the government will likely extend its subsidy programme that is due to end on May 20. The current subsidy has helped keep the price at about 32 baht per litre, even though the actual…
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Labour Minister says government considering increasing minimum wage to 492 baht
Thailand’s Labour Minister says the government is considering increasing the daily minimum wage to 492 baht. Suchart Chomklin was addressing the Anti-Fake News Centre in an attempt to clarify rumours circulating on social media, according to a Nation Thailand report. “The ministry has discussed the raise with representatives of workers’ unions and businesses based on the rate submitted by the…
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Durian valued at 120 billion baht will be shipped to China this year
Thailand will export durians to the vale of 120 billion baht to China this year, about a 10% increase, according to Minister of Agriculture and Cooperatives Chalermchai Sri-on. The Chinese government has set strict controls against fruit imports during their Covid-19 pandemic response. Thailand exported 875,100 tonnes of durian to China last year, valued at 109 billion baht. Thailand’s durian…
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Nightlife venues in “blue zones” want permission to re-open from June 1
Thailand’s nightlife venues are demanding to be allowed re-open for business in “blue zone” tourism areas from June 1. According to a Bangkok Post report, the proposal is one of several being submitted to PM Prayut Chan-o-cha today. Sa-nga Ruangwatthanakul from the association of Khao San Road business operators says the proposals are being put forward by over 10 associations…
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Lazada apologises for controversial advert
E-commerce platform Lazada has removed a controversial advert from their website which was criticised by Thai netizens as both making fun of disabled people and being offensive to Thailand’s monarchy. Lazada have since issued a statement apologising for the advert. Lazada is a huge online store where people and companies can sell from their own inventories on the platform, based…
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Shopping mall in Chiang Mai goes dark, couldn’t afford 20 million baht power bill
Tenants and staff were in shock after a shopping mall in Chiang Mai suddenly announced temporary closure due to economic fallout from Covid-19. Or is it economic mismanagement? Thai media have reported that the centre had more than 20 million baht in debt from electricity bills and had to close immediately because they were unable to pay the bill. Today,…
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Thailand borrows 50 billion yen from Japan to cope with Covid aftermath
The Thai government has signed a loan contract to borrow 50 billion yen or about 13 billion baht (US$385 million) from Japan International Cooperation Agency or JICA to cope with costs of handling the Covid pandemic in Thailand. Thai PM and Defence Minister Prayut Chan-o-cha urged Thais not to criticise the government borrowing money again because the amount was included…
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Thai PM expects tourism to recover to half of pre-pandemic levels by next year
The Thai PM says he expects 20 million tourists to visit the kingdom next year, around half the number of pre-pandemic years. PM Prayut Chan-o-cha says this prediction still relies on the Covid-19 situation not deteriorating. According to a Bangkok Post report, the PM has acknowledged that tourism numbers have increased significantly since the easing of some restrictions. ‘Significant’ is…
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Thailand braces for higher fuel and energy costs
The full impact of international fuel price rises and inflation is about to arrive in Thailand. After many months of shielding the full impact of price rises, mostly with a diesel subsidy which capped the pump price at 30 baht a litre, the prices are now set to soar The government’s diesel subsidy has been in place since last October…
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Federation of Thai Industries concerned about plans for minimum wage hike
Thailand’s Federation of Thai Industries has expressed concern about the impact a rise in the minimum wage could have on small and medium-sized businesses. The federation says if a proposal to increase the minimum wage to 492 baht goes ahead, it will have a severe impact on such firms. According to a Bangkok Post report, the FTI was responding to…
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Employers in Thailand object to raising minimum wage
In the midst of Thailand’s worst worker’s debt in 14 years, Thai employers are opposing a new proposal to increase the country’s daily minimum wage. The currrent minimum daily wages range from 313 baht to 336 baht, depending on which part of the country you’re in. In Bangkok it’s 331 baht. Earlier this week, the Thai Labour Solidarity Committee and…
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80 year old noodle shop in Bangkok temporarily closed due to expensive ingredients
A well-known noodle shop named Look Chin Pla Ban Tad Thong in Bangkok has temporarily closed after 80 years in service. “We have to close all branches temporarily. We have never seen ingredients this expensive before,” said the shop’s owner. Since the pandemic hit, many businesses have closed down. Areas that were previously bustling have become quiet. Businesses hoped that…
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Survey says Thailand’s worker’s debt has hit a high after over a decade
A survey by the University of the Thai Chamber of Commerce says the average debt of each worker’s household in Thailand is 217,000 baht this year. This is a 14 year high for Thailand. At the end of 2021, the country’s overall household debt was 14.6 trillion baht, one of the highest in Asia, per capita. Most service sector workers…
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Price of ‘Mama’ noodles to increase
One of the cheapest ways to satisfy your hunger in Thailand is to eat instant ‘Mama’ noodles, which have cost an affordable 6 baht per packet since 2014. However, Mama’s producer said they plan to increase the price of their instant noodles next month to compensate for rising costs of transport and raw materials. Thailand’s Minister of Commerce said he…
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Thailand officials say diesel will be 32 baht per litre from May 1
Get ready to say goodbye to Thailand’s 30 baht per litre price cap on diesel on May 1. Starting on Sunday, the price will be 32 baht per litre, according to the Oil Fuel Fund Office. Thailand’s permanent secretary for energy said the current 11 baht subsidy per litre is falling to 9.6 baht per litre. Officials from Thailand’s energy…
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Truck drivers rally in Bangkok against spiking diesel price
Now that Thailand has announced the upcoming end of its diesel price cap, Bangkok truckers have rallied today to demand that the price cap continues. Currently, the price for diesel is capped is 30 baht per litre. But On Tuesday, Thailand’s Energy Minister said the retail price is now at 40 baht per litre, so the government have had to…
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Thailand’s Prayut calls for sympathy on end of diesel price cap
As Thailand’s price cap on diesel comes to a screeching halt next month, PM Prayut Chan-o-cha is asking the public to try to understand the government’s limits in controlling prices. On May 1, the government is set to lower the subsidy on diesel. Up until now, the price cap has kept it at 30 baht per litre. On Tuesday, Thailand’s…
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Hundreds queue for free food handouts in Pattaya
Images of hundreds of residents queuing up to receive free bags of rice and other dried foods on April 23 2022 in Pattaya suggest that Thailand’s economy still has a long way to go on the road to recovery. During “lockdown” in Pattaya in 2020, huge crowds of people queuing for 200 baht food and drinks handouts from Rom Pho…
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Price of Thai consumer goods might increase due to diesel price hike
The price of diesel in Thailand is set to increase next month, beyond the 30 baht per litre cap, but the Commerce Ministry has promised to do everything it can to keep consumer goods costs under control. The public is now worried about the products being more expensive due to the increase in diesel price. The diesel prices, connected to…
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Thailand’s labour ministry hopes to export 50,000 workers
Now that the Covid-19 situation across the world has calmed down a bit, Thailand’s Labour Ministry expects to send about 50,000 workers abroad this year. The Department of Employment’s PR office said now that restrictions have largely eased, Thailand’s labour exports are set to resume in large numbers. So far, labour export agreements have been signed with two countries, Saudi…
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Thailand’s March exports spike nearly 20% year on year
Last month, Thailand’s exports surged at an unexpectedly high rate, jumping by 19.5% when compared to the same time last year. A Reuters poll conducted in March had predicted the country’s exports would only rise by 2.4%. According to the Thai customs department data, 2 major products contributing to the export jump were gold, and electronics. Gold exports in March were…
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