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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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...
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Thai PM calls on state agencies to disburse allocated funds quickly to revive economy
The Thai PM is calling on state agencies to inject funds into the economy for the new fiscal year in October, in order to help its recovery. According to a Bangkok Post report, deputy government spokesperson Traisuree Taisaranakul says budget spending is vital to the revival of an economy decimated by Covid-19. “In light of the pandemic, the state budget…
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El Salvador: first country worldwide to make bitcoin legal tender
Cryptocurrency has been making inroads at gaining more and more mainstream acceptance, but this week marked a new major milestone. El Salvador just became the first country worldwide to accept bitcoin as legal tender, on Monday purchasing 400 bitcoins at a price of US $21 million. The announcement caused such a swell of interest, the country’s cyber wallet system was…
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80% of condos in Thailand sold to foreigners, 50% China
A real estate firm is predicting that the market for condos in Thailand hot spots like Bangkok, Phuket, and Pattaya will be rebounding soon with the continued trend of foreign investment, a majority of which are Chinese. China has long been a driving force in purchasing condos in Thailand. The business development manager of Saensiri is predicting the uptick once…
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Phuket government warn businesses against price gouging
The Phuket Vice Governor Pichet Panapong has reinforced the warning for vendors in Phuket to avoid price gouging or overcharging customers. He requested officials in Phuket to be vigilant in checking stores and vendors to make sure their pricing is reasonable and not artificially inflated. With the economic pummeling Thailand, and Phuket in particular, have taken with the loss of international…
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CP boss outlines 4 ways government could speed up pandemic recovery
One of Thailand’s wealthiest businessmen has outlined 4 ways in which the government could accelerate the country’s Covid-19 recovery. The Bangkok Post reports that Dhanin Chearavanont, senior chairman of the Charoen Pokphand Group, was responding to questions from journalist Suthichai Yoon during a Facebook Live interview yesterday. According to Dhanin, the government must increase relief measures for those affected by…
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Survey shows nearly half of Thai businesses expect return to normality in early 2022
A survey carried out by the Bank of Thailand shows that nearly half of Thai businesses expect life to return to normal during the first quarter of 2022. According to a Bangkok Post report, businesses of all sizes were interviewed between July 1 – 22 as part of the business sentiment index. The findings show that 45% expect people to…
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Dr Boon, THG group must clarify Pfizer deal controversy
Trouble is deepening for Dr Boon Vanasin, the President of Thonburi Healthcare Group, who has been accused of a large stock purchase before lying about his company procuring Pfizer vaccines that caused the stock to soar. The Chairman of the Crime Victims’ Assistance Club has filed a complaint with the CyberCrime Investigation Bureau against Boon for sharing that fake news…
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Thailand’s airlines feeling the pinch with no government support
Asia Aviation, the largest shareholder in Thai AirAsia, says the latest partial lockdown threatens TAA’s financial status, with no government aid forthcoming. AA executive chairman Tassapon Bijleveld says the industry has been limping along without any help for over a year now and wants to know how the government expects to collect tax once large businesses collapse. In a Bangkok…
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42-billion-baht aid package to cushion the financial impact of Covid restrictions
The government will provide a 42-billion-baht aid package for businesses and individuals affected by the latest Covid-19 restrictions in the 10 “dark red” provinces. The Bangkok Post reports that 30 billion baht of the relief package will come from the government’s loan decree, while the other 12 billion will come from the national budget. The provinces of Bangkok, Nakhon Pathom,…
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JP Morgan includes Thailand in 5 economies most at risk from Delta variant
The investment banking firm JP Morgan says there are 5 emerging economies that are most vulnerable to the Delta variant – and Thailand is one of them. According to a Reuters report, the others are South Africa, Colombia, the Philippines, and Peru. The primary reason given for these findings is the low rate of vaccination, with analysts comparing the pace…
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Survey shows most hotels can only cover operation costs for less than 3 months
A survey by the Bank of Thailand shows that most hotels can only cover their operating costs for less than 3 months. 220 properties were surveyed between June 14 and 27. Of those, 17 are alternative state quarantine facilities, while 3 properties serve as “hospitels”. 68% of those surveyed say they only have enough liquidity to cover their operating costs…
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EU Free Trade Agreement talks resume after 7-year coup hiatus
After a 7-year delay following Thailand’s military coup, talks have resumed to create a Free Trade Agreement between Thailand and the European Union. The Ministry of Commerce hosted a meeting this morning between Thailand’s Commerce Minister, also a Deputy Prime Minister, and the Ambassador of the European Union to Thailand. The two met to have conversations about a variety of…
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Goverment kind of discloses what the secret budget is spent on
The Thai government has shed some light on its “secret budget allocations” to parry criticisms that it should increase transparency about money being used on defence. The Prime Minister Operations Centre shared details on its Facebook page. They say the secret allocations taken out of the 3.1 trillion baht budget deal amounted to only .03% of the total (930 million…
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China arrests 1,100 in cryptocurrency money laundering bust
In what will only fuel perception in China that cryptocurrency is nothing more than a money laundering tool, security officials have arrested 1,100 people accused of using criminal profits to buy crypto. Chinese officials have been cracking down on cryptocurrency trade, which is banned in the country. The Ministry of Public Security in China says that Chinese police reportedly caught…
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Property market in tourism areas relying on vaccines for recovery
Tourism destinations in Thailand are pinning their hopes on Covid-19 vaccines to revive their decimated economies, including in the real estate sector. Vichai Viratkapan from the Real Estate Information Centre says the property sector’s recovery will be driven by the rollout of vaccines, particularly in tourist destinations that have borne the brunt of the economic devastation. “Tourism destinations like Phuket,…
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2.25 billion baht approved for hiring 10,000 graduates
2.25 billion baht was approved yesterday by the Cabinet for the hiring of 10,000 new university graduates for a year in order to help economically struggling people during Covid-19. The money will come from an emergency fund from the central budget established to deal with the global pandemic. 28 state agencies will be responsible for hiring these 10,000 new employees…
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Over 80% of massage shops in Pattaya closed “permanently”
The Eastern Spa and Wellness Associations says 80% of massage shops in Pattaya have closed forever, with fewer than 100 still able to operate. Speaking to the Pattaya News, the association’s president, Chairat Ratananophas, says the remaining businesses need financial support and clarity on when they can re-open. Currently, Covid-19 restrictions in the eastern province of Chon Buri mean massage…
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15 most popular tourism provinces contribute 70% of total GDP
Wealth inequality around the world has always been the haves versus the have nots, but in Thailand, it has become the toured versus the toured not. The Fiscal Policy Officer’s senior expert on macroeconomic policy recently presented some stark figures showing the astounding gap in contribution to the GDP between tourism provinces and non-tourism provinces. Only 15 provinces contribute 70%…
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DIT chews on regulations to lower food delivery service fees
After pressure from the Department of Internal Trade, food delivery services in Thailand will lower their rates to aid struggling food vendors during Covid-19. Restaurants have been complaining about the high commissions that food delivery services like Food Panda, Gojek, Grab, and Line Man charge restaurants, typically taking a 30% bite out of profits. The DIT has requested that food…
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Former Finance Minister petitions to revoke approval of government’s 700 billion baht loan
A former politician, who served as Finance Minister from 2011 to 2012, is petitioning the Supreme Administrative Court to revoke approval for the government’s 700 billion baht loan. Cabinet recently approved an executive decree that allows the government to borrow the funds, in order to restore Thailand’s decimated economy and combat the Covid-19 crisis. Thirachai Phuvanatnaranubala says he doesn’t object…
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Despite a better performance in first quarter, Thailand’s GDP may not impress in second
Despite performing better than predicted in the first quarter, Thailand’s gross domestic product may not be as impressive in the second quarter. As the first quarter saw a contraction of 2.6% year on year, analysts say the contraction was better than predicted. Now, an Oxford Economics report says the recent third wave in Covid-19 may prevent the GDP from seeing…
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Market down as good US economy drives interest rate fears
After US inflation exceeded targets and increased 4%, global stock markets including Thailand plummeted yesterday with fears of rising interest rates. Almost 144 billion baht was traded yesterday with the market at one point diving down 70 points in the late afternoon before recovering to a 23.72 point loss, closing at 1548.13. 2% is a high rate of inflation so…
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Bank of Thailand announcing 3rd phase case-by-case debt aid
Today the Bank of Thailand will announce the third phase of their plan to reduce debt strain on people affected by the third wave of Covid-19. The phase is part of a continued effort to help individual borrowers cope with their debts by implementing restructuring measures. Financial aid is planned to be given to those in need after evaluation on…
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Lungtoo, A PM Prayut-themed Thai meme crypto, debuts
For those looking to get into the cryptocurrency craze in the shadiest way possible while also offending the Thai government, the perfect option now exists. Say hello to Lungtoo, the newest meme crypto be making its way through the Thai blockchain community. The name is pronounced like the Thai translation of Uncle Tuu, the affectionate nickname given to PM Prayut…
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Thai government says Covid treatment is free, but patients report hefty bills
Despite the Thai government repeatedly saying all Covid-19 patients will receive free treatment, hefty bills are being posted on social media. Tares Krassanairawiwong, director-general of the Health Service Support Department, insisted again that the treatment for Covid is free at any state or private hospital, but listed maximum amounts on coverage for individuals. The National Health Security Office says it…
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Thailand Consumer Confidence Index hits record low
The University of the Thai Chamber of Commerce has reported that the Consumer Confidence Index has hit another new record low of 46.0 in April. The Covid-19 global pandemic has had a devastating effect on the economy and consumer confidence has fallen frequently to the lowest points that it has seen since 1998. The president of the UTTC believes that…
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Stimulus package gives more back the more you spend
A new stimulus package targeting middle and high-income people aims at increasing spending by offering more e-voucher the more you spend. Ying Chai Ying Dai, which translates to “the more you spend the more you get”, will reward those who spend between 46,000 and 70,000 baht with a 7,000 baht e-voucher. This part of the government’s 225 billion baht stimulus…
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Thailand increases durian exports to China by 14% this year
Thailand has exported 14% more durian to China in this year’s first quarter over the same period last year. The Trade Negotiations Department Director General says Thai durian auctions in the first quarter secured 186 million, making up 88% of the total amount of Thai durian exports to world markets. Last year, Thailand exported US1.5 billion worth of durian to…
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225 billion baht Covid-19 stimulus package gets initial approval
Thailand’s cabinet gave initial approval today for a stimulus package of 225 billion baht to provide low-income groups relief from the devastating third wave of Covid-19. The plan to invest nearly a quarter of a trillion baht into financial stimulation measures passed its initial stage today and will be reviewed and voted on within the next few weeks according to…
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Thailand requires in-person registration for cryptocurrency
Thailand has launched new regulations for anybody opening a cryptocurrency account that requires physical registration and forbids online setup. The Anti-Money Laundering Office created this rule that goes into effect in September 2021 in an effort to reduce money laundering, a practice that plagues crypto. People registering a cryptocurrency account in Thailand will be required to scan their Thai ID…
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