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.
-
Sponsored 5 ways retirees in Thailand lose money (and how to stop it)
Retiring in Thailand can be affordable and enjoyable, but many retirees lose money due to common mistakes. High living costs, scams, and unexpected expenses can quickly drain savings. There are five ways that retirees in Thailand can lose money and...
-
Australia falls into a recession, global economies at a loss
“Our record run of 28 consecutive years of economic growth has now officially come to an end. The cause: a once-in-a-century pandemic.” Just about everyone hit from the coronavirus pandemic. Businesses closed. Many lost their jobs. Paychecks were cut. Economies across the globe slipped into recession and Australia is now added to that list. The country reported it has sunk…
-
Government’s economic task force meets to discuss job creation, “Phuket Model”
The government’s Covid-19 economic management team meets today, with a number of stimulus measures expected to be announced. Nation Thailand reports that officials plan to discuss job creation for graduates, along with yet more talks on how to safely welcome international tourists. Deputy PM and Energy Minister, Supattanapong Punmeechaow, says any measures announced are expected to be short-term. The government…
-
Bangkok is getting smarter: 4 districts focused in urban plan
Bangkok is becoming a so-called “smart city” with an urban development plan focused on making improvements to city technology and infrastructure. The National Charter of Thailand says they’re focusing on 4 districts: Chinatown, Asoke, Rattanakosin Island and Tao Poon. For the Yaowarat district, or Chinatown, 580 metres will become a “web of transport” under the plan funded by the Thailand…
-
Bank of Thailand issues stark warning over ongoing ban on foreign tourists
The Bank of Thailand has issued a sombre warning that the ongoing ban on foreign tourists returning to Thailand may have an even worse impact next year. Don Nakornthab, from the BOT’s economic and policy department, says if international tourists are not allowed back into the country soon, Thailand’s tourism industry will face even bigger threats next year. A report…
-
TAT launches “White Vest” tourism campaign
The Tourism Authority of Thailand this week launched its “White Vest” tourism campaign this week, based on intensive training to promote safety, hygiene and world class customer service at tourist spots throughout the country. Those who pass the campaign will be awarded a white vest and a certified ID badge that they can wear to signify to all tourists, both…
-
House committee postpones meeting on subs purchase… again
A Parliamentary committee meeting on the Royal Thai Navy’s controversial purchase of 2 Chinese submarines has been postponed for a third time, until Monday. The Democratic party vehemently opposes the purchase, saying the 22.5 billion baht would be better spent on Covid-19 relief efforts and aiding the recovery of the nation’s battered economy. Democrat MP Akkharadet Wongphithakrot, acting as spokesman…
-
Debate rages behind closed doors on allowing return of foreign tourists
The debate over allowing foreign tourists back into Thailand is heating up, even as plans are being made for the “Phuket model” and airlines cautiously begin announcing charter flights for long-stay foreign tourists later in the year. Thailand has gone nearly 100 days without a confirmed locally spread case of Covid-19, putting it in a tough spot compared to countries…
-
New lease on life for 7 of Thailand’s budget airlines
PM Prayut Chan-o-cha today threw a lifeline to 7 of Thailands’ domestic low-cost airlines, beginning with the injection of 24 billion baht in soft loans for the struggling aviation sector, battered by the Covid-19 pandemic. Representatives of Thai Air Asia, its long haul division Thai Air Asia X, Thai Smile, Thai Lion Air, Thai Viet Jet, Bangkok Airways and Nok…
-
Thailand plans for global cannabis trade
Thailand is getting into the global cannabis trade. Government officials are drafting up a law that would consider medical cannabis as an economic crop, meaning it would be allowed to be exported to other countries. They plan to reach markets in throughout Asia, Europe and the United States. The draft also focuses on the cultivation of cannabis and Thai hemp.…
-
Heavyweight doctors oppose Phuket plan to admit tourists
A number of prominent physicians, some advisors to the Ministry of Public Health and the Centre for Covid-19 Situation Administration, have posted on social media this weekend that they strongly oppose opening Thailand to tourists in any way, shape or form. Their concerns follow the government’s announcement yesterday of its plan to cautiously reopen the southern resort island of Phuket…
-
Outrage as Parliament votes to spend billions on submarines
The ruling coalition voted yesterday to confirm the purchase of 2 more Chinese submarines, sparking public outrage as the economy sinks and businesses close from the impact of the Covid-19 ‘lockdowns’ and border closure. The Royal Thai Navy has been pushing for the purchase since last year. The House subcommittee for Procurement, ICT, State Enterprises and Revolving Funds, which is vetting…
-
Panel announces plans to boost tourism, create 1 million jobs
The new panel established by PM Prayut Chan-ocha to steer the economy through the Covid-19 crisis got off to a blazing start yesterday, announcing measures to boost tourism and create a million jobs. Created after the Cabinet reshuffle earlier this month, the panel’s first meeting was chaired by the PM and attended by economics ministers and experts. After the meeting,…
-
Thai education inequality grows, more students need financial aid
Thousands more students are seeking financial help this year, growing the education gap between the rich and the poor. Some families cannot afford to send their children to school due to financial stress brought on by the coronavirus pandemic, chief of the Equitable Education Fund says. Around 1.8 million students applied for financial aid this year. 1.56 million applied last…
-
Thai economy shrinks, pandemic to blame
The Thai economy is shrinking. A lot. So much that it’s close to hitting as low as it did in the 1998 financial crisis. Some say the coronavirus pandemic is to blame. For the second quarter, the Thai economy shrank by 12.2%, the National Economic Social Development Council says. That’s just a few decimal points away from a low in…
-
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…
-
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…
-
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…
-
Phuket proposes to welcome tourists by November
PHOTO: Willy Thuan Phuket business owners are pressing forward with a proposal to turn around province’s tourism industry by allowing long-stay tourists to resume visits to the southern resort island as early as November. Under the “4T” model put forward at a meeting of the provincial disease control committee, long-stay visitors have been identified as having the best potential to…
-
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…
-
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…
-
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…
-
Thailand urged to promote itself as production hub for medical supplies, PPE
Thailand is being encouraged to promote itself as a manufacturing hub for medical and personal protection equipment as part of its financial strategy amid the coronavirus crisis, as industries like tourism and hospitality struggle. The director of the Centre for International Trade Studies at the University of the Thai Chamber of Commerce told reporters that the latest survey of 200…
-
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…
-
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…
-
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…
-
Trending upwards, but consumer confidence in Thailand still at a 22 year low
A leading academic says that despite an upward trend, consumer confidence in Thailand still sits at a 22 year low as a result of the economic impact of Covid-19. Thanavath Phonvichai from the University of the Thai Chamber of Commerce, says the pandemic’s devastating effects on tourism, employment, and exports, is mostly to blame, coupled with concerns over the ongoing…
-
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…
-
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…
-
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…
-
Swiss clothing firm denies layoffs
Contradicting earlier reports, Triumph International (Thailand) has denied any link with a garment company that laid off 800 employees on Friday. A statement from the Swiss Triumph Holding AG on yesterday said the company sold its production facilities in Thailand to Body Fashion (Thailand) 4 years ago. Accoding to the company’s head of corporate communications: “In fact, Triumph has handed…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.