Economy News
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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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Phuket is hit with a triple Covid crisis | VIDEO
Phuket has had a triple hit over the past 12 months. Firstly with the original Covid-19 outbreak and lockdowns back in April and May in 2020, then again just before Christmas and New Year when the new clusters emerged in Samut Sakhon and the eastern coastal provinces, further dampening even local traveller traffic to the island, then some further restrictions…
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Domestic air travel drops 60 percent at start of 2021
Thailand’s domestic air travel is seeing a 60% drop in the early weeks of the new year, thanks to the recent Covid-19 outbreaks around the country. The Department of Airports drew the figure from 20 airports under its supervison nationwide, according to Apirat Chaiwongnoi, the acting Director-General of the department. Such domestic passengers at those airports also dropped in numbers…
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Thai Air Asia says new Covid outbreak has destroyed business
The executive chairman of Asia Aviation, the largest shareholder in Thai Air Asia, says the Covid-19 resurgence has “destroyed the low-cost carrier”. Tassapon Bijleveld says that, even without a national lockdown, bookings have plummeted. “Travel sentiment has plunged lower than last year. This is different this time because people are voluntarily skipping their travel plans even without a nationwide lockdown…
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Struggling massage parlours petition government for financial assistance
Representatives of Thailand’s spa and massage parlour industry are pleading with the government to provide some form of tailored financial aid to offset the impact of Covid-19. Yesterday, the Charawi Association for the Conservation of Thai Massage submitted a letter to PM Prayut Chan-o-cha, who also chairs the government’s Covid-19 task force. In it, they call on his administration to…
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Vandals target US politicians over pandemic relief package
Vandals have targeted the homes of US politicians over a hotly-debated $900 billion pandemic relief aid package. Republican Senate leader Mitch McConnell and Democrat Speaker of the House Nancy Pelosi saw their homes littered with graffiti, fake blood and a pig’s head. “Were’s [sic] my money” and “Mitch kills the poor” graced McConnell’s front door and window in Louisville, Kentucky,…
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Majority of Thais think economy will get worse – NIDA Poll
A recent poll has indicated that a majority of Thai respondents think that the economy will get worse this year, along with a continued unrest surrounding the political landscape. The survey by the National Institute of Development Administration was conducted December 24-25 on 1,326 people, aged 18 and over of various levels of education and occupations nationwide by random sampling…
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Deputy PM says relying on tourism is “unacceptable”
Thailand’s deputy PM says that relying too much on tourism is “unacceptable.” In Supattanapong Punmeechaow’s speech, he said that the tourism industry will never be allowed to recover to its previous levels. For years, Amazing Thailand was the nation’s slogan, which brought in $56.2 billion in 2019 alone, but after Covid struck, it is clear that there has been a…
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Covid-19 resurgence, weak labour market, threats to economic recovery – Bank of Thailand
A director at the Bank of Thailand’s economic and policy department says the resurgence in Covid-19, coupled with a fragile labour market, poses a threat to the country’s economic recovery. Chayawadee Chai-Anant says the reintroduction of strict lockdowns in many other countries also poses a risk. She says the full impact will depend on the rate of new infections in…
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Thai government plans to amend business, immigration rules, for foreign investors
Foreign investors in Thailand have long decried the onerous, complex, and sometimes downright baffling, bureaucracy that comes with doing business in the Land of Smiles. And it appears officials in Bangkok are finally sitting up and taking notice. Nation Thailand reports that, in an effort to stimulate the ailing economy, the government plans to make some changes to the regulations…
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Economy to lose billions of baht from Covid-19 lockdown – Kasikorn Research Centre
The economy will lose billions of baht following the Covid-19 outbreak in Samut Sakhon, just southwest of Bangkok, according to Kasikorn Research Centre. Shutting down the seafood industry in the province, calling off New Year parties in Bangkok and trips being cancelled due to virus fears will cost the economy a total of at least 45 billion baht over the…
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30 property developers expected to sign up to Elite visa incentive scheme
The president of Thailand Privilege Card, which runs the Elite Visa scheme, says around 30 real-estate developers have expressed interest in offering foreign buyers 5-year visas in return for investing at least 10 million baht in Thai property. Somchai Sungsawang says the scheme, known as the Elite Flexible One launches on January 1, with cards valid for 2 years. Nation…
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Police charge 4 with swindling co-payment scheme, investigate over 700 others
The deputy national police chief, Damrongsak Kittiprapat, says 4 people have been charged with de-frauding the government’s co-payment stimulus scheme. He adds that around 700 others are also suspected of swindling the scheme. It’s understood the 4 people charged allegedly persuaded co-payers to carry out fake transactions so that money could be redeemed under the campaign. The Bangkok Post reports…
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Phase 2 of travel stimulus may be cancelled due to fraud, as PM said to be “furious”
Officials are considering cancelling the next phase of the government’s domestic tourism stimulus campaign, after multiple cases of fraud emerged. To date, over 200 people have been prosecuted for corruption in the domestic travel campaign, as well as in other government stimulus schemes. The Tourism Authority of Thailand says that, in conjunction with the Tourism and Sports Ministry, it has…
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Bank of Thailand says being on US currency “watchlist” won’t have a “material impact”
Thailand being added to the United States Treasury’s “watchlist” for suspected currency manipulation won’t impact foreign trade and investment too much, the Bank of Thailand says. Now that Thailand is on the “monitoring list,” US government says it will keep “close attention” on the country’s currency practices to determine if any measures are intended to gain an unfair advantage in…
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Thailand on US Treasury’s “watchlist” for suspected currency manipulation
Thailand is now on the United States Treasury’s “monitoring list” for suspected currency manipulation, unfair policies to gain an advantage in international trade. Vietnam and Switzerland were both labeled currency manipulators in the US Treasury’s recent report “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.” Along with Thailand, the Treasury also added Taiwan and India…
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Ministry investigating multiple cases of corruption in government’s co-payment scheme
The government’s “Let’s Go Halves” (Khon La Khrueng) co-payment stimulus campaign has fallen foul of 100s of incidents of fraud, according to the Finance Ministry. Under the scheme, the government subsidises 50% of the cost of food, drink, and other products, up to a maximum of 150 baht per person per day, capped at 3,000 baht per person for the…
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Thai government urged to support foreign property buyers with additional incentives
The Thailand Development Research Institute is calling on the government to support foreign property investors, by allowing them to bid for residential units. Nonarit Bisonyabut from the TDRI says the measure would be aimed at off-setting a shortfall in local demand. With foreigners usually having higher purchasing power than Thais, he adds that the number of units offered for bidding…
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4 years until tourism industry gets back to pre-pandemic levels – Finance Ministry
It could take 4 years for Thailand’s tourism industry to recover after being battered by the lack of travel due to the coronavirus pandemic, the government’s reaction and the economic fallout, according to the Finance Ministry. While local and international experts project Thailand’s economy will continue to recover over the next 2 years, the tourism industry, which directly contributes 12-15%…
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Economists say new local Covid-19 cases could slow tourism recovery
Some are concerned about a potential second coronavirus outbreak after 10 Thai women tested positive for Covid-19 after returning from Myanmar’s Tachileik district. Some travelled to Bangkok and Chiang Mai after returning. A second wave of infections will stall the recovery of domestic tourism and Thailand’s overall economy that has been battered by the pandemic, according to the National Economic…
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Cabinet approves extension, upgrade of stimulus measures, welfare payments
The government has given the green light to the extension and refinement of a number of economic stimulus schemes and welfare payments. 43.5 billion baht has been set aside to fund an extension of the current co-payment scheme and the welfare card program. It’s understood 22.5 billion baht will go to phase 2 of the co-payment scheme, with 21 billion…
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Finance Minister says Thailand’s GDP will take 2 years to recover
Thailand’s finance minister says the countrys GDP will take 2 years to recover the 9% it has lost since the Covid pandemic ravaged the economy. Arkhom Termpittayapaisith, the Finance Minister, says the economy would have expanded by 3% this year if it weren’t for the pandemic. “The pandemic crisis will make the economy contract by around 6% in 2020, therefore…
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Bank of Thailand takes action to curb Thai baht’s strength
The Bank of Thailand has moved forward measures, originally meant to begin early 2021, but most of which will now take effect from end of this month. The end result is that the new rules will make it easier for Thais to shuffle money overseas and invest in foreign assets. It will also make is easier for Thai citizens to…
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Chief ASEAN economist says protests not helping Thailand’s weak economy recover
Chief ASEAN economist of Nomura, Euben Paracuelles, says Thailand’s current protests are not helping Thailand’s weak economy recover. In fact, Pracuelles says Thailand’s economy is the weakest and slowest in the region, noting that it is in “pretty bad shape”. He further says that the last thing the kingdom needs is something to weaken its recovery and that the current…
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Ministry of Finance proposes extension to shopping stimulus scheme
The Ministry of Finance is proposing to get Thais to shop the country out of recession. They’ve proposed an extension to the shopping co-payment scheme, Khon La Khrueng (Let’s Go Halves), first introduced last month. The scheme aims to encourage spending by offering Thai shoppers discounts of up to 150 baht a day at participating stores, to a maximum of…
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Overseas investors buy Thai bonds, optimistic that Covid-19 vaccine will revive tourism
With hopes that a Covid-19 vaccine will be the key to open Thailand’s doors back up to international tourism, overseas investors are putting down money into Thailand’s financial market. Thai baht has strengthened by nearly 3% since the end of October, a top performing currency in Asia following the Indonesian rupiah, and it’s expected to strengthen even further over the…
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Minister says lack of foreign visitors will have knock-on effect for domestic tourism
The Tourism Minister says Thailand can expect a significant drop in domestic tourism unless international tourism is revived. According to a Bangkok Post report, Phiphat Ratchakitprakarn says local tourism figures are 40% of what they were in 2019, and are expected to drop further once the domestic travel stimulus scheme ends at the end of the year. The scheme has…
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Investors see opportunity in Pattaya hotel market
Although travel restrictions are still tight, investors see potential opportunities in Pattaya’s hotel market. Many are reimagining the 2021 market by focusing on domestic demand. Property consultancy JLL says the ongoing Eastern Economic Corridor development comes into play. U-Tapao International Airport in Rayong expanding to increase capacity by 5 million passengers and a high speed rail is in the works…
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Government pledges help for Phuket tourism industry
As Phuket’s tourism industry continues to fight for survival amid ongoing Covid-19 restrictions, the PM is ordering an advisory team to finish work on recovery proposals received from the private sector and submit them to the government’s Covid-19 task force for approval. Danucha Pichayanan, from the National Economic and Social Development Council, says this is expected to happen shortly, as…
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3 stores investigated for potential fraud in government co-payment scheme
Officials are investigating 3 businesses for possibly de-frauding the government under the “Let’s Go Halves” stimulus scheme introduced last month. The co-payment plan launched on October 16 in an effort to boost domestic spending. Under the scheme, 10 million citizens can avail of discounts on purchases at participating stores of up to 150 baht a day, capped at 3,000 baht…
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Inequality likely after economic recovery – Bank of Thailand governor
It’s expected to take at least 2 years for Thailand’s economy to recover, but once it does, inequality is likely to become a top concern, according to the Bank of Thailand governor Sethaput Suthiwart-Narueput. “It is expected to take at least two years before the Thai economy returns to its pre-pandemic levels in terms of GDP… Even when the economy…
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