Economy News
Discover the latest updates on Thailand’s economy with our in-depth coverage of breaking news, developments, and events shaping its financial landscape. Stay informed and ahead of the curve with our thorough analysis and insights into the business sectors, financial markets, and government policies of Thailand.
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Businesses opening back up, some aren’t following the rules
While restrictions are being lifted, some businesses seem a little too excited about getting back to normal and are letting their guard down when it comes to social distancing and Covid-19 prevention practices. Businesses are required to provide hand sanitising gel, wear face masks and make sure people stay a safe distance apart. Upon inspection this month, most businesses are…
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Instant noodle exports increase as neighbouring countries stock up
Craving noodles? Seems like many people stuck at home want the cheap and quick meal. Preparation is quick, the price is low, there’s flavours aplenty and they’re easy to find. Thailand’s exports of instant noodles have gone up this year, the country’s Ministry of Commerce reported yesterday. With ridiculously low prices, a long shelf life and, let’s admit, some pretty…
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Ministries, business leaders meet to discuss further reopenings
A meeting this weekend, chaired by the director-general of the Department of Disease Control and secretary to the Covid-19 Center for Situation Administration, discussed suggestions and assessments of businesses ready to reopen, which will be forwarded to the PM Prayut Chan-o-cha for consideration early in the week. Representatives of the Interior Ministry and Tourism Ministry along with those of multiple…
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Former deputy PM says government should focus on solutions, not threats
Thailand’s former Deputy PM Chaturon Chaisang yesterday posted on his Facebook page and other social media that, in his opinion, the government is focusing on threats versus solutions during the current Covid-19 crisis. His post has been widely shared and gained a lot of traction in Thai-language media. Chaisang, a former Minister of Education in addition to being a Deputy…
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Thailand’s GDP to contract up to 5% for 2020 – business thinktank
Thailand’s GDP is expected to contract between 3-5% for 2020, and exports by up to 10%. The predictions from Suphan Mongkolsuthee, president of the Federation of Thai Industries and chairman of the private sector joint committee. He also believes that the Thai economy has probably reached its ‘low point’ and will start recovering from now. He said that, as the…
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Government panel predicts 12-18 more months of pandemic-related pain
Thailand faces up to a year and a half of serious impacts from Covid-19 pandemic, according to a government advisory panel investigating the pandemic’s consequences on the Kingdom. The panel was set up on the Thai PM Prayut Chan-o-cha’s orders on April 30. After analysing data from the Ministry of Public Health, the advisory committee on the social and economic…
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PM confident economy will rebound when businesses reopen
Or… “what goes down, must go up”. “If workplaces reopen, there will be employment and salaries… If factories reopen and employ people, rehabilitation will start.” Responding to reporters yesterday, the Thai PM Prayut Chan-o-cha expressed confidence the economy will improve once businesses reopen and people are employed again, and when tourism resumes, with measures in place to give visitors confidence…
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Grocery giant Makro to add over 700 jobs
At last a snippet of good economic news. Thai big-box grocery giant Makro has announced plans to hire more than 700 employees to boost its delivery service and create jobs after the Covid-19 outbreak passes. Siam Makro’s CEO says a new company priority is to help people who’ve lost their jobs due to the Emergency Decree and subsequent lockdown measures…
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Business recovery in the Covid-19 era
As some countries begin to tentatively look to reboot their economies in a Covid-19 world, what does the future hold for business? Nation Thailand reports today on an extensive Bank of Thailand survey that examined the impact of the pandemic on four business sectors and what might happen next. Things are looking a bit brighter for the manufacturing and retail…
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May 17 target for shopping centres to re-open
The rumours have been flying since this week’s cabinet meeting about the next raft of re-openings as Thailand’s economy starts to plod back into gear. Now, after a meeting yesterday of the Centre for Covid-19 Situation Administration, there’s general consensus that shopping centres and retail stores will be able to re-open on Sunday, May 17. Of course the caveat is…
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Deputy PM says some restrictions could be eased before mid-May
Speaking at the Covid-19 Coronavirus Situation Administration today, Deputy PM Wissanu Kreangam addressed rumours that PM Prayut Chan-o-cha is considering easing some Covid19 restrictions before the middle of May. Meetings are taking place this afternoon between the CCSA and other government departments as the PM gathers medical advice from the CCSA and other experts on the feasibility of loosening some…
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Local markets in Asia retreat as US President Trump talks up revised trade war
Steep losses are the order of the day as local markets follow the lead from a sell off in New York after US President Trump foreshadowed a new round of trade sanctions on China. The US President and his Secretary of State Mike Pompeo have openly accused the Chinese government that the Covid-19 started in a lab in Wuhan, and that…
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Thai baht up 3% against USD over past month
Potential tourists and expats shipping in money from overseas were hoping the Thai baht would continue to fall against the US dollar. But they’d be surprised that the baht has rebounded in April against the greenback – about 3% in value. But Thailand’s Central Bank is warning that the recent strengthening of the baht against the USD may “not be sustainable”.…
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Former union leader calls for total overhaul at Thai Airways
The former president of the Thai Airways union is calling for a complete revamp of the airline, including the ousting of all existing board members. The call follows years of crippling losses, bailouts and promises of a corporate cleanout. The Bangkok Post reports that Chamsri Sukchotrat made the call in a Facebook post, addressing PM Prayut Chan-o-cha in his role…
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Thai Airways gets another lifeline from the government
Thai Airways is finally getting a reprieve, after years of financial woes and corporate drama. The struggling national carrier is getting a lifeline in the form of a bailout loan. Finance permanent secretary Prasong Poontaneat made the announcement yesterday, after a meeting chaired by PM Prayut Chan-o-cha. The State Enterprise Policy Committee meeting approved “in principle” the proposal to rehabilitate…
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Academics say virus will make inequality in Thai society even worse
Leading academics from Malaysia and Thailand say the outbreak of the Covid-19 virus will only exacerbate the substantial wealth inequalities in Thailand, a country where so many citizens are already at a significant economic disadvantage. Writing in The Diplomat, M Niaz Asadullah from the University of Malaya and Ruttiya Bhula-or from Chulalongkorn University in Bangkok, say the collapse in tourism…
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Thailand loses US free trade benefits worth billions of baht
Thailand loses duty free access for 42.2 billion baht in exports to the US market from today, 6 months after Washington warned it would pull back on trade privileges unless the kingdom committed to labour rights reforms. Once trade preferences for Thai products are removed they are subject to tax of between 4% and 5%, making them more expensive in…
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“Thai Airways will survive”. Emergency meeting next Wednesday.
“Thai Airways will not collapse. The fact that Deputy PM Somkid stepped in to handle the issue means the government will rescue it.” It’s no secret that Thailand’s national carrier has been a financial basket case for over a decade, bleeding money and marketshare as the years pass. The top-heavy Thai company is bailed out by the Thai government each…
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Deputy PM tries to clarify the PM’s letters to Thailand’s richest citizens
On Friday night the Thai PM told the Thai population that he was going to send a letter to Thailand’s Top 20 richest people asking for their ideas on how to revive the Thai economy. And he hinted that he wants them to chip in as well. He explained that he’s doing it to gather their input and ideas to…
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PM asks public to cool down on selling their gold
Massive unemployment due to the national state of emergency and the Covid-19 outbreak has pushed gold prices to near a 7 year high, and gold shops throughout the country are running out of cash because so many people are cashing in. In a briefing this week in Bangkok, PM Prayut Chan-Ocha asked the public to show restraint and not to…
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AoT, already struggling, deny investing in faltering Thai Airways
“We’ve got enough problems of our own.” Airports of Thailand is denying claims that it is interested in acquiring a stake in the financially floundering flag carrier Thai Airways, saying that they too are struggling with the sharp drop in revenue after airlines and airport shutdowns related to the Covid-19 pandemic. Thai Airways, once considered one of Asia’s most luxurious…
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Up to 10 million Thais out of work in next three months – CCSA
As many as 10 million Thais could be out of work in the next few months if the current Covid-19 epidemic drags on. Supant Mongkolsuthee, the president of the Federation of Thai IndustriesGovernment, says the Thai government needs to provide timely support for businesses. As head of the Centre for Covid-19 Situation Administration’s working committee, tasked with overseeing small and…
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BOT predicts 5.3% contraction in Thai economy for 2020
Even the Thai economy, which was still maintaining respectable growth before January, is now spluttering under the siege of the Covid-19 virus. Now the Bank of Thailand has crunched some numbers and believes the Thai economy will sharply contract by 5.3% this year as the virus continues to weigh on global financial markets, the local economy and people. GDP growth…
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The almighty baht set to fall further despite rate cuts, stimulus
A lot has changed for the baht. It was only months ago that The Bank of Thailand considered drastic measures to rein in the rambunctious baht, whose massive gains in currency markets made it the darling of speculators. In December Kasikorn Bank released a report outlining reasons the baht “will remain strong into 2020.” The bank’s research arm forecast the…
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Cabinet approval to reduce water, power bills by 3%
The Cabinet has approved 17 billion baht in measures to tackle the Covid-19 crisis and drought. They plan on doing this by reducing water and electricity bills by 3% and returning deposits for installation of electricity meters. The Thai cabinet meets every Tuesday at Government house in Bangkok. During a ‘grace period’ of not more than six months, the cabinet…
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Thai government planning more economic stimulus packages
Economists have urged the government to expand the fiscal deficit to up to 600 billion baht, while more stimulus packages are hopefully on course to counter the impact of the Covid-19 outbreak in Thailand. Secretary to the Council of Economic Ministers, Kobsak Pootrakool, says that the economic ministers would consider extra packages as relief for certain sectors, that were hit…
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Thai stocks tumbles, SET drops nearly 6%
Thailand’s stock exchange, the SET, plunged yesterday along with the region’s other bourses. The index dropped amid concerns over the growing global Covid-19 coronavirus pandemic. The SET dived 74.57 points, or nearly 6%, to 1,175.32 points. This all happened shortly after the open in a turnover of 9 billion baht. The SET50 index, Thailand’s top 50 listed companies, faired even…
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400 billion baht stimulus announced to boost Thai economy
“The package will inject an estimated 400 billion baht into the economy in a bid to return growth to positive territory.” Yesterday’s Thai cabinet meeting gave the greenlight to a new stimulus package. The government expects the approved 400 billion baht to reduce the impact of the Covid-19 coronavirus outbreak. Last week’s 2,000 baht cash stimulus proposal, which was largely…
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Government looking at ways to lower public electricity bills
The ministry is also studying ways to lower the price of cooking gas and fuel. Thailand’s Energy Ministry is examining ways to lower electricity bills for the general public to ease their burden in response to the impact of Covid-19 on the economy, according to Energy Minister Sontirat Sontijirawong. The ministry’s permanent secretary has been asked to call a meeting…
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Help is on the way: 100 billion baht stimulus package passed
Eyeing the effects of the coronavirus outbreak on the nation’s already battered economy, the government yesterday approved a stimulus package, anticipated to cost more than 100 billion baht. The package was approved in a meeting of the Council of Economic Ministers, led by Prime Minister Prayut Chan-o-cha, and will be forwarded to the cabinet for approval on Tuesday. After the…
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