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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Baht remains strong despite virus, economic slowdown
The minutes of today’s meeting of the Monetary Policy Committee of the Bank of Thailand predict the Thai economy will expand at a much lower rate in 2020 than previously forecast, and far below its full potential. The discrepancy is mainly attributed to the combined impact of the coronavirus outbreak, delay to enactment of the Annual Budget Expenditure Act, and…
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Asset World says hotel bookings in Thailand starting to recover
The hotel development unit of billionaire Charoen Sirivadhanabhakdi, Thailand’s richest man, says bookings have begun to recover from the disruption caused by the COVID-19 coronavirus outbreak. The epidemic has impacted some 60% of the hotel and retail properties in Asset World Corp’s portfolio, deterring tourism and causing events to be cancelled, according to CEO Wallapa Traisorat. “We’re starting to see…
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General Motors pulling out of Thailand
General Motors announced yesterday that it’s pulling out of “markets that don’t produce adequate returns on investments,” namely Thailand, New Zealand and Australia. The carmaker said in a statement that it will wind down sales, engineering and design operations for its historic Holden brand in Australia and New Zealand in 2021. It also plans to sell its Rayong factory in…
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Asian tourists cancelling flights, staying home
Scores of flights to Asian destinations are being cancelled after South Korea advised its citizens to delay trips to countries where the COVID-19 coronavirus has been found. Especially hard-hit are Thailand, Singapore, Malaysia, Vietnam, Hong Kong, Taiwan and Japan. South Korea remains largely free of the virus, though one of its citizens tested positive for the virus after returning from…
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Coronavirus could cause huge damage to ASEAN economies
The Covid-19 coronavirus is expected to cause damage valued at US$2.4-3.4 billion (74.6-105.7 billion baht) to ASEAN economies, according to estimates from the Kasikorn Research Centre. The jolt will likely result from a virus-related economic slowdown in China, which has close trade ties with ASEAN nations as well as investment and tourism, the centre reports. If the outbreak can be…
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With 33 coronavirus cases, Thailand still welcomes Chinese tourists
Despite the confirmation of a new case of the 2019nCov coronavirus today, Thailand has neither restricted Chinese tourists from entering the kingdom nor dropped its visa-on-arrival fee waiver, implemented to attract Chinese. Thailand hasn’t imposed any bans on tourists or travellers since the outbreak of the virus, though officials are screening passengers on arrival on flights from China, and now…
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Government to extend the “Chim Shop Chai” stimulus program this month
The government is set to roll out a new phase of last year’s successful Chim Shop Chai (Eat Shop Spend) stimulus program to promote domestic spending. The measure is also intended to encourage investment by businesses in an economy hampered by a slowdown in tourist arrivals as a result of the ongoing Wuhan Coronavirus outbreak. The package, to be implemented…
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Baht loses nearly half its 2019 gains
The Thai baht, whose meteoric rise seemed unstoppable only weeks ago, has become Asia’s worst performing currency so far this year. It’s lost nearly half of its 2019 gains in just a month as fears over the Wuhan Coronavirus outbreak threaten Thai tourism. The Year of the Rat has not been kind to Thailand. As late as December, there were…
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Cabinet threatens to open up fishing labour to migrant workers
Fisherman from 22 of Thailand’s 76 provinces are demanding the government solve the labour problem in the fisheries’ industry. The government, in turn, is threatening to invoke Article 83 of the Royal Ordinance on Fisheries, which would essentially allow immigrant labour in the sector. The relevant committee in the House proposes opening two registration periods for migrant workers, the first from…
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Two out of three CEOs say the 2020 Thai economy will not improve – Survey
Many CEOs, based in Thailand, don’t expect Thailand’s economy to improve during 2020. Many surveyed cited global economic uncertainties, according to the “CEO Survey” of 100 individuals. The survey was conducted by Krungthep Thurakit newspaper a month ago. Around 68.4% of the respondents didn’t expect the economy to improve this year, while 31.6% were saying that the economy would fare…
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US manufacturing activity falls to lowest level in a decade
PHOTO: teletrader.com “The data show American factories remain plagued by pullbacks in business investment at home, softer demand throughout the world and, until recently, an escalating trade war between the U.S. and China.” US manufacturing had a tumultuous year in 2019 with the weakest monthly performance for a decade, with orders shrinking and factories continuing to roll back production. The…
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Greenback falls below 30 baht to the USD
The Greenback has dropped below 30 baht against the US$, its strongest position in six years. The currency closed at 29.88 baht to the dollar yesterday. But Thai officials say the drop through the 30 baht barrier is not a concern and more of a ‘blip’ than an ongoing trend to increase its value against the Dollar. At 4pm this…
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