Economy News
Thailand economy news, business updates, financial markets, and government policies—stay informed on economic developments shaping the nation. Get the latest from The Thaiger, your trusted source for Thailand economic news.
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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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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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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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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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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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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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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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Vandals target US politicians over pandemic relief package
Vandals have targeted the homes of US politicians over a hotly-debated $900 billion pandemic relief aid package. Republican Senate leader Mitch McConnell and Democrat Speaker of the House Nancy Pelosi saw their homes littered with graffiti, fake blood and a pig’s head. “Were’s [sic] my money” and “Mitch kills the poor” graced McConnell’s front door and window in Louisville, Kentucky,…
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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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Covid-19 resurgence, weak labour market, threats to economic recovery – Bank of Thailand
A director at the Bank of Thailand’s economic and policy department says the resurgence in Covid-19, coupled with a fragile labour market, poses a threat to the country’s economic recovery. Chayawadee Chai-Anant says the reintroduction of strict lockdowns in many other countries also poses a risk. She says the full impact will depend on the rate of new infections in…
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Gold sales go up as Thais sell jewelry to pay for routine expenses
With job losses and pay cuts brought on by the pandemic, many Thais are lining up to sell their gold to bring in some cash, like 22 year old Suvirat Namvicha, an office worker in Bangkok who had her overtime expenses cut. Survirat, who is also pregnant, says she needed to sell a gold necklace to pay for her medical bills.…
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Thai government plans to amend business, immigration rules, for foreign investors
Foreign investors in Thailand have long decried the onerous, complex, and sometimes downright baffling, bureaucracy that comes with doing business in the Land of Smiles. And it appears officials in Bangkok are finally sitting up and taking notice. Nation Thailand reports that, in an effort to stimulate the ailing economy, the government plans to make some changes to the regulations…
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Economy to lose billions of baht from Covid-19 lockdown – Kasikorn Research Centre
The economy will lose billions of baht following the Covid-19 outbreak in Samut Sakhon, just southwest of Bangkok, according to Kasikorn Research Centre. Shutting down the seafood industry in the province, calling off New Year parties in Bangkok and trips being cancelled due to virus fears will cost the economy a total of at least 45 billion baht over the…
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Police charge 4 with swindling co-payment scheme, investigate over 700 others
The deputy national police chief, Damrongsak Kittiprapat, says 4 people have been charged with de-frauding the government’s co-payment stimulus scheme. He adds that around 700 others are also suspected of swindling the scheme. It’s understood the 4 people charged allegedly persuaded co-payers to carry out fake transactions so that money could be redeemed under the campaign. The Bangkok Post reports…
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Deputy PM says pandemic exposed problems in Thai economy, time to improve
As the Covid-19 pandemic hit economies all over the world with business closures and travel bans, issues with Thailand’s economy were exposed, according to Deputy PM Supattanapong Punmeechaow. The country cannot go back to the way it was before the global outbreak, he says. Thailand’s large tourism industry was battered by the lack of foreign visitors. Small and medium businesses…
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Phase 2 of travel stimulus may be cancelled due to fraud, as PM said to be “furious”
Officials are considering cancelling the next phase of the government’s domestic tourism stimulus campaign, after multiple cases of fraud emerged. To date, over 200 people have been prosecuted for corruption in the domestic travel campaign, as well as in other government stimulus schemes. The Tourism Authority of Thailand says that, in conjunction with the Tourism and Sports Ministry, it has…
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Bank of Thailand says being on US currency “watchlist” won’t have a “material impact”
Thailand being added to the United States Treasury’s “watchlist” for suspected currency manipulation won’t impact foreign trade and investment too much, the Bank of Thailand says. Now that Thailand is on the “monitoring list,” US government says it will keep “close attention” on the country’s currency practices to determine if any measures are intended to gain an unfair advantage in…
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Ministry investigating multiple cases of corruption in government’s co-payment scheme
The government’s “Let’s Go Halves” (Khon La Khrueng) co-payment stimulus campaign has fallen foul of 100s of incidents of fraud, according to the Finance Ministry. Under the scheme, the government subsidises 50% of the cost of food, drink, and other products, up to a maximum of 150 baht per person per day, capped at 3,000 baht per person for the…
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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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Cabinet approves extension, upgrade of stimulus measures, welfare payments
The government has given the green light to the extension and refinement of a number of economic stimulus schemes and welfare payments. 43.5 billion baht has been set aside to fund an extension of the current co-payment scheme and the welfare card program. It’s understood 22.5 billion baht will go to phase 2 of the co-payment scheme, with 21 billion…
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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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