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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Electricity discount has been switched off
Yesterday the Ministry of Energy announced that the national electricity discount from March to May, which differed based on the amount of electricity used and size and type of the venue, has ended and will not be renewed. But, at best, the discount was merely a perfunctory political gesture, not a useful saving for most Thai residences. The discount was…
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TAT will use domestic tourism as dress rehearsal for international returns
“…the tourism sector will continue to be stifled by disease control measures until a Covid-19 vaccine is developed.” Due to the current ban on international arrivals, extended several times and now in effect until at least July, the Tourism Authority of Thailand has created a strategy to support domestic tourism and “learn from the experience”, as it eases into the…
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As Thailand’s beaches reopen, crowds flock back
Yesterday, the Queen’s birthday and a public holiday, saw many of Thailand’s popular beaches heaving with visitors as they reopened for the first time since their closure by the Emergency Decree in March. People across the country took advantage of the easing of inter-provincial travel restrictions that took effect Monday. Chon Buri’s Bang Saen beach in Chon Buri was almost…
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No date for resumption of international arrivals: PM
In an apparent effort to quell rumours and undue optimism, PM Prayut Chan-o-cha is downplaying the notion that international tourists will be allowed to return to Thailand in July. The government had set a tentative deadline of 1 July for lifting all restrictions put in place under the Emergency Decree to combat the spread of Covid-19. Last week it was…
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Thailand’s Central Bank will act to restrain soaring baht
The rapidly strengthening Thai baht is proving a worry for Thailand’s Central Bank, which has said it’s ready to act to limit its rise, given the already damaged economy. The baht’s climb, strengthening nearly 2% against the dollar in the past month alone, makes it one of the highest climbing currencies in Asia. Its recent rise is being attributed to…
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Opposition criticises Government for unnecessary borrowing
The Pheu Thai opposition party is calling on the government to look to existing funds first before attempting to borrow a trillion baht from as-yet-unnamed sources. Opposition chief whip Suthin Klangsaeng was participating in the last day of the debate on three government decrees concerning the country’s finances. A Thai PBS World report says the government is under fire for…
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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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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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Thai Airways can’t refund 24 billion baht in unused tickets
Thai Airways’ recent declaration of bankruptcy and debt rehabilitation has left many holders of unused tickets high and dry. The carrier grounded its fleet in early April due to the Covid-19 crisis, and is now unable to refund tickets purchased for the period since. The troubled national flag carrier’s PR department said yesterday it is unable to offer refunds at…
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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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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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Central buys Family Mart Thailand
Shopping centre operator Central Retail Corporation has bought 100% of Family Mart, one of Thailand’s major convenience store chains, as it “moves forward to develop a new business model to cater to modern consumers”. CRC’s chief executive officer says the acquisition will strengthen Central’s hold on the food market and convenience store business in Thailand, which is burgeoning. Since 2012,…
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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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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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Opposition criticises Thai government over economic toll of Covid response
Opposition party Pheu Thai has condemned the government’s management of the Covid-19 crisis, saying total shutdown has had a devastating effect on the country’s economy. In a report in Nation Thailand, Paopoom Rojanasakul, vice secretary-general of the party says the hard-hitting restrictions imposed across the country have led to high unemployment, with the International Monetary Fund saying Thailand’s economy is…
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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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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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Thai Chamber of Commerce warns 10 million jobs in peril if lock-down persists
The Thai Chamber of Commerce is appealing for businesses to be allowed to reopen ASAP, warning that if the lock-down goes on much longer, an estimated 10 million people could lose their jobs. The Pattaya News reports that TCC Chairman, Kalin Sarasin, says businesses should be allowed to reopen provided they abide by new public health measures. He says 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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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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Thai car production hits 30 year low
As late as last year, the automotive industry in Thailand was the largest in Southeast Asia and the twelfth largest in the world, with an annual output of around 2 million vehicles. But in April this year, Thailand’s car production hit its lowest level in 30 years – just 24,711 units – amid weak global demand, factory shutdowns and widespread…
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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 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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Bangkok City Hall allows 10 more types of business to reopen
The Bangkok Municipal Administration, aka. City Hall confirms that more businesses in the city will be allowed to reopen today, including most shops at malls, in keeping with the second phase of the nationwide relaxation of Covid-19 restrictions. A BMA spokesman says its communicable disease control committee had eased restrictions on 10 business types. The businesses allowed to reopen are……
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