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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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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Central buys Family Mart Thailand
Shopping centre operator Central Retail Corporation has bought 100% of Family Mart, one of Thailand’s major convenience store chains, as it “moves forward to develop a new business model to cater to modern consumers”. CRC’s chief executive officer says the acquisition will strengthen Central’s hold on the food market and convenience store business in Thailand, which is burgeoning. Since 2012,…
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Emergency Decree extended through June amidst accusations of political motivation
As widely predicted, the Cabinet yesterday extended the Emergency Decree for a third month, to its limit at the end of June. Dr Taweesin Visanuyothin, spokesman for the Centre for Covid-19 Situation Administration, quickly explained that the decree was enforced because it enabled more than 40 laws to be tied together to allow for quick enforcement at the national level.…
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Thailand’s economic forecast among Asia’s worst: central bank governor to step down
The governor of the Bank of Thailand will step down when his term ends in September. Veerathai Santiprabhob announced yesterday that he has decided against seeking a second 5 year term for “family reasons.” His departure comes as Thailand sees its economy contracting as much as 6% this year, mostly as a result of the impacts of lockdown provisions to…
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Thai food giant to provide a million meals priced at 20 baht
Thai food conglomerate Charoen Pokphand Foods says it plans to offer heavily discounted ready-to-eat meals for those facing financial difficulties as a result of the economic fallout of Covid-19. CEO Prasit Boondoungprasert says a million meals will be distributed to Fresh Mart shops around the country and will cost just 20 baht. There will be a choice of dishes on…
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Opposition criticises Thai government over economic toll of Covid response
Opposition party Pheu Thai has condemned the government’s management of the Covid-19 crisis, saying total shutdown has had a devastating effect on the country’s economy. In a report in Nation Thailand, Paopoom Rojanasakul, vice secretary-general of the party says the hard-hitting restrictions imposed across the country have led to high unemployment, with the International Monetary Fund saying Thailand’s economy is…
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Phuket’s lost summer – looking to 2021 for tourism recovery
In a solemn recognition of the reality of Phuket’s stalled tourist industry, a spokesperson for the southern chapter of the Thai Hotels Association is saying most of the west coast hotels are unlikely to reopen until the last quarter of this year. And that’s just the start of the problems for the popular island beach resort. For now, Phuket’s International…
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U-Tapao airport maintenance facility going ahead despite obstacles
U-Tapao Rayong-Pattaya International airport is going ahead with its proposed Maintenance, Repair and Overhaul project, despite Thai Airways entering bankruptcy, according to the secretary general of the Eastern Economic Corridor Office. The 11 billion baht project to has already been approved by the Cabinet and a contract is expected to be signed in June. “In early June, project owner the…
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Thailand’s property market set to experience brokerage megashift
by Bill Barnett It’s clear that Thailand’s real estate sector is expected to undergo a megashift as a result of the Covid-19 pandemic and search for a ‘new normal’, if that’s even possible. That said, one of the country’s leading PropTech groups FazWaz says the crisis has only accelerated dynamic charges to the sector that have been bubbling to the…
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Thai Chamber of Commerce warns 10 million jobs in peril if lock-down persists
The Thai Chamber of Commerce is appealing for businesses to be allowed to reopen ASAP, warning that if the lock-down goes on much longer, an estimated 10 million people could lose their jobs. The Pattaya News reports that TCC Chairman, Kalin Sarasin, says businesses should be allowed to reopen provided they abide by new public health measures. He says the…
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Second company in Thailand to be granted license to import natural gas
In a step to cut down energy costs, Thai Gulf Energy Development Company says that they have obtained a government license to import up to 1.7 million tonnes of liquefied natural gas (LNG) per year. As Thailand moves to free up its natural gas market and position itself as a regional trading hub for LNG, Thai Gulf Energy has been reported…
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Thai Airways union says it won’t oppose bankruptcy proceedings
“We opposed this position before but after reexamination, we have to show creditors that Thai Airways will genuinely follow the restructuring plan. Including adjustments to the board and staff.” In an abrupt reversal, the president of Thai Airways’ labour union announced yesterday that the union won’t oppose the government’s plan to reduce holdings in the airline and restructure the carrier…
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State of emergency likely to remain through June
Despite the reopening of many businesses and a loosening of the national curfew, Thailand’s national state of emergency appears set to remain in effect for at least another month, as authorities are “still not confident” about the nation’s recovery from the Covid-19 crisis, according to a military source. PM Prayut Chan-o-cha met yesterday with military top brass to address the…
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