Economy News
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Covid-19 cases could lead to a drop in revenue for New Years, economist says
A rise in local Covid-19 infections could discourage many people from travelling and going out for New Years celebrations, costing Thailand’s tourism industry 14 billion baht to more than 16 billion baht, according to economist Anusorn Tamajai. Recently, 17 Thais tested positive for Covid-19 after returning from the Myanmar border town Tachileik, crossing the border illegally and dodging the mandatory…
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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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Former WTO director cautions against re-opening Thailand too quickly
The former director general of the World Trade Organisation has issued a caution against Thailand throwing open its borders too early. Supachai Panitchpakdi says Covid-19 is still very much a threat, pointing to other countries that appear trapped in a cycle of easing restrictions, followed by renewed lockdowns. His comments come as England emerges from a national lockdown, only for…
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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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Deputy PM says rise of Thai baht is only temporary
Deputy PM Supattanapong Punmeechaow says that, while the Bank of Thailand is monitoring the current appreciation of the Thai baht, he believes the rise is only temporary. He says the appreciation is being driven by foreign investors turning to the markets as they seek to make a profit by the end of the year. According to Supant Mongkolsutree from the…
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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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Foreign minister meets with Phuket-based diplomats to discuss the island’s future
The Thai Foreign Minister and Deputy PM, Don Pramudwinai, has met with a group of European and Asian diplomats based in Phuket to discuss the future of the southern island province. Attendees came together to talk about economic stimulus measures that could help Phuket, which has been hit hard by Covid-19 travel restrictions and the closure of Thailand’s borders. According…
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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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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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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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Dow and S&P 500 take a breath after an ugly week, tech stocks lead the way down
US stocks closed lower yesterday to end an ugly week downbeat with ‘uncertainty’ remaining the overwhelming sentiment. Tech stocks led the march downwards. The Dow Jones Industrial Average dropped in its biggest monthly collapse since March with investors reacting to rising Covid-19 cases in the US and Europe, peppered by nervousness ahead of next Tuesday’s US presidential election. The increased…
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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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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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Thailand at the crossroads. The anti-government protesters vs Thai establishment – VIDEO
Click to watch the video… This video provides some background of the protests and their challenge ahead. They are battling a deeply entrenched “establishment”, including the Army, the government, the Bangkok ‘elite’ and years of conservative traditions protecting the revered Thai monarchy. The protesters are young, educated and motivated. The government controls the levers of power. What will happen? Like…
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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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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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The Pattaya to Hua Hin bridge. Government discusses 900 billion baht investment.
The government is looking into a so-called “Thai Bridge” that would connect Pattaya to Hua Hin, an estimated 900 billion baht investment. The project would be part of the Eastern Economic Corridor development plan aimed at improving the transportation and infrastructure in Thailand. The 900 billion baht investment is expected to take 10 years to financially implement, according to chairperson…
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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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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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