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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Sponsored Thailand vs. the West: What expats save on healthcare each year
Healthcare in Thailand is much cheaper than in Western countries, making it a great choice for expatriates looking for affordable medical care. Both public and private healthcare options offer high-quality services, with savings of up to 80% on procedures like...
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Expats want to leave Hong Kong- but that’s an expensive thing to do
After two years of Covid-19 restrictions and political crackdowns in Hong Kong, expats there want to leave. But doing that costs a lot of money in shipping, and pet relocations. It’s not just finances that keep Hong Kong Expats from moving. People who move often have to wait months after shipping their belongings to actually receive them. Hong Kong has…
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Thailand, post Covid. What needs to change?
OPINION As Thailand starts to peer out from behind the Covid curtain, many expats and potential travellers are wondering if much will change after 2 years of lockdowns, closures re-openings and re-entry ‘plans’. Will we see changes in visas, property ownership, entry requirements and business laws? One of our YouTube commenters wrote in with his current ‘wish list’ (below). As…
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Government cracks down hard on pork hoarders
After Songkhla authorities accused one food company of hoarding 200 tonnes of pork in January, the government is on a mission to crack down on pork hoarding. Authorities have gotten more strict about storage and receiving procedures, and inspected 24.48 million kilograms of pork. They then seized 1.07 million kilograms of it that was hoarded. Pork prices are finally lowering…
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Truck drivers threaten to camp in front of Energy Ministry because of diesel price
Angry truck drivers say they will protest and camp out in front of if Thailand’s energy ministry if the minister doesn’t lower diesel prices in seven days. The chairman of the Land Transport Federation of Thailand (LTFT) also said the federation would join protests with other groups hurt by Thailand’s rising cost of living, like farmers affected by low crop…
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Fear of back taxes preventing some businesses from participating in government co-payment scheme
Signs are popping up outside restaurants and shops across Thailand, advising customers that they don’t accept payment via the government’s 50/50 stimulus scheme. Thai PBS World reports that a number of businesses are refusing to participate in the Khon La Khrueng (Let’s Go Halves) subsidy scheme, fearful that the government will come along and claim back taxes further down the…
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Streaming services rake in more than 815 million baht, emerge as new cash cow for Thai entertainment industry
The Department of International Trade Promotion announced on Tuesday that international streaming services like VIU, iQiyi, WeTV, and Netflix, alongside the Thai film industry, have earned Thailand more than 815 million baht. The news comes after the DITP held a meeting with members from international streaming providers and 15 Thai content creators to improve their relationship on January 27. This…
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Dusit Poll: 83% believe government can’t solve soaring prices
A new survey by Suan Dusit Rajabhat University finds that most people don’t feel that the government is capable of effectively dealing with the soaring prices of consumer goods with many saying they won’t be able to last 3 months with the current inflation levels. 82.69% of the people polled said they have either no confidence or very little confidence…
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Real estate consultancy says pandemic continues to affect foreign demand
A leading property consultancy says the ongoing pandemic and associated restrictions continues to hamper the real estate market. CBRE Thailand chief, Roongrat Veeraparkkaroon, says the low number of foreign arrivals means the sector continues to rely on local demand and must now adapt to these circumstances. “A decline in tourist numbers affected both residential and retail sectors. Given this challenge,…
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Minimum wage hike proposal up to 492 baht per day being studied
A proposal is being evaluated to raise the minimum wage to 492 baht per day, a significant increase from the 313 to 336 baht per day lowest wage now. The hike proposed is a significant one and the Ministry of Labour is researching the impact of such a large wage. The proposed large increase in the lowest wage legally offered…
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Thailand will raise 12% fewer pigs this year, livestock department says
Thailand’s livestock department says farmers will probably raise 11.8% fewer pigs this year. Already, male pig breeders have dropped 41.1%, while female breeders have dropped 11%. The department general said this is because of economic conditions during the pandemic, and also farmers not having too many pigs in case of disease outbreaks. There are 107,000 pig raisers in the country,…
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Nippon Steel makes $763 million acquisition of 2 Thai steelmakers
Japan is making a move to invest in Thai steel. Nippon Steel Corp, the largest manufacturer of steel in Japan has announced a strategic deal to buy stakes in two major steelmakers in Thailand. The deal is reported to be worth as much as US $763 million – about 25 billion baht. The giant steelmaker has been interested in acquqiring…
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20 baht bills getting a modern polymer update on March 24
Money enthusiasts, get ready! On March 24 the 20 baht bill is getting a radical new update. The Royal portrait will still be prominent but the flimsy, green paper the bills have been printed on for decades is being replaced with a modern new polymer with a glossy, plasticky feel. Starting on March 24, the new, more durable polymer 20…
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Thailand’s Commerce Ministry sets up war rooms to combat high prices
In an effort to take legal steps against merchants selling products at unfairly high prices, the Permanent Secretary of Thailand’s Ministry of Commerce Boonyarit Kalayanamit says he will chair war rooms to combat high prices. The secretary stated this yesterday in an urgent meeting with Commerce Minister Jurin Laksanawisit. The director-general of the Internal Trade Department under the Commerce Ministry,…
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Thai airlines pin their hopes on government resuming Test & Go
The president of the Airlines Association of Thailand says the government must allow the Test & Go entry scheme to resume as soon as possible. The scheme was recently suspended as the Omicron Covid-19 variant spread rapidly across the globe. Puttipong Prasarttong-Osoth, who is also the boss of Bangkok Airways, says the scheme was working well, attracting more foreign visitors…
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Pork, petrol and noodles – inflation impacting prices in Thailand
Heading into 2022, the ‘I’ word is spooking economists around the world as they look at tools to try and control rampant inflation. Even in Thailand there has been big rises in staples, making headlines this week, particularly in the pork industry. Meat and produce prices have been sneaking up and now impacting the cost of living for everyone living…
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Artificial intelligence intended to prevent abuse of state welfare
As a new round of registration is set to commence, the Ministry of Finance is planning to use artificial intelligence to ensure that the state welfare cards issued this year are given only to eligible low-income earners. The Ministry plans to implement new technology to cut down on fraud and to keep urgent financial assistance money from going to those…
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Thai baht falling over Omicron fears and strong US dollar
As the Covid-19 pandemic drags on, it’s not just our patience and our resolve that is weakening. The Thai baht is falling too, weakening against a stronger US dollar and global fears over the impact of the Omicron variant rapidly spreading throughout the world. Today the conversion rate stands at 33.59 baht to the US dollar just off of its…
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PM says government will make tackling household debt a priority in 2022
The Thai PM has used his New Year address on Facebook to reassure citizens that 2022 will be the year the government tackles household debt. PM Prayut Chan-o-cha says the government will focus on accelerating economic recovery and dealing with household debt in 2022. According to a Bangkok Post report, he acknowledges the economic hardships caused by the pandemic and…
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Minister of Finance: too soon to know Omicron variant effect on economy
Will the new and rapidly spreading Omicron variant of Covid-19 have a strong effect on the economy of Thailand? According to the Ministry of Finance, the answer is a solid maybe. Minister of Finance Arkhom Termpittayapaisith says it’s just too soon to know if and how Thailand’s economy will be affected by the Omicron variant. The Ministry of Finance is…
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Nightlife workers protest at Government House, call for financial assistance
Thailand’s nightlife workers have rallied in Bangkok, protesting outside Government House as they demand government assistance. The workers, known as the “high heel mob” are calling on PM Prayut Chan-o-cha to offer state aid to industry workers adversely affected by Covid-19 closure orders. According to a Bangkok Post report, the workers were led by the Empower Foundation. Employees say their…
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Finance Minister: economy of Thailand will recover in 2023
Minister of Finance Arkhom Termpittayapaisith says that the economy of Thailand should see a full recovery, not next year, but by 2023. The economy is expected to grow by about 4% next year so 2022 would begin economic recovery, but it will take longer for Thailand definitely bounce back after the devastation of the Covid-19 pandemic. The Finance Minister believes…
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Bank of Thailand concerned with banks trading in digital assets
The Bank of Thailand said they don’t want commercial banks to directly trade in cryptocurrency and digital assets due to their extreme volatility. Thai lenders have been investing more and more in digital asset exchanges in Thailand with several banks making deals in the digital currency space. Siam Commerical Bank recently purchased a 51% share of Bitkub for 17.85 billion…
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Ford factories in Thailand to receive a US $900 million upgrade
In an announcement today, Ford Motor Company committed to investing US $900 million – about 30 billion baht – to upgrade their factories in Thailand. The American car manufacturer vowed to modernise its production plants in Thailand that support the building of the Everest SUV and Ranger pickup truck. The 30 billion baht is the biggest single investment that Ford…
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PM says government move to digital technology will grow economy
PM Prayut Chan-o-cha has called on organisations in Thailand to stay focused on the development of digital technology to grow the economy. The prime minister hosted a ceremony for the Digital Government Awards 2021 this week, bestowing honours on those public agencies that have already adopted digital technology. At the event, PM Prayut offered praise for the government agencies making…
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Economist: government’s lag on migrant labour hurting economy
The reopening of Thailand has finally kickstarted the economy and put people back to work, but many businesses are struggling with a shortage of migrant labour. While the government has been cracking down on immigrants crossing the border illegally looking for work, many sectors are complaining that the government was unprepared for the country’s reopening and didn’t make efforts to…
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Chamber of Commerce proposes familiar plans for the economy
Ahead of a meeting with PM Prayut Chan-o-cha tomorrow, the Thai Chamber of Commerce has compiled a list of measures to boost Thailand’s struggling economy. The proposal was sourced from 5 regional chambers of commerce and will be submitted to the prime minister tomorrow as part of his meetings with private sector representatives. The proposed measures aren’t particularly groundbreaking, mostly…
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APEC summit in Thailand to focus on regional economy
Next year Thailand will be hosting the Asia Pacific Economic Cooperation (APEC) summit. The Foreign Ministry explains that this year the meeting will be focused on economic recovery and growth in the region following the global Covid-19 pandemic. Promoting cooperation between member nations is the emphasis of this event, reports Thai PBS. The theme of the summit is said to…
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Poverty rising during pandemic, 15 million expected to be on welfare by 2022
Thailand’s poverty rate has been increasing during the pandemic. According to the deputy Finance Minister, the number of Thais receiving state welfare is expected to increase by over 1 million, totaling around 15 million people. Based on Worldometer statistics, this means that next year over 21% of the population will be on welfare, or around 1 in 5 people in the…
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Government panel created to defend consumers online from fraud
A new panel was established by The Ministry of Digital Economy and Society, which will be in place to protect online shoppers from fraud. As Thailand’s internet economy experiences massive growth, problems related to online transactions are rising, too. With this panel, the government aims to help protect consumers from these internet scams. Secretary general of the Thailand Consumer Council…
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Government wants 76 billion baht to support rice farmers
The Finance Ministry has announced a plan to use a 76 billion baht package to support Thai rice farmers. The ministry is working with the Budget Bureau to create a scheme that ensures a guaranteed income for the farmers, which would offer some cushion against the unpredictable issues that plague farming such as floods, droughts and pestilence. There is already…
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