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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Thai carmakers slash production by 50% in 2020
The Covid-19 pandemic could cut Thailand’s automobile production by up to 50%, according to the Federation of Thai Industries. Thailand is the eleventh biggest carmaker in the world, producing more than 2 million cars last year. The FTI now expects only half that in 2020. FTI automobile club’s spokesman club’s spokesperson was speaking to Thai Enquirer: “If the outbreak is…
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Businesses opening back up, some aren’t following the rules
While restrictions are being lifted, some businesses seem a little too excited about getting back to normal and are letting their guard down when it comes to social distancing and Covid-19 prevention practices. Businesses are required to provide hand sanitising gel, wear face masks and make sure people stay a safe distance apart. Upon inspection this month, most businesses are…
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Instant noodle exports increase as neighbouring countries stock up
Craving noodles? Seems like many people stuck at home want the cheap and quick meal. Preparation is quick, the price is low, there’s flavours aplenty and they’re easy to find. Thailand’s exports of instant noodles have gone up this year, the country’s Ministry of Commerce reported yesterday. With ridiculously low prices, a long shelf life and, let’s admit, some pretty…
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Ministries, business leaders meet to discuss further reopenings
A meeting this weekend, chaired by the director-general of the Department of Disease Control and secretary to the Covid-19 Center for Situation Administration, discussed suggestions and assessments of businesses ready to reopen, which will be forwarded to the PM Prayut Chan-o-cha for consideration early in the week. Representatives of the Interior Ministry and Tourism Ministry along with those of multiple…
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Most Thais want restrictions lifted – NIDA poll
The National Institute of Development Association recently conducted a poll that asked 1,259 Thais from various walks of life about their thoughts on lifting the current Emergency Decree restrictions, such as the closure of businesses and the national curfew. The poll was taken from Thursday to May 9 and comprised Thai nationals over the age of 18 from various backgrounds,…
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Thailand’s GDP to contract up to 5% for 2020 – business thinktank
Thailand’s GDP is expected to contract between 3-5% for 2020, and exports by up to 10%. The predictions from Suphan Mongkolsuthee, president of the Federation of Thai Industries and chairman of the private sector joint committee. He also believes that the Thai economy has probably reached its ‘low point’ and will start recovering from now. He said that, as the…
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Government panel predicts 12-18 more months of pandemic-related pain
Thailand faces up to a year and a half of serious impacts from Covid-19 pandemic, according to a government advisory panel investigating the pandemic’s consequences on the Kingdom. The panel was set up on the Thai PM Prayut Chan-o-cha’s orders on April 30. After analysing data from the Ministry of Public Health, the advisory committee on the social and economic…
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PM confident economy will rebound when businesses reopen
Or… “what goes down, must go up”. “If workplaces reopen, there will be employment and salaries… If factories reopen and employ people, rehabilitation will start.” Responding to reporters yesterday, the Thai PM Prayut Chan-o-cha expressed confidence the economy will improve once businesses reopen and people are employed again, and when tourism resumes, with measures in place to give visitors confidence…
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Bangkok’s Chatuchak weekend market is reopening
Chatuchak, Jatujak, JJ, whatever you choose to call it, Bangkok’s legendary weekend market is reopening tomorrow. The massive indoor/outdoor market, popular with both Thai and foreign tourists, will reopen this weekend after weeks of being shuttered, but visitors will be required to observe physical distancing and wear face masks…. you know the drill. Walaya Wattanarat, deputy permanent secretary of the…
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Business recovery in the Covid-19 era
As some countries begin to tentatively look to reboot their economies in a Covid-19 world, what does the future hold for business? Nation Thailand reports today on an extensive Bank of Thailand survey that examined the impact of the pandemic on four business sectors and what might happen next. Things are looking a bit brighter for the manufacturing and retail…
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May 17 target for shopping centres to re-open
The rumours have been flying since this week’s cabinet meeting about the next raft of re-openings as Thailand’s economy starts to plod back into gear. Now, after a meeting yesterday of the Centre for Covid-19 Situation Administration, there’s general consensus that shopping centres and retail stores will be able to re-open on Sunday, May 17. Of course the caveat is…
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Deputy PM says some restrictions could be eased before mid-May
Speaking at the Covid-19 Coronavirus Situation Administration today, Deputy PM Wissanu Kreangam addressed rumours that PM Prayut Chan-o-cha is considering easing some Covid19 restrictions before the middle of May. Meetings are taking place this afternoon between the CCSA and other government departments as the PM gathers medical advice from the CCSA and other experts on the feasibility of loosening some…
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New plans for managing Thailand’s 2020 public debt
The Thai Cabinet has approved new plans for managing the fiscal 2020 public debt that was previously proposed by the Ministry of Finance. Deputy Government spokesperson Traisulee Traisaranakul announced that… “according to the new plans, the amount of ‘new’ debt has been adjusted up to 1.497 trillion baht from 894.005 billion baht.” “The plan for the management of ‘existing’ debt has…
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Thai baht up 3% against USD over past month
Potential tourists and expats shipping in money from overseas were hoping the Thai baht would continue to fall against the US dollar. But they’d be surprised that the baht has rebounded in April against the greenback – about 3% in value. But Thailand’s Central Bank is warning that the recent strengthening of the baht against the USD may “not be sustainable”.…
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Former union leader calls for total overhaul at Thai Airways
The former president of the Thai Airways union is calling for a complete revamp of the airline, including the ousting of all existing board members. The call follows years of crippling losses, bailouts and promises of a corporate cleanout. The Bangkok Post reports that Chamsri Sukchotrat made the call in a Facebook post, addressing PM Prayut Chan-o-cha in his role…
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Thai Airways gets another lifeline from the government
Thai Airways is finally getting a reprieve, after years of financial woes and corporate drama. The struggling national carrier is getting a lifeline in the form of a bailout loan. Finance permanent secretary Prasong Poontaneat made the announcement yesterday, after a meeting chaired by PM Prayut Chan-o-cha. The State Enterprise Policy Committee meeting approved “in principle” the proposal to rehabilitate…
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Government refuses Opposition’s request for debate on executive decrees
Calls from Opposition parties for a special session of parliament to debate the Thai Government’s executive decrees have been given short shrift, with the government saying the debate will have to wait until May 22, when parliament is set to reconvene. The three decrees relate to the procurement of significant loans, reported to be up to 1.9 trillion baht, in…
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Thailand loses US free trade benefits worth billions of baht
Thailand loses duty free access for 42.2 billion baht in exports to the US market from today, 6 months after Washington warned it would pull back on trade privileges unless the kingdom committed to labour rights reforms. Once trade preferences for Thai products are removed they are subject to tax of between 4% and 5%, making them more expensive in…
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“Thai Airways will survive”. Emergency meeting next Wednesday.
“Thai Airways will not collapse. The fact that Deputy PM Somkid stepped in to handle the issue means the government will rescue it.” It’s no secret that Thailand’s national carrier has been a financial basket case for over a decade, bleeding money and marketshare as the years pass. The top-heavy Thai company is bailed out by the Thai government each…
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Deputy PM tries to clarify the PM’s letters to Thailand’s richest citizens
On Friday night the Thai PM told the Thai population that he was going to send a letter to Thailand’s Top 20 richest people asking for their ideas on how to revive the Thai economy. And he hinted that he wants them to chip in as well. He explained that he’s doing it to gather their input and ideas to…
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Loophole closed – more unemployed to receive payments from Thai government
The loophole for employees whose businesses were not ordered to close, but are still affected by Covid 19 pandemic, has finally been addressed. The Thai Ministry of Labor secretary Sutthi Sukosol says that compensation will be similar to what employees whose businesses were ordered to close are paid, which is 62% of daily wage based on a maximum monthly salary…
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AoT, already struggling, deny investing in faltering Thai Airways
“We’ve got enough problems of our own.” Airports of Thailand is denying claims that it is interested in acquiring a stake in the financially floundering flag carrier Thai Airways, saying that they too are struggling with the sharp drop in revenue after airlines and airport shutdowns related to the Covid-19 pandemic. Thai Airways, once considered one of Asia’s most luxurious…
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Up to 10 million Thais out of work in next three months – CCSA
As many as 10 million Thais could be out of work in the next few months if the current Covid-19 epidemic drags on. Supant Mongkolsuthee, the president of the Federation of Thai IndustriesGovernment, says the Thai government needs to provide timely support for businesses. As head of the Centre for Covid-19 Situation Administration’s working committee, tasked with overseeing small and…
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BOT predicts 5.3% contraction in Thai economy for 2020
Even the Thai economy, which was still maintaining respectable growth before January, is now spluttering under the siege of the Covid-19 virus. Now the Bank of Thailand has crunched some numbers and believes the Thai economy will sharply contract by 5.3% this year as the virus continues to weigh on global financial markets, the local economy and people. GDP growth…
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Airlines offered drop in landing fees and fuel excise at Thai airports
Airlines, international and domestic, have been hit hard with the impact on travel following the Coronavirus outbreak. Over the past month there’s been daily announcements of cancellations of flights and rescheduling to cope with border closures and daily changes in the coronavirus evolution. The Thai Cabinet yesterday approved a relief package which had been proposed by the Transport Ministry for…
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Cabinet approval to reduce water, power bills by 3%
The Cabinet has approved 17 billion baht in measures to tackle the Covid-19 crisis and drought. They plan on doing this by reducing water and electricity bills by 3% and returning deposits for installation of electricity meters. The Thai cabinet meets every Tuesday at Government house in Bangkok. During a ‘grace period’ of not more than six months, the cabinet…
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Thai government planning more economic stimulus packages
Economists have urged the government to expand the fiscal deficit to up to 600 billion baht, while more stimulus packages are hopefully on course to counter the impact of the Covid-19 outbreak in Thailand. Secretary to the Council of Economic Ministers, Kobsak Pootrakool, says that the economic ministers would consider extra packages as relief for certain sectors, that were hit…
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Thai stocks tumbles, SET drops nearly 6%
Thailand’s stock exchange, the SET, plunged yesterday along with the region’s other bourses. The index dropped amid concerns over the growing global Covid-19 coronavirus pandemic. The SET dived 74.57 points, or nearly 6%, to 1,175.32 points. This all happened shortly after the open in a turnover of 9 billion baht. The SET50 index, Thailand’s top 50 listed companies, faired even…
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Thai PM Prayut quashes 2,000 baht handout package
Easy come, easy go. Well that was quick. Last Friday’s announcements for 2 x 1000 baht handouts to poorer Thai citizens has been quashed by the PM. Prime Minister Prayut officially shelved plans to hand out the cash to low income earners. Last Friday the Finance Ministry made the announcement for a new round of stimulus packages to prop up…
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Government looking at ways to lower public electricity bills
The ministry is also studying ways to lower the price of cooking gas and fuel. Thailand’s Energy Ministry is examining ways to lower electricity bills for the general public to ease their burden in response to the impact of Covid-19 on the economy, according to Energy Minister Sontirat Sontijirawong. The ministry’s permanent secretary has been asked to call a meeting…
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