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 to consider rescue packages for tourism businesses in South
The government will hold a mobile Cabinet meeting in Phuket today to consider potential rescue packages for tourism-related businesses that have been ravaged by the closure of international borders. The proposals, which include soft loans for airlines and other businesses, come after PM Prayut Chan-o-cha met with Phuket business representatives and local officials yesterday. The Bangkok Post reports that the…
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PM in 2 day visit to economically-ravaged islands of Phuket, Samui
The PM and his Cabinet are visiting Phuket and Samui today and tomorrow, in order to meet with business leaders and provincial government, to discuss ways to help the decimated local economies. Since the closure of borders in late March, as the Covid-19 pandemic began its worldwide rampage, former tourist hotspots like the southern islands have borne the brunt of…
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Answering the question, who will fight for Phuket’?
OPINION by Bill Barnett from c9hotelworks.com Thailand’s tourism industry is sadly at the short end of the stick as policies gyrate over the reopening of the country to international travellers, yet no single province has more to lose than the resort island of Phuket. Phuket’s economic engine is leveraged on tourism. It’s a place where on a combined basis, one…
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US cuts Thailand’s tariff benefits after long-running pork dispute
Thailand’s duty-free privileges for US$817 million in exports with the US are to be revoked from the end of this year, according to US President Trump in an announcement yesterday. The President blamed a lack of progress in opening the Thai market to US pork products. Trump’s letter announcing the action follows more than 2 years of threats and negotiations…
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Free Trade Agreement talks continue between Thailand and EU
Thailand is resuming trade talks with the European Union on the long-delayed Thai-EU free trade agreement. The 15th Thai-EU Senior Officials’ conference was held virtually between leading Thai and European trade officials this week. The push was on to have the Free Trade Agreement signed and sealed by the end of this year. Discussions were held regarding the ongoing affects…
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Officials to choose “low risk” countries for possible reduction in quarantine
The Thai government is to compile a list of countries considered “low risk” for the Covid-19 virus, as it considers a reduction in the mandatory 14-day quarantine period for foreign arrivals. Nation Thailand reports that, once finalised, the Public Health Ministry will submit its list to the Interior Ministry, who will use it to decide the criteria for reduced quarantine.…
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Approval sought for multi-billion-baht Phuket medical hub
Industry officials are seeking the go-ahead for a project to transform over 140 rai of government land in Phuket into a world-leading medical hub. The project is budgeted at 3 – 4 billion baht, depending on which report you read. Kitkong Tantijaraswarodom, from the Federation of Thai Industries, believes the development of a medical and wellness hub in the sub-district…
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Permanent residency, changes to quarantine period – Government mulls strategies to revive economy
“The government is considering offering permanent residency to those buying condos in the Kingdom.” Energy minister and deputy PM Supattanapong Punmeechaow has outlined a number of strategies the government hopes will help the Thai economy recover from the Covid-19 fallout. Permanent residency for some condo purchases, changes to the mandatory quarantine and incentives for foreign investment are all under discussion.…
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“Protests could affect the economy” – Bank of Thailand
The ongoing political protests could have a negative impact on Thailand’s already crippled economy by weakening domestic consumption and tourism even more, according to the Bank of Thailand. The bank’s newly appointed governor Settaput Suthiwart-Narueput, who started this month, says they need to keep a close watch on the situation. “Basically, the political factor is one of the uncertainties… It…
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Phuket tax revenue plummets during pandemic – VIDEO
The Covid-19 pandemic led has tax revenue in Phuket to be cut in half. Border closures, banning international tourists, has caused the tax revenue for the popular island destination to plummet. From January to August, total tax receipts year on year fell by more than 46%, according to data from the Phuket Area Revenue Office, obtained by The Phuket News. In…
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Bangkok office rents drop for the first time in 10 years
As the coronavirus pandemic continues to take a toll on Thailand, and the region’s, economy, Bangkok office rents and occupancy rates are expected to drop after consistent growth over the past 10 years, according to Colliers International Thailand. It will be the first contraction in that sector since 2010, according to the property consultancy’s associate director of research and communication,…
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Covid-19 could lead to a crisis worse than the 1997 Asian financial crisis
With debt relief measures set to expire this month, Thailand’s financial woes, brought on by the Covid-19 pandemic, might end up being worse that the 1997 Asian financial crisis, known in Thailand as the Tom Yam Kung crisis, according to the Bangkok Commercial Asset Management. The 1997 Asian financial crisis started in Thailand with the financial collapse of the Thai…
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Minor International Chairman calls for major overhaul of Thailand’s ASQ
Minor International’s outspoken Chairman, Bill Heinecke, has penned an open letter to Thailand’s Public Health Minister, Anutin Charnvirakul. The thrust of the letter is that the current ASQ and general quarantine requirements and restrictions, is making any recovery of the country’s tourism and hospitality industry. Minor hotels have already serviced 2,500 guest as part of the Thai government’s Alternative State…
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China’s economy expected to grow 1.6% in 2020 – World Bank
Much the world is currently seeing continuing surges of new Covid-19 cases, some countries are well into their 2nd wave. Meanwhile China is quietly getting it’s industrial engine and economy going again as new cases. In fact China’s number of ‘active cases’ has been dropping since April, and now is fewer than 200 total cases across the country. Along with…
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Chiang Mai’s economic losses to reach 100 billion baht due to Covid-19 pandemic
Chiang Mai’s economic losses are estimated to reach 100 billion baht after Covid-19 ravaged the city’s tourism industry. The Bangkok Post reports that Varodom Pitakanonda, the president of The Chiang Mai Chamber of Commerce, says the city’s revenue from tourists “contracted severely this year due to the coronavirus”. “Now, we are pinning our hopes on government stimulus packages to salvage…
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Economic think tank says shopping stimulus will only help in the short-term
The research division of Kasikorn Bank says while the government’s planned shopping stimulus has its advantages, the benefits will only be short-term. The Kasikorn Research Centre points out that the scheme, which it’s hoped will run from October 23 to December 31, will only provide a temporary boost to the economy. The stimulus measure, which is being put to the…
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Thailand’s Health Ministry wants to reduce tourist quarantine to 10 days
Thailand’s Health Ministry is seeking to reduce the mandatory quarantine period for foreign tourists, currently mandated at 14 days, to 10 days. The reduction would be assessed after one month and, if successful, quarantine could be further reduced to 7 days. However, this reduction would only apply to those arriving from countries considered “safe” from Covid-19. Those arriving from high-risk…
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Key foreign investors could be exempt from quarantine
Key foreign investors might get to skip out on the 14 day quarantine required for travellers entering Thailand. Allowing high spending investors a free pass on the isolation period is aimed to help revive the economy after it was battered by the pandemic. The Centre for Economic Situation Administration, or CESA, is expected to discuss the proposal today. Special measures…
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Thai government considers easing restrictions for foreign business travellers
The Thai government is considering further easing entry restrictions for foreign travellers coming to conduct business in the Kingdom. Currently, around 11,000 businesspeople and work permit holders have been granted entry by the Centre for Covid-19 Administration Situation since they started allowing some foreigners back into the country after July. All arrivals have to submit to a mandatory 14 day…
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Head of economic recovery panel warns of collapse if borders not re-opened now
A businessman heading up an economic recovery panel is warning the government that unless Thailand’s borders are re-opened for the last quarter of the year, the country is headed for total economic collapse. The Bangkok Post reports that Pailin Chuchottaworn says the gradual easing of Covid restrictions in recent months is not enough, insisting the country must re-open to international…
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Thailand beaches may limit visitors until Covid-19 vaccine is available
Beaches and national parks might not fully open to international tourists until a Covid-19 vaccine is available. Around 120 to 150 tourists departing from China are set to arrive in Phuket on October 8 after a 6 month ban on international tourists. They’ll have to go through a 14 day state quarantine, but after that, they may not be able…
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Cabinet to approve co-payment of 3,000 baht each for 10 million consumers
In its latest round of direct economic stimulus, the Thai government is to offer a co-payment of 3,000 baht each to 10 million Thai citizens for a period of 3 months. The scheme is expected to kick off on October 23 and run up the end of the year, with the co-payment subsidising half the cost of purchases, but excluding…
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Government to stir economy with 100 billion baht stimulus starting in October
The Thai Government is expected to stimulate the economy with 100 billion baht boost starting in October until the end of the year. The injection will reportedly come from both the people’s and the government’s spending under three stimulus measures according to the Deputy PM Supattanapong Punmeechaow. The first measure will reportedly give 14 million welfare cardholders an extra 500…
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Deputy PM says 2 years until Thailand’s economy is back to normal
It’s going to be another 2 years until Thailand’s economy is back on track, according to Deputy PM Supattanapong Punmeechaow. At least that’s the amount of time he expects it will take to get the economy back to “normal levels” from before the coronavirus pandemic. The coronavirus crisis crippled economies across the globe. The Covid-19 pandemic is already the worst…
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70% of Phuket’s tourism businesses are closed, many for good
Most tourism businesses in Phuket have closed due to the Covid-19 pandemic, and they probably won’t be up and running again until foreign tourists are let back in Thailand. Phuket Governor Narong Woonciew says around 70% of tourism businesses have closed, most of them just temporarily, but some have shut down permanently. But the statistics are not quite that simple,…
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Ministry of Labour, CP Foods to hire 8,000 graduates to help reduce unemployment
To help reduce unemployment and boost the economy after the pandemic, 8,000 graduates will be hired by the company Charoen Pokphand Foods, known as CP Foods. Thailand’s Ministry of Labour recently signed a memorandum of agreement with the company. 4,000 of those jobs will be in Bangkok and metropolitan areas while the other 4,000 more in the upcountry. The job…
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4 Thai banks to be investigated for “suspicious transfers” after FinCEN files report
4 Thai banks are being investigated after an international money laundering report said the Thai banks had “suspicious financial transactions.” The report found 92 “suspicious” transactions in and out of Thailand totalling to $9,558,752 USD received in Thailand and $31,750,000 USD sent out. Files were allegedly leaked from the US Financial Crimes Enforcement Network, known as FinCEN, and journalists from…
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Struggling airlines to get reprieve through small loans, extension to fuel tax cut
Airlines in Thailand are being offered a financial lifeline, as the Government Savings Bank announces soft loans for carriers left struggling as a result of the current Covid-19 ‘disruption’. Nation Thailand reports that the GSB is offering the loans over a 60 month period, with an annual interest rate of 2%. Chairman Patchara Anuntasilpa says the proposal will shortly be…
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Laid off workers ask for financial assistance after Thai Airways’ flight suspension
Almost 2,600 laid off employees of the Thai Airways subsidiary company Wingspan have filed complaints with PM Prayut asking for financial assistance. The State Enterprises Workers’ Relations Confederation stated that the company had let go the employees as of September 1 due to THAI flights being suspended since the end of March this year. The complaints of the sacked workers…
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Budget airlines ask for lifeline, no answers from PM
No surprise that one of the biggest industries to suffer from the border closures and travel restrictions was the airlines. Whilst there has been a gradual reboot of domestic travel within Thailand, there is still a ‘fear’ factor and reticence to travel. And the carriers are restricted to the domestic routes and have lost an entire sector of their businesses…
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