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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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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Up to 10 million Thais out of work in next three months – CCSA
As many as 10 million Thais could be out of work in the next few months if the current Covid-19 epidemic drags on. Supant Mongkolsuthee, the president of the Federation of Thai IndustriesGovernment, says the Thai government needs to provide timely support for businesses. As head of the Centre for Covid-19 Situation Administration’s working committee, tasked with overseeing small and…
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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 government planning more economic stimulus packages
Economists have urged the government to expand the fiscal deficit to up to 600 billion baht, while more stimulus packages are hopefully on course to counter the impact of the Covid-19 outbreak in Thailand. Secretary to the Council of Economic Ministers, Kobsak Pootrakool, says that the economic ministers would consider extra packages as relief for certain sectors, that were hit…
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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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Help is on the way: 100 billion baht stimulus package passed
Eyeing the effects of the coronavirus outbreak on the nation’s already battered economy, the government yesterday approved a stimulus package, anticipated to cost more than 100 billion baht. The package was approved in a meeting of the Council of Economic Ministers, led by Prime Minister Prayut Chan-o-cha, and will be forwarded to the cabinet for approval on Tuesday. After 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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Thai exports figures rise in January
Whilst there’s been plenty of economic challenges around for Thailand, including the high Thai baht and a levelling out of tourist arrivals, exports for January 2020 unexpectedly rose according to ministry figures. It’s the first rise in six months, and an increase of 3.35% from the exports 12 months earlier. The customs-cleared export numbers have been boosted by higher shipments…
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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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Thailand could fall to third place in rice shipments in 2020
Weaker competitiveness, drought and changing market demand could see Thailand lose its place as the world’s second-biggest exporter of rice this year. Higher production costs compared to rivals, and volatile foreign exchange rates mean Thailand risks losing out to Vietnam, according to Charoen Laothamatas, president of the Thai Rice Exporters Association. “Thailand has shipped the same rice varieties for 30…
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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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Baht will continue to remain strong throughout 2020
The Thai baht will continue to maintain its strength for the rest of 2020. It will remain strong, propelled by the increased surpluses in the Thai current account and the country’s trade balance. Kobsidthi Silpachai, KBank’s head of capital markets research, predicts that the Thai baht will float around 29.75 against the US dollar for the first half of 2020,…
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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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US manufacturing activity falls to lowest level in a decade
PHOTO: teletrader.com “The data show American factories remain plagued by pullbacks in business investment at home, softer demand throughout the world and, until recently, an escalating trade war between the U.S. and China.” US manufacturing had a tumultuous year in 2019 with the weakest monthly performance for a decade, with orders shrinking and factories continuing to roll back production. The…
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Greenback falls below 30 baht to the USD
The Greenback has dropped below 30 baht against the US$, its strongest position in six years. The currency closed at 29.88 baht to the dollar yesterday. But Thai officials say the drop through the 30 baht barrier is not a concern and more of a ‘blip’ than an ongoing trend to increase its value against the Dollar. At 4pm this…
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Thailand becomes the 6th biggest fruit exporter in the world
“The most popular exported Thai fruit are tropical fruit such as durian, mangosteen and longan, of which Thailand is the largest exporter in the world.” Thai fruit has gained a lot of popularity in foreign countries being recognised for its good taste and quality. Tax waivers from free trade agreements for exports to partner countries have raised the value of fruit exports…
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Plearn Wan ‘retro’ shopping village to close its doors in Hua Hin
Yesterday, December 24, the founder and owner of Plearn Wan Company, operator of Plearn Wan shopping village in Hua Hin and Plearn Wan Panich shopping experiences at multiple locations around Thailand, Phattra Sahawat, posted that the Hua Hin shopping village will close down on January 31, 2020. The rambling retro shopping experience would attract families on weekend trips from Bangkok…
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Government trying to tame strong baht, but bank says it will remain strong in 2020
The prominent rise of the Thai baht in over the past year has had wide implications and effects, and PM Prayut Chan-o-cha says that state agencies have met often to come up with ways to tame the strong currency. Kasikorn Bank Research Centre has already released a report outlining reasons the baht will remain strong into 2020. The bank’s research arm…
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