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.
-
Sponsored Why health insurance costs more each year and how expats in Thailand can save more money
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...
-
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…
-
Thailand’s first cancer medicine factory expected to cut drug costs in half
The government just sealed the deal to build Thailand’s first factory to produce cancer-treating medicine and chemicals, a move that is expected to cut treatment drug costs in half. Buying imported cancer-treating drugs is expensive. Thailand spends about 21 billion baht per year on imported cancer medicine, according to Deputy PM and Public Health Minister Anutin Charnvirakul. The local factory is intended…
-
70% of Phuket’s tourism businesses are closed, many for good
Most tourism businesses in Phuket have closed due to the Covid-19 pandemic, and they probably won’t be up and running again until foreign tourists are let back in Thailand. Phuket Governor Narong Woonciew says around 70% of tourism businesses have closed, most of them just temporarily, but some have shut down permanently. But the statistics are not quite that simple,…
-
Ministry of Labour, CP Foods to hire 8,000 graduates to help reduce unemployment
To help reduce unemployment and boost the economy after the pandemic, 8,000 graduates will be hired by the company Charoen Pokphand Foods, known as CP Foods. Thailand’s Ministry of Labour recently signed a memorandum of agreement with the company. 4,000 of those jobs will be in Bangkok and metropolitan areas while the other 4,000 more in the upcountry. The job…
-
Struggling airlines to get reprieve through small loans, extension to fuel tax cut
Airlines in Thailand are being offered a financial lifeline, as the Government Savings Bank announces soft loans for carriers left struggling as a result of the current Covid-19 ‘disruption’. Nation Thailand reports that the GSB is offering the loans over a 60 month period, with an annual interest rate of 2%. Chairman Patchara Anuntasilpa says the proposal will shortly be…
-
Phuket residents going hungry after local government assistance runs out
Residents in Phuket, particularly those living in and around the west coast townships, are reportedly going hungry as the government’s municipal budget to provide food has been depleted. Despite efforts to revive tourism in the area, thousands of people are still in need of donated food to survive and continue to queue up for donated food every day. A public…
-
Laid off workers ask for financial assistance after Thai Airways’ flight suspension
Almost 2,600 laid off employees of the Thai Airways subsidiary company Wingspan have filed complaints with PM Prayut asking for financial assistance. The State Enterprises Workers’ Relations Confederation stated that the company had let go the employees as of September 1 due to THAI flights being suspended since the end of March this year. The complaints of the sacked workers…
-
Budget airlines ask for lifeline, no answers from PM
No surprise that one of the biggest industries to suffer from the border closures and travel restrictions was the airlines. Whilst there has been a gradual reboot of domestic travel within Thailand, there is still a ‘fear’ factor and reticence to travel. And the carriers are restricted to the domestic routes and have lost an entire sector of their businesses…
-
Samui charity battles to feed island’s remaining residents
by Ann Carter As around 2,000 Thai workers have reportedly left the island of Koh Samui due to the Covid-19 economic fallout, ‘Sisters on Samui’, the island’s largest charity is changing up the way in which to help feed those remaining residents. Keyt Topcu, co-president of SOS, says the effort involves cutting out bags as the organisation realised that they could save over 500 USD…
-
Asia Pacific’s smartphone market declines by 20% during pandemic
“The region’s smartphone market was hardest hit in the second quarter when many countries here entered lockdown mode. This was also when we started observing new trends emerging and the corresponding shifts in consumer demand for durable goods.” People are buying fewer smartphones this year. The once robust and thriving industry has been on a downward slope in the Asia…
-
Bankruptcy Court approves Thai Airways debt restructuring plan
The Central Bankruptcy Court approved Thai Airways International’s debt restructuring plan. An official says the approval is just a “tiny step” in the process estimated to take years. With the approval, the international airline company can now start discussions with debt holders. The 60 year company is reportedly facing its biggest challenge: bankruptcy during a global pandemic with international travel…
-
Bangkok expo planned to fill 1 million job vacancies
Thailand has a lot of job opportunities. About a million. The Labour Ministry is hosting an expo to connect job seekers, especially recent university graduates, with companies. For recent graduates, a new government initiative co-payment system will take care of half the salary. Job Expo Thailand 2020 will run from September 26 to 28 at Bangkok International Trade and Exhibition Centre,…
-
Source says 3,000 baht handout coming soon, PM says it’s a rumour
Thais are getting some extra cash … Well, maybe. Reports say a 3,000 baht cash handout scheme is in the works to help revive the economy after the pandemic, but PM Prayut Chan-o-cha told the press it’s just a rumour, saying the Thai government “does not plan cash handouts of another 3,000 baht to Thais.” An anonymous source from the…
-
50 tonnes of dodgy durian seized and destroyed in China
In a move that will attract thanks from 1000s of westerners, China has destroyed nearly 50 tonnes of illegally imported durian, valued around 5.5 million baht. The durians had been smuggled into China. Shiokou, a border town in Cao Bang Province in Vietnam, was where the dodgy durian was intercepted. The land port has been operating since 1792 and plays…
-
Government approves new stimulus measures for labour market, tourism
The Centre for Economic Situation Administration has given the go-ahead to a number of new stimulus measures proposed by the Finance Ministry and aimed at the jobs market and the domestic tourism sector. PM Prayut Chan-o-cha yesterday presided over a meeting with Danucha Pichayanan from the National Economic and Social Development Council, where officials approved new measures it’s hoped will…
-
Australia falls into a recession, global economies at a loss
“Our record run of 28 consecutive years of economic growth has now officially come to an end. The cause: a once-in-a-century pandemic.” Just about everyone hit from the coronavirus pandemic. Businesses closed. Many lost their jobs. Paychecks were cut. Economies across the globe slipped into recession and Australia is now added to that list. The country reported it has sunk…
-
Bangkok is getting smarter: 4 districts focused in urban plan
Bangkok is becoming a so-called “smart city” with an urban development plan focused on making improvements to city technology and infrastructure. The National Charter of Thailand says they’re focusing on 4 districts: Chinatown, Asoke, Rattanakosin Island and Tao Poon. For the Yaowarat district, or Chinatown, 580 metres will become a “web of transport” under the plan funded by the Thailand…
-
Bank of Thailand issues stark warning over ongoing ban on foreign tourists
The Bank of Thailand has issued a sombre warning that the ongoing ban on foreign tourists returning to Thailand may have an even worse impact next year. Don Nakornthab, from the BOT’s economic and policy department, says if international tourists are not allowed back into the country soon, Thailand’s tourism industry will face even bigger threats next year. A report…
-
Bankruptcy court finds Thai Airways sunk by graft and mismanagement
“Thaworn also claims to have evidence of bribes of at least 5%, or about 2.6 billion baht, to politicians, officials and company executives…” Troubled national flag carrier Thai Airways, which has filed for bankruptcy protection and business rehabilitation, was “sunk by mismanagement and graft”, according to a court investigation. Thaworn Senneam of the Democrats revealed that the investigation focused on…
-
TAT launches “White Vest” tourism campaign
The Tourism Authority of Thailand this week launched its “White Vest” tourism campaign this week, based on intensive training to promote safety, hygiene and world class customer service at tourist spots throughout the country. Those who pass the campaign will be awarded a white vest and a certified ID badge that they can wear to signify to all tourists, both…
-
Debate rages behind closed doors on allowing return of foreign tourists
The debate over allowing foreign tourists back into Thailand is heating up, even as plans are being made for the “Phuket model” and airlines cautiously begin announcing charter flights for long-stay foreign tourists later in the year. Thailand has gone nearly 100 days without a confirmed locally spread case of Covid-19, putting it in a tough spot compared to countries…
-
New lease on life for 7 of Thailand’s budget airlines
PM Prayut Chan-o-cha today threw a lifeline to 7 of Thailands’ domestic low-cost airlines, beginning with the injection of 24 billion baht in soft loans for the struggling aviation sector, battered by the Covid-19 pandemic. Representatives of Thai Air Asia, its long haul division Thai Air Asia X, Thai Smile, Thai Lion Air, Thai Viet Jet, Bangkok Airways and Nok…
-
Thai exports low, expected to improve over time
Thai exports have significantly dropped, but the Thai Ministry of Commerce seems to have high hopes that it will get back on track. With the coronavirus prevention measures easing up and businesses getting back to normal, the ministry says the it is on the “path to recovery.” Thailand’s exports dropped by over 11.37% and imports plummeted by 26.38% when compared…
-
Thailand plans for global cannabis trade
Thailand is getting into the global cannabis trade. Government officials are drafting up a law that would consider medical cannabis as an economic crop, meaning it would be allowed to be exported to other countries. They plan to reach markets in throughout Asia, Europe and the United States. The draft also focuses on the cultivation of cannabis and Thai hemp.…
-
Outrage as Parliament votes to spend billions on submarines
The ruling coalition voted yesterday to confirm the purchase of 2 more Chinese submarines, sparking public outrage as the economy sinks and businesses close from the impact of the Covid-19 ‘lockdowns’ and border closure. The Royal Thai Navy has been pushing for the purchase since last year. The House subcommittee for Procurement, ICT, State Enterprises and Revolving Funds, which is vetting…
-
Panel announces plans to boost tourism, create 1 million jobs
The new panel established by PM Prayut Chan-ocha to steer the economy through the Covid-19 crisis got off to a blazing start yesterday, announcing measures to boost tourism and create a million jobs. Created after the Cabinet reshuffle earlier this month, the panel’s first meeting was chaired by the PM and attended by economics ministers and experts. After the meeting,…
-
NSC extends Emergency Decree through September
The National Security Council has officially approved the fourth extension of the national state of emergency, for another month, as a revision of the Communicable Diseases Act is yet to be completed, but the NSC confirmed it will not enforce the Emergency Decree on political rallies. NSC secretary-general Somsak Rungsita said today that the state of emergency will be effective…
-
Thai education inequality grows, more students need financial aid
Thousands more students are seeking financial help this year, growing the education gap between the rich and the poor. Some families cannot afford to send their children to school due to financial stress brought on by the coronavirus pandemic, chief of the Equitable Education Fund says. Around 1.8 million students applied for financial aid this year. 1.56 million applied last…
-
Thai education set to change, prepare students for the future
Teachers may have to mix things up in the classroom. Thailand education officials are planning to change teaching with a new model they call “Education Eco-System.” The goal is to prep students for the rapidly changing future, the Education Ministry says. Along with a new curriculum, tests will be used less to evaluate students. With demands for a competitive labour…
-
Phuket drivers, tour operators ask Toyota for loan grace period
With the drastic decline in tourism, dozens of van and taxi drivers, as well as tour operators in Phuket say they can’t make payments for their vehicle loans. With around 20,000 baht+ owed per month and little to no income, drivers and tour operators are facing having their vehicles repossessed. This morning, around 50 drivers and operators gathered together in…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.