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 Why traders in Thailand are choosing EC Markets for gold and forex trading
Gold and forex trading have long been favourites among investors in Thailand, but why are so many traders now turning to EC Markets? The answer lies in a combination of tight spreads, ultra-fast execution, Thai baht (THB) deposit support, and...
-
Inequality likely after economic recovery – Bank of Thailand governor
It’s expected to take at least 2 years for Thailand’s economy to recover, but once it does, inequality is likely to become a top concern, according to the Bank of Thailand governor Sethaput Suthiwart-Narueput. “It is expected to take at least two years before the Thai economy returns to its pre-pandemic levels in terms of GDP… Even when the economy…
-
Government to consider rescue packages for tourism businesses in South
The government will hold a mobile Cabinet meeting in Phuket today to consider potential rescue packages for tourism-related businesses that have been ravaged by the closure of international borders. The proposals, which include soft loans for airlines and other businesses, come after PM Prayut Chan-o-cha met with Phuket business representatives and local officials yesterday. The Bangkok Post reports that the…
-
PM in 2 day visit to economically-ravaged islands of Phuket, Samui
The PM and his Cabinet are visiting Phuket and Samui today and tomorrow, in order to meet with business leaders and provincial government, to discuss ways to help the decimated local economies. Since the closure of borders in late March, as the Covid-19 pandemic began its worldwide rampage, former tourist hotspots like the southern islands have borne the brunt of…
-
Answering the question, who will fight for Phuket’?
OPINION by Bill Barnett from c9hotelworks.com Thailand’s tourism industry is sadly at the short end of the stick as policies gyrate over the reopening of the country to international travellers, yet no single province has more to lose than the resort island of Phuket. Phuket’s economic engine is leveraged on tourism. It’s a place where on a combined basis, one…
-
Dow and S&P 500 take a breath after an ugly week, tech stocks lead the way down
US stocks closed lower yesterday to end an ugly week downbeat with ‘uncertainty’ remaining the overwhelming sentiment. Tech stocks led the march downwards. The Dow Jones Industrial Average dropped in its biggest monthly collapse since March with investors reacting to rising Covid-19 cases in the US and Europe, peppered by nervousness ahead of next Tuesday’s US presidential election. The increased…
-
Free Trade Agreement talks continue between Thailand and EU
Thailand is resuming trade talks with the European Union on the long-delayed Thai-EU free trade agreement. The 15th Thai-EU Senior Officials’ conference was held virtually between leading Thai and European trade officials this week. The push was on to have the Free Trade Agreement signed and sealed by the end of this year. Discussions were held regarding the ongoing affects…
-
Officials to choose “low risk” countries for possible reduction in quarantine
The Thai government is to compile a list of countries considered “low risk” for the Covid-19 virus, as it considers a reduction in the mandatory 14-day quarantine period for foreign arrivals. Nation Thailand reports that, once finalised, the Public Health Ministry will submit its list to the Interior Ministry, who will use it to decide the criteria for reduced quarantine.…
-
Approval sought for multi-billion-baht Phuket medical hub
Industry officials are seeking the go-ahead for a project to transform over 140 rai of government land in Phuket into a world-leading medical hub. The project is budgeted at 3 – 4 billion baht, depending on which report you read. Kitkong Tantijaraswarodom, from the Federation of Thai Industries, believes the development of a medical and wellness hub in the sub-district…
-
Thailand at the crossroads. The anti-government protesters vs Thai establishment – VIDEO
Click to watch the video… This video provides some background of the protests and their challenge ahead. They are battling a deeply entrenched “establishment”, including the Army, the government, the Bangkok ‘elite’ and years of conservative traditions protecting the revered Thai monarchy. The protesters are young, educated and motivated. The government controls the levers of power. What will happen? Like…
-
“Protests could affect the economy” – Bank of Thailand
The ongoing political protests could have a negative impact on Thailand’s already crippled economy by weakening domestic consumption and tourism even more, according to the Bank of Thailand. The bank’s newly appointed governor Settaput Suthiwart-Narueput, who started this month, says they need to keep a close watch on the situation. “Basically, the political factor is one of the uncertainties… It…
-
Phuket tax revenue plummets during pandemic – VIDEO
The Covid-19 pandemic led has tax revenue in Phuket to be cut in half. Border closures, banning international tourists, has caused the tax revenue for the popular island destination to plummet. From January to August, total tax receipts year on year fell by more than 46%, according to data from the Phuket Area Revenue Office, obtained by The Phuket News. In…
-
Bangkok office rents drop for the first time in 10 years
As the coronavirus pandemic continues to take a toll on Thailand, and the region’s, economy, Bangkok office rents and occupancy rates are expected to drop after consistent growth over the past 10 years, according to Colliers International Thailand. It will be the first contraction in that sector since 2010, according to the property consultancy’s associate director of research and communication,…
-
The Pattaya to Hua Hin bridge. Government discusses 900 billion baht investment.
The government is looking into a so-called “Thai Bridge” that would connect Pattaya to Hua Hin, an estimated 900 billion baht investment. The project would be part of the Eastern Economic Corridor development plan aimed at improving the transportation and infrastructure in Thailand. The 900 billion baht investment is expected to take 10 years to financially implement, according to chairperson…
-
Minor International Chairman calls for major overhaul of Thailand’s ASQ
Minor International’s outspoken Chairman, Bill Heinecke, has penned an open letter to Thailand’s Public Health Minister, Anutin Charnvirakul. The thrust of the letter is that the current ASQ and general quarantine requirements and restrictions, is making any recovery of the country’s tourism and hospitality industry. Minor hotels have already serviced 2,500 guest as part of the Thai government’s Alternative State…
-
China’s economy expected to grow 1.6% in 2020 – World Bank
Much the world is currently seeing continuing surges of new Covid-19 cases, some countries are well into their 2nd wave. Meanwhile China is quietly getting it’s industrial engine and economy going again as new cases. In fact China’s number of ‘active cases’ has been dropping since April, and now is fewer than 200 total cases across the country. Along with…
-
Chiang Mai’s economic losses to reach 100 billion baht due to Covid-19 pandemic
Chiang Mai’s economic losses are estimated to reach 100 billion baht after Covid-19 ravaged the city’s tourism industry. The Bangkok Post reports that Varodom Pitakanonda, the president of The Chiang Mai Chamber of Commerce, says the city’s revenue from tourists “contracted severely this year due to the coronavirus”. “Now, we are pinning our hopes on government stimulus packages to salvage…
-
Medical chief in favour of re-opening borders, calls zero cases target unrealistic
A senior Thai medical professional has confirmed he’s in favour of Thailand re-opening its borders, saying attempting to maintain zero cases of Covid-19 is “unrealistic”. Somsak Akksilp, from the Department of Medical Services, insists the country is adequately prepared in the event of a resurgence of the virus and, with no date set for vaccine availability, the country must move…
-
Thailand’s Health Ministry wants to reduce tourist quarantine to 10 days
Thailand’s Health Ministry is seeking to reduce the mandatory quarantine period for foreign tourists, currently mandated at 14 days, to 10 days. The reduction would be assessed after one month and, if successful, quarantine could be further reduced to 7 days. However, this reduction would only apply to those arriving from countries considered “safe” from Covid-19. Those arriving from high-risk…
-
Key foreign investors could be exempt from quarantine
Key foreign investors might get to skip out on the 14 day quarantine required for travellers entering Thailand. Allowing high spending investors a free pass on the isolation period is aimed to help revive the economy after it was battered by the pandemic. The Centre for Economic Situation Administration, or CESA, is expected to discuss the proposal today. Special measures…
-
Thai government considers easing restrictions for foreign business travellers
The Thai government is considering further easing entry restrictions for foreign travellers coming to conduct business in the Kingdom. Currently, around 11,000 businesspeople and work permit holders have been granted entry by the Centre for Covid-19 Administration Situation since they started allowing some foreigners back into the country after July. All arrivals have to submit to a mandatory 14 day…
-
Finance Ministry mulls stimulus packages to boost property sector, consumption
The new permanent secretary at the Finance Ministry, Krisada Chinavicharana, says officials are considering additional stimulus measures to support Thailand’s property sector and to further boost consumer spending. Krisada says he plans to meet with senior officials to debate more ways to get the economy going again, as the impact of the Covid-19 pandemic continues to make itself felt. He says…
-
Thailand beaches may limit visitors until Covid-19 vaccine is available
Beaches and national parks might not fully open to international tourists until a Covid-19 vaccine is available. Around 120 to 150 tourists departing from China are set to arrive in Phuket on October 8 after a 6 month ban on international tourists. They’ll have to go through a 14 day state quarantine, but after that, they may not be able…
-
Cabinet to approve co-payment of 3,000 baht each for 10 million consumers
In its latest round of direct economic stimulus, the Thai government is to offer a co-payment of 3,000 baht each to 10 million Thai citizens for a period of 3 months. The scheme is expected to kick off on October 23 and run up the end of the year, with the co-payment subsidising half the cost of purchases, but excluding…
-
Government to stir economy with 100 billion baht stimulus starting in October
The Thai Government is expected to stimulate the economy with 100 billion baht boost starting in October until the end of the year. The injection will reportedly come from both the people’s and the government’s spending under three stimulus measures according to the Deputy PM Supattanapong Punmeechaow. The first measure will reportedly give 14 million welfare cardholders an extra 500…
-
Thailand’s first cancer medicine factory expected to cut drug costs in half
The government just sealed the deal to build Thailand’s first factory to produce cancer-treating medicine and chemicals, a move that is expected to cut treatment drug costs in half. Buying imported cancer-treating drugs is expensive. Thailand spends about 21 billion baht per year on imported cancer medicine, according to Deputy PM and Public Health Minister Anutin Charnvirakul. The local factory is intended…
-
70% of Phuket’s tourism businesses are closed, many for good
Most tourism businesses in Phuket have closed due to the Covid-19 pandemic, and they probably won’t be up and running again until foreign tourists are let back in Thailand. Phuket Governor Narong Woonciew says around 70% of tourism businesses have closed, most of them just temporarily, but some have shut down permanently. But the statistics are not quite that simple,…
-
Ministry of Labour, CP Foods to hire 8,000 graduates to help reduce unemployment
To help reduce unemployment and boost the economy after the pandemic, 8,000 graduates will be hired by the company Charoen Pokphand Foods, known as CP Foods. Thailand’s Ministry of Labour recently signed a memorandum of agreement with the company. 4,000 of those jobs will be in Bangkok and metropolitan areas while the other 4,000 more in the upcountry. The job…
-
4 Thai banks to be investigated for “suspicious transfers” after FinCEN files report
4 Thai banks are being investigated after an international money laundering report said the Thai banks had “suspicious financial transactions.” The report found 92 “suspicious” transactions in and out of Thailand totalling to $9,558,752 USD received in Thailand and $31,750,000 USD sent out. Files were allegedly leaked from the US Financial Crimes Enforcement Network, known as FinCEN, and journalists from…
-
Phuket residents going hungry after local government assistance runs out
Residents in Phuket, particularly those living in and around the west coast townships, are reportedly going hungry as the government’s municipal budget to provide food has been depleted. Despite efforts to revive tourism in the area, thousands of people are still in need of donated food to survive and continue to queue up for donated food every day. A public…
-
Laid off workers ask for financial assistance after Thai Airways’ flight suspension
Almost 2,600 laid off employees of the Thai Airways subsidiary company Wingspan have filed complaints with PM Prayut asking for financial assistance. The State Enterprises Workers’ Relations Confederation stated that the company had let go the employees as of September 1 due to THAI flights being suspended since the end of March this year. The complaints of the sacked workers…
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.