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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Phuket seeks to revive tourism with 3 major events planned
Phuket is planning a series of promotional events in an effort to revive tourism in the hard-hit province. With tourism accounting for 80% of the economy, Phuket is arguably one of the most highly-impacted areas in the country after the economic fallout of the Covid pandemic struck. The Minister of Commerce, Jurin Laksanawisit, is overseeing the staging of 3 major…
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Hotel bookings bounce back for long weekend holiday
The long holiday weekend is reportedly seeing heavy bookings at hotels and resorts, reigniting hopes of a revival of domestic tourism, which has been battered for months by the Covid-19 outbreak. Accommodations in the southern provinces in particular have been receiving a good rate of bookings with holidaymakers for the 4 day extended weekend. The tourism authoritiy of Thailand says…
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Government to generate thousands of jobs through 3 projects
The Thai government has signed off on 3 new projects with the hopes of creating nearly 40,000 jobs. A budget of 4 billion baht has been set aside for the new projects. The latest development comes following Cabinet approval of 7 economic restoration projects, with a combined budget of 400 billion baht. The first of the 3 new projects will…
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Bangkok university professor says no “travel bubbles” for at least 6 months
A professor at Bangkok’s Chulalongkorn University says Thailand’s “travel bubble” plan, which would allow small groups of foreign tourists to visit Thailand, should be put on hold for at least another 6 months. In a Facebook post yesterday, he said that the global Covid-19 situation remains “of serious concern”, as new infections are still surging, with more than 200,000 new…
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“It will take several years for tourism numbers to recover” – BoT
The Bank of Thailand chief says that “it would take several years for foreign tourist numbers to return to the 40 million levels”. The BoT says, that the coronavirus pandemic has heavily impacted a “lucrative industry” that provides a lot of jobs. The BoT expects only 8 million foreign visitors this year, down 80% from last year’s record 39.8 million.…
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Emergency Decree, Phase 6 to be discussed in coming weeks: CCSA
Dr. Taweesin Visanuyothin, spokesperson of the Centre for Covid-19 Situation Administration, said in a press conference this morning that discussions on the Emergency Decree and a “Phase 6” of lifting Covid-19 restrictions and reopening the country are expected in the upcoming weeks. A meeting is expected of the committees, including the CCSA and the National Security Council, responsible for easing…
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Thailand tries 2-prong strategy to get perishables to China
Thailand is bypassing supply-chain roadblocks to deliver its perishables – mainly agricultural and food products – to China, its biggest market in Asia. Since Thailand shares no border with China, perishable goods like fruit and vegetables have traditionally been sent from Thai farms and warehouses by truck, going through either Vietnam or Laos. Ships and planes are also used, but…
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Poll: vast majority fear second virus wave, support foreign arrival ban
A recent opinion poll by Suan Dusit Rajabhat University, or Suan Dusit Poll, showed well over 90% of respondents fear a second wave of Covid-19 and want a complete ban on foreign arrivals in Thailand. The poll, taken July 14-18, gauged the concerns of 1,459 Thai adults of various education levels and occupations, about the possibility of a second outbreak,…
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Somkid’s departure sees baht drop further
The baht’s current shine as the ‘safe’ current in Asia has lost its lustre. After riding high as Asia’s best performing currency last year, the baht has wiped out all of its 8% gains this year during the Covid-19 crisis, and yesterday’s announcement of the resignations of Deputy PM Somkid Jatusripitak and “the four big boys” (4 of Prayut Chan-o-cha’s…
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Thailand’s over-zealous virus control is killing the economy
Investors and economists are saying that “fear” and concerns over a second wave of Covid-19 is stopping Thailand’s economy recover. “Thailand should overcome concern of a second wave of Covid-19 and instead relax restrictions on foreign investors and tourists in order to shore up its falling economy.” Prominent local investor Dr. Niwes Hemvachiravarakorn says that the Thai Government… “shouldn’t worry…
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The future is now: 5G taking off in Thailand
5G… we’ve all heard aboutit, but what is it, really? 5G literally means fifth-generation wireless technology. As the successor to 4G, the biggest changes include higher speeds, almost zero latency (the delay in transfer of data once an instruction has been given), and the ability to connect more devices at once. However, the benefits of 5G aren’t limited to its…
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Thailand to allow medical tourism within 2 weeks
The Centre for Covid-19 Situation Administration announced today that Thailand’s medical tourism and wellness programs will go ahead despite the controversy swirling around 2 Covid-19 cases this week – in Bangkok and in Rayong. CCSA spokesman Dr Taweesin Visanuyothin says the Ministry of Public Health will announce a list of hospitals that pass its criteria next week, and the first…
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Poll shows most Thais still oppose foreign arrivals
A recent survey carried out by the National Institute of Development Administration, or Nida Poll, shows that a majority of Thais still oppose opening the country to foreigners, even if they’re not infected with Covid-19, saying the global coronavirus situation is still very serious. The poll was conducted on July 6-8 on 1,251 people aged 18 and over, of various…
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Koh Lan to get “neo” branding to attract tourists
The popular resort island of Koh Lan, about 8 kilometres off the Pattaya coast in the Gulf of Thailand, will become “Neo Koh Lan”, as Pattaya is being upgraded as a tourism and investment hub under the Thai government’s poster economic project, the Eastern Economic Corridor (EEC) scheme. Pattaya’s mayor says the island, along with Koh Sichang (north of Koh Lan)…
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Travel bubbles may be postponed “indefinitely”
The Civil Aviation Authority of Thailand now says the proposed “travel bubble” scheme, which could have allowed limited numbers of tourist arrivals from designated “low risk” countries, may have to be “postponed indefinitely”, after its 3 target partners – China, Japan and South Korea – experienced new outbreaks of Covid-19. On Tuesday, the CAAT’s director-general told reporters he expected Thailand…
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Former PM Abhisit, Thanathorn promote welfare state in Thailand
A former PM of Thailand is criticising the administration of PM Prayut Chan-o-cha for what he called the “lack of improvement in people’s livelihoods” and the absence of a solid welfare system. Former PM Abhisit Vejjajiva made the comment during a seminar on socio-economic issues yesterday. The seminar was organised by We Fair, a group advocating turning Thailand into a…
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“Travel bubbles” to require minimum 2 week stay
“Travel bubble” tourists who visit Thailand during its soft and timid reopening phase, tentatively scheduled for August, may have to spend 14 days in designated areas. Then, a negative test for Covid-19 after 2 weeks would free them up to go anywhere in the Kingdom. Thailand’s tourism and sports minister says he’s met with PM Prayut Chan-o-cha about creating travel…
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Bangkok clinics in 72 million baht fraud scandal
The National Health Security Office has registered a complaint against 18 clinics in Bangkok, and thousands of patients will be questioned by police investigating an alleged 72 million baht in fraudulent claims under the government’s 30 baht scheme, also known as the “gold card” scheme. Police said yesterday that as many as 10,000 patients of the rogue clinics may be…
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“I already lost heart years ago” – Thailand’s economic Tzar ponders his fate
Thailand’s Deputy PM and leading economic advisor, Somkid Jatusripitak, has acknowledged his fate if PM Prayut Chan-o-cha decides to reshuffle the cabinet. “A decision to shake up the cabinet is the prerogative of the prime minister.” “I have been prepared for a long time. I am old now. I already lost heart years ago.” Mr Somkid has long been proclaimed…
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Cabinet reshuffle coming as 4 economic ministers resign
PM Prayut Chan-o-cha says he’ll reshuffle the Cabinet following the resignations of 4 economic ministers from the ruling Palang Pracharat Party. The finance minister, energy minister, the minister of higher education, science, research and innovation and the deputy secretary-general to the PM and secretary to the Council of Economic Ministers held a joint press conference to announce their resignations. Political…
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Thai Airways creates “survival team”
Beleaguered national flag carrier Thai Airways has created a so-called “survival team” to work out a business plan to support its debt rehabilitation, according to a source at the airline. The company filed for bankruptcy protection on May 19. The survival team is tasked with producing a business plan, effective through October 31. The airline’s acting president has ordered the…
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AOT considering joint venture with Thai Airways to keep services running
The company that runs 6 of Thailand’s airports says it wants to work with Thai Airways to ensure airport services can continue while the national carrier goes through a “rehabilitation” process and struggles with the loss of business caused by the Covid-19 crisis. Airports of Thailand president Nitinai Sirismatthakarn says the AOT board is in talks about a joint venture…
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900 million budget for MotoGP gets Cabinet nod
The Cabinet today gave the green light (pun intended) to the Tourism and Sports Ministry’s proposal to earmark 900 million baht for MotoGP race from 2021-2025. The ministry predicts the races will generate at least 3 billion baht in revenue. The licences for holding the motorbike races cost the government 100 million baht annually. Authorities paid 300 million for licences…
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First post-Covid flight from China lands in Bangkok
The first charter flight from China to Thailand has landed in Bangkok, after Thailand partially lifted its 3 month ban on foreign arrivals on July 1. Yesterday, a Spring Airlines flight flew 31 Thai nationals and 21 members of a Chinese company in Thailand from Shanghai’s Pudong International Airport to Bangkok’s Suvarnabhumi International airport. All foreigners, except those with work…
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“Travel bubble” scheme likely to be delayed
Thailand’s “travel bubble” scheme, which would allow limited numbers of certain groups of tourists from nations or areas deemed Covid-19 free by the World Health Organisation, now appears likely to be delayed. The Civil Aviation Authority of Thailand has announced the delay after several countries, that were considered for the scheme, have now seen resurgences of the virus. The CAAT’s…
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Thailand’s economy facing bleakest prediction in Asia
“The Bank of Thailand predicts that its gross domestic product will shrink by more than 8% this year.” While Thailand appears to have been successful in suppressing the Covid-19 virus, a report in The Bangkok Post today says the outlook for the country’s economy is far from favourable, calling it the worst in Asia. The Bank of Thailand predictions are…
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Domestic tourism stimulus package registration starts July 15
Thai nationals, who are 18 years or older, can start registering for the domestic tourism stimulus package on July 15. The government’s “Rao Tiew Dauy Kan” (We Travel Together) scheme entitles 5 million Thais to discounts on hotels and eating out, while 2 million can get rebates on flight tickets. A report in the Nation Thailand says the arrangement will…
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US ambassador meets deputy PM to discuss Thailand’s “great investment potential”
US Ambassador to Thailand Michael George DeSombre, who raised eyebrows in May when he described the US as “a better friend than China,” has praised the kingdom’s “great investment potential”, highlighting the expansion of current projects and further support for industry as ways to promote further cooperation. Deputy PM Somkid Jatusripitak welcomed the ambassador to the open discussion amongst key trade…
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Major international retailers banning monkey-picked coconuts – VIDEO
Allegations of animal abuse are prompting major Western retailers to pull Thai coconut products from their shelves, amid accusations that the coconuts are picked by monkeys treated inhumanely. People for the Ethical Treatment of Animals claim monkeys are snatched from the wild and trained to pick up to 1,000 coconuts a day. The animal rights group says pigtailed macaques are…
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Thailand growing more expensive for expats
According to Employment Conditions Abroad, Bangkok and Chiang Mai are among the 30 most expensive cities for expats in Asia. The capital of Turkmenistan might not spring to mind when with considering the priciest cities, but according to ECA International it ranks first on both the global and Asian tables, a 5 point rise up the rankings due to an…
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