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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Sponsored Digital nomading in Chiang Mai? What US$1,000 a month really gets you
Chiang Mai has become a popular destination for digital nomads due to its low living costs, rich culture, and active remote work community. The city offers affordable housing, tasty food, reliable internet, and many co-working spaces, making it a great...
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30 property developers expected to sign up to Elite visa incentive scheme
The president of Thailand Privilege Card, which runs the Elite Visa scheme, says around 30 real-estate developers have expressed interest in offering foreign buyers 5-year visas in return for investing at least 10 million baht in Thai property. Somchai Sungsawang says the scheme, known as the Elite Flexible One launches on January 1, with cards valid for 2 years. Nation…
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Police charge 4 with swindling co-payment scheme, investigate over 700 others
The deputy national police chief, Damrongsak Kittiprapat, says 4 people have been charged with de-frauding the government’s co-payment stimulus scheme. He adds that around 700 others are also suspected of swindling the scheme. It’s understood the 4 people charged allegedly persuaded co-payers to carry out fake transactions so that money could be redeemed under the campaign. The Bangkok Post reports…
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Deputy PM says pandemic exposed problems in Thai economy, time to improve
As the Covid-19 pandemic hit economies all over the world with business closures and travel bans, issues with Thailand’s economy were exposed, according to Deputy PM Supattanapong Punmeechaow. The country cannot go back to the way it was before the global outbreak, he says. Thailand’s large tourism industry was battered by the lack of foreign visitors. Small and medium businesses…
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Phase 2 of travel stimulus may be cancelled due to fraud, as PM said to be “furious”
Officials are considering cancelling the next phase of the government’s domestic tourism stimulus campaign, after multiple cases of fraud emerged. To date, over 200 people have been prosecuted for corruption in the domestic travel campaign, as well as in other government stimulus schemes. The Tourism Authority of Thailand says that, in conjunction with the Tourism and Sports Ministry, it has…
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Thailand on US Treasury’s “watchlist” for suspected currency manipulation
Thailand is now on the United States Treasury’s “monitoring list” for suspected currency manipulation, unfair policies to gain an advantage in international trade. Vietnam and Switzerland were both labeled currency manipulators in the US Treasury’s recent report “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.” Along with Thailand, the Treasury also added Taiwan and India…
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Ministry investigating multiple cases of corruption in government’s co-payment scheme
The government’s “Let’s Go Halves” (Khon La Khrueng) co-payment stimulus campaign has fallen foul of 100s of incidents of fraud, according to the Finance Ministry. Under the scheme, the government subsidises 50% of the cost of food, drink, and other products, up to a maximum of 150 baht per person per day, capped at 3,000 baht per person for the…
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Covid-19 cases could lead to a drop in revenue for New Years, economist says
A rise in local Covid-19 infections could discourage many people from travelling and going out for New Years celebrations, costing Thailand’s tourism industry 14 billion baht to more than 16 billion baht, according to economist Anusorn Tamajai. Recently, 17 Thais tested positive for Covid-19 after returning from the Myanmar border town Tachileik, crossing the border illegally and dodging the mandatory…
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Thai government urged to support foreign property buyers with additional incentives
The Thailand Development Research Institute is calling on the government to support foreign property investors, by allowing them to bid for residential units. Nonarit Bisonyabut from the TDRI says the measure would be aimed at off-setting a shortfall in local demand. With foreigners usually having higher purchasing power than Thais, he adds that the number of units offered for bidding…
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Economists say new local Covid-19 cases could slow tourism recovery
Some are concerned about a potential second coronavirus outbreak after 10 Thai women tested positive for Covid-19 after returning from Myanmar’s Tachileik district. Some travelled to Bangkok and Chiang Mai after returning. A second wave of infections will stall the recovery of domestic tourism and Thailand’s overall economy that has been battered by the pandemic, according to the National Economic…
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Cabinet approves extension, upgrade of stimulus measures, welfare payments
The government has given the green light to the extension and refinement of a number of economic stimulus schemes and welfare payments. 43.5 billion baht has been set aside to fund an extension of the current co-payment scheme and the welfare card program. It’s understood 22.5 billion baht will go to phase 2 of the co-payment scheme, with 21 billion…
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Former WTO director cautions against re-opening Thailand too quickly
The former director general of the World Trade Organisation has issued a caution against Thailand throwing open its borders too early. Supachai Panitchpakdi says Covid-19 is still very much a threat, pointing to other countries that appear trapped in a cycle of easing restrictions, followed by renewed lockdowns. His comments come as England emerges from a national lockdown, only for…
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Finance Minister says Thailand’s GDP will take 2 years to recover
Thailand’s finance minister says the countrys GDP will take 2 years to recover the 9% it has lost since the Covid pandemic ravaged the economy. Arkhom Termpittayapaisith, the Finance Minister, says the economy would have expanded by 3% this year if it weren’t for the pandemic. “The pandemic crisis will make the economy contract by around 6% in 2020, therefore…
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Chief ASEAN economist says protests not helping Thailand’s weak economy recover
Chief ASEAN economist of Nomura, Euben Paracuelles, says Thailand’s current protests are not helping Thailand’s weak economy recover. In fact, Pracuelles says Thailand’s economy is the weakest and slowest in the region, noting that it is in “pretty bad shape”. He further says that the last thing the kingdom needs is something to weaken its recovery and that the current…
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Ministry of Finance proposes extension to shopping stimulus scheme
The Ministry of Finance is proposing to get Thais to shop the country out of recession. They’ve proposed an extension to the shopping co-payment scheme, Khon La Khrueng (Let’s Go Halves), first introduced last month. The scheme aims to encourage spending by offering Thai shoppers discounts of up to 150 baht a day at participating stores, to a maximum of…
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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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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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Government pledges help for Phuket tourism industry
As Phuket’s tourism industry continues to fight for survival amid ongoing Covid-19 restrictions, the PM is ordering an advisory team to finish work on recovery proposals received from the private sector and submit them to the government’s Covid-19 task force for approval. Danucha Pichayanan, from the National Economic and Social Development Council, says this is expected to happen shortly, as…
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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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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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PM in 2 day visit to economically-ravaged islands of Phuket, Samui
The PM and his Cabinet are visiting Phuket and Samui today and tomorrow, in order to meet with business leaders and provincial government, to discuss ways to help the decimated local economies. Since the closure of borders in late March, as the Covid-19 pandemic began its worldwide rampage, former tourist hotspots like the southern islands have borne the brunt of…
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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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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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Officials to choose “low risk” countries for possible reduction in quarantine
The Thai government is to compile a list of countries considered “low risk” for the Covid-19 virus, as it considers a reduction in the mandatory 14-day quarantine period for foreign arrivals. Nation Thailand reports that, once finalised, the Public Health Ministry will submit its list to the Interior Ministry, who will use it to decide the criteria for reduced quarantine.…
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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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“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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Phuket tax revenue plummets during pandemic – VIDEO
The Covid-19 pandemic led has tax revenue in Phuket to be cut in half. Border closures, banning international tourists, has caused the tax revenue for the popular island destination to plummet. From January to August, total tax receipts year on year fell by more than 46%, according to data from the Phuket Area Revenue Office, obtained by The Phuket News. In…
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