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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Phuket officially reopens Monday, but with restrictions
Phuket is scheduled to reopen to outsiders on Monday, to coincide with the start of Phase 3 of the easing of Emergency Decree restrictions enacted to fight the spread of Covid-19. It will also be a pleasant respite for the islanders who have been cooped up on the island since the last week of March. Phuket’s outgoing governor says his…
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Nakhonchaiair to resume interprovincial bus services from Monday
In a move bound to thrill many Thais stranded away from their home provinces by the Covid-19 crisis and the Emergency Decree, interprovincial buses operated by Nakhonchaiair will resume service from Monday. The company’s CEO made the announcement today. She added that social distancing measures will be strictly enforced in the seating of passengers, all of whom who will also…
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Foreigners with work permits to be allowed back into Thailand on case by case basis
Foreigners with work permits or permission from the Labour Ministry (and other some other government agencies) will be allowed to enter the country after registration, under phase 3 of the lockdown relaxation, which begins Monday. The Foreign Ministry made the announcement today. The Foreign Ministry has told Thailand’s foreign chambers of commerce about the relaxation. Eligible foreign nationals are invited…
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PM assures MPs that government knows how to handle trillion baht loan
“Don’t worry, we got this…” Following the Finance Ministry’s securing of a trillion baht loan, PM Prayut Chan-o-cha spoke up to address concerns over how the funds will be administered. Answering questions raised by opposition parties, the PM said the government has clear rules in place on how the funds will be distributed, with the priority being small and medium…
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Standard Chartered Bank forecasts 2 year economic recovery for Thailand
Standard Chartered Bank says that it remains conservative on Thailand’s economic outlook, even though signs are emerging with the possibility of a further policy rate cut to below 0.25%. Their latest report forecasts a return to pre-Covid levels could take more than 2 years depending on improving business sentiment as the economy reopens, noting that the government has been disbursing…
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Security chief says country to reopen July 1
The chief of Thailand’s National Security Council announced today that Thailand has set July 1 for the end of all “business and activity lockdowns” ordered to cope with the Covid-19 crisis, include provincial and international travel. The announcement also included the end of the Emergency Decree and curfews, Bangkok Post reports. NSC Secretary-General Somsak Rungsita says the lift of restrictions…
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Massage shops, boxing stadiums may be allowed to reopen next week
But we won’t know until tomorrow. Phase 3 of the easing of Covid-19 emergency measures could finally see boxing stadiums, massage parlours, spas, cinemas and tutorial schools allowed to reopen next month. Pubs, bars and nightlife venues are expected to remain closed, well that’s the rumours for now anyway. The deputy director-general of the Disease Control Department says activities and…
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Thailand developing level 4 “gold standard” biohazard suits
In order to reduce the nation’s reliance on imported personal protective equipment during the Covid-19 crisis, Thai scientists are developing a Level 4 biohazard suit, dubbed the “gold standard” by the organisers working on the project. The Government Pharmaceutical Organisation and the textile industry are collaborating on the the suits after successfully developing Level 2 suits. The GPO, together with…
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Emergency Decree extended through June amidst accusations of political motivation
As widely predicted, the Cabinet yesterday extended the Emergency Decree for a third month, to its limit at the end of June. Dr Taweesin Visanuyothin, spokesman for the Centre for Covid-19 Situation Administration, quickly explained that the decree was enforced because it enabled more than 40 laws to be tied together to allow for quick enforcement at the national level.…
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Bank report predicts extended timeframe for Thai tourism recovery
As the severity of the current situation facing Thailand’s lucrative tourism industry starts to sink in, Kasikorn Bank Research Centre have released a report with some stark predictions. Thailand’s tourism and hospitality industry faces losses of 1.69 trillion baht in 2020 and recovery “may not be clearly evident” next year. The report also foreshadows strict ‘new normal’ procedures as government measures…
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Thailand’s economic forecast among Asia’s worst: central bank governor to step down
The governor of the Bank of Thailand will step down when his term ends in September. Veerathai Santiprabhob announced yesterday that he has decided against seeking a second 5 year term for “family reasons.” His departure comes as Thailand sees its economy contracting as much as 6% this year, mostly as a result of the impacts of lockdown provisions to…
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Thai food giant to provide a million meals priced at 20 baht
Thai food conglomerate Charoen Pokphand Foods says it plans to offer heavily discounted ready-to-eat meals for those facing financial difficulties as a result of the economic fallout of Covid-19. CEO Prasit Boondoungprasert says a million meals will be distributed to Fresh Mart shops around the country and will cost just 20 baht. There will be a choice of dishes on…
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Phuket’s lost summer – looking to 2021 for tourism recovery
In a solemn recognition of the reality of Phuket’s stalled tourist industry, a spokesperson for the southern chapter of the Thai Hotels Association is saying most of the west coast hotels are unlikely to reopen until the last quarter of this year. And that’s just the start of the problems for the popular island beach resort. For now, Phuket’s International…
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Thai Fruit Golden Month festivals to be held in 8 Chinese cities
8 Chinese cities will host Thailand Fruit Golden Months Festivals as local governments there begin easing lockdown measures and travel restrictions. The director-general of the Department of International Trade Promotion made the announcement yesterday, saying the the festivals will promote Thai fruit exports around China. “The campaign aims to increase the export of durian, mangosteen, longan, mango, rose apple, coconut,…
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U-Tapao airport maintenance facility going ahead despite obstacles
U-Tapao Rayong-Pattaya International airport is going ahead with its proposed Maintenance, Repair and Overhaul project, despite Thai Airways entering bankruptcy, according to the secretary general of the Eastern Economic Corridor Office. The 11 billion baht project to has already been approved by the Cabinet and a contract is expected to be signed in June. “In early June, project owner the…
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Thailand’s property market set to experience brokerage megashift
by Bill Barnett It’s clear that Thailand’s real estate sector is expected to undergo a megashift as a result of the Covid-19 pandemic and search for a ‘new normal’, if that’s even possible. That said, one of the country’s leading PropTech groups FazWaz says the crisis has only accelerated dynamic charges to the sector that have been bubbling to the…
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Second company in Thailand to be granted license to import natural gas
In a step to cut down energy costs, Thai Gulf Energy Development Company says that they have obtained a government license to import up to 1.7 million tonnes of liquefied natural gas (LNG) per year. As Thailand moves to free up its natural gas market and position itself as a regional trading hub for LNG, Thai Gulf Energy has been reported…
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International postal services resume to some countries
Thailand’s postal service is resuming international deliveries to a variety of destinations as the Covid-19 situation in many countries has improved and many local and national governments have eased lockdown measures. Thailand Post announced the resumption of the service on its Facebook page yesterday. EMS World service will be available in 11 countries – Bhutan, China, Hong Kong, South Korea,…
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Thai Airways union says it won’t oppose bankruptcy proceedings
“We opposed this position before but after reexamination, we have to show creditors that Thai Airways will genuinely follow the restructuring plan. Including adjustments to the board and staff.” In an abrupt reversal, the president of Thai Airways’ labour union announced yesterday that the union won’t oppose the government’s plan to reduce holdings in the airline and restructure the carrier…
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State of emergency likely to remain through June
Despite the reopening of many businesses and a loosening of the national curfew, Thailand’s national state of emergency appears set to remain in effect for at least another month, as authorities are “still not confident” about the nation’s recovery from the Covid-19 crisis, according to a military source. PM Prayut Chan-o-cha met yesterday with military top brass to address the…
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More trouble for ailing Thai Airways as Airbus calls in its debts
Even as struggling national flag carrier Thai Airways strives to come up with blueprint for financial recovery, Airbus is calling in its debts on 30 aircraft rented by the airline. Thailand’s deputy transport minister says the company’s debts were checked on May 15, when documents showed that Airbus is trying to collect debts for rental of 30 airplanes as the…
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Global recovery unlikely to happen next year – IMF
The head of the International Monetary Fund says the global economy is going to take longer than initially thought to recover fully from the shock caused by the Covid-19 coronavirus. She’s also warning against the danger of protectionism. Kristalina Georgieva says the Fund is likely to revise its forecast for a 3% contraction in GDP in 2020 downward, but gave…
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Thai GDP drops nearly 2% in first quarter
The Thai economy’s slumped by nearly 2% year-on-year during Q1, 2020. In it’s full-year forecast, the National Economic and Social Development Council forecasts that the Thai GDP would drop 5-6% for the year. As a comparison, the economy tanked 7.6% during the 1997 financial crisis. The Gross Domestic Product in Q1 dropped by 1.8%, compared to a rise of 1.5% in the…
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Thai company steps up to ease condom shortage
A shortage of condoms is one thing. A shortage of condoms while people around the world are stuck at home is another. Since a top condom manufacturer in Malaysia halted production due to the coronavirus pandemic, a Thai company is now stepping up to fill the gap. Thai Nippon Rubber Industry, the country’s biggest condom manufacturer, is increasing production by…
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PM looks for an exit from the Emergency Decree
Deputy PM Wissanu Kreangam says that PM Prayut Chan-O-Cha is ordering an in-depth comparison of the legal measures that can be used to control Covid-19 if the government revokes the state of emergency. The Emergency Decree, issued back on March 24, gave the PM and the Centre for Covid-19 Situation Administration extraordinary powers – implementing curfews, travel restrictions, restricting provincial governors…
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Official list of businesses permitted to reopen tomorrow (Sunday)
Further to a story in The Thaiger yesterday, PM Prayut Chan-o-cha, in his capacity as head of the CCSA, has listed the business and leisure activities which can resume from tomorrow, in the second phase of Covid-19 lockdown relaxations. The list, published in the Royal Gazette yesterday so becoming law, includes… Food and drink shops or stalls in restaurants, canteens,…
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Phuket’s economy is more than just tourism
by Bill Barnett While Phuket’s brand and economic reality is that nearly half of its contribution to GPP (gross provincial product) comes from tourism is true, it’s important to understand that there are other generators that will aid in the island’s post-crisis recovery. The island’s real estate sector, that currently has a market value of over 100 billion baht (according…
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Government urged to investigate forced unemployment claims
A Thai labour rights group is urging the government to investigate whether some employers are abusing labour laws to avoid paying their workers during the Covid-19 crisis. The call was made during an online seminar on unemployment related to the outbreak. Some businesses are allegedly requiring their employees to seek unemployment compensation from the Social Security Fund, when they should…
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Government confirms 14.5 million Thais qualify for 5,000 baht state aid
The director of the Fiscal Policy Office and spokesman for the Finance Ministry says 14.5 million Thai citizens now qualify for the government’s 5,000 baht subsidy, having passed the relevant screening criteria. Thai PBS World reports that Lawan Saengsanit says this number includes 4.4 million people who succeeded at a preliminary round of screening and have already received their first…
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Tenants bailing out of pricey Bangkok offices amid pandemic
Bangkok’s high-end office district is looking more like a ghost town as the coronavirus pandemic seems to have many companies bailing out of their pricey office spaces. The increasing vacancy trend of Grade-A office space is expected to continue, possibly until a coronavirus vaccine is in effect, according to managing director of Phoenix Property Development and Consultancy, Surachet Kongcheep. Business owners have…
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