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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Each year, many expats living in Thailand see their health insurance premiums go up and often without a clear reason. This can be frustrating, especially when you're trying to plan your budget. But by understanding why prices rise and learning...
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Deputy PM says rise of Thai baht is only temporary
Deputy PM Supattanapong Punmeechaow says that, while the Bank of Thailand is monitoring the current appreciation of the Thai baht, he believes the rise is only temporary. He says the appreciation is being driven by foreign investors turning to the markets as they seek to make a profit by the end of the year. According to Supant Mongkolsutree from the…
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Overseas investors buy Thai bonds, optimistic that Covid-19 vaccine will revive tourism
With hopes that a Covid-19 vaccine will be the key to open Thailand’s doors back up to international tourism, overseas investors are putting down money into Thailand’s financial market. Thai baht has strengthened by nearly 3% since the end of October, a top performing currency in Asia following the Indonesian rupiah, and it’s expected to strengthen even further over the…
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Minister says lack of foreign visitors will have knock-on effect for domestic tourism
The Tourism Minister says Thailand can expect a significant drop in domestic tourism unless international tourism is revived. According to a Bangkok Post report, Phiphat Ratchakitprakarn says local tourism figures are 40% of what they were in 2019, and are expected to drop further once the domestic travel stimulus scheme ends at the end of the year. The scheme has…
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Investors see opportunity in Pattaya hotel market
Although travel restrictions are still tight, investors see potential opportunities in Pattaya’s hotel market. Many are reimagining the 2021 market by focusing on domestic demand. Property consultancy JLL says the ongoing Eastern Economic Corridor development comes into play. U-Tapao International Airport in Rayong expanding to increase capacity by 5 million passengers and a high speed rail is in the works…
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Foreign minister meets with Phuket-based diplomats to discuss the island’s future
The Thai Foreign Minister and Deputy PM, Don Pramudwinai, has met with a group of European and Asian diplomats based in Phuket to discuss the future of the southern island province. Attendees came together to talk about economic stimulus measures that could help Phuket, which has been hit hard by Covid-19 travel restrictions and the closure of Thailand’s borders. According…
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3 stores investigated for potential fraud in government co-payment scheme
Officials are investigating 3 businesses for possibly de-frauding the government under the “Let’s Go Halves” stimulus scheme introduced last month. The co-payment plan launched on October 16 in an effort to boost domestic spending. Under the scheme, 10 million citizens can avail of discounts on purchases at participating stores of up to 150 baht a day, capped at 3,000 baht…
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Inequality likely after economic recovery – Bank of Thailand governor
It’s expected to take at least 2 years for Thailand’s economy to recover, but once it does, inequality is likely to become a top concern, according to the Bank of Thailand governor Sethaput Suthiwart-Narueput. “It is expected to take at least two years before the Thai economy returns to its pre-pandemic levels in terms of GDP… Even when the economy…
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Government to consider rescue packages for tourism businesses in South
The government will hold a mobile Cabinet meeting in Phuket today to consider potential rescue packages for tourism-related businesses that have been ravaged by the closure of international borders. The proposals, which include soft loans for airlines and other businesses, come after PM Prayut Chan-o-cha met with Phuket business representatives and local officials yesterday. The Bangkok Post reports that the…
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Answering the question, who will fight for Phuket’?
OPINION by Bill Barnett from c9hotelworks.com Thailand’s tourism industry is sadly at the short end of the stick as policies gyrate over the reopening of the country to international travellers, yet no single province has more to lose than the resort island of Phuket. Phuket’s economic engine is leveraged on tourism. It’s a place where on a combined basis, one…
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US cuts Thailand’s tariff benefits after long-running pork dispute
Thailand’s duty-free privileges for US$817 million in exports with the US are to be revoked from the end of this year, according to US President Trump in an announcement yesterday. The President blamed a lack of progress in opening the Thai market to US pork products. Trump’s letter announcing the action follows more than 2 years of threats and negotiations…
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Dow and S&P 500 take a breath after an ugly week, tech stocks lead the way down
US stocks closed lower yesterday to end an ugly week downbeat with ‘uncertainty’ remaining the overwhelming sentiment. Tech stocks led the march downwards. The Dow Jones Industrial Average dropped in its biggest monthly collapse since March with investors reacting to rising Covid-19 cases in the US and Europe, peppered by nervousness ahead of next Tuesday’s US presidential election. The increased…
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Free Trade Agreement talks continue between Thailand and EU
Thailand is resuming trade talks with the European Union on the long-delayed Thai-EU free trade agreement. The 15th Thai-EU Senior Officials’ conference was held virtually between leading Thai and European trade officials this week. The push was on to have the Free Trade Agreement signed and sealed by the end of this year. Discussions were held regarding the ongoing affects…
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Approval sought for multi-billion-baht Phuket medical hub
Industry officials are seeking the go-ahead for a project to transform over 140 rai of government land in Phuket into a world-leading medical hub. The project is budgeted at 3 – 4 billion baht, depending on which report you read. Kitkong Tantijaraswarodom, from the Federation of Thai Industries, believes the development of a medical and wellness hub in the sub-district…
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Permanent residency, changes to quarantine period – Government mulls strategies to revive economy
“The government is considering offering permanent residency to those buying condos in the Kingdom.” Energy minister and deputy PM Supattanapong Punmeechaow has outlined a number of strategies the government hopes will help the Thai economy recover from the Covid-19 fallout. Permanent residency for some condo purchases, changes to the mandatory quarantine and incentives for foreign investment are all under discussion.…
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Thailand at the crossroads. The anti-government protesters vs Thai establishment – VIDEO
Click to watch the video… This video provides some background of the protests and their challenge ahead. They are battling a deeply entrenched “establishment”, including the Army, the government, the Bangkok ‘elite’ and years of conservative traditions protecting the revered Thai monarchy. The protesters are young, educated and motivated. The government controls the levers of power. What will happen? Like…
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“Protests could affect the economy” – Bank of Thailand
The ongoing political protests could have a negative impact on Thailand’s already crippled economy by weakening domestic consumption and tourism even more, according to the Bank of Thailand. The bank’s newly appointed governor Settaput Suthiwart-Narueput, who started this month, says they need to keep a close watch on the situation. “Basically, the political factor is one of the uncertainties… It…
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Bangkok office rents drop for the first time in 10 years
As the coronavirus pandemic continues to take a toll on Thailand, and the region’s, economy, Bangkok office rents and occupancy rates are expected to drop after consistent growth over the past 10 years, according to Colliers International Thailand. It will be the first contraction in that sector since 2010, according to the property consultancy’s associate director of research and communication,…
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Covid-19 could lead to a crisis worse than the 1997 Asian financial crisis
With debt relief measures set to expire this month, Thailand’s financial woes, brought on by the Covid-19 pandemic, might end up being worse that the 1997 Asian financial crisis, known in Thailand as the Tom Yam Kung crisis, according to the Bangkok Commercial Asset Management. The 1997 Asian financial crisis started in Thailand with the financial collapse of the Thai…
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The Pattaya to Hua Hin bridge. Government discusses 900 billion baht investment.
The government is looking into a so-called “Thai Bridge” that would connect Pattaya to Hua Hin, an estimated 900 billion baht investment. The project would be part of the Eastern Economic Corridor development plan aimed at improving the transportation and infrastructure in Thailand. The 900 billion baht investment is expected to take 10 years to financially implement, according to chairperson…
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Minor International Chairman calls for major overhaul of Thailand’s ASQ
Minor International’s outspoken Chairman, Bill Heinecke, has penned an open letter to Thailand’s Public Health Minister, Anutin Charnvirakul. The thrust of the letter is that the current ASQ and general quarantine requirements and restrictions, is making any recovery of the country’s tourism and hospitality industry. Minor hotels have already serviced 2,500 guest as part of the Thai government’s Alternative State…
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Chiang Mai’s economic losses to reach 100 billion baht due to Covid-19 pandemic
Chiang Mai’s economic losses are estimated to reach 100 billion baht after Covid-19 ravaged the city’s tourism industry. The Bangkok Post reports that Varodom Pitakanonda, the president of The Chiang Mai Chamber of Commerce, says the city’s revenue from tourists “contracted severely this year due to the coronavirus”. “Now, we are pinning our hopes on government stimulus packages to salvage…
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Economic think tank says shopping stimulus will only help in the short-term
The research division of Kasikorn Bank says while the government’s planned shopping stimulus has its advantages, the benefits will only be short-term. The Kasikorn Research Centre points out that the scheme, which it’s hoped will run from October 23 to December 31, will only provide a temporary boost to the economy. The stimulus measure, which is being put to the…
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Medical chief in favour of re-opening borders, calls zero cases target unrealistic
A senior Thai medical professional has confirmed he’s in favour of Thailand re-opening its borders, saying attempting to maintain zero cases of Covid-19 is “unrealistic”. Somsak Akksilp, from the Department of Medical Services, insists the country is adequately prepared in the event of a resurgence of the virus and, with no date set for vaccine availability, the country must move…
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Thailand’s Health Ministry wants to reduce tourist quarantine to 10 days
Thailand’s Health Ministry is seeking to reduce the mandatory quarantine period for foreign tourists, currently mandated at 14 days, to 10 days. The reduction would be assessed after one month and, if successful, quarantine could be further reduced to 7 days. However, this reduction would only apply to those arriving from countries considered “safe” from Covid-19. Those arriving from high-risk…
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Thai government considers easing restrictions for foreign business travellers
The Thai government is considering further easing entry restrictions for foreign travellers coming to conduct business in the Kingdom. Currently, around 11,000 businesspeople and work permit holders have been granted entry by the Centre for Covid-19 Administration Situation since they started allowing some foreigners back into the country after July. All arrivals have to submit to a mandatory 14 day…
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Head of economic recovery panel warns of collapse if borders not re-opened now
A businessman heading up an economic recovery panel is warning the government that unless Thailand’s borders are re-opened for the last quarter of the year, the country is headed for total economic collapse. The Bangkok Post reports that Pailin Chuchottaworn says the gradual easing of Covid restrictions in recent months is not enough, insisting the country must re-open to international…
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Finance Ministry mulls stimulus packages to boost property sector, consumption
The new permanent secretary at the Finance Ministry, Krisada Chinavicharana, says officials are considering additional stimulus measures to support Thailand’s property sector and to further boost consumer spending. Krisada says he plans to meet with senior officials to debate more ways to get the economy going again, as the impact of the Covid-19 pandemic continues to make itself felt. He says…
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Thailand beaches may limit visitors until Covid-19 vaccine is available
Beaches and national parks might not fully open to international tourists until a Covid-19 vaccine is available. Around 120 to 150 tourists departing from China are set to arrive in Phuket on October 8 after a 6 month ban on international tourists. They’ll have to go through a 14 day state quarantine, but after that, they may not be able…
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Government to stir economy with 100 billion baht stimulus starting in October
The Thai Government is expected to stimulate the economy with 100 billion baht boost starting in October until the end of the year. The injection will reportedly come from both the people’s and the government’s spending under three stimulus measures according to the Deputy PM Supattanapong Punmeechaow. The first measure will reportedly give 14 million welfare cardholders an extra 500…
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Deputy PM says 2 years until Thailand’s economy is back to normal
It’s going to be another 2 years until Thailand’s economy is back on track, according to Deputy PM Supattanapong Punmeechaow. At least that’s the amount of time he expects it will take to get the economy back to “normal levels” from before the coronavirus pandemic. The coronavirus crisis crippled economies across the globe. The Covid-19 pandemic is already the worst…
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