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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Sponsored Infinito helps hotels in Thailand with revenue management
Maximising revenue and profit–isn’t that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
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“Travel bubble” scheme likely to be delayed
Thailand’s “travel bubble” scheme, which would allow limited numbers of certain groups of tourists from nations or areas deemed Covid-19 free by the World Health Organisation, now appears likely to be delayed. The Civil Aviation Authority of Thailand has announced the delay after several countries, that were considered for the scheme, have now seen resurgences of the virus. The CAAT’s…
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Thailand’s economy facing bleakest prediction in Asia
“The Bank of Thailand predicts that its gross domestic product will shrink by more than 8% this year.” While Thailand appears to have been successful in suppressing the Covid-19 virus, a report in The Bangkok Post today says the outlook for the country’s economy is far from favourable, calling it the worst in Asia. The Bank of Thailand predictions are…
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Domestic tourism stimulus package registration starts July 15
Thai nationals, who are 18 years or older, can start registering for the domestic tourism stimulus package on July 15. The government’s “Rao Tiew Dauy Kan” (We Travel Together) scheme entitles 5 million Thais to discounts on hotels and eating out, while 2 million can get rebates on flight tickets. A report in the Nation Thailand says the arrangement will…
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US ambassador meets deputy PM to discuss Thailand’s “great investment potential”
US Ambassador to Thailand Michael George DeSombre, who raised eyebrows in May when he described the US as “a better friend than China,” has praised the kingdom’s “great investment potential”, highlighting the expansion of current projects and further support for industry as ways to promote further cooperation. Deputy PM Somkid Jatusripitak welcomed the ambassador to the open discussion amongst key trade…
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Major international retailers banning monkey-picked coconuts – VIDEO
Allegations of animal abuse are prompting major Western retailers to pull Thai coconut products from their shelves, amid accusations that the coconuts are picked by monkeys treated inhumanely. People for the Ethical Treatment of Animals claim monkeys are snatched from the wild and trained to pick up to 1,000 coconuts a day. The animal rights group says pigtailed macaques are…
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Thailand growing more expensive for expats
According to Employment Conditions Abroad, Bangkok and Chiang Mai are among the 30 most expensive cities for expats in Asia. The capital of Turkmenistan might not spring to mind when with considering the priciest cities, but according to ECA International it ranks first on both the global and Asian tables, a 5 point rise up the rankings due to an…
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Bangkok’s shopping malls struggle under tourist ban, fierce competition
Suvarnabhumi, the name of Bangkok’s second international airport, means “realm of gold,” and was given by His Majesty the late King Rama IX to Bangkok’s eastern outskirts (technically in Samut Prakhan province), once a marshland called Nong Nguhao (Cobra Swamp). With its overtones of wealth, the name represents the hopes of developers, who are turning the area into a retail…
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Medical, wellness tourists will be first to be allowed in: CCSA
The government plans to allow local tours for overseas medical and wellness tourists beginning this month, and the start of tourism “travel bubbles” in September. Taweesilp Visanuyothin, spokesman for the Centre for Covid-19 Situation Administration, said medical and wellness tourists will be welcomed from this month on. If they are properly handled during their 14 day quarantine and treatment at…
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Thai government offering more aid to rural areas and domestic tourism
The government says it’s looking at expanding its domestic tourism stimulus package to assist rural economies while helping airlines and others in the tourism sector with soft loans. Deputy PM Somkid Jatusripitak says urgent measures are needed to create jobs for those who have returned to their home provinces after losing their livelihoods as a result of the Covid-19 crisis.…
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Draft law would ban online alcohol sales in Thailand
In April, the government imposed a nationwide ban on the sale of alcoholic beverages as part of the Emergency Decree to stem the spread of Covid-19. Now the country’s top alcohol regulator has approved a draft regulation to ban online alcohol sales. The move comes after alcohol watchdog groups urged the government to crack down on the online sales, which…
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Thai nightlife grapples with “new normal”
Thailand’s nightlife scene is grappling with a ‘new normal’ as changes upon its recent reopening see facemasks joining the normal bikini wear in red-light districts across the Kingdom. After being forced to close for more than 3 months in order to stop the spread of Covid-19, bars, karaoke venues and massage parlours are in the latest category of businesses allowed to…
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Thai Airways to shed only 5% of employees, while appointing new president
Debt-ridden Thai Airways has confirmed that it will only shed 5% of its 20,000 employees as part of its reorganisation. The former president of the carrier’s labour union says he met with the rehab panel, along with union and airline staff representatives, with the panel now aiming to cut only 5% of the airline’s workforce-down from the initial target of…
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Up to 2.7 million Thai travel, hospitality and tourism workers unemployed by September
The president of the Thai Tourism Industry Council says confidence among Thailand’s tourism business operators fell to the lowest level in a decade during the second quarter this year, with about 2.6 million workers already unemployed and about another 100,000 expected to be laid off in Q3 as a result of the Covid-19 pandemic. The gloomy forecast is the result…
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“We Tour Together” launched to boost domestic tourism
The government has announced its “Rao Thieu Duaykan” (We Tour Together) program, created as a stimulus boost to domestic tourism and help the travel and hospitality sectors battered by closures and bans in reaction to the Covid-19 pandemic. From July 15, Thai citizens can apply for a government subsidy to cover part of their hotel and dining expenses when travelling…
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Thailand sets new guidelines to govern “medical tourism”
Thailand’s medical community is rolling out a set of guidelines for medical tourism as the country prepares to open its borders to international visitors. According to the director-general of the Department of Health Service Support, yesterday’s first meeting of the medical hub committee resulted in 3 decisions. The first outcome from the meeting set a new policy pertaining to quarantine…
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Phuket’s (in)famous “Soi Bangla” district reopens today
Today is the official reopening of Phuket’s famous (or infamous) “Soi Bangla” nightlife district, but only about 20% of venues say they’re reopening during this early stage. The Centre for Covid-19 Situation Administration announced yesterday that all night entertainment venues may reopen but must strictly adhere to health guidelines set out to prevent the spread of Covid-19. Dr Taweesilp Visanuyothin,…
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Government agency issues guidelines to help Thailand’s souvenir suppliers
Thailand’s Department of Industrial Promotion says it is working on ways to help the country’s souvenir makers recover from the devastation wreaked by the Covid-19 lock-down. Speaking to Nation Thailand, Nattapol Rangsitpol, director-general of the DIP, says the latest advice complements the government’s stimulus campaign Tiew Pan Suk (Trips to Share Happiness), aimed at boosting domestic tourism and the local…
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Phase 5 rules to be announced Monday
On Monday the Center for Covid-19 Situation Administration will hold a significant meeting, led by PM Prayut Chan-o-cha, to decide several major issues of importance to Thailand as well as foreigners hoping to come into the country. The issues to be discussed and expected to be resolved are: An official decision on “Phase 5” relief measures and the date of…
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Surat Thani “cockle wars” are over, says navy chief
The chief of the Royal Thai Navy says local figures wielding influence are being “neutralised” and the disruptive, sometimes violent dispute between cockle farmers and local small-boat fishermen is drawing to an end. Admiral Ruechai Ruddit says the conflict off the coast of Bandon Bay in the southern province of Surat Thani has eased, after cockle farmers began dismantling the…
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Open for business. Just about all business restrictions in Thailand lifted from July 1.
Thailand has now gone over a month without a locally transmitted case of Covid-19, and July 1, approaching quickly, will see the resumption of all businesses and activities originally suspended under the Emergency Decree, including bars, pubs and “soapy” massage parlours. Spokesman of the Centre for Covid-19 Situation Administration Dr Taweesilp Visanuyothin made the announcement yesterday. He told the media…
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JLL sees bright future for post-Covid Thai real estate market
Thailand’s hospitality industry has been hit hard by the Covid-19 pandemic and Bangkok’s serviced apartments are no exception. A study by property consultant Jones Lang LaSalle indicates that serviced apartments have generally fared better than hotels in current and past times of distress. The report expects the pandemic to boost the growing trend of mixed-use premises offering hotel rooms and…
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Arrival ban to end on July 1… some foreigners will be allowed in
“Dr. Taweesilp says about 50,000 foreigners are expected to visit the country under the new rules.” Thailand will begin allowing foreigners to enter the country from July 1, easing the months-long arrival ban. But foreign tourists will still be banned. Dr Taweesilp Visanuyothin, spokesperson of the government’s Centre for Covid-19 Situation Administration, says that the first group will comprise businessmen…
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Finance ministry to consider incentives to stimulate shopping, retail sector
Thailand’s finance minister says his ministry is ready to consider retailers’ proposals for tax breaks on shopping to stimulate domestic spending. The ministry has assigned related agencies, including the Fiscal Policy Office, the Revenue Department and the Excise Department, to examine the possibilities, Uttama Savanayana said yesterday. His remarks come after retailers asked the government to apply a shopping tax break…
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U-tapao and Eastern Airport City deal officially signed
The deal for a public/private partnership for the U-tapao International Airport and Eastern Airport City projects has been officially signed. The agreement is between the Eastern Economic Corridor Office of Thailand and U-tapao International Aviation Company. PM Prayut Chan-o-cha chaired the signing ceremony yesterday at Government House. The deal is for a major infrastructure project to upgrade U-tapao, which serves…
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Tourism minister says pandemic provides “opportunity to reset tourism sector”
Needless to say, Thailand’s tourism sector, considered a lifeline to an already battered economy, has been ravaged by the Covid-19 pandemic. Now the government is rethinking its strategy for the Covid era… The new tourism revival strategy is “quality over quantity”, target big spenders seeking privacy and social distancing, rather than try to attract large numbers of visitors. In an…
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Government considering unlocking music venues, meetings today
Thailand’s often flamboyant and occasionally controversial Public Health Minister and Deputy PM, Anutin Charnvirakul, spoke to reporters this morning after significant recent media coverage of the estimated 100,000 musicians still out of work due to the continued closure of the entertainment and nightlife industry. Anutin says he himself was once a musician (yeah, we can see that…) and he “feels for…
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International medical hub proposed by outgoing Phuket governor
Local Thai media reported that Phuket has proposed a new project called “The International Medical and Public Health Service” to create more long term financial security and diversification, and value-added tourism in Phuket, as the island has taken a heavy financial hit due to the effects of Covid-19 pandemic. The project will use state owned property near the Tha…
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British expat petitions government to help desperate elephants, handlers
The closure of elephant camps and sanctuary-style tourist attraction throughout the northeastern provinces has left thousands of elephants facing starvation. Some have made the long march back to their home villages, where their arrival is creating more problems than it solves. Susan Field, a British citizen living in Koh Samui, yesterday presented a petition with nearly 65,000 signatures to the Thai…
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“It’s 3 months now, when can we reopen?” – Pattaya bar owners
Today marks 3 straight months that Pattaya’s world famous – and vitally important to the city’s economy – nightlife and entertainment industry has been shuttered by the Thai Government. The industry was originally told to close “for 2 weeks” on March 18. But as the Covid-19 crisis escalated and fear and uncertainty grew worldwide, the closure was repeatedly extended, with…
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Poll shows flea markets, supermarkets, most popular with Thais as lockdown easing continues
“46% of Thais want the Songkran holidays moved to the (western) New Year period.” A new poll shows that most Thais are anxious to return to markets and supermarkets first, as the country continues to relax the restrictions imposed during the Covid-19 crisis. A report in Nation Thailand says over 83% of those surveyed are prioritising markets, flea markets and supermarkets,…
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