Economy News
Discover the latest updates on Thailand’s economy with our in-depth coverage of breaking news, developments, and events shaping its financial landscape. Stay informed and ahead of the curve with our thorough analysis and insights into the business sectors, financial markets, and government policies of Thailand.
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Sponsored A healthy tomorrow starts today: Celebrate the great American Smokeout day
The Great American Smokeout, held this year on November 17, is a nationwide event that encourages smokers to take their first steps towards a smoke-free life. If you’re an expat in Thailand, this day could be a timely reminder to...
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Thailand launches QR system to track tobacco products
Thailand’s Finance Ministry has unveiled a new technology aimed at transforming the monitoring of tobacco products. The “QR Cigarette” system, announced by Deputy Finance Minister Paophum Rojanasakul, is a Track & Trace innovation designed to follow tobacco products throughout their lifecycle, from production to purchase. This move is part of a broader effort to enhance tax collection efficiency, boost transparency,…
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Thai elderly to soon receive 10,000 baht cash aid: Finance Ministry
The Ministry of Finance is poised to introduce a one-time cash payment initiative targeting the elderly, as confirmed by Deputy Finance Minister Paopoom Rojanasakul. This proposal, amounting to 10,000 baht, will be presented during the upcoming economic stimulus policy committee meeting scheduled for Tuesday, November 19. This new measure specifically excludes state welfare cardholders and disabled individuals who previously received…
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Thailand consumer confidence rises for first time in eight months
Consumer confidence in Thailand saw its first improvement in eight months this October, driven by reduced concerns over recent floods and improved economic conditions influenced by government policies. The University of the Thai Chamber of Commerce (UTCC) reported a rise in the consumer confidence index to 56, up from 55.3 in September. The consumer confidence index, which measures consumers’ outlook…
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Trump’s win sparks PM Paetongtarn’s bold investor push
Thai Prime Minister Paetongtarn Shinawatra is seizing the momentum after Donald Trump’s election victory by calling for an ambitious strategy to attract foreign investors to Thailand. Speaking in Los Angeles yesterday, November 12, to Thai ambassadors, consul-generals, and key representatives of Team Thailand from across the Americas, the Thai premier urged diplomats to become a front-line force, promoting Thailand as…
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Thailand’s Huai Mun Pineapple gains GI status in Japan
Thailand’s Deputy Minister of Commerce, Naphinthorn Srisampan, recently engaged in discussions with Japan’s Deputy Minister of Agriculture, Forestry, and Fisheries, Yoichi Watanabe. They focused on the registration of Huai Mun Pineapple as a Geographical Indication (GI) product, marking the first Thai fruit to achieve this recognition in Japan. The meeting also included a visit to Japan’s largest wholesale market for…
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Thai Cabinet approves 15 billion baht loan for small businesses
The Thai Cabinet approved a substantial loan initiative aimed at boosting employment and entrepreneurship with a budget of 15 billion baht, targeting street vendors and small businesses to alleviate high-interest debt. The scheme is expected to benefit around 300,000 individuals across the country. Finance Deputy Minister Paophum Rojanasakul announced that the Cabinet agreed to allow the Government Savings Bank (GSB)…
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Pawsitive growth: Thailand’s pet food exports skyrocket 31%
Thailand’s pet food exports have surged by around 31% in the first nine months of the year, raking approximately 80 billion baht, according to the Commerce Ministry’s Trade Policy and Strategy Office (TPSO). The demand for high-quality dog and cat food led the charge, accounting for around 71 billion baht—an impressive 39% increase compared to the previous year. “The pet…
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Coconut prices crack open a fortune for farmers in Trang
Coconut farmers in Trang province are celebrating as prices soar, with coconuts now fetching as much as 20 baht each, doubling previous prices. This lucrative market shift promises earnings exceeding 30,000 baht, drawing significant interest from traders eager to purchase entire plantations. At the integrated agricultural garden owned by 64 year old Suthep Wattanavatchara, located in the village of Khao…
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ERC mulls 31% electricity tariff hike despite lower fuel costs
Businesses and households are facing a significant decision regarding the future of their electricity costs as the Energy Regulatory Commission (ERC) considers changes to the power tariff. Despite a projected decrease in fuel costs, the ERC is evaluating whether to maintain the current rate or implement an increase of 26 to 31% early next year. The existing tariff, set at…
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Bangkok Bank backs bold India expansion for Thai businesses
Thai businesses have their sights set on India’s booming market, and Bangkok Bank is rolling out the red carpet to support this promising venture. With an eye on India’s rapid economic growth and vast population, the bank’s president, Chartsiri Sophonpanich, calls it “a golden opportunity” for Thai entrepreneurs eager to expand. India’s economy is powering ahead at an annual growth…
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Trump victory prompts Thai stock market strategy reevaluation
Donald Trump’s victory in the US presidential election, coupled with a comprehensive Republican majority in Congress, has prompted a reevaluation of investment strategies in the Thai stock market. Natchat Mekmasin, assistant managing director of securities analysis at Trinity Securities, suggests that the Thai stock market is likely to align with the broader trend observed in emerging markets. However, he points…
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Thailand halves poverty in seven years despite ongoing challenges
Thailand has achieved a significant milestone in its battle against poverty, reducing the number of people living in poverty by half in just seven years, according to the 2024 Global Multidimensional Poverty Index (MPI). Despite this impressive progress, many Thai citizens endure inadequate living conditions, particularly in rural areas, where access to essential services such as healthcare, education, and sanitation…
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Phimai Festival to boost tourism in Nakhon Ratchasima
Nakhon Ratchasima this week launched the spectacular Phimai Festival, featuring a dazzling light and sound show titled Vimayapura Niramit Sri Wirentrasrom. The event aims to boost the local economy and promote tourism in Korat. The Phimai Historical Park in Phimai district, Nakhon Ratchasima, served as the venue for the festival’s opening ceremony. Chaiwat Chuenkosum, the Governor of Nakhon Ratchasima, presided…
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Thailand’s e-commerce giants crack down on illegal foods
Thailand’s online shoppers can soon breathe a sigh of relief as two e-commerce giants, Lazada and Shopee, have vowed to sweep dangerous food products off their platforms within 24 hours. In a significant move to protect consumers, the companies are joining forces with the Food and Drug Administration (FDA) to ensure only safe, certified foods hit digital shelves. Lertchai Lertwut,…
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Thailand’s public debt remains sustainable at 64% of GDP
The recent Cabinet meeting focused on the nation’s public debt status, revealing it remains well within sustainable limits. Public debt as of August reached 11.7 trillion baht, accounting for 64% of the country’s GDP, comfortably below the 70% benchmark for fiscal sustainability. Government spokesperson Jirayu Houngsub detailed during the meeting that the Finance Ministry adhered strictly to the public debt…
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Bangkok to transform Phahurat into vibrant Little India
Bangkok Metropolitan Council is set to transform the Phahurat area into a vibrant Little India, fostering comprehensive collaboration among the government, private sector, and community to attract tourists and boost investments, thereby increasing the nation’s revenue. John Surajit Pongsingwitaya, President of the Bangkok Metropolitan Council, announced the capital’s commitment to support the development of Phahurat into a Little India, a…
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Bangkok aims to turn Chatuchak Market into soft power paradise
Thailand is setting its sights on transforming the iconic Chatuchak Weekend Market in Bangkok into a hub for soft power, with an ambitious two-year plan spearheaded by the National Committee on Soft Power Development. This initiative aims to capitalise on the market’s popularity and diverse offerings to bolster Thailand’s global cultural influence. Surapong Suebwonglee, chair of the National Committee on…
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Thailand seeks more jobs for workers in Singapore shipyards
The Labour Ministry is actively pursuing opportunities to send more of Thailand’s workers to Singapore, particularly targeting the shipyard sector. Labour Minister Phiphat Ratchakitprakarn, alongside the ministry’s Permanent Secretary Boonsong Thapchaiyuth, visited Singapore over the weekend. They engaged with officials from the Labour Office in Singapore, local businessmen, and Ureerat Chareontoh, the ambassador of Thailand to Singapore, to discuss expanding…
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Turning up the Thai-mometer: Thailand and Russia in heated talks for free trade pact
Thailand is turning up the heat on trade negotiations with Russia, as both nations look to seal a dynamic free trade agreement with the Eurasian Economic Union (EAEU). Recent high-stakes discussions at the Commerce Ministry between Thailand’s Commerce Minister, Pichai Naripthaphan, and Russian Deputy Minister of Agriculture, Sergey Levin, underscored a shared ambition to boost trade and investment. The spotlight…
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Thailand’s industrial sector hit by mass layoffs amid economic woes
Mass layoffs have swept through Thailand’s industrial sector, with approximately 2,600 factory workers losing their jobs over the past two days. Financial difficulties have compelled employers to downsize their operations, leading to significant disruptions in the workforce. An electric vehicle manufacturer in Chachoengsao announced that 600 workers will be laid off, effective December 1. This decision, communicated in a letter…
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Thai citizenship granted to 483,000 immigrants to boost economy
The Thai Cabinet approved Thai citizenship to 483,000 immigrants in a move aimed at boosting the economy. The decision met with disagreement from many Thai residents. The spokesperson for the Prime Minister’s Office, Jirayu Huangsub, announced on Tuesday, October 29, that the Thai Cabinet and the Office of National Security Council agreed in their meeting to grant citizenship to 483,000 immigrants.…
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Thailand targets 3.5% GDP growth amid economic challenges
The Finance Ministry of Thailand has ambitiously set the stage for GDP growth by targeting a 3.5% annual increase. This announcement was made at the CEO Econmass Awards 2024, where Finance Minister Pichai Chunhavajira delivered a keynote address. The minister expressed optimism that next year’s growth rate could reach 3%, marking a 10% increase from this year’s forecasted 2.7%. “This…
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Central Pattana unwraps festive cheer with finn-tastic partnership
Central Pattana Plc (CPN), Thailand’s retail powerhouse, is teaming up with a host of partners including the Tourism Authority of Thailand (TAT), the Embassy of Finland, Sculptra by Galderma, and Finnair to launch the extravagant The World’s Great Celebration 2025. With a whopping 700 million baht investment, this initiative aims to give Thailand’s economy a festive boost and reinforce its…
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Thailand cash splash: Foreign tourists send Visa spending soaring
Thailand is basking in a financial boom, with foreign tourists spending a staggering 90% more on Visa credit cards this year compared to the pre-pandemic high of 2019. While Thai travellers are tightening their purse strings amid a sluggish economy, foreigners can’t seem to get enough of the Land of Smiles. Visa Thailand’s country manager, Punnamas Vichitkulwongsa, revealed that Thailand…
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Potential Trump return haunts global finance leaders at IMF meeting
Amidst the typical chatter of low growth, high debt, and conflicts flaring up, the real buzz at the annual IMF and World Bank meetings was the possible political comeback of Donald Trump. This was the hot topic for finance leaders in Washington last week, overshadowing the usual suspects on the agenda. According to some sources, Trump’s alleged leap in the polls…
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Thai public debt remains under 70% of GDP despite borrowing
Thailand’s public debt remains within manageable levels, according to the Public Debt Management Office (PDMO), despite recent borrowing for fiscal 2024. Jindarat Viriyataveekul, a public debt advisor for the PDMO, confirmed that the debt level has not surpassed the critical threshold of 70% of GDP. “The level is still within this limit, even though the government borrowed an additional 145…
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Thai government urges swift updates for digital wallet distribution
The Thai government confirms that the second phase of the 10,000 baht digital wallet distribution will reach all registered citizens, urging vulnerable groups to rectify any issues promptly to avoid forfeiting their rights. Today, October 26, Jirayu Huangsap, spokesperson for the Prime Minister’s Office, discussed the progress of the 10,000 baht economic stimulus transfer in an interview broadcast on the…
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Thailand raises retirement age to 65 for all sectors
Thailand’s Labour Ministry is set to extend the retirement age for both private and government sectors to 65 years, aligning it with countries like Singapore and Switzerland, announced Phiphat Ratchakitprakarn. Phiphat stated that the decision to increase the retirement age is influenced by significant advancements in health and medical technology, which have improved life expectancy. Additionally, the ministry plans to…
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Finance Ministry unveils 2025 State Welfare Card for low-income boost
The Ministry of Finance has just rolled out brand-new registrations for the 2025 State Welfare Card, aiming to wrap up all the eligibility checks by March 31, next year. That’s right, a fresh round of financial lifelines is coming with 1,545 baht heading straight into the pockets of those who qualify. The buzz kick-started today, October 24, when it was…
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Stuck in neutral: Loan rejections stall Thailand’s used car market
Thailand’s used car market is set to experience continued sluggish sales due to frequent loan rejections faced by prospective buyers, according to the Association of Used Cars. Earlier forecasts by the association anticipated an improvement in used car sales in the latter half of 2024, driven by expectations that financial service providers would relax their lending criteria. Nonetheless, financial institutions…
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