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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Trending upwards, but consumer confidence in Thailand still at a 22 year low
A leading academic says that despite an upward trend, consumer confidence in Thailand still sits at a 22 year low as a result of the economic impact of Covid-19. Thanavath Phonvichai from the University of the Thai Chamber of Commerce, says the pandemic’s devastating effects on tourism, employment, and exports, is mostly to blame, coupled with concerns over the ongoing…
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Outcry as Pattaya’s Walking Street opens to vehicles
Pattaya’s famous Walking Street nightlife district is now open to vehicular traffic around the clock, but not everyone is pleased. Business owners in the Walking Street area are reportedly asking the Pattaya City government to extend a current trial allowing vehicles onto the street at all hours of the day. The trial was proposed as international borders are still closed…
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Thailand’s GDP forecast to fall up to 9% this year
Thailand’s GDP is set to fall 7-9%, year-on-year, according to the Joint Standing Committee on Commerce, Industry and Banking. The fall is, not surprisingly, being fallout from the catastrophic drop in tourism and lower exports. Kalin Sarasin, chairman of the Board of Trade of Thailand, says the expected contraction was revised downwards from 5-8%. The committee also predicted exports would drop…
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Legally grown marijuana to boost medical field, economy
In its weekly meeting yesterday, the Cabinet approved a Public Health Ministry proposal to amend the Narcotics Act to allow patients, medical practitioners and traditional healers to grow marijuana for medical and commercial use. The deputy government spokeswoman said the Cabinet approved the proposal submitted by Public Health Minister Anutin Charnvirakul to amend narcotics legislation enacted last year. Anutin, also…
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Swiss clothing firm denies layoffs
Contradicting earlier reports, Triumph International (Thailand) has denied any link with a garment company that laid off 800 employees on Friday. A statement from the Swiss Triumph Holding AG on yesterday said the company sold its production facilities in Thailand to Body Fashion (Thailand) 4 years ago. Accoding to the company’s head of corporate communications: “In fact, Triumph has handed…
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Hundreds left jobless as Air Force cancels golf club contract
Hundreds of people were left jobless in Chiang Mai yesterday after Wing 41, a property owned by the Royal Thai Air Force and the location of the Star Dome Golf Club, put up a sign cancelling its contracts with all renters. According to Wing 41, all contracts expired yesterday and as of today Star Dome will no longer be open…
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Thai Airways to operate repatriation flights to Denmark, Taiwan
Thai Airways has arranged 2 repatriation flights to Taipei and 2 to Copenhagen this month, to bring back foreign nationals who were stranded by the Covid-19 pandemic. The airline’s acting president says the Taiwan flights will fly on August 5 and 14, leaving Suvarnabhumi Airport at 8:25am and arriving in Taipei at 1:05pm local time; Chansin Treenuchagron said the flights…
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Survey: China travel may take a year to recover
Data from the latest travel report by ITB China Travel Trends show that it’s possible – even likely – that the Chinese outbound travel market will take up to a year to recover from the Covid-19 pandemic. The survey of 200 Chinese outbound travel agents examined the anticipated travel behaviour of outbound Chinese tourists once the beginnings of recovery are…
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Thai delivery app merger gets 3.5 billion baht boost
Homegrown Thai delivery app Line Man is merging with its longtime partner, online restaurant review platform Wongnai Media. Line Man has secured fresh capital investment worth US$110 million (3.5 billion baht) from BRV Capital Management to bolster the new entity. The merger marks the first time any member of the Japan-based Line Group has secured a financial investment of this…
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Nok Air will survive despite bankruptcy: CEO
Thai budget carrier Nok Air is insisting that its business will be able to return to solvency despite filing a business rehabilitation request with the Central Bankruptcy Court, shortly after national flag carrier Thai Airways did the same. Nok Air CEO Wutthiphum Jurangkool said yesterday that the impact of Covid-19 is preventing the airline from flying its 18 international routes,…
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Banks get tough on loan criteria as economic effects of Covid-19 worsen
The Covid-19 crisis has had a devastating effect on the global economy and, while it may have been successful in suppressing the virus, Thailand is in no way immune to the economic fallout. A report in Nation Thailand today says the country’s banks are now clamping down on their lending, imposing stricter criteria on borrowing. PHOTO: Nation Thailand The Bank…
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“We Travel Together” campaign may be extended through 2020
The “We Travel Together” government stimulus campaign may be extended to increase domestic tourism through to the end of the year, while travel bubbles for tourists will hopefully be launched by October, according to the Tourism and Sports Ministry. Phiphat Ratchakitprakarn. He says the slow start of the scheme, launched July 15, can be partly attributed to hesitation among tourists as…
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Central bank mulls severing baht’s gold link to weaken gains
Thailand’s central Bank is mulling breaking the baht’s link to gold as a way to weaken it without being labelled a “currency manipulator” by Washington. According to US Census Bureau data, Thailand’s trade surplus surpassed US$20 billion in the 12 months up to the end of November 2019. That exceeds a $20 billion cap the US Treasury sets for bilateral…
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Phuket seeks to revive tourism with 3 major events planned
Phuket is planning a series of promotional events in an effort to revive tourism in the hard-hit province. With tourism accounting for 80% of the economy, Phuket is arguably one of the most highly-impacted areas in the country after the economic fallout of the Covid pandemic struck. The Minister of Commerce, Jurin Laksanawisit, is overseeing the staging of 3 major…
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Hotel bookings bounce back for long weekend holiday
The long holiday weekend is reportedly seeing heavy bookings at hotels and resorts, reigniting hopes of a revival of domestic tourism, which has been battered for months by the Covid-19 outbreak. Accommodations in the southern provinces in particular have been receiving a good rate of bookings with holidaymakers for the 4 day extended weekend. The tourism authoritiy of Thailand says…
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Government to generate thousands of jobs through 3 projects
The Thai government has signed off on 3 new projects with the hopes of creating nearly 40,000 jobs. A budget of 4 billion baht has been set aside for the new projects. The latest development comes following Cabinet approval of 7 economic restoration projects, with a combined budget of 400 billion baht. The first of the 3 new projects will…
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Thai economy won’t need a bailout from the IMF
The Thai economy won’t need a bailout from the International Monetary Fund, although the GDP growth for 2020 may end up being the lowest in the region. The Governor of the Bank of Thailand, Veerathai Santipraphob says the Thai economy is “strong enough”. Speaking at a seminar entitled “Post-Covid Economic Direction”, Veerathai noted that, although Thailand has managed to control…
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“It will take several years for tourism numbers to recover” – BoT
The Bank of Thailand chief says that “it would take several years for foreign tourist numbers to return to the 40 million levels”. The BoT says, that the coronavirus pandemic has heavily impacted a “lucrative industry” that provides a lot of jobs. The BoT expects only 8 million foreign visitors this year, down 80% from last year’s record 39.8 million.…
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Emergency Decree, Phase 6 to be discussed in coming weeks: CCSA
Dr. Taweesin Visanuyothin, spokesperson of the Centre for Covid-19 Situation Administration, said in a press conference this morning that discussions on the Emergency Decree and a “Phase 6” of lifting Covid-19 restrictions and reopening the country are expected in the upcoming weeks. A meeting is expected of the committees, including the CCSA and the National Security Council, responsible for easing…
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Thailand tries 2-prong strategy to get perishables to China
Thailand is bypassing supply-chain roadblocks to deliver its perishables – mainly agricultural and food products – to China, its biggest market in Asia. Since Thailand shares no border with China, perishable goods like fruit and vegetables have traditionally been sent from Thai farms and warehouses by truck, going through either Vietnam or Laos. Ships and planes are also used, but…
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Suvarnabhhumi Airport sees huge jump in traffic
Despite a continued and near-total ban on international arrivals, Bangkok’s Suvarnabhumi International Airport is seeing a spike in traffic after the government eased lockdown measures and allowed domestic travel. The airport’s general manager says that from July 1-15, Suvarnabhumi saw 3,205 flights (1,604 incoming and 1,601 outgoing) or an average of 214 per day. “The total number of passengers using…
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Somkid’s departure sees baht drop further
The baht’s current shine as the ‘safe’ current in Asia has lost its lustre. After riding high as Asia’s best performing currency last year, the baht has wiped out all of its 8% gains this year during the Covid-19 crisis, and yesterday’s announcement of the resignations of Deputy PM Somkid Jatusripitak and “the four big boys” (4 of Prayut Chan-o-cha’s…
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Thailand’s over-zealous virus control is killing the economy
Investors and economists are saying that “fear” and concerns over a second wave of Covid-19 is stopping Thailand’s economy recover. “Thailand should overcome concern of a second wave of Covid-19 and instead relax restrictions on foreign investors and tourists in order to shore up its falling economy.” Prominent local investor Dr. Niwes Hemvachiravarakorn says that the Thai Government… “shouldn’t worry…
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The future is now: 5G taking off in Thailand
5G… we’ve all heard aboutit, but what is it, really? 5G literally means fifth-generation wireless technology. As the successor to 4G, the biggest changes include higher speeds, almost zero latency (the delay in transfer of data once an instruction has been given), and the ability to connect more devices at once. However, the benefits of 5G aren’t limited to its…
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Deputy PM Somkid, top economic team resign
Deputy PM Somkid Jatusripitak, widely considered Thailand’s economic tzar, has resigned, along with 3 ministers working for him, paving the way for the long-rumoured cabinet reshuffle by PM Prayut Chan-o-cha of the government’s economic team. The 3 others are Finance Minister Uttama Savanayana, the energy minister and the minister of higher education, science, research, and innovation. The deputy secretary-general of…
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Poll shows most Thais still oppose foreign arrivals
A recent survey carried out by the National Institute of Development Administration, or Nida Poll, shows that a majority of Thais still oppose opening the country to foreigners, even if they’re not infected with Covid-19, saying the global coronavirus situation is still very serious. The poll was conducted on July 6-8 on 1,251 people aged 18 and over, of various…
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Koh Lan to get “neo” branding to attract tourists
The popular resort island of Koh Lan, about 8 kilometres off the Pattaya coast in the Gulf of Thailand, will become “Neo Koh Lan”, as Pattaya is being upgraded as a tourism and investment hub under the Thai government’s poster economic project, the Eastern Economic Corridor (EEC) scheme. Pattaya’s mayor says the island, along with Koh Sichang (north of Koh Lan)…
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Travel bubbles may be postponed “indefinitely”
The Civil Aviation Authority of Thailand now says the proposed “travel bubble” scheme, which could have allowed limited numbers of tourist arrivals from designated “low risk” countries, may have to be “postponed indefinitely”, after its 3 target partners – China, Japan and South Korea – experienced new outbreaks of Covid-19. On Tuesday, the CAAT’s director-general told reporters he expected Thailand…
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One third of tourism businesses could go under due to Covid-19
The president of the Tourism Council of Thailand is warning that close to a third of tourism-related businesses are likely to be permanently shuttered in the second half of this year, due to the impact of the Covid-19 crisis. Chairat Trirattanajarasporn says many will simply run out of liquidity to keep their businesses afloat and be forced to close up…
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“Travel bubbles” to require minimum 2 week stay
“Travel bubble” tourists who visit Thailand during its soft and timid reopening phase, tentatively scheduled for August, may have to spend 14 days in designated areas. Then, a negative test for Covid-19 after 2 weeks would free them up to go anywhere in the Kingdom. Thailand’s tourism and sports minister says he’s met with PM Prayut Chan-o-cha about creating travel…
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