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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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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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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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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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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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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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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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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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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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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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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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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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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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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Thai baht hits highest level against the USD in six years
The baht finished in spectacular fashion after a year as one of the world’s most stable currencies, when it reached 30.15 baht against the US$, its highest level in six years. Kasikornbank Bank is forecasting that the Thai baht could move into a range of 30-30.30 baht to the dollar this week (up to January 3). Investors have been selling USD…
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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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Shock closure of factory outside Bangkok leaves 1,000 workers unemployed
PHOTO: pcr.co.th A thousand workers have lost their jobs following the sudden closure of the Pongpara Codan Rubber Company, in Samut Sakhon province, just outside the Thai capital. Thai PBS World reports that employees discovered they were out of a job when they arrived for work at the automotive parts manufacturing company yesterday morning, only to find it closed. They…
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