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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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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Bitcoin dives to $30k, a drop to less than half its peak price
Bitcoin saw the biggest drop of this year, returning it to levels it hadn’t seen since January, falling at one point to just over US $30,000. The past week has seen large amounts of selling of the cryptocurrency and value had dropped to less than half of its peak price last month of $64,829. Bitcoin experienced a 30% drop in…
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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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Bangkok’s Union Mall will close until May 27, casualty of Covid-19
In another sign of Thailand’s Covid-19 battered economy, the Union Mall in Bangkok has announced that it will close temporarily, purportedly for Covid-19 safety but likely because of a lack of customers during the pandemic. The mall, in Ladprao opposite the Central Ladprao shopping mall, took to Facebook this week to announce that they were closing. Mall management made an exception…
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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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GDP forecast dropped to 1-2% with best, middle and worst case scenarios
Mass vaccination will be the key stop the slump in economic growth after the Bank of Thailand revised their 2021 GDP forecast to between 1 – 2%. They had previously estimated a 3% growth in the gross domestic product but are now creating tiered predictions of a base level, worse situation, and a worst-case scenario, according to the Bank of…
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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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Thai government mulling more relief packages in light of Covid-19 third wave
Thailand’s government is mulling more relief packages to help counteract the country’s third wave of Covid-19. PM Prayut Chan-o-cha has told all economic agencies to fast-track their assessments of how the third wave has impacted the economy, a requirement that must be completed before new relief packages can be detailed. Once the packages have been created, the Centre for Covid-19…
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Covid-19 again lowers Thai economic growth forecast to 2.3%
Thailand’s economic growth forecast was lowered to 2.3% as the tourism outlook remains bleak as Covid-19’s third wave pummels the country. Back in October 2020, the Finance Ministry’s Fiscal Policy Office had originally predicted a 4.5% growth for Thailand’s GDP, when Covid-19 seemed to be waning in the country. By January, as the second wave hit, projections were reeled in…
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