Economy News
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Sponsored Why is Bangkok's air quality so bad?
Imagine waking up early in Bangkok and you see all the beautiful morning fog from your balcony, but as you sip your coffee you realise it's just Bangkok's air pollution that's making the sun rise aesthetic. Ranked as the 36th...
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Thai education set to change, prepare students for the future
Teachers may have to mix things up in the classroom. Thailand education officials are planning to change teaching with a new model they call “Education Eco-System.” The goal is to prep students for the rapidly changing future, the Education Ministry says. Along with a new curriculum, tests will be used less to evaluate students. With demands for a competitive labour…
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Phuket drivers, tour operators ask Toyota for loan grace period
With the drastic decline in tourism, dozens of van and taxi drivers, as well as tour operators in Phuket say they can’t make payments for their vehicle loans. With around 20,000 baht+ owed per month and little to no income, drivers and tour operators are facing having their vehicles repossessed. This morning, around 50 drivers and operators gathered together in…
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Labour minister says unemployment less than half of predictions
Thailand’s labour minister told a Friday press briefing that the number of unemployed people in Thailand is around 2 to 3 million, less than half the 7 to 8 million previously predicted. He said that since The National Economic and Social Development Council did the calculation, “it cannot be wrong… as the latter is Thailand’s economic planner”. Given the gravities…
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Pattaya spending millions on “facelift”
The world famous resort town of Pattaya is spending 160 million baht to improve the city’s beaches in a bid to attract domestic tourists. Pattaya’s mayor says the landscape redevelopment, on a 4 kilometre stretch of Pattaya Beach, will begin in October and is expected to be finished by the end of the year. “The City of Pattaya needs to…
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UPDATE: SET suspends trading of Thai Airways shares
UPDATE: Trading in Thai Airways shares was suspended by the Stock Exchange of Thailand this afternoon after auditors declined to sign off on its financial statements for the six months to June 30. Auditor Deloitte Touche Tohmatsu Jaiyos said it couldn’t reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults, which created…
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Thai Airways loses 28 billion baht in the first half of the year
Embattled, bankrupt Thai Airways suffered about 28 billion baht in losses for the first 6 months of this year, mainly attributable to the Covid-19 pandemic, which has seriously impacted its operations and crushed global travel, grounding fleets and shuttering many airlines altogether. The airline’s acting president said today that the pandemic has led to many countries, including Thailand, closing their…
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PM Prayut speaks about the new Cabinet and tackling social and economic issues
Yesterday, Thai PM Prayut Chan-o-cha delivered a speech about the new Cabinet and discussed social and economic concerns to drive Thailand forward during the ongoing Covid-19 crisis. He said that there are 5 key job guidelines to be followed in the service of the citizens of Thailand… • Keep providing short-term financial relief for the people, with particular attention to…
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PM says economy is top priority in address to the nation
Thai PM Prayut Chan-o-cha says reviving the country’s economy is the top priority of his administration. In an address to the nation, he says the current global economic crisis, a fallout of the Covid-19 pandemic, is likely to continue until the end of 2021, with Thailand’s economic performance inevitably connected to that of the rest of the world. He points…
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Study finds 82% of Thais “confident” in reopening tourism sector
As Thailand gradually reopens its borders, new findings from a global study suggests that 82% of Thais are confident that Thailand is well prepared to reopen its tourism and leisure activities, the highest globally. The study also found that tourists from Hong Kong, Singapore, Philippines, Indonesia, and India are all targeting Thailand as their first destination when their countries’ borders…
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US dollar denominated gold trade to be allowed
Ending decades of regulations limiting gold trade in Thailand to the baht, the US dollar will now be allowed as well. 2 weeks ago, in a bid to slow the rapidly rising baht and avoid landing on the US list of “currency manipulators”, the Bank of Thailand announced a policy to allow trading gold products in US dollars. Market players…
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CCSA to allow sports gatherings, exempt Chinese fruit traders from travel ban
The Centre for COVID-19 Situation Administration announced on Monday that will allow fans to attend sports events, and allow Chinese traders to enter Thailand for fruit export. The CCSA said that as Thailand approaches 80 days without a local Covid-19 transmission, it’s believed to be safe for spectators to attend large sports gatherings, although measures will be tighter for events…
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Household debt on the rise, as Thailand’s economic index decreases
The fallout from the Covid-19 pandemic continues to be felt around the country as Thailand’s economic index decreases and unemployment and debt continue to rise. Experts predict the country’s economic index will decrease from 37.4 to 36.8 over the coming 3 months. A report by the National News Bureau of Thailand says household debt is on the increase, with consumers…
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Outcry as Pattaya’s Walking Street opens to vehicles
Pattaya’s famous Walking Street nightlife district is now open to vehicular traffic around the clock, but not everyone is pleased. Business owners in the Walking Street area are reportedly asking the Pattaya City government to extend a current trial allowing vehicles onto the street at all hours of the day. The trial was proposed as international borders are still closed…
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Thailand’s GDP forecast to fall up to 9% this year
Thailand’s GDP is set to fall 7-9%, year-on-year, according to the Joint Standing Committee on Commerce, Industry and Banking. The fall is, not surprisingly, being fallout from the catastrophic drop in tourism and lower exports. Kalin Sarasin, chairman of the Board of Trade of Thailand, says the expected contraction was revised downwards from 5-8%. The committee also predicted exports would drop…
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Legally grown marijuana to boost medical field, economy
In its weekly meeting yesterday, the Cabinet approved a Public Health Ministry proposal to amend the Narcotics Act to allow patients, medical practitioners and traditional healers to grow marijuana for medical and commercial use. The deputy government spokeswoman said the Cabinet approved the proposal submitted by Public Health Minister Anutin Charnvirakul to amend narcotics legislation enacted last year. Anutin, also…
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Price of gold rises but investment not without risks
A leading investment research firm says the price of gold is on the rise, with predictions bullion could reach US$2,000 an ounce. Chayanee Juengmanon from Morningstar Research Thailand says one exchange-traded fund favoured by most domestic gold mutual funds, recorded net inflows of over $20 billion within the last year, a 30% increase in the value of its assets. gold…
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Hundreds left jobless as Air Force cancels golf club contract
Hundreds of people were left jobless in Chiang Mai yesterday after Wing 41, a property owned by the Royal Thai Air Force and the location of the Star Dome Golf Club, put up a sign cancelling its contracts with all renters. According to Wing 41, all contracts expired yesterday and as of today Star Dome will no longer be open…
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Thai Airways to operate repatriation flights to Denmark, Taiwan
Thai Airways has arranged 2 repatriation flights to Taipei and 2 to Copenhagen this month, to bring back foreign nationals who were stranded by the Covid-19 pandemic. The airline’s acting president says the Taiwan flights will fly on August 5 and 14, leaving Suvarnabhumi Airport at 8:25am and arriving in Taipei at 1:05pm local time; Chansin Treenuchagron said the flights…
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Survey: China travel may take a year to recover
Data from the latest travel report by ITB China Travel Trends show that it’s possible – even likely – that the Chinese outbound travel market will take up to a year to recover from the Covid-19 pandemic. The survey of 200 Chinese outbound travel agents examined the anticipated travel behaviour of outbound Chinese tourists once the beginnings of recovery are…
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“Thailand’s economy will take 2-3 years to recover” – Krungthai
Across the world the hopes of a quick recovery in countries’ economies evaporate as the effects of either the coronavirus, or the effects of the lockdowns, drag on. Even though Thailand has effectively contained Covid-19 at this stage with zero local transmissions for over 2 months, the economy is now stumbling with many businesses shuttered and no tourists coming into…
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Nok Air will survive despite bankruptcy: CEO
Thai budget carrier Nok Air is insisting that its business will be able to return to solvency despite filing a business rehabilitation request with the Central Bankruptcy Court, shortly after national flag carrier Thai Airways did the same. Nok Air CEO Wutthiphum Jurangkool said yesterday that the impact of Covid-19 is preventing the airline from flying its 18 international routes,…
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Banks get tough on loan criteria as economic effects of Covid-19 worsen
The Covid-19 crisis has had a devastating effect on the global economy and, while it may have been successful in suppressing the virus, Thailand is in no way immune to the economic fallout. A report in Nation Thailand today says the country’s banks are now clamping down on their lending, imposing stricter criteria on borrowing. PHOTO: Nation Thailand The Bank…
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“We Travel Together” campaign may be extended through 2020
The “We Travel Together” government stimulus campaign may be extended to increase domestic tourism through to the end of the year, while travel bubbles for tourists will hopefully be launched by October, according to the Tourism and Sports Ministry. Phiphat Ratchakitprakarn. He says the slow start of the scheme, launched July 15, can be partly attributed to hesitation among tourists as…
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Thai baht getting stronger
The Thai baht continues to strengthen, coming in at 31.41 against the US dollar. Nation Thailand reports that Jitipol Puksamatanan, Head of Markets Strategy at SCB Securities, predicts the currency will fluctuate between 31.35 and 31.85 against the US dollar, which continues to weaken. xe.com/currencyconverter Meanwhile, the Standard & Poor 500 Index has dropped 0.6%, which is being blamed on…
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Phuket seeks to revive tourism with 3 major events planned
Phuket is planning a series of promotional events in an effort to revive tourism in the hard-hit province. With tourism accounting for 80% of the economy, Phuket is arguably one of the most highly-impacted areas in the country after the economic fallout of the Covid pandemic struck. The Minister of Commerce, Jurin Laksanawisit, is overseeing the staging of 3 major…
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Hotel bookings bounce back for long weekend holiday
The long holiday weekend is reportedly seeing heavy bookings at hotels and resorts, reigniting hopes of a revival of domestic tourism, which has been battered for months by the Covid-19 outbreak. Accommodations in the southern provinces in particular have been receiving a good rate of bookings with holidaymakers for the 4 day extended weekend. The tourism authoritiy of Thailand says…
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Government to generate thousands of jobs through 3 projects
The Thai government has signed off on 3 new projects with the hopes of creating nearly 40,000 jobs. A budget of 4 billion baht has been set aside for the new projects. The latest development comes following Cabinet approval of 7 economic restoration projects, with a combined budget of 400 billion baht. The first of the 3 new projects will…
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Bangkok university professor says no “travel bubbles” for at least 6 months
A professor at Bangkok’s Chulalongkorn University says Thailand’s “travel bubble” plan, which would allow small groups of foreign tourists to visit Thailand, should be put on hold for at least another 6 months. In a Facebook post yesterday, he said that the global Covid-19 situation remains “of serious concern”, as new infections are still surging, with more than 200,000 new…
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“It will take several years for tourism numbers to recover” – BoT
The Bank of Thailand chief says that “it would take several years for foreign tourist numbers to return to the 40 million levels”. The BoT says, that the coronavirus pandemic has heavily impacted a “lucrative industry” that provides a lot of jobs. The BoT expects only 8 million foreign visitors this year, down 80% from last year’s record 39.8 million.…
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Emergency Decree, Phase 6 to be discussed in coming weeks: CCSA
Dr. Taweesin Visanuyothin, spokesperson of the Centre for Covid-19 Situation Administration, said in a press conference this morning that discussions on the Emergency Decree and a “Phase 6” of lifting Covid-19 restrictions and reopening the country are expected in the upcoming weeks. A meeting is expected of the committees, including the CCSA and the National Security Council, responsible for easing…
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