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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“It’s 3 months now, when can we reopen?” – Pattaya bar owners
Today marks 3 straight months that Pattaya’s world famous – and vitally important to the city’s economy – nightlife and entertainment industry has been shuttered by the Thai Government. The industry was originally told to close “for 2 weeks” on March 18. But as the Covid-19 crisis escalated and fear and uncertainty grew worldwide, the closure was repeatedly extended, with…
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Poll shows flea markets, supermarkets, most popular with Thais as lockdown easing continues
“46% of Thais want the Songkran holidays moved to the (western) New Year period.” A new poll shows that most Thais are anxious to return to markets and supermarkets first, as the country continues to relax the restrictions imposed during the Covid-19 crisis. A report in Nation Thailand says over 83% of those surveyed are prioritising markets, flea markets and supermarkets,…
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Phase 3 easing generated 200 billion baht into Thai economy
Phase 3 of Covid-19 restriction easing, which began June 1, has generated 200 billion baht of additional cash flow into the economy. With many other establishments returning to business as usual tomorrow, the Thai Chamber of Commerce has launched a forum for the brainstorming of ideas on the next business trends under the “new normal,” that must comply with health…
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Rubber roads will help Thai growers, increase safety
Thai PM Prayut Chan-o-cha chaired the signing ceremony of an agreement to use local Thai rubber in road construction, part of an effort to help the country’s financially strapped rubber farmers. Prayut praised the Ministry of Transport and the Ministry of Agriculture and Cooperatives as well as Prince of Songkhla University, the Thailand Institute of Scientific and Technological Research, the…
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Curfew lifted from June 15, many activities resume, pubs and bars will remain closed
The Centre for Covid-19 Situation Administration has officially approved lifting the national curfew effective Monday. The centre made the decision at its meeting today, which was presided over by Thai PM Prayut Chan-o-cha. The 11pm-3am curfew will be lifted from June 15 but the national state of emergency in the country will continue. The centre has also decided to strictly…
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Alcohol association begs government for trial re-opening of bars
But they know it is unlikely to happen. The Covid-19 pandemic and the ensuing Emergency Decree have caused immeasurable economic impact across the country.Probably no sectors has been harder hit than hospitality, entertainment and nightlife. Although alcohol sales appear set to resume in restaurants next week, around 10,000 pubs, bars and entertainment venues nationwide – and their many casual staff…
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Economist predicts economy will shrink 8.9% this year, despite easing of restrictions
A leading economist is predicting the Thai economy will contract by 8.9% this year despite the easing of Covid-19 restrictions, far higher than previous estimates from local and international economic pundits. Amonthep Chawla, head of the research office at CIMB Thai Bank says that although Thailand is heading toward the fourth phase of lockdown easing, with more businesses to be…
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Thai government to postpone tax increase on cheap cigarettes
The Thai government is expected to delay a planned tax increase on cheap cigarettes, as well as agreeing a moratorium on excise duties for entertainment and sporting venues, provided they don’t lay off any staff. Cigarettes costing less than 60 baht a pack were expected to see a tax hike of between 20-40% in October, but this is now being…
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Phase 4 easing may allow restaurants to sell alcohol. But when?
Relief may be on the way for struggling restaurants, as they might be allowed to serve alcohol again when health officials further relax measures taken to stem the spread of Covid-19. No domestically transmitted cases have been now been detected for 16 days and public health officials say they’re gearing up for the next phase of reopening, and they may…
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Finance Ministry looking at 3,000 baht ‘travel bank’ in next stimulus round
The Finance Ministry is looking at giving domestic tourists a 3,000 baht ‘travel bank’ to deduct off the cost of participating hotels, restaurants and tourism attractions. This time the restaurants, hospitality options and attractions will need to register for the service while the users won’t need to register. So, a user might check into a 5,000 baht hotel and spend…
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Commerce Ministry announces another round of price drops on staple products
The Thai Ministry of Commerce will soon launch a fourth round of price reductions, which will take place at a district level. The ministry has already received cooperation from the business sector to help those affected Covid-19 by lowering product prices, sometimes by as much as 68%, on 3 occasions, In the fourth round, around 7,100 consumer goods are being…
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Health department urges strict “new normal” measures at beaches
With Phase 3 of the easing of lockdown measures across Thailand, many beaches across Thailand were allowed to reopen, including Chon Buri’s popular Bang Saen beach, which was flooded with so many visitors that traffic came to a halt and police ordered the beach temporarily re-closed. And beaches in Phuket are set to reopen this Tuesday, as the island has…
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Tourist number limitations mulled for tourist spots after reopening
As the government considers allowing the resumption of more businesses and activities, the Department of Health, under the Ministry of Public Health, is pushing for measures to curb the number of visitors to tourist spots, to prevent a surge in Covid-19 transmission. The DOH director-general says that even though some restrictions on domestic travel have been relaxed, travellers should adopt…
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Cyber minister wants Netflix-like Thai streaming platform
Thailand’s minister of digital economy and society, aka. “cyber minister” says that Thailand should have its own streaming platform to bring in revenue and promote Thai movies and television overseas. Puttipong Punnakan remarked at a forum that creating a Netflix-like platform to stream and sell Thai films and series to foreign audiences would reel some sweet, sweet subscription revenue into…
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Phuket governor courts envoys of 16 nations to promote tourism
“I would like Phuket to organise activities leading the consulates from various countries to travel to Phuket in order to see the beautiful tourist attractions and to promote tourism for Phuket.” Phuket’s governor called yesterday for foreign envoys to visit and inspect Phuket for themselves as a mark of confidence that the island is ready to receive tourists. The call…
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Special boxes made for delivering smelly durian
You either love durian, or you hate it. But many people can agree, it smells bad… really bad. Some hotels and transportation services even ban the pungent fruit. Thailand researchers have now developed a special odour-proof boxes to be used to deliver durian. The box is important when selling the Thai fruit because just the smell of it can drive…
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Prachuap Khiri Khan’s scenic Ao Manao beach reopens today
Chon Buri and Hua Hin aren’t the only places reopening their beaches. Today, Ao Manao, the scenic beach in the western province of Prachuap Khiri Khan will also be open to the public. The crescent shaped bay belongs to the Air Force Wing 5 miltary base. Like all Thai beaches, it’s been closed for two months due to the Covid-19…
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Electricity discount has been switched off
Yesterday the Ministry of Energy announced that the national electricity discount from March to May, which differed based on the amount of electricity used and size and type of the venue, has ended and will not be renewed. But, at best, the discount was merely a perfunctory political gesture, not a useful saving for most Thai residences. The discount was…
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TAT will use domestic tourism as dress rehearsal for international returns
“…the tourism sector will continue to be stifled by disease control measures until a Covid-19 vaccine is developed.” Due to the current ban on international arrivals, extended several times and now in effect until at least July, the Tourism Authority of Thailand has created a strategy to support domestic tourism and “learn from the experience”, as it eases into the…
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As Thailand’s beaches reopen, crowds flock back
Yesterday, the Queen’s birthday and a public holiday, saw many of Thailand’s popular beaches heaving with visitors as they reopened for the first time since their closure by the Emergency Decree in March. People across the country took advantage of the easing of inter-provincial travel restrictions that took effect Monday. Chon Buri’s Bang Saen beach in Chon Buri was almost…
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Thai Airways may not need to file for bankruptcy in US
Contrary to earlier reports, Thai Airways may not need to seek bankruptcy protection in the United States to avoid seizure of its planes and other assets. A senior official made the announcement after a meeting led by Deputy PM Wissanu Krea-ngam with the struggling carrier’s senior management and the airline’s board. The meeting was to discuss the airline’s rehabilitation plan…
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Thailand’s Central Bank will act to restrain soaring baht
The rapidly strengthening Thai baht is proving a worry for Thailand’s Central Bank, which has said it’s ready to act to limit its rise, given the already damaged economy. The baht’s climb, strengthening nearly 2% against the dollar in the past month alone, makes it one of the highest climbing currencies in Asia. Its recent rise is being attributed to…
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Opposition criticises Government for unnecessary borrowing
The Pheu Thai opposition party is calling on the government to look to existing funds first before attempting to borrow a trillion baht from as-yet-unnamed sources. Opposition chief whip Suthin Klangsaeng was participating in the last day of the debate on three government decrees concerning the country’s finances. A Thai PBS World report says the government is under fire for…
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Phuket officially reopens Monday, but with restrictions
Phuket is scheduled to reopen to outsiders on Monday, to coincide with the start of Phase 3 of the easing of Emergency Decree restrictions enacted to fight the spread of Covid-19. It will also be a pleasant respite for the islanders who have been cooped up on the island since the last week of March. Phuket’s outgoing governor says his…
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Foreigners with work permits to be allowed back into Thailand on case by case basis
Foreigners with work permits or permission from the Labour Ministry (and other some other government agencies) will be allowed to enter the country after registration, under phase 3 of the lockdown relaxation, which begins Monday. The Foreign Ministry made the announcement today. The Foreign Ministry has told Thailand’s foreign chambers of commerce about the relaxation. Eligible foreign nationals are invited…
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PM assures MPs that government knows how to handle trillion baht loan
“Don’t worry, we got this…” Following the Finance Ministry’s securing of a trillion baht loan, PM Prayut Chan-o-cha spoke up to address concerns over how the funds will be administered. Answering questions raised by opposition parties, the PM said the government has clear rules in place on how the funds will be distributed, with the priority being small and medium…
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Thai Airways can’t refund 24 billion baht in unused tickets
Thai Airways’ recent declaration of bankruptcy and debt rehabilitation has left many holders of unused tickets high and dry. The carrier grounded its fleet in early April due to the Covid-19 crisis, and is now unable to refund tickets purchased for the period since. The troubled national flag carrier’s PR department said yesterday it is unable to offer refunds at…
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Standard Chartered Bank forecasts 2 year economic recovery for Thailand
Standard Chartered Bank says that it remains conservative on Thailand’s economic outlook, even though signs are emerging with the possibility of a further policy rate cut to below 0.25%. Their latest report forecasts a return to pre-Covid levels could take more than 2 years depending on improving business sentiment as the economy reopens, noting that the government has been disbursing…
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Massage shops, boxing stadiums may be allowed to reopen next week
But we won’t know until tomorrow. Phase 3 of the easing of Covid-19 emergency measures could finally see boxing stadiums, massage parlours, spas, cinemas and tutorial schools allowed to reopen next month. Pubs, bars and nightlife venues are expected to remain closed, well that’s the rumours for now anyway. The deputy director-general of the Disease Control Department says activities and…
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Thailand developing level 4 “gold standard” biohazard suits
In order to reduce the nation’s reliance on imported personal protective equipment during the Covid-19 crisis, Thai scientists are developing a Level 4 biohazard suit, dubbed the “gold standard” by the organisers working on the project. The Government Pharmaceutical Organisation and the textile industry are collaborating on the the suits after successfully developing Level 2 suits. The GPO, together with…
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