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 exports low, expected to improve over time
Thai exports have significantly dropped, but the Thai Ministry of Commerce seems to have high hopes that it will get back on track. With the coronavirus prevention measures easing up and businesses getting back to normal, the ministry says the it is on the “path to recovery.” Thailand’s exports dropped by over 11.37% and imports plummeted by 26.38% when compared…
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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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NSC extends Emergency Decree through September
The National Security Council has officially approved the fourth extension of the national state of emergency, for another month, as a revision of the Communicable Diseases Act is yet to be completed, but the NSC confirmed it will not enforce the Emergency Decree on political rallies. NSC secretary-general Somsak Rungsita said today that the state of emergency will be effective…
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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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Labour minister says unemployment less than half of predictions
Thailand’s labour minister told a Friday press briefing that the number of unemployed people in Thailand is around 2 to 3 million, less than half the 7 to 8 million previously predicted. He said that since The National Economic and Social Development Council did the calculation, “it cannot be wrong… as the latter is Thailand’s economic planner”. Given the gravities…
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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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PM Prayut speaks about the new Cabinet and tackling social and economic issues
Yesterday, Thai PM Prayut Chan-o-cha delivered a speech about the new Cabinet and discussed social and economic concerns to drive Thailand forward during the ongoing Covid-19 crisis. He said that there are 5 key job guidelines to be followed in the service of the citizens of Thailand… • Keep providing short-term financial relief for the people, with particular attention to…
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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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CCSA to allow sports gatherings, exempt Chinese fruit traders from travel ban
The Centre for COVID-19 Situation Administration announced on Monday that will allow fans to attend sports events, and allow Chinese traders to enter Thailand for fruit export. The CCSA said that as Thailand approaches 80 days without a local Covid-19 transmission, it’s believed to be safe for spectators to attend large sports gatherings, although measures will be tighter for events…
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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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Legally grown marijuana to boost medical field, economy
In its weekly meeting yesterday, the Cabinet approved a Public Health Ministry proposal to amend the Narcotics Act to allow patients, medical practitioners and traditional healers to grow marijuana for medical and commercial use. The deputy government spokeswoman said the Cabinet approved the proposal submitted by Public Health Minister Anutin Charnvirakul to amend narcotics legislation enacted last year. Anutin, also…
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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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Survey: China travel may take a year to recover
Data from the latest travel report by ITB China Travel Trends show that it’s possible – even likely – that the Chinese outbound travel market will take up to a year to recover from the Covid-19 pandemic. The survey of 200 Chinese outbound travel agents examined the anticipated travel behaviour of outbound Chinese tourists once the beginnings of recovery are…
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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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“We Travel Together” campaign may be extended through 2020
The “We Travel Together” government stimulus campaign may be extended to increase domestic tourism through to the end of the year, while travel bubbles for tourists will hopefully be launched by October, according to the Tourism and Sports Ministry. Phiphat Ratchakitprakarn. He says the slow start of the scheme, launched July 15, can be partly attributed to hesitation among tourists as…
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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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