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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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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PM tells reporters to focus on economy, doesn’t want to talk about election
The Thai PM says he can cope with everything he has to deal with and is not bothered by rumours of political disagreements. However, according to a Bangkok Post report, he then asked journalists to stop asking about the election and focus their questions on the economy instead. Prayut Chan-o-cha was addressing the media after yesterday’s meeting of the Defence…
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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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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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Thai baht to continue dropping against the USD
The Thai baht is forecast to droop to a 4-year low over the next trading week, and its largest monthly currency drop for over 20 years. The Baht’s challenges shadow US dollar gains over concerns about the US Fed’s (US Federal Reserve) ‘tapering’ plans as it reins in enthusiastic stimulus of the US economy. Thailand’s baht has been the region’s…
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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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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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Tesla stock dive costs Elon Musk $7 billion, World’s Richest Man title
While it may have been a rough week for many in the stock market, sell-offs hit Tesla founder and CEO Elon Musk particularly hard. The often provocative tech innovator, crypto agitator, and founder of Tesla lost more than US $7 billion in 24 hours, knocking him from his perch as the world’s richest man. Before anyone starts a GoFundMe, it…
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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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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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80% of condos in Thailand sold to foreigners, 50% China
A real estate firm is predicting that the market for condos in Thailand hot spots like Bangkok, Phuket, and Pattaya will be rebounding soon with the continued trend of foreign investment, a majority of which are Chinese. China has long been a driving force in purchasing condos in Thailand. The business development manager of Saensiri is predicting the uptick once…
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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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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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Dr Boon, THG group must clarify Pfizer deal controversy
Trouble is deepening for Dr Boon Vanasin, the President of Thonburi Healthcare Group, who has been accused of a large stock purchase before lying about his company procuring Pfizer vaccines that caused the stock to soar. The Chairman of the Crime Victims’ Assistance Club has filed a complaint with the CyberCrime Investigation Bureau against Boon for sharing that fake news…
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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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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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Survey shows most hotels can only cover operation costs for less than 3 months
A survey by the Bank of Thailand shows that most hotels can only cover their operating costs for less than 3 months. 220 properties were surveyed between June 14 and 27. Of those, 17 are alternative state quarantine facilities, while 3 properties serve as “hospitels”. 68% of those surveyed say they only have enough liquidity to cover their operating costs…
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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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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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Property market in tourism areas relying on vaccines for recovery
Tourism destinations in Thailand are pinning their hopes on Covid-19 vaccines to revive their decimated economies, including in the real estate sector. Vichai Viratkapan from the Real Estate Information Centre says the property sector’s recovery will be driven by the rollout of vaccines, particularly in tourist destinations that have borne the brunt of the economic devastation. “Tourism destinations like Phuket,…
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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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15 most popular tourism provinces contribute 70% of total GDP
Wealth inequality around the world has always been the haves versus the have nots, but in Thailand, it has become the toured versus the toured not. The Fiscal Policy Officer’s senior expert on macroeconomic policy recently presented some stark figures showing the astounding gap in contribution to the GDP between tourism provinces and non-tourism provinces. Only 15 provinces contribute 70%…
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DIT chews on regulations to lower food delivery service fees
After pressure from the Department of Internal Trade, food delivery services in Thailand will lower their rates to aid struggling food vendors during Covid-19. Restaurants have been complaining about the high commissions that food delivery services like Food Panda, Gojek, Grab, and Line Man charge restaurants, typically taking a 30% bite out of profits. The DIT has requested that food…
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