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 government says Covid treatment is free, but patients report hefty bills
Despite the Thai government repeatedly saying all Covid-19 patients will receive free treatment, hefty bills are being posted on social media. Tares Krassanairawiwong, director-general of the Health Service Support Department, insisted again that the treatment for Covid is free at any state or private hospital, but listed maximum amounts on coverage for individuals. The National Health Security Office says it…
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Thailand Consumer Confidence Index hits record low
The University of the Thai Chamber of Commerce has reported that the Consumer Confidence Index has hit another new record low of 46.0 in April. The Covid-19 global pandemic has had a devastating effect on the economy and consumer confidence has fallen frequently to the lowest points that it has seen since 1998. The president of the UTTC believes that…
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Stimulus package gives more back the more you spend
A new stimulus package targeting middle and high-income people aims at increasing spending by offering more e-voucher the more you spend. Ying Chai Ying Dai, which translates to “the more you spend the more you get”, will reward those who spend between 46,000 and 70,000 baht with a 7,000 baht e-voucher. This part of the government’s 225 billion baht stimulus…
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Thailand increases durian exports to China by 14% this year
Thailand has exported 14% more durian to China in this year’s first quarter over the same period last year. The Trade Negotiations Department Director General says Thai durian auctions in the first quarter secured 186 million, making up 88% of the total amount of Thai durian exports to world markets. Last year, Thailand exported US1.5 billion worth of durian to…
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225 billion baht Covid-19 stimulus package gets initial approval
Thailand’s cabinet gave initial approval today for a stimulus package of 225 billion baht to provide low-income groups relief from the devastating third wave of Covid-19. The plan to invest nearly a quarter of a trillion baht into financial stimulation measures passed its initial stage today and will be reviewed and voted on within the next few weeks according to…
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Thailand requires in-person registration for cryptocurrency
Thailand has launched new regulations for anybody opening a cryptocurrency account that requires physical registration and forbids online setup. The Anti-Money Laundering Office created this rule that goes into effect in September 2021 in an effort to reduce money laundering, a practice that plagues crypto. People registering a cryptocurrency account in Thailand will be required to scan their Thai ID…
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Thai government mulling more relief packages in light of Covid-19 third wave
Thailand’s government is mulling more relief packages to help counteract the country’s third wave of Covid-19. PM Prayut Chan-o-cha has told all economic agencies to fast-track their assessments of how the third wave has impacted the economy, a requirement that must be completed before new relief packages can be detailed. Once the packages have been created, the Centre for Covid-19…
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Covid-19 again lowers Thai economic growth forecast to 2.3%
Thailand’s economic growth forecast was lowered to 2.3% as the tourism outlook remains bleak as Covid-19’s third wave pummels the country. Back in October 2020, the Finance Ministry’s Fiscal Policy Office had originally predicted a 4.5% growth for Thailand’s GDP, when Covid-19 seemed to be waning in the country. By January, as the second wave hit, projections were reeled in…
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Foreign investors eye business in Thailand as hotels face closure during new outbreak
The new wave of Covid-19 infections this month has led to a drop in occupancy rates at Thailand hotels, some reporting drops of 5% to 30%, battering hoteliers that have already been struggling from a year of little to no foreign tourists. Some hotel operators have been forced to sell their businesses, according to the president of the Arjarnnar Asset…
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Shopping centres, supermarkets and convenience stores to close an hour earlier in Red Zones
With the rising reported cases in Thailand, The Thai Retailers Association and Thai Shopping Centre Association has adjusted closing times for shopping centres, supermarkets and your local convenience stores. The situation applies for red zone provinces only at this stage. The new closing times will operate until at least May 2. • Shopping centres will close at 8pm • Supermarkets…
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New Covid-19 wave could cause the Thai economy to lose 100 billion baht per month
With more than 18,000 Covid-19 cases in 22 days, the new wave of infections may have a dramatic impact on the Thai economy… possibly a 100 billion baht loss per month, according to the University of the Thai Chamber of Commerce. They say the outbreak is likely to primarily impact the service sector and the number of workers is expected…
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8% March growth for Thai exports in promising recovery
An 8% increase in exports is expected for March fueled by online officials connecting foreign buyers with Thai exporters. Commerce Minister Jurin Laksanawisit touted the success of this plan to have officials working as salesmen to promote Thai products worldwide, the results of which produced 14.4 billion baht in exports last year. The Trade Policy and Strategy Office will release…
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Officials not worried Thailand remains on US currency watch list
Thailand remains on the United States Treasury’s “Monitoring List” of countries whose currency trade practices need to be watched, though Thai officials say they are not worried. US Treasury Secretary Janet Yellen releases a foreign exchange report twice a year including labelling alleged currency manipulators and flagging suspect trading partner countries to be monitored. The Bank of Thailand said remaining…
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Covid-19 brings surge in gold and cryptocurrency investment
In the uncertain times of the Covid-19 pandemic, investors are leaning towards safe investments like gold and also the emerging cryptocurrency market. Gold prices hit a 7 week high at over 55,000 baht on Thursday and around April 15 online gold transactions in Thailand doubled. One reason for the rise in gold price is uncertainty, with tensions growing between the…
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China grows 18.3%, the only major economy to grow in 2020
China’s economy set a record for growth in Q1, 2021, marking an 18.3% jump in year-on-year figures, the biggest quarterly growth in almost 30 years. China only started publishing growth statistics in 1992, and this drastic increase is the fastest growth recorded since then. The figures, however impressive, are mainly due to what is called a “low base effect” where…
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Thai household debt expected to keep rising- Kasikorn Research
Despite rolling out Covid-19 vaccines, in which could see a faster return to pre-Covid times, Thailand’s household debt is expected to keep rising. Kasikorn Research analysts say it could, in fact, reach 89-91% by the end of the year. In a recent survey, KResearch says 10.8% of respondents could be stuck in a financial crisis. Of those who may be…
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Unemployed elephants walk 500 kilometres from Pattaya to Surin
A group of 5 elephants and their owners began the long walk today from Pattaya to Surin after giving up on the return of tourism anytime soon. The 500 kilometre journey has to be done on foot as they couldn’t afford to hire trucks large enough to carry each elephant. After waiting a year for the Chinese tourists that make…
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Southern Thai people turn from tourism to gold panning
Thars gold in dem hills! With tourism in Thailand struggling due to Covid-19, and an economy needing some help, some people in the southern Thai region of the country have found income in an unusual source: panning for gold. The Sukhirin region close to the Malaysian border is known for gold deposits in the Sai Buri River and surrounding mountains.…
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Thai baht performs worst of all Southeast Asian currencies
Among common currencies in Southeast Asia, the Thai baht was the worst performing in the first quarter of 2021, mostly due to Covid-19’s effect on tourism in Thailand. This week the baht hit its lowest point in half a year, falling 4% against the US dollar to 31.24. The decline was the sharpest in all of the Southeast Asian nations.…
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Thai government plans to draw in rich foreigners to live in Thailand
Say goodbye to the backpacker lifestyle of travelling through Thailand on a shoestring budget. The Thai government plans to lure rich, high spending foreigners with plans underway to reopen the country to foreign visitors. The government plans to draw in at least 1 million high spending tourists – rich retirees who want to settle in Thailand and potential investors interested…
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Thai Chamber of Commerce calls for vaccine delivery to be speeded up
The chairman of the Thai Chamber of Commerce says officials hope to reinvigorate the economy within 99 days, through a “Connect the Dots” policy. Sanan Angubolkul adds that the distribution of Covid-19 vaccines must be speeded up if the economy is to recover in that timeframe. “Thailand is slow in distributing vaccines. This will result in a slow economic recovery.”…
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Government ready to assist Thai businesses affected by Suez Canal blockage
The Thai government says it’s ready to help businesses affected by the blockage of the Ever Given cargo ship in Egypt’s Suez Canal. The 400-metre container ship was blown off course and got stuck sideways in the canal last Tuesday, leading to chaos in world shipping. The blockage in one of the world’s most significant trading routes has caused a…
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Bank of Thailand wrestles with cryptocurrency adoption
The Bank of Thailand is wrestling with cryptocurrency – how to adopt its usage and how to regulate it in the face of growing popularity, along with all the dynamics surrounding the new ‘currencies’.. The BOT admits they’re struggling with balancing the innovation in the financial world and protecting investors in a volatile and unstable market. Digital currency fluctuates much…
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Crude oil imports to Thailand at lowest level since 2015
Crude oil imports to Thailand were down in 2020 to the lowest level since 2015, according to data from Thailand’s energy department. Total imports fell 19,000 barrels per day from 2019 figures, down to 837,000 barrels. Due to the Covid-19 pandemic, domestic production also dropped along with the reduction in oil importing. Thai refineries decreased their production to 1 million…
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Thai lingerie manufacturer ordered to pay workers
A Thai lingerie manufacturer must pay workers that were laid off without compensation, according to the Labour Protection and Welfare Office. More than 1200 employees of Brilliant Alliance Thai Global received no warning when the factory suddenly closed in Samut Prakan province on March 10th. The company blamed Covid-19 for financial failings leading to the closure, but workers were given…
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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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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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