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 promotes products with Piccadilly Circus campaign
Thailand’s Ministry of Commerce has launched the Think Thailand Next Level branding campaign to promote Thai products and services. The event, led by Pichai Naripthaphan, took place at Piccadilly Circus in London, aiming to elevate Thailand’s image globally. The campaign’s launch featured a gigantic digital billboard at Piccadilly Circus, a prominent public space and a central hub in London. This…
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Freelancers in the frame: Thailand mulls welfare for all, even in the sex trade
The government is contemplating extending welfare protections to freelance workers, including those in the sex industry, akin to those available to employees registered with the Social Security Fund (SSF), contingent on their payment of income taxes. Tourism and Sports Minister Sorawong Thienthong revealed that discussions are underway with multiple agencies to establish a welfare system to safeguard freelance workers, including…
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Baht-boom: Thailand’s currency surge leaves tourism, exports short
Thailand’s baht is rocketing towards its biggest quarterly rise since the Asian financial crisis, a development that has key tourism and export industries clutching their pearls. Since the end of June, the baht has surged 10% against the dollar, its most significant gain since early 1998. This sudden leap has prompted frantic appeals from the tourism, hotel sectors, and business…
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Shoppers rush post-flood markets in Chiang Rai for bargains
Shoppers flocked to the Sai Lom Joi Market and Doi Wao Market in Chiang Rai‘s Mae Sai district to purchase discounted goods following the recent floodwaters receding. The bustling atmosphere saw a surge of visitors eager to take advantage of the low prices on offer. This annual post-flood shopping event has become a tradition for these border trade markets. Floodwaters…
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Southern Industrial Council opposes 400 baht minimum wage rise
The Southern Industrial Council opposes the proposed 400 baht minimum wage increase, advocating for region-specific adjustments instead. Businesses face high costs for electricity and oil, alongside competition from Chinese investments. Adisorn Tanaengchuan, President of the Southern Industrial Council and executive member of the Federation of Thai Industries (FTI), expressed concerns regarding the Labour Wage Committee’s meeting today to consider the…
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Thai household debt hits 13.6 trillion baht as bad loans rise
Thai household debt has surged to alarming levels, reaching 13.6 trillion baht, with non-performing loans (NPLs) climbing to 1.2 trillion baht. The National Credit Bureau reports a consistent rise in bad debts across housing, automotive, and credit card sectors. Data from the end of July indicates that household debt in Thailand reached a staggering 13.6 trillion baht. This figure is…
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Malaysia and Cambodia launch cross-border QR payment system
Malaysia and Cambodia have collaboratively launched a cross-border quick response (QR) payment linkage, enabling consumers and merchants to conduct instant retail payments via mobile applications. This initiative, announced by Bank Negara Malaysia and the National Bank of Cambodia (NBC), aims to enhance the payment experience and expand market reach for over 5 million merchants in both countries, primarily small businesses.…
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Bangkok street vendors must be poor enough to operate: BMA
In a move that’s bound to shake up Bangkok’s bustling street food scene, new City Hall regulations will allow only “poor Thais” to operate as street vendors. The bold rules, signed by Bangkok Governor Chadchart Sittipunt, have sparked controversy with their stringent requirements, including a ban on migrant workers. Once published in the Royal Gazette, the new rules will go…
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UK signs pivotal trade and investment deal with Thailand
The United Kingdom government has finalised a significant trade and investment agreement with Thailand, marking the first such deal since the Labour government assumed office in July. Commerce Minister Pichai Naripthaphan and UK Trade Minister Douglas Alexander signed the enhanced trade partnership agreement in Bangkok yesterday, September 18. The deal seeks to eliminate specific trade barriers, focusing on sectors such as…
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Thailand banks could be forced to share hacking costs
Thailand’s Digital Economy and Society (DES) Minister Prasert Chantararuangthong has thrown his weight behind a groundbreaking proposal that could see commercial banks sharing the financial burden when their customers’ accounts are hacked. Prasert, who also serves as Deputy Prime Minister, publicly backed opposition MP Wiroj Lakkhanaadisorn’s suggestion during a heated House debate. Wiroj, from the People’s Party, argued that banks…
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Thailand to give digital money to vulnerable groups via PromptPay
Thailand announced a significant economic stimulus package targeting vulnerable groups, including those with disabilities and state welfare cardholders. Starting Wednesday, September 25, the government will distribute 10,000 baht per person through the PromptPay system. The initiative, approved by the Cabinet for the 2024 economic stimulus plan, aims to support 14.55 million recipients. The distribution will be managed by the Comptroller…
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Thailand Cabinet keeps VAT at 7% for another year
The Thailand Cabinet has decided to maintain the current value-added tax (VAT) rate at 7% for another year. This decision was announced by Jirayu Huangsub, an advisor to the Prime Minister of Thailand, at 12.40pm yesterday, September 17. The announcement follows a Cabinet meeting where the economic situation was discussed, especially concerning the VAT rate set to expire at the…
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National wage committee to finalise 400-baht minimum wage
Labour Minister Phiphat Ratchakitprakarn announced that the national wage committee will reconvene on Friday to discuss the implementation of a 400-baht minimum wage for large employers nationwide starting October 1. The tripartite committee, which includes representatives from employees, employers, and the government, met on Monday. However, all five employer representatives were absent, leaving only the 10 members from the employee…
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Ruling party loyalist set to chair Bank of Thailand amid rate dispute
A ruling party loyalist and critic of the central bank governor is set to be nominated as the chair of the Bank of Thailand (BoT), as the government seeks to assert influence over the institution amid ongoing disputes over interest rates. The Pheu Thai Party-led government plans to back 66 year old former deputy premier and Finance Minister Kittiratt Na…
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Less than 40 million Thais expected to join digital wallet scheme
The Government of Thailand anticipates fewer than 40 million participants in its flagship digital wallet handout scheme, with the initial phase set to benefit 14.5 million vulnerable individuals starting yesterday, according to a Finance Ministry official. Under this stimulus programme, the government plans to distribute 450 billion baht to 45 million people, with each registered participant receiving 10,000 baht to…
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Commerce minister plea: Time to cut the baht and boost the rates
Commerce Minister Pichai Naripthaphan called on the Bank of Thailand (BoT) to slash interest rates and stabilise the baht in a bid to boost exports and prop up GDP. In a policy statement issued today, Pichai slammed the current strength of the baht, which he claims is hitting exports hard. With export growth expected to be sluggish this year, he’s…
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Golden harmony: Gold strikes a steady chord at 41,100 baht
Gold prices hit a steady chord today, with the Gold Traders Association (GTA) revealing that ornamental gold is holding firm at 41,100 baht per baht-weight. This comes as no shock to avid market watchers, as the rates remain unchanged from yesterday’s final figures. The GTA delivered their first update of the day at precisely 9.03am, today, September 16, setting the…
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Thai business leaders grill PM Paetongtarn on economic rescue
Thai business leaders and economic gurus are turning up the heat on Prime Minister Paetongtarn Shinawatra, urging immediate and long-term strategies to avert an economic catastrophe. Top of their list? Comprehensive debt restructuring, help for the low-income earners, and bolstering small and medium-sized enterprises (SMEs) against the foreign online trading juggernauts. In a dramatic parliamentary session yesterday, September 15, the…
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Asia-Pacific to tackle Thailand’s ageing population crisis
Governments across the Asia-Pacific region are being urged to formulate strategies to address their ageing populations, with older people expected to make up nearly 20% of the region’s population by 2050. Around 500 delegates from 38 countries have gathered on the Indonesian island of Bali for the 2024 Asia-Pacific Regional Conference (APRC) on Population Ageing. These delegates include experts, policymakers,…
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Central Pattana invests 4.5 billion baht in Krabi development project
Central Pattana Public Company Limited (CPN) is gearing up to shake up Krabi with a dazzling new mixed-use development, part of a massive 15 billion baht investment to turbocharge Thailand’s economy and tourism sector. The Central Krabi project, valued at a staggering 4.5 billion baht, will cover a sprawling 114 rai of land and promises to be a game changer.…
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Digital wallet delay: No green light before year-end
The highly anticipated second phase of Thailand’s digital wallet initiative is on ice, with Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealing that it’s unlikely to roll out before the end of the year. In a brief meeting with the press today, Pichai highlighted the need for a cautious approach, stressing that factors like timing and continuity must be…
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Thailand’s new tourism campaign to generate 800 million baht
The Tourism Authority of Thailand (TAT) unveiled a new initiative to invigorate the country’s tourism sector with the Charming Thailand: 5 Regions event series. Announced by TAT Governor Thapanee Kiatphaibool, this campaign aims to highlight Thailand’s cultural heritage and modern attractions through a series of large-scale events, expected to draw over 147,000 visitors and generate more than 800 million baht…
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Thai rice prices fall in a grainy twist as Indonesian bids drop
Thai rice prices plunged to their lowest levels in over a year as Indonesian bidders were compelled to lower their high prices in a recent auction. Meanwhile, Indian rice export prices continued their downward trend, reaching an eight-month low. Indian 5% broken parboiled rice was priced at US$534 (around 17,000 baht) per tonne this week, marking the lowest level since…
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Pattaya pushes for CCTV at National Sports Centre
To tighten security at one of Pattaya’s key venues, Deputy Mayor Kritsana Boonsawad proposed to install CCTV cameras at the National Sports Centre on Soi Chaiyaphruek 2, East Pattaya. The initiative, revealed during the Pattaya City Council meeting yesterday, September 11, aims to boost public safety by monitoring the area more effectively. Deputy Mayor Kritsana presented the plan, seeking funds…
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New commerce minister vows to tackle high living costs, Chinese imports
New Commerce Minister Pichai Naripthaphan pledged immediate action to tackle high living costs, hasten free trade agreement (FTA) negotiations, and tighten control over the influx of Chinese imports. Pichai, after his first day in office, expressed readiness to collaborate with deputy commerce ministers Napintorn Srisanphang and Suchat Chomklin to address the pressing need to drive Thailand’s economy during a crisis.…
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New law to regulate Thailand oil and gas prices nears approval
A draft law aimed at empowering energy officials to regulate domestic oil and cooking gas prices is advancing towards parliamentary approval. This legislation could become a significant energy policy under the emerging Paetongtarn Shinawatra government. Energy Minister Pirapan Salirathavibhaga highlighted yesterday, September 11, that the bill should be reviewed by legislators before the year’s end. Pirapan championed this policy since…
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Royal push for sustainable farming in East Pattaya
The Phueng Luang Asawin Foundation has unveiled an ambitious plan to turn hundreds of rai in Huay Yai, East Pattaya, into a sustainable agricultural powerhouse. Locals packed a community forum on Sunday, September 8 to hear the exciting details of a project that promises to revolutionise their livelihoods. The foundation, established by Mom Chao Pansawali Kitiyakara, mother of Her Royal…
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Red Lobster Thailand’s endless shrimp deal led to bankruptcy woes
Red Lobster’s Ultimate Endless Shrimp promotion, offering unlimited shrimp for US$20 (around 670 baht), became a permanent menu item last year, leading to a surge in customer traffic at the chain’s nearly 700 restaurants. Diners flocked to Red Lobster, indulging in various shrimp dishes like Parrot Isle Jumbo Coconut Shrimp, Walt’s Favorite, Garlic Shrimp Scampi, Shrimp Linguini Alfredo, and Grilled…
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Thailand’s 400-baht wage hike alarms small hotel owners
Hoteliers in Thailand express concern that raising the daily minimum wage to 400 baht exclusively for large employers could disrupt the job market in the hotel sector. This pay disparity may attract workers to larger hotels, leaving smaller establishments struggling to retain staff. With Thailand’s tourism industry yet to fully rebound, industry leaders urge the government to focus on reducing…
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Century-old parkia speciosa tree generates 40,000 baht annually
A century-old parkia speciosa tree in Trang province has captivated the market due to its large, long pods and superior taste, generating up to 40,000 baht annually from a single tree. At Suan Ta Chan Tonmai Panpi in Trang’s Na Yong district, 53 year old Satit Ramna hired locals to climb and harvest the pods from his four 100-year-old parkia…
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China approves three more Thai poultry plants for export
Thailand’s Department of Livestock Development announced that the General Administration of Customs of China (GACC) recently approved and registered three additional Thai poultry processing and production facilities for export. This approval brings the total number of certified Thai poultry plants exporting to China to 26. The continuous approval of Thai poultry export facilities by China reflects confidence in Thailand’s stringent…
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Thailand to speed up 145 billion baht digital wallet handout
Thailand will advance the distribution of 145 billion baht from its digital wallet handout programme to support vulnerable groups, announced by the deputy finance minister yesterday. The decision aims to provide immediate economic stimulus in the short term. During a budget debate in the senate, Julapun Amornvivat revealed that the government has allocated 450 billion baht for this flagship handout…
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Thailand rice is on the rise with global GI glamour
The Thailand Rice Department is on a mission to put Thai rice in the global spotlight by promoting its distinctive strains with certified Geographical Indication (GI) labels to a wider audience. Farming communities in Phatthalung and Trang in the south, along with Phayao in the north, have crafted premium rice products that command top prices. These farmers are betting on…
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Nationwide daily minimum wage to be raised to 400 baht tomorrow
Labour Minister Phiphat Ratchakitprakarn confirmed plans to raise the daily minimum wage to 400 baht nationwide starting tomorrow, September 10, despite echoing concerns that the increase could negatively impact businesses. Phiphat announced that after discussions with business operators and a thorough study by a subcommittee from the Ministry of Labour, the decision to implement the minimum wage hike will proceed…
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Floods drive August inflation up 0.35% due to rising food prices
Rising prices of fresh vegetables and fruit, influenced by flood-damaged production areas, have driven up inflation by 0.35% in August. Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn, reported that headline inflation in August saw a 0.35% year-on-year increase. The surge in food prices, particularly fresh vegetables and fruit, was primarily due to flooding in agricultural regions,…
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Thai trade talks push for expanded ASEAN market access
Thai representatives, led by Thatchayanpol Apimontechabutr, Deputy Director-General of the Department of Trade Negotiations, recently participated in the 11th ATIGA Upgrade Negotiation Trade Negotiating Committee (ATIGA-TNC) meeting in Malaysia. The meeting, held over four days, aimed to accelerate negotiations for a comprehensive conclusion by the middle of next year. The Thai Department of Trade Negotiations prioritises Free Trade Agreement (FTA)…
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Thailand mandates foreign e-commerce offices under new law
Thailand will soon require foreign e-commerce operators to establish registered offices within the country, as stipulated by the new digital platform service law. The Electronic Transactions Development Agency (ETDA) announced this move following consultations with the Department of Trade Negotiations to ensure compliance with international trade agreements, according to executive director Chaichana Mitrpant. The initiative is part of broader efforts…