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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Thai economy shrinks, pandemic to blame
The Thai economy is shrinking. A lot. So much that it’s close to hitting as low as it did in the 1998 financial crisis. Some say the coronavirus pandemic is to blame. For the second quarter, the Thai economy shrank by 12.2%, the National Economic Social Development Council says. That’s just a few decimal points away from a low in…
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Thai education set to change, prepare students for the future
Teachers may have to mix things up in the classroom. Thailand education officials are planning to change teaching with a new model they call “Education Eco-System.” The goal is to prep students for the rapidly changing future, the Education Ministry says. Along with a new curriculum, tests will be used less to evaluate students. With demands for a competitive labour…
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Phuket drivers, tour operators ask Toyota for loan grace period
With the drastic decline in tourism, dozens of van and taxi drivers, as well as tour operators in Phuket say they can’t make payments for their vehicle loans. With around 20,000 baht+ owed per month and little to no income, drivers and tour operators are facing having their vehicles repossessed. This morning, around 50 drivers and operators gathered together in…
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Labour minister says unemployment less than half of predictions
Thailand’s labour minister told a Friday press briefing that the number of unemployed people in Thailand is around 2 to 3 million, less than half the 7 to 8 million previously predicted. He said that since The National Economic and Social Development Council did the calculation, “it cannot be wrong… as the latter is Thailand’s economic planner”. Given the gravities…
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Phuket proposes to welcome tourists by November
PHOTO: Willy Thuan Phuket business owners are pressing forward with a proposal to turn around province’s tourism industry by allowing long-stay tourists to resume visits to the southern resort island as early as November. Under the “4T” model put forward at a meeting of the provincial disease control committee, long-stay visitors have been identified as having the best potential to…
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UPDATE: SET suspends trading of Thai Airways shares
UPDATE: Trading in Thai Airways shares was suspended by the Stock Exchange of Thailand this afternoon after auditors declined to sign off on its financial statements for the six months to June 30. Auditor Deloitte Touche Tohmatsu Jaiyos said it couldn’t reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults, which created…
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Thai Airways loses 28 billion baht in the first half of the year
Embattled, bankrupt Thai Airways suffered about 28 billion baht in losses for the first 6 months of this year, mainly attributable to the Covid-19 pandemic, which has seriously impacted its operations and crushed global travel, grounding fleets and shuttering many airlines altogether. The airline’s acting president said today that the pandemic has led to many countries, including Thailand, closing their…
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PM Prayut speaks about the new Cabinet and tackling social and economic issues
Yesterday, Thai PM Prayut Chan-o-cha delivered a speech about the new Cabinet and discussed social and economic concerns to drive Thailand forward during the ongoing Covid-19 crisis. He said that there are 5 key job guidelines to be followed in the service of the citizens of Thailand… • Keep providing short-term financial relief for the people, with particular attention to…
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Thailand urged to promote itself as production hub for medical supplies, PPE
Thailand is being encouraged to promote itself as a manufacturing hub for medical and personal protection equipment as part of its financial strategy amid the coronavirus crisis, as industries like tourism and hospitality struggle. The director of the Centre for International Trade Studies at the University of the Thai Chamber of Commerce told reporters that the latest survey of 200…
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Study finds 82% of Thais “confident” in reopening tourism sector
As Thailand gradually reopens its borders, new findings from a global study suggests that 82% of Thais are confident that Thailand is well prepared to reopen its tourism and leisure activities, the highest globally. The study also found that tourists from Hong Kong, Singapore, Philippines, Indonesia, and India are all targeting Thailand as their first destination when their countries’ borders…
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US dollar denominated gold trade to be allowed
Ending decades of regulations limiting gold trade in Thailand to the baht, the US dollar will now be allowed as well. 2 weeks ago, in a bid to slow the rapidly rising baht and avoid landing on the US list of “currency manipulators”, the Bank of Thailand announced a policy to allow trading gold products in US dollars. Market players…
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CCSA to allow sports gatherings, exempt Chinese fruit traders from travel ban
The Centre for COVID-19 Situation Administration announced on Monday that will allow fans to attend sports events, and allow Chinese traders to enter Thailand for fruit export. The CCSA said that as Thailand approaches 80 days without a local Covid-19 transmission, it’s believed to be safe for spectators to attend large sports gatherings, although measures will be tighter for events…
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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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