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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Thai company steps up to ease condom shortage
A shortage of condoms is one thing. A shortage of condoms while people around the world are stuck at home is another. Since a top condom manufacturer in Malaysia halted production due to the coronavirus pandemic, a Thai company is now stepping up to fill the gap. Thai Nippon Rubber Industry, the country’s biggest condom manufacturer, is increasing production by…
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Bangkok City Hall allows 10 more types of business to reopen
The Bangkok Municipal Administration, aka. City Hall confirms that more businesses in the city will be allowed to reopen today, including most shops at malls, in keeping with the second phase of the nationwide relaxation of Covid-19 restrictions. A BMA spokesman says its communicable disease control committee had eased restrictions on 10 business types. The businesses allowed to reopen are……
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PM looks for an exit from the Emergency Decree
Deputy PM Wissanu Kreangam says that PM Prayut Chan-O-Cha is ordering an in-depth comparison of the legal measures that can be used to control Covid-19 if the government revokes the state of emergency. The Emergency Decree, issued back on March 24, gave the PM and the Centre for Covid-19 Situation Administration extraordinary powers – implementing curfews, travel restrictions, restricting provincial governors…
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Official list of businesses permitted to reopen tomorrow (Sunday)
Further to a story in The Thaiger yesterday, PM Prayut Chan-o-cha, in his capacity as head of the CCSA, has listed the business and leisure activities which can resume from tomorrow, in the second phase of Covid-19 lockdown relaxations. The list, published in the Royal Gazette yesterday so becoming law, includes… Food and drink shops or stalls in restaurants, canteens,…
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Government urged to investigate forced unemployment claims
A Thai labour rights group is urging the government to investigate whether some employers are abusing labour laws to avoid paying their workers during the Covid-19 crisis. The call was made during an online seminar on unemployment related to the outbreak. Some businesses are allegedly requiring their employees to seek unemployment compensation from the Social Security Fund, when they should…
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Full list of businesses allowed to reopen this Sunday
Quick. Read it before it changes. The government has announced which types of businesses will be allowed to reopen on Sunday as it begins “Phase 2” of its 4 step plan to slowly unlock and reopen businesses closed across the country due Covid-19. Mind you this is the list published today. There’s a whole day tomorrow for everything to change…
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Government confirms 14.5 million Thais qualify for 5,000 baht state aid
The director of the Fiscal Policy Office and spokesman for the Finance Ministry says 14.5 million Thai citizens now qualify for the government’s 5,000 baht subsidy, having passed the relevant screening criteria. Thai PBS World reports that Lawan Saengsanit says this number includes 4.4 million people who succeeded at a preliminary round of screening and have already received their first…
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Tenants bailing out of pricey Bangkok offices amid pandemic
Bangkok’s high-end office district is looking more like a ghost town as the coronavirus pandemic seems to have many companies bailing out of their pricey office spaces. The increasing vacancy trend of Grade-A office space is expected to continue, possibly until a coronavirus vaccine is in effect, according to managing director of Phoenix Property Development and Consultancy, Surachet Kongcheep. Business owners have…
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Thai carmakers slash production by 50% in 2020
The Covid-19 pandemic could cut Thailand’s automobile production by up to 50%, according to the Federation of Thai Industries. Thailand is the eleventh biggest carmaker in the world, producing more than 2 million cars last year. The FTI now expects only half that in 2020. FTI automobile club’s spokesman club’s spokesperson was speaking to Thai Enquirer: “If the outbreak is…
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Businesses opening back up, some aren’t following the rules
While restrictions are being lifted, some businesses seem a little too excited about getting back to normal and are letting their guard down when it comes to social distancing and Covid-19 prevention practices. Businesses are required to provide hand sanitising gel, wear face masks and make sure people stay a safe distance apart. Upon inspection this month, most businesses are…
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Instant noodle exports increase as neighbouring countries stock up
Craving noodles? Seems like many people stuck at home want the cheap and quick meal. Preparation is quick, the price is low, there’s flavours aplenty and they’re easy to find. Thailand’s exports of instant noodles have gone up this year, the country’s Ministry of Commerce reported yesterday. With ridiculously low prices, a long shelf life and, let’s admit, some pretty…
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Ministries, business leaders meet to discuss further reopenings
A meeting this weekend, chaired by the director-general of the Department of Disease Control and secretary to the Covid-19 Center for Situation Administration, discussed suggestions and assessments of businesses ready to reopen, which will be forwarded to the PM Prayut Chan-o-cha for consideration early in the week. Representatives of the Interior Ministry and Tourism Ministry along with those of multiple…
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Most Thais want restrictions lifted – NIDA poll
The National Institute of Development Association recently conducted a poll that asked 1,259 Thais from various walks of life about their thoughts on lifting the current Emergency Decree restrictions, such as the closure of businesses and the national curfew. The poll was taken from Thursday to May 9 and comprised Thai nationals over the age of 18 from various backgrounds,…
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Thailand’s GDP to contract up to 5% for 2020 – business thinktank
Thailand’s GDP is expected to contract between 3-5% for 2020, and exports by up to 10%. The predictions from Suphan Mongkolsuthee, president of the Federation of Thai Industries and chairman of the private sector joint committee. He also believes that the Thai economy has probably reached its ‘low point’ and will start recovering from now. He said that, as the…
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Government panel predicts 12-18 more months of pandemic-related pain
Thailand faces up to a year and a half of serious impacts from Covid-19 pandemic, according to a government advisory panel investigating the pandemic’s consequences on the Kingdom. The panel was set up on the Thai PM Prayut Chan-o-cha’s orders on April 30. After analysing data from the Ministry of Public Health, the advisory committee on the social and economic…
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PM confident economy will rebound when businesses reopen
Or… “what goes down, must go up”. “If workplaces reopen, there will be employment and salaries… If factories reopen and employ people, rehabilitation will start.” Responding to reporters yesterday, the Thai PM Prayut Chan-o-cha expressed confidence the economy will improve once businesses reopen and people are employed again, and when tourism resumes, with measures in place to give visitors confidence…
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Bangkok’s Chatuchak weekend market is reopening
Chatuchak, Jatujak, JJ, whatever you choose to call it, Bangkok’s legendary weekend market is reopening tomorrow. The massive indoor/outdoor market, popular with both Thai and foreign tourists, will reopen this weekend after weeks of being shuttered, but visitors will be required to observe physical distancing and wear face masks…. you know the drill. Walaya Wattanarat, deputy permanent secretary of the…
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Business recovery in the Covid-19 era
As some countries begin to tentatively look to reboot their economies in a Covid-19 world, what does the future hold for business? Nation Thailand reports today on an extensive Bank of Thailand survey that examined the impact of the pandemic on four business sectors and what might happen next. Things are looking a bit brighter for the manufacturing and retail…
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May 17 target for shopping centres to re-open
The rumours have been flying since this week’s cabinet meeting about the next raft of re-openings as Thailand’s economy starts to plod back into gear. Now, after a meeting yesterday of the Centre for Covid-19 Situation Administration, there’s general consensus that shopping centres and retail stores will be able to re-open on Sunday, May 17. Of course the caveat is…
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Deputy PM says some restrictions could be eased before mid-May
Speaking at the Covid-19 Coronavirus Situation Administration today, Deputy PM Wissanu Kreangam addressed rumours that PM Prayut Chan-o-cha is considering easing some Covid19 restrictions before the middle of May. Meetings are taking place this afternoon between the CCSA and other government departments as the PM gathers medical advice from the CCSA and other experts on the feasibility of loosening some…
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New plans for managing Thailand’s 2020 public debt
The Thai Cabinet has approved new plans for managing the fiscal 2020 public debt that was previously proposed by the Ministry of Finance. Deputy Government spokesperson Traisulee Traisaranakul announced that… “according to the new plans, the amount of ‘new’ debt has been adjusted up to 1.497 trillion baht from 894.005 billion baht.” “The plan for the management of ‘existing’ debt has…
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Thai baht up 3% against USD over past month
Potential tourists and expats shipping in money from overseas were hoping the Thai baht would continue to fall against the US dollar. But they’d be surprised that the baht has rebounded in April against the greenback – about 3% in value. But Thailand’s Central Bank is warning that the recent strengthening of the baht against the USD may “not be sustainable”.…
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Former union leader calls for total overhaul at Thai Airways
The former president of the Thai Airways union is calling for a complete revamp of the airline, including the ousting of all existing board members. The call follows years of crippling losses, bailouts and promises of a corporate cleanout. The Bangkok Post reports that Chamsri Sukchotrat made the call in a Facebook post, addressing PM Prayut Chan-o-cha in his role…
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Thai Airways gets another lifeline from the government
Thai Airways is finally getting a reprieve, after years of financial woes and corporate drama. The struggling national carrier is getting a lifeline in the form of a bailout loan. Finance permanent secretary Prasong Poontaneat made the announcement yesterday, after a meeting chaired by PM Prayut Chan-o-cha. The State Enterprise Policy Committee meeting approved “in principle” the proposal to rehabilitate…
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Government refuses Opposition’s request for debate on executive decrees
Calls from Opposition parties for a special session of parliament to debate the Thai Government’s executive decrees have been given short shrift, with the government saying the debate will have to wait until May 22, when parliament is set to reconvene. The three decrees relate to the procurement of significant loans, reported to be up to 1.9 trillion baht, in…
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Thailand loses US free trade benefits worth billions of baht
Thailand loses duty free access for 42.2 billion baht in exports to the US market from today, 6 months after Washington warned it would pull back on trade privileges unless the kingdom committed to labour rights reforms. Once trade preferences for Thai products are removed they are subject to tax of between 4% and 5%, making them more expensive in…
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“Thai Airways will survive”. Emergency meeting next Wednesday.
“Thai Airways will not collapse. The fact that Deputy PM Somkid stepped in to handle the issue means the government will rescue it.” It’s no secret that Thailand’s national carrier has been a financial basket case for over a decade, bleeding money and marketshare as the years pass. The top-heavy Thai company is bailed out by the Thai government each…
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Deputy PM tries to clarify the PM’s letters to Thailand’s richest citizens
On Friday night the Thai PM told the Thai population that he was going to send a letter to Thailand’s Top 20 richest people asking for their ideas on how to revive the Thai economy. And he hinted that he wants them to chip in as well. He explained that he’s doing it to gather their input and ideas 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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