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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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...
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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.…
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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…
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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…
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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,…
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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…
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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…
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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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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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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…
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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 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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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…
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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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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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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…
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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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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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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…
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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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“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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Thai delivery app merger gets 3.5 billion baht boost
Homegrown Thai delivery app Line Man is merging with its longtime partner, online restaurant review platform Wongnai Media. Line Man has secured fresh capital investment worth US$110 million (3.5 billion baht) from BRV Capital Management to bolster the new entity. The merger marks the first time any member of the Japan-based Line Group has secured a financial investment of this…
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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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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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Central bank mulls severing baht’s gold link to weaken gains
Thailand’s central Bank is mulling breaking the baht’s link to gold as a way to weaken it without being labelled a “currency manipulator” by Washington. According to US Census Bureau data, Thailand’s trade surplus surpassed US$20 billion in the 12 months up to the end of November 2019. That exceeds a $20 billion cap the US Treasury sets for bilateral…
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