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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Covid-19 resurgence, weak labour market, threats to economic recovery – Bank of Thailand
A director at the Bank of Thailand’s economic and policy department says the resurgence in Covid-19, coupled with a fragile labour market, poses a threat to the country’s economic recovery. Chayawadee Chai-Anant says the reintroduction of strict lockdowns in many other countries also poses a risk. She says the full impact will depend on the rate of new infections in…
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Gold sales go up as Thais sell jewelry to pay for routine expenses
With job losses and pay cuts brought on by the pandemic, many Thais are lining up to sell their gold to bring in some cash, like 22 year old Suvirat Namvicha, an office worker in Bangkok who had her overtime expenses cut. Survirat, who is also pregnant, says she needed to sell a gold necklace to pay for her medical bills.…
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Thai government plans to amend business, immigration rules, for foreign investors
Foreign investors in Thailand have long decried the onerous, complex, and sometimes downright baffling, bureaucracy that comes with doing business in the Land of Smiles. And it appears officials in Bangkok are finally sitting up and taking notice. Nation Thailand reports that, in an effort to stimulate the ailing economy, the government plans to make some changes to the regulations…
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Economy to lose billions of baht from Covid-19 lockdown – Kasikorn Research Centre
The economy will lose billions of baht following the Covid-19 outbreak in Samut Sakhon, just southwest of Bangkok, according to Kasikorn Research Centre. Shutting down the seafood industry in the province, calling off New Year parties in Bangkok and trips being cancelled due to virus fears will cost the economy a total of at least 45 billion baht over the…
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Police charge 4 with swindling co-payment scheme, investigate over 700 others
The deputy national police chief, Damrongsak Kittiprapat, says 4 people have been charged with de-frauding the government’s co-payment stimulus scheme. He adds that around 700 others are also suspected of swindling the scheme. It’s understood the 4 people charged allegedly persuaded co-payers to carry out fake transactions so that money could be redeemed under the campaign. The Bangkok Post reports…
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Deputy PM says pandemic exposed problems in Thai economy, time to improve
As the Covid-19 pandemic hit economies all over the world with business closures and travel bans, issues with Thailand’s economy were exposed, according to Deputy PM Supattanapong Punmeechaow. The country cannot go back to the way it was before the global outbreak, he says. Thailand’s large tourism industry was battered by the lack of foreign visitors. Small and medium businesses…
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Phase 2 of travel stimulus may be cancelled due to fraud, as PM said to be “furious”
Officials are considering cancelling the next phase of the government’s domestic tourism stimulus campaign, after multiple cases of fraud emerged. To date, over 200 people have been prosecuted for corruption in the domestic travel campaign, as well as in other government stimulus schemes. The Tourism Authority of Thailand says that, in conjunction with the Tourism and Sports Ministry, it has…
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Bank of Thailand says being on US currency “watchlist” won’t have a “material impact”
Thailand being added to the United States Treasury’s “watchlist” for suspected currency manipulation won’t impact foreign trade and investment too much, the Bank of Thailand says. Now that Thailand is on the “monitoring list,” US government says it will keep “close attention” on the country’s currency practices to determine if any measures are intended to gain an unfair advantage in…
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Ministry investigating multiple cases of corruption in government’s co-payment scheme
The government’s “Let’s Go Halves” (Khon La Khrueng) co-payment stimulus campaign has fallen foul of 100s of incidents of fraud, according to the Finance Ministry. Under the scheme, the government subsidises 50% of the cost of food, drink, and other products, up to a maximum of 150 baht per person per day, capped at 3,000 baht per person for the…
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Covid-19 cases could lead to a drop in revenue for New Years, economist says
A rise in local Covid-19 infections could discourage many people from travelling and going out for New Years celebrations, costing Thailand’s tourism industry 14 billion baht to more than 16 billion baht, according to economist Anusorn Tamajai. Recently, 17 Thais tested positive for Covid-19 after returning from the Myanmar border town Tachileik, crossing the border illegally and dodging the mandatory…
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Thai government urged to support foreign property buyers with additional incentives
The Thailand Development Research Institute is calling on the government to support foreign property investors, by allowing them to bid for residential units. Nonarit Bisonyabut from the TDRI says the measure would be aimed at off-setting a shortfall in local demand. With foreigners usually having higher purchasing power than Thais, he adds that the number of units offered for bidding…
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4 years until tourism industry gets back to pre-pandemic levels – Finance Ministry
It could take 4 years for Thailand’s tourism industry to recover after being battered by the lack of travel due to the coronavirus pandemic, the government’s reaction and the economic fallout, according to the Finance Ministry. While local and international experts project Thailand’s economy will continue to recover over the next 2 years, the tourism industry, which directly contributes 12-15%…
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Cabinet approves extension, upgrade of stimulus measures, welfare payments
The government has given the green light to the extension and refinement of a number of economic stimulus schemes and welfare payments. 43.5 billion baht has been set aside to fund an extension of the current co-payment scheme and the welfare card program. It’s understood 22.5 billion baht will go to phase 2 of the co-payment scheme, with 21 billion…
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