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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Budget bill boost to government
PM Prayut Chan o cha’s government received a boost today when Parliament passed the first reading of an almost 3.2 trillion baht draft budget bill for the 2023 fiscal year starting October 1. After a 3-day debate, the bill passed with 278 votes in favour, 194 against, and two abstentions. Pm Prayut says the bill will help the nation restore…
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Government under fire on military spending plans
The government yesterday was criticized over the Defence Ministry’s weapons procurement plans. Shots were fired by deputy Pheu Thai Party leader Yuttapong Charasathien who says a number of procurement projects lack transparency and spending is too high. Yuttapong criticized the navy’s request of almost 41 million baht for a number of weapons systems, but in particular its decision to buy…
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Energy crisis will continue for 2 years says Bangkok Bank VP
The Russia-Ukraine conflict continues to be a political football as energy prices rise throughout the world. Russia is the world’s second highest exporter of crude oil after Saudi Arabia and accounts for around 10% of global petroleum production. International Energy Agency figures for December 2021 reveal the former Soviet state’s oil exports were 7.8 million barrels a day. But since…
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MP calls House sub-committees ‘dens of money extortion’
A Democrat MP yesterday pointed the finger at closed-door meetings of House sub-committees and called them “dens of money extortion.” Rangsima Rodrasamee, Democrat MP for Samut Songkhram, insists all meetings of sub-committees vetting the 2023 budget bill, after it passes its first reading, should be televised live. The Democrat MP says broadcasting the meetings live would scrutinise how the bill…
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Pattaya, the land of sex, drugs, and film production?
Pattaya is known for a lot of things- drug busts, violent fights, and other various scandals. But one Thai government agency is hoping to make Pattaya a “City of Film” in the next 5 years, between 2022 and 2027. Can Thailand’s Sin City become a movie-making destination? Thailand’s Designated Areas for Sustainable Tourism Administration is promoting the tourist hotspot as…
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Foreign arrivals in April show things are looking up for tourism, the economy
Things are looking up for the Thai economy, thanks to an increase in foreign and domestic tourism in April, according to the Bank of Thailand. The Bangkok Post also reports a year-on-year increase in consumer spending during the month of April. The easing of travel restrictions has brought more foreign tourists to the kingdom, with numbers up from 210,836 in…
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Migrant labour shortage threatens Thai food export industry
The threat of global food shortages due to the ongoing Russia Ukraine war has prompted several countries to buy and stock-pile food from Asia. The Thai food industry has witnessed a surge in larger international orders, but the honeymoon phase could be brief since a major labour shortage in the food sector remains unresolved, according to the Chairman of the…
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PM Prayut’s 3 trillion baht budget slammed ‘pointless’ by MFP leader
Opposition Move Forward Party leader Pita Limjaroenrat has slammed PM Prayut Chan-o-cha’s spending plans ahead of tomorrow’s budget bill as “pointless.” PM Prayut will defend the government’s 3.2-trillion-baht 2023 budget bill in a three-day House debate starting tomorrow, explain why the sum is so large and his spending plans for the fiscal year. But the MFP leader landed the first…
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Thailand’s annual silk fair in Bangkok helps with ‘soft power’ scheme
The word ‘soft power’ has exploded into Thailand’s lexicon ever since young rapper ‘Milli’ promoted the country’s signature sticky rice and mango dish last month. In its soft power scheme, Thai authorities aim to promote the ‘5 Fs’ to the rest of the world. The 5 Fs are: food, films, fashion, fighting, and festivals. Now, Thai authorities say they will…
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Restaurant in northern Thailand promises to sell 3 baht noodles despite inflation
A restaurant in the northern province of Chiang Mai promises to keep serving 3 baht noodles, despite the cost of ingredients being higher than ever. The restaurant’s owner Thawat Pirata said he hasn’t increased the price of noodles in 34 years and doesn’t plan to. The 64 year old owner of noodle shop Kway Teow Sam Baht – or “3…
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Thailand to borrow 20 billion baht to maintain fuel subsidies
The Office of Fuel Fund plans to borrow 20 billion baht to top up the country’s oil price subsidies as residents and different departments are being increasingly affected by the rising oil price. The fund is seeking inbound loans from the Government Saving Bank and Krungthai Bank. The details are expected to be clear at the end of this month.…
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Governor to drain the swamp with Bangkok’s criminal fraternity
Chadchart Sittipunt made over 200 pledges prior to his landslide election victory last Sunday with the economy, environment, and health, high on his list of priorities. And when the Bangkok governor-elect vowed to clean up the metropolis, he wasn’t kidding. The 56 year old’s four-year term as governor began in earnest this week and, his agreement to use criminals to…
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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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Large banana plantation near Bangkok goes viral, Thai netizens say owner wants to avoid land tax
One of the biggest exhibition centres and event venues, Impact Arena, in the central province of Nonthaburi, basically just north of Bangkok, is showing off its large banana plantation on their official Facebook page. The page claims the CEO desires to increase green spaces for people, but Thai netizens have figured out it’s just a way the controlling company is…
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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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Thailand’s PM Prayut invites US to invest in supply chains
As part of his visit to the US, Thailand’s PM Prayut Chan-o-cha has attended the 2nd ASEAN-US Special Summit in Washington last week. Now, he is inviting the US to invest or set up supply chains in Thailand to fill gaps created by the Russia-Ukraine crisis. And not the least the ongoing disruption of China’s part in the supply chain…
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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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Government economic agency says China’s zero-Covid policy hurting Thai economy
China’s relentless pursuit of a zero-Covid status, coupled with tough import restrictions, is having a negative impact on the Thai economy. So says the Thai economic planning agency, the National Economic and Social Development Council. According to a Nation Thailand report, the NESDC says it’s watching China closely, after a strict lockdown was enforced in Shanghai and other cities. “China’s…
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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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Thailand doesn’t need to introduce 300 baht entry fee yet, says PM Prayut
Thailand’s PM has pushed back the introduction of a 300 baht ‘entry fee’ for international tourists arriving in the kingdom. Since Test & Go, Sandbox and other entry restrictions were dropped on May 1, Thailand has experienced a surge in international arrivals. If tourism levels continue to climb and significantly improve national income this year, it might not be necessary…
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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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