Economy News
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Sponsored 10 essential tips for families moving to Thailand
Moving to Thailand is an exciting adventure, especially when you're moving with your family. The country is popular for its warm climate, rich culture, and welcoming people, making it a popular destination for expatriates. However, settling in a new country...
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Bitkub company and crypto-coin value surges as SCB buys 51% of shares
Cryptocurrencies just got a big boost in Thailand as Siam Commercial Bank Group’s parent company SCBX struck a deal to take over 51% of shares of Bitkub from its parent company Bitkub Capital Group Holdings, a deal valued at 17.85 billion baht. SCB Securities will hold the shares and collaborate with Bitkub to create a national infrastructure with a digital…
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Reform urged for foreigners to invest or buy condos in Thailand
The vice-chairman of the Board of Trade of Thailand is calling for amendments to the restrictions and processes for foreigners to buy condos and invest in the country. He said the process is unnecessarily complex, and steps need to be taken to improve procedures and conditions if Thailand’s plan to lure wealthy pensioners is to gain any traction. He called…
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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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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 economist urges government to address inequality, improve education
A leading Thai economist says there are several issues the country needs to address in order to protect the economy in the long term. Dr Somjai Phagaphasvivat is calling on the government to develop human resources, improved the standard of Thai education, and address the serious issue of inequality. According to a Thai PBS World report, he says the Covid-19…
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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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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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CCSA to review curfew hours and allowing more businesses and venues to reopen
The nighttime curfew might be reduced by an hour and 11 types of business and venues might be able to resume service as the Centre for Covid-19 Situation Administration will review a proposal for such requests, today. If all goes well with the CCSA, the curfew would shrink back 1 hour to 10pm to 4am, compared to the now 9pm…
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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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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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Cabinet approves measure to entice “high potential” foreigners to Thailand
The cabinet has approved a measure to entice “high potential” foreigners, such as wealthy retirees and specialists, to spend a prolonged period in Thailand. The measure is a bid to promote foreign investment and to improve the struggling economy. The 4 groups that the government hopes to attract to Thailand are high income earners, foreign retirees, experts in different fields,…
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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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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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SEC fears cryptocurrency trading by inexperienced traders
The Securities and Exchange Commission in Thailand is worried about crypto investor ignorance as cryptocurrency trading volume in Thailand surged to 700 to 800 billion baht over the past 10 months. The chief executive of Zipmex Thailand predicted trading will hit 1 trillion baht by the end of 2021. At the PostToday Cryptocurrency Forum 2021 yesterday the Zipmex executive said…
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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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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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THG head stock purchases before questionable Pfizer news
Thailand and Pfizer have had a tricky relationship with frequent announcements and then retractions about whether the vaccine will be approved and imported into the country. The latest was Thonburi Healthcare Group Dr Boon Vanasin announcing they had negotiated 20 million Pfizer vaccines to be brought into Thailand, only to be followed a few hours later by Pfizer-BioNTech responding that…
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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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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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Thai amulets come to blockchain, blessed by grandmaster of spells and charms
Thailand is introducing Thai amulets on the blockchain. Crypto Amulets are selling Amulet non-fungible tokens (i.e., NFTs). However, unlike other NFTS, this crypto has been blessed by a grand master monk of spells and charms. The monk is LP Heng and the company’s website that sells Crypto Amulets touts the monk for his mystical powers. The company, Crypto Amulets, praises…
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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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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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PM to chair meeting on Thailand’s re-opening as Phuket officials demand clarity
The Centre for Economic Situation Administration will today discuss plans for the revival of Thailand’s tourism sector at a virtual meeting chaired by PM Prayut Chan-o-cha. Attendees will discuss a future quarantine-free re-opening of 10 provinces considered popular tourist destinations: Chiang Mai, Bangkok, Prachuap Khiri Khan, Phetchaburi, Chon Buri, Phuket, Surat Thani, Krabi, Phang Nga, and Buriram. While Phuket is…
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