Economy News
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Thai Airways gets another lifeline from the government
Thai Airways is finally getting a reprieve, after years of financial woes and corporate drama. The struggling national carrier is getting a lifeline in the form of a bailout loan. Finance permanent secretary Prasong Poontaneat made the announcement yesterday, after a meeting chaired by PM Prayut Chan-o-cha. The State Enterprise Policy Committee meeting approved “in principle” the proposal to rehabilitate…
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Academics say virus will make inequality in Thai society even worse
Leading academics from Malaysia and Thailand say the outbreak of the Covid-19 virus will only exacerbate the substantial wealth inequalities in Thailand, a country where so many citizens are already at a significant economic disadvantage. Writing in The Diplomat, M Niaz Asadullah from the University of Malaya and Ruttiya Bhula-or from Chulalongkorn University in Bangkok, say the collapse in tourism…
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Government refuses Opposition’s request for debate on executive decrees
Calls from Opposition parties for a special session of parliament to debate the Thai Government’s executive decrees have been given short shrift, with the government saying the debate will have to wait until May 22, when parliament is set to reconvene. The three decrees relate to the procurement of significant loans, reported to be up to 1.9 trillion baht, in…
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Thailand loses US free trade benefits worth billions of baht
Thailand loses duty free access for 42.2 billion baht in exports to the US market from today, 6 months after Washington warned it would pull back on trade privileges unless the kingdom committed to labour rights reforms. Once trade preferences for Thai products are removed they are subject to tax of between 4% and 5%, making them more expensive in…
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Deputy PM tries to clarify the PM’s letters to Thailand’s richest citizens
On Friday night the Thai PM told the Thai population that he was going to send a letter to Thailand’s Top 20 richest people asking for their ideas on how to revive the Thai economy. And he hinted that he wants them to chip in as well. He explained that he’s doing it to gather their input and ideas to…
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PM asks public to cool down on selling their gold
Massive unemployment due to the national state of emergency and the Covid-19 outbreak has pushed gold prices to near a 7 year high, and gold shops throughout the country are running out of cash because so many people are cashing in. In a briefing this week in Bangkok, PM Prayut Chan-Ocha asked the public to show restraint and not to…
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Loophole closed – more unemployed to receive payments from Thai government
The loophole for employees whose businesses were not ordered to close, but are still affected by Covid 19 pandemic, has finally been addressed. The Thai Ministry of Labor secretary Sutthi Sukosol says that compensation will be similar to what employees whose businesses were ordered to close are paid, which is 62% of daily wage based on a maximum monthly salary…
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AoT, already struggling, deny investing in faltering Thai Airways
“We’ve got enough problems of our own.” Airports of Thailand is denying claims that it is interested in acquiring a stake in the financially floundering flag carrier Thai Airways, saying that they too are struggling with the sharp drop in revenue after airlines and airport shutdowns related to the Covid-19 pandemic. Thai Airways, once considered one of Asia’s most luxurious…
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BOT predicts 5.3% contraction in Thai economy for 2020
Even the Thai economy, which was still maintaining respectable growth before January, is now spluttering under the siege of the Covid-19 virus. Now the Bank of Thailand has crunched some numbers and believes the Thai economy will sharply contract by 5.3% this year as the virus continues to weigh on global financial markets, the local economy and people. GDP growth…
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The almighty baht set to fall further despite rate cuts, stimulus
A lot has changed for the baht. It was only months ago that The Bank of Thailand considered drastic measures to rein in the rambunctious baht, whose massive gains in currency markets made it the darling of speculators. In December Kasikorn Bank released a report outlining reasons the baht “will remain strong into 2020.” The bank’s research arm forecast the…
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Airlines offered drop in landing fees and fuel excise at Thai airports
Airlines, international and domestic, have been hit hard with the impact on travel following the Coronavirus outbreak. Over the past month there’s been daily announcements of cancellations of flights and rescheduling to cope with border closures and daily changes in the coronavirus evolution. The Thai Cabinet yesterday approved a relief package which had been proposed by the Transport Ministry for…
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Cabinet approval to reduce water, power bills by 3%
The Cabinet has approved 17 billion baht in measures to tackle the Covid-19 crisis and drought. They plan on doing this by reducing water and electricity bills by 3% and returning deposits for installation of electricity meters. The Thai cabinet meets every Tuesday at Government house in Bangkok. During a ‘grace period’ of not more than six months, the cabinet…
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Thai stocks tumbles, SET drops nearly 6%
Thailand’s stock exchange, the SET, plunged yesterday along with the region’s other bourses. The index dropped amid concerns over the growing global Covid-19 coronavirus pandemic. The SET dived 74.57 points, or nearly 6%, to 1,175.32 points. This all happened shortly after the open in a turnover of 9 billion baht. The SET50 index, Thailand’s top 50 listed companies, faired even…
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400 billion baht stimulus announced to boost Thai economy
“The package will inject an estimated 400 billion baht into the economy in a bid to return growth to positive territory.” Yesterday’s Thai cabinet meeting gave the greenlight to a new stimulus package. The government expects the approved 400 billion baht to reduce the impact of the Covid-19 coronavirus outbreak. Last week’s 2,000 baht cash stimulus proposal, which was largely…
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Thai PM Prayut quashes 2,000 baht handout package
Easy come, easy go. Well that was quick. Last Friday’s announcements for 2 x 1000 baht handouts to poorer Thai citizens has been quashed by the PM. Prime Minister Prayut officially shelved plans to hand out the cash to low income earners. Last Friday the Finance Ministry made the announcement for a new round of stimulus packages to prop up…
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Government looking at ways to lower public electricity bills
The ministry is also studying ways to lower the price of cooking gas and fuel. Thailand’s Energy Ministry is examining ways to lower electricity bills for the general public to ease their burden in response to the impact of Covid-19 on the economy, according to Energy Minister Sontirat Sontijirawong. The ministry’s permanent secretary has been asked to call a meeting…
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2000 baht handouts for low-income Thais
Thailand’s Council of Economic Ministers today endorsed a Finance Ministry proposal to provide low-income Thais 2000 baht each via an e-payment channel. Finance Minister Uttama Savanayana said after a meeting this afternoon that there will be a 1000 payment for two consecutive months for low-income earners, farmers and freelancers. The number of people eligible has yet to be calculated. The…
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Finance ministry announces new stimulus packages and tax breaks
Thailand’s Finance Ministry has announced a raft of new stimulus measures to help prop up parts of the Thai economy suffering under the impact of the coronavirus. They say the measures will assist “all sectors of Thai society currently affected by the Covid-19 situation”, which arrived at the same time as an economic slowdown, an export slump and drought. The…
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Thai Baht on the slide over fears of spread of Coronavirus outside China
What goes up must go down. The Thai baht has continued to weaken against leading international currencies, trading at 31.70 to the US$ in yesterday’s trade. The falls reflect regional concern over the coronavirus spreading beyond China. In the past few days both central South Korea and parts of northern Italy have reported outbreaks of the virus. Kasikorn Research Centre…
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Thai stocks plummet nearly 4% in Monday SET trading
The Stock Exchange of Thailand finished yesterday at 1,435.56 points, a decrease of 59.5 points, or nearly 4% – that’s compared to Friday’s close on the SET. The daily trade volume for Monday was 76.431 billion baht, with an index high of 1,474.12 and a low of 1,435.56. Asian bourses were hammered as confidence was inhibited by rising cases of the…
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Baht remains strong despite virus, economic slowdown
The minutes of today’s meeting of the Monetary Policy Committee of the Bank of Thailand predict the Thai economy will expand at a much lower rate in 2020 than previously forecast, and far below its full potential. The discrepancy is mainly attributed to the combined impact of the coronavirus outbreak, delay to enactment of the Annual Budget Expenditure Act, and…
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Asset World says hotel bookings in Thailand starting to recover
The hotel development unit of billionaire Charoen Sirivadhanabhakdi, Thailand’s richest man, says bookings have begun to recover from the disruption caused by the COVID-19 coronavirus outbreak. The epidemic has impacted some 60% of the hotel and retail properties in Asset World Corp’s portfolio, deterring tourism and causing events to be cancelled, according to CEO Wallapa Traisorat. “We’re starting to see…
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General Motors pulling out of Thailand
General Motors announced yesterday that it’s pulling out of “markets that don’t produce adequate returns on investments,” namely Thailand, New Zealand and Australia. The carmaker said in a statement that it will wind down sales, engineering and design operations for its historic Holden brand in Australia and New Zealand in 2021. It also plans to sell its Rayong factory in…
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Asian tourists cancelling flights, staying home
Scores of flights to Asian destinations are being cancelled after South Korea advised its citizens to delay trips to countries where the COVID-19 coronavirus has been found. Especially hard-hit are Thailand, Singapore, Malaysia, Vietnam, Hong Kong, Taiwan and Japan. South Korea remains largely free of the virus, though one of its citizens tested positive for the virus after returning from…
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Coronavirus could cause huge damage to ASEAN economies
The Covid-19 coronavirus is expected to cause damage valued at US$2.4-3.4 billion (74.6-105.7 billion baht) to ASEAN economies, according to estimates from the Kasikorn Research Centre. The jolt will likely result from a virus-related economic slowdown in China, which has close trade ties with ASEAN nations as well as investment and tourism, the centre reports. If the outbreak can be…
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With 33 coronavirus cases, Thailand still welcomes Chinese tourists
Despite the confirmation of a new case of the 2019nCov coronavirus today, Thailand has neither restricted Chinese tourists from entering the kingdom nor dropped its visa-on-arrival fee waiver, implemented to attract Chinese. Thailand hasn’t imposed any bans on tourists or travellers since the outbreak of the virus, though officials are screening passengers on arrival on flights from China, and now…
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Government to extend the “Chim Shop Chai” stimulus program this month
The government is set to roll out a new phase of last year’s successful Chim Shop Chai (Eat Shop Spend) stimulus program to promote domestic spending. The measure is also intended to encourage investment by businesses in an economy hampered by a slowdown in tourist arrivals as a result of the ongoing Wuhan Coronavirus outbreak. The package, to be implemented…
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Baht loses nearly half its 2019 gains
The Thai baht, whose meteoric rise seemed unstoppable only weeks ago, has become Asia’s worst performing currency so far this year. It’s lost nearly half of its 2019 gains in just a month as fears over the Wuhan Coronavirus outbreak threaten Thai tourism. The Year of the Rat has not been kind to Thailand. As late as December, there were…
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Cabinet threatens to open up fishing labour to migrant workers
Fisherman from 22 of Thailand’s 76 provinces are demanding the government solve the labour problem in the fisheries’ industry. The government, in turn, is threatening to invoke Article 83 of the Royal Ordinance on Fisheries, which would essentially allow immigrant labour in the sector. The relevant committee in the House proposes opening two registration periods for migrant workers, the first from…
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Two out of three CEOs say the 2020 Thai economy will not improve – Survey
Many CEOs, based in Thailand, don’t expect Thailand’s economy to improve during 2020. Many surveyed cited global economic uncertainties, according to the “CEO Survey” of 100 individuals. The survey was conducted by Krungthep Thurakit newspaper a month ago. Around 68.4% of the respondents didn’t expect the economy to improve this year, while 31.6% were saying that the economy would fare…
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