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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Relocating to Thailand with your family brings exciting new opportunities, but it also comes with the challenge of managing healthcare costs in a new system. Thailand has both public and private healthcare options, each offering different prices and quality of...
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Debate rages behind closed doors on allowing return of foreign tourists
The debate over allowing foreign tourists back into Thailand is heating up, even as plans are being made for the “Phuket model” and airlines cautiously begin announcing charter flights for long-stay foreign tourists later in the year. Thailand has gone nearly 100 days without a confirmed locally spread case of Covid-19, putting it in a tough spot compared to countries…
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New lease on life for 7 of Thailand’s budget airlines
PM Prayut Chan-o-cha today threw a lifeline to 7 of Thailands’ domestic low-cost airlines, beginning with the injection of 24 billion baht in soft loans for the struggling aviation sector, battered by the Covid-19 pandemic. Representatives of Thai Air Asia, its long haul division Thai Air Asia X, Thai Smile, Thai Lion Air, Thai Viet Jet, Bangkok Airways and Nok…
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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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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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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 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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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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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 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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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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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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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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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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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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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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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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