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 Do foreigners get free healthcare in Thailand?
Thailand’s healthcare system is well-regarded across Southeast Asia, with options ranging from public hospitals to world-class private facilities. But when it comes to foreign residents or tourists, healthcare access isn’t as straightforward. So, do foreigners get free healthcare in Thailand?...
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Bank of Thailand plans real-world test of digital currency in 2022
The Bank of Thailand recently announced plans to do some real-world testing of digital currency in the near future as the popularity of cryptocurrency continues to grow. They plan to test their Central Bank Digital Currency in a real-world environment sometime in the second quarter of 2022. The BOT has been studying the CBDC since 2018 and is aware that…
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Thai car production expected to grow
Car production in Thailand is expected to grow, according to the Federation of Thai Industries. With the rates of Covid-19 infections falling and the careful management of the semiconductor shortage, the target of 1.6 million units is expected to be surpassed. Lockdowns and other restrictions are being eased in many countries that buy cars produced in Thailand, which means that…
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PM tells reporters to focus on economy, doesn’t want to talk about election
The Thai PM says he can cope with everything he has to deal with and is not bothered by rumours of political disagreements. However, according to a Bangkok Post report, he then asked journalists to stop asking about the election and focus their questions on the economy instead. Prayut Chan-o-cha was addressing the media after yesterday’s meeting of the Defence…
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Prominent economic think-tank welcomes November 1 re-opening plans
A leading economic research body says a planned re-opening to international tourism from November will give the Thai economy the boost it needs. According to a Nation Thailand report, the Kasikorn Research Centre predicts further economic growth from next year, provided the government gets Covid-19 under control. It points out that the country’s tourism sector will only see a full…
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Thai industry bodies encouraged by tourism re-opening plan
The chairman of the Federation of Thai Industries has welcomed the plan to re-open Thailand to vaccinated tourists from low-risk countries. Supant Mongkolsuthree says the planned November 1 re-opening will accelerate economic growth and increase business confidence. According to a Bangkok Post report, Supant predicts the return of foreign tourism could see GDP growth achieve its target of 0% –…
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Government considers tax cut for highly-skilled foreign workers
The Thai government is considering cutting the rate of personal income tax for highly-skilled foreign workers, in order to attract more talent to the kingdom. Ekniti Nitithanprapas from the Revenue Department says officials are mulling the possibility of reducing the rate to 17%. The Bangkok Post reports that the rate of personal income tax in Thailand is based on salary…
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Thai baht to continue dropping against the USD
The Thai baht is forecast to droop to a 4-year low over the next trading week, and its largest monthly currency drop for over 20 years. The Baht’s challenges shadow US dollar gains over concerns about the US Fed’s (US Federal Reserve) ‘tapering’ plans as it reins in enthusiastic stimulus of the US economy. Thailand’s baht has been the region’s…
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Plans for digital or crypto assets – the TAT Coin – to grow tourism
The Tourism Authority of Thailand is considering jumping into the world of digital assets by launching its own tourism-based utility token called the TAT Coin. Crypto is often looked at as the way of the future, and traders are considered high-value, big-spending tourists, especially those that work as digital nomads and stay long-term. Discussions are underway with the Securities and…
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Thailand welcomes its first AI influencer, “AI Ailynn”
Thailand is jumping into the influencer marketing game SkyNet style, with the introduction of AI Ailynn, a metaverse human designed by SIA Bangkok, which styles itself a “virtual influencer agency”. AI Ailynn, their first artificial intelligence influencer will chat with users, pose for pictures, and influence people to buy things. The company’s website describes AI Ailynn as a 21 year…
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PM Prayut announces a 5-point plan for the future economy
In an online meeting hosted by the National Economic and Social Development Council, Prime Minister Prayut Chan-o-cha announced his intention to revise Thailand’s economic and production outlook and methods. The plan looks towards future trends and the increasingly ubiquitous digital economy and aims to get Thailand in line for growing the economy now and in new sectors. The goals would…
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Tesla stock dive costs Elon Musk $7 billion, World’s Richest Man title
While it may have been a rough week for many in the stock market, sell-offs hit Tesla founder and CEO Elon Musk particularly hard. The often provocative tech innovator, crypto agitator, and founder of Tesla lost more than US $7 billion in 24 hours, knocking him from his perch as the world’s richest man. Before anyone starts a GoFundMe, it…
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Industry body says Thai government must borrow another 1 trillion baht
The chairman of The Federation of Thai Industries is calling on the government to borrow another 1 trillion baht to kick-start the economy in 2022. Supant Mongkolsuthree says the extra funds are desperately needed to boost an economy devastated by the fallout from the pandemic. According to a Bangkok Post report, he says the government’s borrowing of 500 billion baht…
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Thai PM calls on state agencies to disburse allocated funds quickly to revive economy
The Thai PM is calling on state agencies to inject funds into the economy for the new fiscal year in October, in order to help its recovery. According to a Bangkok Post report, deputy government spokesperson Traisuree Taisaranakul says budget spending is vital to the revival of an economy decimated by Covid-19. “In light of the pandemic, the state budget…
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El Salvador: first country worldwide to make bitcoin legal tender
Cryptocurrency has been making inroads at gaining more and more mainstream acceptance, but this week marked a new major milestone. El Salvador just became the first country worldwide to accept bitcoin as legal tender, on Monday purchasing 400 bitcoins at a price of US $21 million. The announcement caused such a swell of interest, the country’s cyber wallet system was…
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80% of condos in Thailand sold to foreigners, 50% China
A real estate firm is predicting that the market for condos in Thailand hot spots like Bangkok, Phuket, and Pattaya will be rebounding soon with the continued trend of foreign investment, a majority of which are Chinese. China has long been a driving force in purchasing condos in Thailand. The business development manager of Saensiri is predicting the uptick once…
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Phuket government warn businesses against price gouging
The Phuket Vice Governor Pichet Panapong has reinforced the warning for vendors in Phuket to avoid price gouging or overcharging customers. He requested officials in Phuket to be vigilant in checking stores and vendors to make sure their pricing is reasonable and not artificially inflated. With the economic pummeling Thailand, and Phuket in particular, have taken with the loss of international…
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CP boss outlines 4 ways government could speed up pandemic recovery
One of Thailand’s wealthiest businessmen has outlined 4 ways in which the government could accelerate the country’s Covid-19 recovery. The Bangkok Post reports that Dhanin Chearavanont, senior chairman of the Charoen Pokphand Group, was responding to questions from journalist Suthichai Yoon during a Facebook Live interview yesterday. According to Dhanin, the government must increase relief measures for those affected by…
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Survey shows nearly half of Thai businesses expect return to normality in early 2022
A survey carried out by the Bank of Thailand shows that nearly half of Thai businesses expect life to return to normal during the first quarter of 2022. According to a Bangkok Post report, businesses of all sizes were interviewed between July 1 – 22 as part of the business sentiment index. The findings show that 45% expect people to…
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Dr Boon, THG group must clarify Pfizer deal controversy
Trouble is deepening for Dr Boon Vanasin, the President of Thonburi Healthcare Group, who has been accused of a large stock purchase before lying about his company procuring Pfizer vaccines that caused the stock to soar. The Chairman of the Crime Victims’ Assistance Club has filed a complaint with the CyberCrime Investigation Bureau against Boon for sharing that fake news…
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Thailand’s airlines feeling the pinch with no government support
Asia Aviation, the largest shareholder in Thai AirAsia, says the latest partial lockdown threatens TAA’s financial status, with no government aid forthcoming. AA executive chairman Tassapon Bijleveld says the industry has been limping along without any help for over a year now and wants to know how the government expects to collect tax once large businesses collapse. In a Bangkok…
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42-billion-baht aid package to cushion the financial impact of Covid restrictions
The government will provide a 42-billion-baht aid package for businesses and individuals affected by the latest Covid-19 restrictions in the 10 “dark red” provinces. The Bangkok Post reports that 30 billion baht of the relief package will come from the government’s loan decree, while the other 12 billion will come from the national budget. The provinces of Bangkok, Nakhon Pathom,…
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JP Morgan includes Thailand in 5 economies most at risk from Delta variant
The investment banking firm JP Morgan says there are 5 emerging economies that are most vulnerable to the Delta variant – and Thailand is one of them. According to a Reuters report, the others are South Africa, Colombia, the Philippines, and Peru. The primary reason given for these findings is the low rate of vaccination, with analysts comparing the pace…
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Survey shows most hotels can only cover operation costs for less than 3 months
A survey by the Bank of Thailand shows that most hotels can only cover their operating costs for less than 3 months. 220 properties were surveyed between June 14 and 27. Of those, 17 are alternative state quarantine facilities, while 3 properties serve as “hospitels”. 68% of those surveyed say they only have enough liquidity to cover their operating costs…
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EU Free Trade Agreement talks resume after 7-year coup hiatus
After a 7-year delay following Thailand’s military coup, talks have resumed to create a Free Trade Agreement between Thailand and the European Union. The Ministry of Commerce hosted a meeting this morning between Thailand’s Commerce Minister, also a Deputy Prime Minister, and the Ambassador of the European Union to Thailand. The two met to have conversations about a variety of…
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Goverment kind of discloses what the secret budget is spent on
The Thai government has shed some light on its “secret budget allocations” to parry criticisms that it should increase transparency about money being used on defence. The Prime Minister Operations Centre shared details on its Facebook page. They say the secret allocations taken out of the 3.1 trillion baht budget deal amounted to only .03% of the total (930 million…
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China arrests 1,100 in cryptocurrency money laundering bust
In what will only fuel perception in China that cryptocurrency is nothing more than a money laundering tool, security officials have arrested 1,100 people accused of using criminal profits to buy crypto. Chinese officials have been cracking down on cryptocurrency trade, which is banned in the country. The Ministry of Public Security in China says that Chinese police reportedly caught…
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Property market in tourism areas relying on vaccines for recovery
Tourism destinations in Thailand are pinning their hopes on Covid-19 vaccines to revive their decimated economies, including in the real estate sector. Vichai Viratkapan from the Real Estate Information Centre says the property sector’s recovery will be driven by the rollout of vaccines, particularly in tourist destinations that have borne the brunt of the economic devastation. “Tourism destinations like Phuket,…
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2.25 billion baht approved for hiring 10,000 graduates
2.25 billion baht was approved yesterday by the Cabinet for the hiring of 10,000 new university graduates for a year in order to help economically struggling people during Covid-19. The money will come from an emergency fund from the central budget established to deal with the global pandemic. 28 state agencies will be responsible for hiring these 10,000 new employees…
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Over 80% of massage shops in Pattaya closed “permanently”
The Eastern Spa and Wellness Associations says 80% of massage shops in Pattaya have closed forever, with fewer than 100 still able to operate. Speaking to the Pattaya News, the association’s president, Chairat Ratananophas, says the remaining businesses need financial support and clarity on when they can re-open. Currently, Covid-19 restrictions in the eastern province of Chon Buri mean massage…
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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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