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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Government opening up another round of welfare registration to include more recipients
The Thai government is opening up another round of welfare card registration, with the possibility of more people being eligible for financial help. The Finance Ministry says it expects the latest round of recipients will outnumber the previous round, due to increasing unemployment rates. An unnamed source told Bangkok Post that the inclusion of more recipients is due to the…
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Economic think-tank says the future of tourism in Thailand hangs on vaccination
The research division of Thailand’s Kasikorn Bank says everything hangs on vaccination strategies, both here and abroad. Kevalin Wangpichayasuk from the Kasikorn Research Centre says the rollout of Covid-19 vaccines globally will have a significant impact on the recovery of tourism in the Kingdom, with 2 million foreign tourists expected to arrive in the last quarter of the year. However,…
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Slow return of foreign tourism makes more redundancies inevitable – Airlines Association of Thailand
The president of the Airlines Association of Thailand says further layoffs in the sector are inevitable, due to the slow return of international tourism. In a Bangkok Post report, Puttipong Prasarttong-Osoth says the sluggish revival of foreign tourism, now not expected until the last quarter of the year, means all carriers continue to face financial hardship. And while there was…
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Thai industry representatives push government on vaccine passport policy
Industry representatives are urging the Thai government to press ahead with the adoption of a vaccine passport scheme to re-ignite international tourism. The Joint Standing Committee on Commerce, Industry and Banking is also pushing for Thailand to form travel bubble arrangements with countries where Covid-19 infection rates are low to moderate. Kalin Sarasin from the Thai Chamber of Commerce and…
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The social media giants in battle with ‘old’ media and world governments | VIDEO
https://youtu.be/HKKIuWHw_t8 “The rules signal greater willingness by countries around the world to rein in big tech firms such as Google, Facebook and Twitter that the governments fear have become too powerful with little accountability.” India has issued strict new rules for Facebook, Twitter and other social media platforms just weeks after the Indian government attempted to pressure Twitter to take…
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Long Buddhist holiday to see over 40 percent reduction in domestic tourism
The long Buddhist festival holiday, which starts today, is set to see over a 40% reduction in domestic tourism. The Tourism and Transport Authority of Thailand has made the estimation which tallies around 1.09 million domestic trips, a number that is down 44% from last year’s Makha Bucha Day. The 2nd wave of the Covid pandemic this year has made…
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Thailand’s passenger car sales drop by over 44% year-on-year
Thailand’s domestic car sales dropped by over 21% last month, with passenger car sales plummeting by over 44% year-on-year. The Bangkok Post reports that the resurgence of the Covid-19 virus late last year has affected consumer confidence and buying power. The sale of commercial vehicles is also down by 5.4% year-on-year. Surasak Suthongwan from Toyota Motor Thailand, says people are…
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Government’s tourism co-payment scheme riddled with alleged fraud
The government’s tourism co-payment scheme has been allegedly riddled with fraud after almost 1,000 business operators have been reported for taking advantage or outright cheating the system. The Tourism Authority of Thailand has lodged a complaint with the Crime Suppression Division involving businesses cheating the We Travel Together or Rao Tiew Duay Kan, campaign. 448 hotels and 486 vendors nationwide,…
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Government think tank says vaccine rollout vital to tourism recovery
The National Economic and Social Development Council says the recovery of Thailand’s tourism sector is heavily dependent on the rollout of Covid-19 vaccines and the establishment of herd immunity in the Kingdom. The Bangkok Post reports that Danucha Pichayanan from the NESDC says the government needs to come up with a better plan for the rollout, including prioritising workers in…
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Airlines, hotels say 2021 likely to be even worse than last year
Thai airlines and hotels fear that the tourism crisis in 2021 is set to dwarf last year’s in terms of its impact, as they appeal for government aid. The Bangkok Post reports that Asia Aviation, the largest shareholder in Thai AirAsia, has warned that when international tourism eventually does resume, there may not be enough suppliers to meet demand as…
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Economy expert says Phuket’s income per capita could soon fall below poverty line
A Phuket tourism economy expert says Phuket’s income per capita could soon fall below the provincial poverty line if something isn’t done to increase revenue. Assistant Professor Chayanon Phucharoen, Associate Dean for Research and Graduate Studies, Faculty of Hospitality and Tourism, Prince of Songkla University Phuket campus, says the news is based off a report by the university. In it, the…
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Krabi mayor hopeful tourism crisis will be over soon
As is the case in many popular tourist spots in Thailand, the economy in the southern province of Krabi has been decimated due to Covid-19. Nation Thailand reports that tourist numbers in Krabi have fallen sharply, from a yearly average of 6 million to just 1.5 million last year. Revenue from tourism has plummeted from around 120 billion baht to…
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Legalisation of hemp cultivation is expected to boost stocks
Thailand’s recent legalisation of hemp cultivation is expected to boost stock prices in related sectors. Market analysts at KTBST Securities Research say plantation and refinery businesses are likely to be the first to to receive licenses to grow hemp or produce extracts, and those businesses should expect an uptick in stock prices. Market analysts add that businesses that plan to…
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Pattaya Beach, fly over the pristine but horrifyingly empty beaches | VIDEO
The Thailand Discovery YouTube channel has captured an empty Pattaya beach front for the first month of 2021. The first month of any year would usually be one of the busiest months of the year and the beaches should be heaving with tourists in the post Christmas/New Year break and the lead up to the Chinese New Year travel burst.…
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7 million Thais already signed up to latest stimulus package
7 million Thais have already registered for the latest economic stimulus package – Rao Chana (We Win). But Thailand’s Finance Minister believes that 10 million will finally register for the new relief in the wake of the second wave of Covid-19 infections sweeping the Kingdom. The new scheme is similar to other government stimulus packages where recipients aren’t just given…
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Hemp now legal to grow in Thailand
Hemp is now legal to grow in Thailand, the Food and Drug Administration announced. The general public can seek permission to grow hemp for commercial, medical, educational, personal, traditional, and cultural purposes. There will be training sessions to educate the public about laws and regulations on hemp as well as health-related products made from hemp. According to the FDA deputy…
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Thai senior and disabled citizens will receive 2,000 baht handouts
While the government’s economic stimulus packages continue to roll out, there is also a concern for the disabled and senior citizens who are excluded from the criteria to get benefits from the government’s major aids at this stage. The Ministry of Social Development and Human Security plans to distribute 2,000 baht handouts to that demographic of the Thai population. According…
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210 billion baht stimulus confirmed for “Rao Chana”
A budget of 210 billion baht of stimulus handouts to help financially-affected people from the Covid-19 outbreak, has been confirmed and ready to be distributed to 31 million people. Each applicant in the project will get 7,000 over 2 months, but not in cash. They will only get money transferred via the “Pao Tang” app once subscribing to the website…
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Shoppers disgruntled as registration for co-payment scheme fills up in 10 minutes
Social media users are up in arms after registration for the government’s Kon La Khreung (“Let’s Go Halves”) co-payment scheme filled up within 10 minutes. The scheme, first introduced as an economic stimulus measure in the wake of the Covid-19 crisis, gives shoppers 50% off the purchase of everyday items, up to 150 baht a day and capped at 3,500…
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BTS skytrain maximum fare rate increasing to 158 baht despite backlash
Bangkok’s BTS skytrain maximum fare rate is being raised to 158 baht despite receiving backlash over the hike. The Transport Ministry is behind the calls for City Hall to stop the increase as it says it is too expensive for the average commuter who takes the BTS 2 times a day. Saksayam Chidchob, the Transport Minister, says other routes should…
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Thailand’s rich not eligible for 3,500 baht government handout
Thailand’s Finance Ministry has confirmed that wealthy citizens are not eligible for the government’s monthly cash handout of 3,500 baht. The Rao Chana (“We Win”) scheme consists of 2 monthly payments of 3,500 baht for those struggling with the financial fallout of the Covid-19 pandemic. Those with savings above a certain, unspecified threshold, will not qualify. The ministry has not…
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PM announces the distribution of 3,500 baht to help during Covid outbreak
PM Prayut Chan-o-cha announces the 3,500 Baht distribution to help people financially affected during this second major outbreak of Covid-19, including informal workers, freelancers, and the unemployed. At the same time, the government will also help reduce the cost of living expenses of all households nationwide including electricity and water bills in February and March. Special internet packages will also…
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Thailand ranks 4th in the world for highest loss of tourism revenue – Official ESTA
The following article was submitted by a public relations company representing Official ESTA, a visa application and assistance processing firm. Thailand has one of the highest loss of tourism revenue in the world with a loss of $37,504 million USD. The country ranks fourth on a list complied by the company Official ESTA intended to show the financial impact the Covid-19…
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Thai labour market bounces back despite the pandemic
Despite Covid-19 pandemic’s negative impact on the economy with numerous layoffs and business closures, the Thai labour market survived and is experiencing an unemployment rate that is lower than expected, according to the Deputy Chairman of the Thai Labour Solidarity Committee, Chalee Loysoong. While the unemployment rate is lower than expected at 2% or 700,000 individuals, Thammasat University associate professor…
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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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Thai PM pledges financial assistance for workers affected by Covid-19 restrictions
“We’ll find the money.” This is the promise from PM Prayut Chan-o-cha, who’s instructing the Ministry of Finance and other relevant agencies to come up with measures to help workers who have been affected by the Covid-19 resurgence. The PM has pledged economic assistance for those who have lost their jobs, are currently being furloughed, or whose businesses have had…
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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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