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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Thailand has 6 months to discuss GSP with US
PHOTO: TNA Thai authorities still have six months to discuss the US decision to suspend tariff exemptions for Thai exports under its Generalised System of Preferences, according to PM Prayut Chan-o-cha. The PM says the US has suspended GSP privileges not only for Thailand but other countries too. Thailand has enjoyed GSP privileges for nine years and Washington might think…
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High-speed rail link approved
Plans for a new 7.4 billion dollar high-speed rail link from Bangkok to Pattaya got the thumbs-up Thursday (October 24). The approval comes after months of acrimonious negotiations. The government said it had signed an agreement on Thursday to begin construction with a consortium led by conglomerate Charoen Pokphand Group (CP) and including China Railway Construction Corporation. Japanese banks have…
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Commerce Ministry will appeal US GSP decision
Thailand will ask the United States to reconsider removal of trade preferences for Thai exports under the Generalized System of Preferences (GSP), according to the Ministry of Commerce. In the past, whenever trade benefits for Thai products exported to the US were suspended, Thailand has appealed to the US, according to the commerce minister, who added that it is ultimately…
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Thai exports will suffer from Trump labour rights decision
The Thai export sector will suffer another blow after the US President Donald Trump announced on Friday the suspension of 1.3 billion dollars worth of duty-free trade for certain Thai goods, claiming Thailand has not taken steps to protect the labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said…
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Thai government to slap CO2 tax on ‘big bikes’
PHOTO: bigbiketours.com The Thai Excise Department is poised to boost the tax on “big bikes” by 100,000 baht starting at the beginning of next year. The new tax will reflect motorcycle CO2 emissions. The director of the department’s Bureau of Tax Planning, Nutthakorn Utensute, says the Cabinet will adjust the tax increase for high-powered motorcycles based on their CO2 emissions,…
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Thai exports will suffer from Trump decision
US President Donald Trump announced on Friday that the US will suspend 1.3 billion dollars worth of duty-free trade for certain items from Thailand, claiming that Thailand has not taken steps to protect labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said he had suspended duty-free treatment because Thailand…
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Thai Airways not at risk of shutting down: president
Thai Airways is not at risk of shutting down and recent news reports about the airline’s situation were “misinterpreted”, the beleaguered carrier’s president insisted on Wednesday. The statement appeared to directly contradict remarks he made to high-ranking THAI staff in a speech on Tuesday. He said the remarks were to encourage staff to make an earnest effort to ensure the…
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Airline on brink of collapse, TG president warns
The president of Thai Airways has announced that the national flag carrier is in deep financial trouble and may have to fold unless staff members unite to work harder. He also said that there may still be time, though not much, to save the company. “Otherwise speculation that THAI is going bankrupt will materialize and there is a chance that…
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Asia leads the world in medical tourism
Over the past ten years, Asia has become a favourite destination for medical tourism for people from around the world. Besides the white sand beaches, historic monuments and rich cultural legacy, healthcare in Asia is now a major attraction. From transplants and surgeries to dental procedures and botox, people are turning to Asia. But what makes Asia the most popular…
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10 billionaires among Thailand’s 500 MPs
Thailand has 10 billionaire MPs, while the poorest MP has just 5,064 baht in his bank account, according to reports from the Office of the National Anti-Corruption Commission. Of the 10 billionaire MPs, Mrs. Nathee Ratchakitprakarn, of the Bhumjaithai Party, wife of Tourism and Sports Minister Pipat, is the richest, with declared assets of about 4.675 billion baht. The other…
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Opposition hits out at government’s military spending in 2020 budget
PHOTO: Reuters | The Business Times The opposition is accusing the government of being more concerned with military arms than the daily struggles of Thai citizens. During a debate in Parliament on the budget bill, the government was accused of caring more about the growth in military spending than citizens’ financial woes. The opposition levied the attack after PM General…
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Local investor sentiment dampened by Brexit woes and slump in Chinese economy
The British pound fell today as investors fret over PM Boris Johnson’s chances of pushing his Brexit deal through the British parliament, while Asian markets were mostly down after data showed China’s economy expanded at its slowest pace in nearly three decades. The pound rallied almost to US$1.30 yesterday following news that negotiators had hammered out an agreement that would…
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Twin TAT campaigns will boost domestic travel
In November the Tourism Authority of Thailand plans two campaigns – “Visit Thailand with 100 Baht” and “Shocking Price Weekday Travel”, – aimed to generate 400 million baht in local tourism revenue before the end of the year. The TAT’s executive director of product promotion said “Shocking Price Weekday Travel” would encourage upper and middle-class Thai tourists to travel more…
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Thailand resume free trade talks with EU, reducing reliance on China
The European Union has restarted talks with Thailand about a potential free trade agreement. The talks started just days after unfreezing a deadlock put in place by the previous military junta. The resumption of talks comes as Thailand seeks to diversify its economy and reduce reliance on China, which accounted for 14% of the its total foreign direct investment in 2018.…
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TAT says ‘all go’ for tourism discount campaign
PHOTO: Thailand Shopping and Dining Paradise The Tourism Authority of Thailand’s governor says that the TAT will introduce two domestic tourism promotional measures – a 100 baht nationwide tourism campaign, and “shocking-price weekday” discounts. The 100 baht campaign will offer some 40,000 products and services at only 100 baht each. Registration is required and will be open on November 11-12…
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Strong baht and divisive politics threatening Thailand’s economy
The director of the Economic and Business Research Centre for Reform at Thailand’s Rangsit University, says that if the US Federal Reserve cuts the policy rate by another 25 basis points this month, the baht could reach 29 baht to the US dollar. Anusorn Tamajai says such a cut would put pressure on Thailand’s currency, which has been seen as…
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Thailand’s growth forecasts for the rest of 2019 slashed again
Following their most recent meeting, the Joint Standing Committee on Commerce, Industry and Banking has announced Thailand’s economic growth this year has been revised downward to between 2.7 – 3.0% from the previous projection of 2.9 – 3.3%. It has also revised down its prediction of this year’s exports to between minus 2 – 0%. The committee says the revised…
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“Too good for its own good” – The Thai economy
Bloomberg has written an opinion piece about the robust Thai economy, sharing its fears along with some pats on the back. “Thailand really should let its hair down. The currency is strong and the current-account surplus is big versus the neighborhood, while there’s a lot of scope for fiscal expansion. The Bank of Thailand has been grudging in cutting interest rates, in contrast to the…
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Asian markets stumble over trade concerns, Brexit sentiment sinks pound
Asian markets fell after hefty losses in New York yesterday, owing to growing China-US tensions in the next round of trade talks, while the British pound continues to be beaten down by fears the UK is on the verge of crashing out of the EU. The downbeat mood comes as investors fret over signs the global economy is slowing down.…
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Eat Shop Spend version 2 on the way, but no cash giveaway
After feedback from the successful “Chim-Shop-Chai” (Eat-Shop-Spend) campaign, the Minister of Finance says campaign will now be extended into Phase 2 but with the criteria and regulations adjusted to attract more people with purchasing power to spend their own money, without the 1,000 baht per person give-away. The Minister of Finance Uttama Savanayana says there have been 1.3 million persons so…
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Chim-Shop-Chai stimulus scheme set for a second roll-out
Thai PM Prayut Chan-o-cha is hinting the government may launch a second phase of the “Chim-Shop-Chai” (Eat-Shop-Spend) scheme. He says he’s waiting for officials to complete an assessment of the first phase and its ability to boost the sluggish economy. Chim-Shop-Chai was a raging success. Up to one million Thais were able to register each 24 hours to apply for…
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Round two of the “Eat, Shop, Spend” tourism stimulus
Round one of “Eat, Shop, Spend” (Chim, Shop, Chai) was a resounding success with the allotment for registrations completely subscribed on the days of registration. It was a 1,000 baht ‘gift’ to encourage Thais to travel and spend outside their home provinces. Now the government are rolling out the second round of the stimulus packages to keep the local tourism…
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