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 Working in Thailand: How expat health insurance protects your career and lifestyle
Starting a career in Thailand can be an exciting chapter, but it also brings unique challenges, especially when it comes to health and wellness. For expats, navigating Thailand’s healthcare system and meeting work permit requirements can be difficult. And while...
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Thailand’s PM speeds up stimulus measures to boost domestic spending
Thailand’s PM is speeding up economic stimulus measures to continue the effort to boost domestic spending throughout the year. In a meeting yesterday, PM Prayut Chan-o-cha told the Finance Ministry to push forward the rollout of the 3rd phase’ co-payment scheme, financial relief scheme and the Section 33 We Love Each Other programme. Deputy PM Supattanapong Punmeechaow, noted that the…
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Civil Aviation Authority to consider airlines’ requests to ease some Covid measures
The Civil Aviation Authority of Thailand has singled out 8 Thai airlines it still has faith in and believes will stay afloat. The CAAT says that without the Covid-19 crisis, none of the carriers risked going bankrupt and the tough financial situation they find themselves in is solely due to the pandemic. The Bangkok Post reports that the 8 airlines,…
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Government warns of fake apps attempting to cash in on handout scheme
Thailand’s Labour Ministry has warned the public to be aware of fake mobile applications when registering for the government’s latest cash handout scheme. Spokeswoman Ratchada Thanadirek says that while a number of apps may be masquerading as registration platforms for the Mor33 Rao Rak Kan (“We Love Each Other”) campaign, registration is only possible via one official website. “The scheme…
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Finance Minister says vaccination rollout will drive economic recovery
Thailand’s Finance Minister is pinning his hopes on the rollout of Covid-19 vaccines to kick-start the decimated economy. Arkhom Termpittayapaisith says the economy should begin to recover in the last quarter of the year, saying the government’s vaccination drive will boost the public’s confidence, leading to more domestic travel. The minister adds that he experienced no problems after receiving 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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Cannabis could generate 8 billion baht for Thai pharmaceutical industry by 2025, expert says
Cannabis could become a major cash crop in Thailand. An expert says the cannabis-based medicinal products could generate up to 8 billion baht for the Thai pharmaceutical industry by 2025. Medical cannabis has been legal in Thailand for the past couple years, but recently the government agreed to allow parts of the plant with very, low traces of the “high-inducing”…
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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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Thai industry leaders warn economy on brink of collapse
Thai industry leaders are warning that if tourists don’t return soon, the economy will soon collapse with daunting consequences. And, as the Covid-19 vaccination programme is slow to take off, the window is closing for this year to make any kind of substantial recovery through reopening the country. Just this week, an opposition MP drew the government’s attention to the…
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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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PM approves new financial aid package for social security recipients
The Thai PM, Prayut Chan-o-cha, has given the go-ahead to another stimulus measure, this time aimed at social security beneficiaries. The scheme, known as Rao Rak Kan (“We Love Each Other”) will provide recipients with a cash payment via the Pao Tang application. All social security beneficiaries are eligible, provided they are Thai nationals and do not have more than…
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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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1.5 million Thais approaching poverty line
A new report by the World Bank has indicated that 1.5 million Thais are approaching the poverty line after Covid-19 ravaged the tourism-dependent economy. In 2020, the report says the poverty ratio in Thailand increased to 8.8%, compared with 2019’s figure of 6.2%. The report is troubling as the Thai economy already passed rock bottom in the 2nd quarter of…
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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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Government considering another registration round for co-payment scheme
The Finance Ministery is considering adding another registration round to the Khon La Khrueng (“Let’s Go Halves”) co-payment scheme, as 1.34 million rights have not yet been taken up. The government introduced the scheme last October, in an effort to stimulate the Covid-battered economy. Under the scheme, Thai citizens get a 50% subsidy on the purchase of food, drink and…
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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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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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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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